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Annual Report 2020 Swatch Group / Annual Report / 2020 1
ANNUAL REPORT 2020 SWATCH GROUP / ANNUAL REPORT / 2020 1 CONTENTS MESSAGE FROM THE CHAIR 2 OPERATIONAL ORGANIZATION 4 ORGANIZATION AND DISTRIBUTION IN THE WORLD 5 ORGANS OF SWATCH GROUP 6 BOARD OF DIRECTORS 6 EXECUTIVE GROUP MANAGEMENT BOARD 8 EXTENDED GROUP MANAGEMENT BOARD 9 DEVELOPMENT OF SWATCH GROUP 10 ART IN LOCKDOWN 11 GOVERNANCE 25 CORPORATE RESPONSIBILITY 26 SOCIAL POLICY – APPRENTICES 40 CORPORATE GOVERNANCE 42 FINANCIAL STATEMENTS 2020 55 CONSOLIDATED FINANCIAL STATEMENTS 56 FINANCIAL STATEMENTS OF THE SWATCH GROUP LTD 102 COMPENSATION REPORT 2020 119 Swatch Group’s Annual Report and Compensation Report are published in French, German and English. Pages 4 to 24 are originally published in French and pages 2 to 3 and 25 to 118, as well as the Compensation Report, in German. These original versions are binding. © The Swatch Group Ltd, 2021 SWATCH GROUP / ANNUAL REPORT / 2020 CONTENTS 2 3 www.swatchgroup.com MESSAGE FROM THE CHAIR DEAR MADAM, DEAR SIR, DEAR FELLOW SHAREHOLDERS The year 2020 put all of us in an unprecedented situ- and can read in this Annual Report, at the end of the contacts to spark creativity. Participating in Skype ation. January was very positive for Swatch Group, and year there was a loss in Swatch Group’s net result. We meetings while not being able to travel has a limited then unfortunately, things became very difficult due to do not blame this on management mistakes or a change emotional appeal and an impact on teamwork. We hope the Corona pandemic. First in Asia, then in Europe, and in consumer behavior, but on the futile policy of total this will soon come to an end and we can all see and then, worldwide, one country followed another. -
When Corporatism Leads to Corporate Governance Failure
When corporatism leads to corporate governance failure The case of the Swiss watch industry Isabelle Schluep Campo & Philipp Aerni When corporatism leads to corporate governance failure The case of the Swiss watch industry Isabelle Schluep Campo & Philipp Aerni When corporatism leads to corporate governance failure The case of the Swiss watch industry Dr Isabelle Schluep Campo, Head of Sustainable Impact, Center for Corporate Responsibility and Sustainability (CCRS) at the University of Zurich, Zähringerstrasse 24, 8001 Zurich, Switzerland; tel. +41 44 634 40 20; email [email protected] Dr Philipp Aerni, Director of the Center for Corporate Responsibility and Sustainability (CCRS) at the University of Zurich, Zähringerstrasse 24, 8001 Zurich, Switzerland; tel. +41 44 634 40 60; email [email protected] © Isabelle Schluep Campo and Philipp Aerni 2016 ISBN: 978-0-9932932-6-9 Citation: Schluep Campo, I. and Aerni, P. 2016. When corporatism leads to corporate governance failure: the case of the Swiss watch industry. Banson, Cambridge, UK. Available online: www.ourplanet.com Published by Banson, Cambridge, UK. Printed in the UK by Cambridge Printers Contents Summary 6 Acknowledgements 8 Acronyms and abbreviations 9 1 Introduction 11 2. Historical background 15 2.1 The Foundation of ASUAG 16 2.2 The 1951 “Watch Statute” 18 2.3 Post World War II economic expansion and the 1961 Watch Statute 19 3. Corporatism in Switzerland 21 3.1 Corporatism embodied in the “Swiss made” label for watches 23 4. The crisis of the Swiss watch industry in the 1970s 27 4.1 Swiss technology commercialized elsewhere 28 4.2 The role of the Swiss banks 29 4.2.1 SSIH before the merger 29 4.2.2 ASUAG before the merger 31 5. -
Brand Globalization and the Comeback of the Swiss Watch
