Swiss watchmaker Swatch Group does not expect a material negative impact on its sales or regarding access to raw materials following Russia's invasion of Ukraine, its chief executive said today.
Nick Hayek said Russia accounted for around 1% of group sales and it did not source any gold from the country that has been hit by western sanctions.
The company's cheaper Tissot and Swatch labels were its biggest brands in Russia, showing its business there was "not only oligarchs," he told a press conference on its already announced annual results.
The group, also known for Omega and Longines timepieces, said last week it had temporarily suspended the operations of its stores in Russia "due to the increasing complexity and difficulty of the situation" after initially only halting exports.