Brand Globalization and the Comeback of the Swiss Watch Industry on the World Market, 1980-2010 Pierre-Yves Donzé, Kyoto University WORK IN PROGRESS, DON’T QUOTE WITHOUT PERMISSION Introduction Brand management is a key component of modern enterprises. 1 For firms, the main function of brands is to “differentiate them from competition”. 2 According to Teresa da Silva Lopes and Paul Duguid, brands have a positive effect for both consumers and producers. They enable the former to identify the product and reduce uncertainty, whereas for the latter, “they gave the capacity to shape consumers’ interest and tastes”. 3 Alfred Chandler argues that companies began to adopt brand management in the late 19th century when their markets expanded geographically.4 The transformation of the distribution system, with the emergence of chain stores and supermarkets, and the enlargement of consumption led to a need to identify products, especially in the consumer goods industry (processed food, beverages, tobacco, etc.). Yet despite the fact that packaged consumer goods manufacturers (Heinz, Kellogg, Nestlé, etc.) spread worldwide and built up a global organization during the years 1 Teresa da Silva Lopes, Global Brands: The Evolution of Multinationals in Alcoholic Beverages , New York: Cambridge University Press, 2007. 2 Teresa da Silva Lopes and Paul Duguid, “Introduction: Brands and Competitiveness”, in Teresa da Silva Lopes and Paul Duguid (eds.), Trademarks, Brands, and Competitiveness , New York & London: Routledge, 2010, p. 1. 3 Ibidem. 4 Alfred Chandler, Scale and Scope: The Dynamics of Industrial Capitalism , Cambridge: Harvard University Press, 1994, pp. 63-65, 168-170 1880-1914, this did not lead to the appearance of global brands. -
The Comeback of the Swiss Watch Industry on the World Market: a Business History of the Swatch Group (1983-2010)
Munich Personal RePEc Archive The comeback of the Swiss watch industry on the world market: a business history of the Swatch Group (1983-2010) Donzé, Pierre-Yves Osaka University, Graduate School of Economics April 2011 Online at https://mpra.ub.uni-muenchen.de/30736/ MPRA Paper No. 30736, posted 06 May 2011 02:26 UTC Discussion Papers In Economics And Business The Comeback of the Swiss Watch Industry on the World Market: A Business History of the Swatch Group (1983-2010) Pierre-Yves DONZÉ Discussion Paper 11-14 Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University, Toyonaka, Osaka 560-0043, JAPAN The Comeback of the Swiss Watch Industry on the World Market: A Business History of the Swatch Group (1983-2010) Pierre-Yves DONZÉ Discussion Paper 11-14 April 2011 Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University, Toyonaka, Osaka 560-0043, JAPAN The Comeback of the Swiss Watch Industry on the World Market: A Business History of the Swatch Group (1983-2010)* † Pierre-Yves DONZÉ Abstract The objective of this paper is to contribute to a better understanding of the comeback of the Swiss watch industry on the world market since the end of the 1980s. It focuses on the Swatch Group (SG), currently the world’s biggest watch company. In 1983, the merger of the largest watch group (SSIH) and of the trust controlling the production of parts and movements of watches (ASUAG) into SG was the main measure taken to overcome the Japanese competition. Managed since 1986 by Nicolas G. -
2015 Annual Report Complete En.Pdf
SWATCH GROUP EP. 08 16 7430 ANNUAL REPORT 2015 X CH 7 965 A (ANNUAL REPORT [CH]) 1 MESSAGE FROM THE CHAIR OPERATIONAL ORGANIZATION A ORGANIZATION AND DISTRIBUTION IN THE WORLD 1 ORGANS OF SWATCH GROUP BOARD OF DIRECTORS EXECUTIVE GROUP MANAGEMENT BOARD EXTENDED GROUP MANAGEMENT BOARD DEVELOPMENT OF SWATCH GROUP ART & PHILANTHROPY BIG BRANDS WATCHES AND JEWELRY RETAILING AND PRESENCE PRODUCTION ELECTRONIC SYSTEMS CORPORATE, BELENOS SWATCH GROUP IN THE WORLD GOVERNANCE ENVIRONMENTAL POLICY SOCIAL POLICY CORPORATE GOVERNANCE FINANCIAL STATEMENTS 2015 CONSOLIDATED FINANCIAL STATEMENTS FINANCIAL STATEMENTS OF THE HOLDING COMPENSATION REPORT 2015 Biel/Bienne 10 March 2016 N. Hayek SWATCH GROUP / ANNUAL REPORT / 2015 SWATCH GROUP / ANNUAL REPORT / 2015 ( 1 ) [ CONTENTS ] CONTENTS Message from the Chair 2 Operational Organization 4 Organization and Distribution in the World 5 Organs of Swatch Group 6 Board of Directors 6 Executive Group Management Board 8 Extended Group Management Board 9 Development of Swatch Group 10 Art & Philanthropy 11 Big Brands 17 Watches and Jewelry 18 – 82 Retailing and Presence 83 – 88 Production 89 Electronic Systems 99 Corporate, Belenos 105 Swatch Group in the World 113 Governance 139 Environmental Policy 140 Social Policy 144 Corporate Governance 146 Financial Statements 2015 159 Consolidated Financial Statements 160 Financial Statements of the Holding 210 Compensation Report 2015 223 Swatch Group’s Annual Report and Compensation Report are published in French, German and English. Pages 1 to 145 are originally published in French and pages 146 to 222, as well as the Compensation Report, in German. These original versions are binding. © The Swatch Group Ltd, 2016 ( 2 ) SWATCH GROUP / ANNUAL REPORT / 2015 [ MESSAGE FROM THE CHAIR ] MESSAGE FROM THE CHAIR Dear Madam, Dear Sir, is still the thinnest in the world. -
“Kill the Japs!”: the Comeback of the Swiss Watch Industry on the World Market (1983-2010)*
“Kill the Japs!”: The Comeback of the Swiss Watch Industry on the World Market (1983-2010) * Pierre-Yves DONZÉ Fellow Researcher, Osaka University ([email protected]) Abstract The objective of this paper is to contribute to a better understanding of the comeback of the Swiss watch industry on the world market since the end of the 1980s. It focuses on the Swatch Group (SG), currently the world’s biggest watch company. In 1983, the merger of the largest watch group (SSIH) and of the trust controlling the production of parts and movements of watches (ASUAG) into SG was the main measure taken to overcome the Japanese competition. Managed since 1986 by Nicolas G. Hayek (1928-2010), SG experienced a high growth and recovered its competitiveness on the world market, becoming a driving force for the entire Swiss watch industry. This success is traditionally explained by the firm itself and by scholars as the result of the launch of a new product (Swatch, a cheap plastic quartz watch first marketed in 1983) and the persistence of an old technical culture in Switzerland which enabled this rebirth. This paper, based on SG annual reports, focuses on the strategy adopted by SG since 1983. It shows that, rather than product innovation (Swatch), it was the rationalization and globalization of the production system (concentration of strategic parts’ production in Switzerland; transfer of production facilities in Asia), together with a new marketing strategy (brand segmentation, distribution and retailing facilities, communication, etc.) which were the two main sources of the comeback of the Swiss watch industry on the world market. -
Swatch Group (India) Private Limited
Swiss_company in India_Book fin.qxd 3/17/07 5:25 PM Page 82 SWATCH GROUP (INDIA) PRIVATE LIMITED The Swatch Group Ltd. is the world's largest maker The Group is mainly active in the manufacture of finished watches, operating 156 production and sale of finished watches, jewellery, watch centres in seven countries and brand presence movements and components.The Group supplies in over 50 countries nearly all components required by its eighteen watch brands. Group companies also supply Global Overview of the movements and components to third party Swatch Group Limited watchmakers in Switzerland and around the world. It is a key player in the manufacture and sale The Swatch Group Ltd. is the world's largest of electronic systems used in watch making and maker of finished watches. It was formed from other industries. Chairman Nicolas Hayek's family two of the largest watch concerns in Switzerland - controls about 37 per cent of The Swatch Group. SSIH and ASUAG. SSIH originated in 1930 with the merger of the Omega and Tissot companies, but The Swatch Group's brands straddle the entire in the late 1970s became insolvent partly due to spectrum of the watch market, with low-priced a recession and in part due to heavy competition watches (Swatch, Flik Flak, Endura), mid-priced from inexpensive Asian made quartz crystal watches (Tissot, Calvin Klein, Certina, Mido, watches.These difficulties occurred even though Hamilton, Balmain), high-priced watches (Longines, it had become Switzerland's largest and the world's Rado, Union) and prestige watches (Blancpain, third largest producer of watches.ASUAG, formed Breguet, Glashütte-Original, Jaquet Droz, Leon in 1931, included the Longines and Rado brands Hatot and Omega). -
Field-Level Paradox and the Co- Evolution of an Entrepreneurial Vision
Field-Level Paradox and the Co- Evolution of an Entrepreneurial Vision Ryan Raffaelli Richard DeJordy Working Paper 16-003 Field-Level Paradox and the Co- Evolution of an Entrepreneurial Vision Ryan Raffaelli Harvard Business School Richard DeJordy California State University Working Paper 16-003 Copyright © 2015, 2017, 2019 by Ryan Raffaelli and Richard DeJordy Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. FIELD-LEVEL PARADOX AND THE CO-EVOLUTION OF AN ENTREPRENEURIAL VISION Ryan Raffaelli Assistant Professor of Business Administration Harvard Business School Organizational Behavior Unit [email protected] Richard DeJordy Assistant Professor California State University, Fresno Management Department [email protected] WORKING PAPER July 1, 2019 Please direct all correspondence to Ryan Raffaelli, Harvard Business School, Morgan Hall 333, Boston, MA 02163, [email protected]. FIELD-LEVEL PARADOX AND THE CO-EVOLUTION OF AN ENTREPRENEURIAL VISION ABSTRACT This paper examines how entrepreneurs embrace field-level paradoxes in order to adapt and preserve aspects of a field’s past success in the wake of technological change. Drawing on the decline and rise of Swiss watchmaking in response to competition from less expensive quartz watches from Japan, we characterize how field-level paradoxes can foster adaptation after an environmental jolt. Prior research has focused on organizational-level paradox management; by contrast, we induce a set of four paradoxes at the field level: two based in tensions over material aspects of the field (paradoxes of production and profit) and two whose tensions are substantively symbolic in nature (paradoxes of the profession and the past). -
The Story of a Watch Company
The story of a watch company Estelle Fallet Dear friends of Tissot, Tissot is a culture, a mentality; Tissot is a company of emotion, universally recognised for its skill in creating and producing the Swiss watch. The Swiss watch that we would all like to own because it is beautiful and of top quality, and because it is made with all the love that we feel for our watches. “The story of a watch company”, written to celebrate the 150th anniversary of the Tissot brand, will delight every buyer of a Tissot watch, in the same way as it has delighted us all at Swatch Group. I wish you great pleasure in reading it. Nicolas G. Hayek Chairman of the Board of Tissot Ltd. Chairman of the Board of The Swatch Group Biel/Bienne, 4th October 2002 Preface This book is a gift offered during 2003 to everyone who buys a Tissot watch. As such, it is a symbol of the close relationship that has existed for many years between the Tissot watch company and its customers throughout the world. The year 2003 marks the 150th anniversary of the company founded in Le Locle, Switzerland, in 1853. To mark this occasion, we have taken the opportunity of presenting a gift to our customers in the shape of a book about the company’s rich, century-and-a-half-long history. We have chosen to share this history because we think that the heritage for which we have responsibility deserves to be known, not just by a limited circle of initiates, but by the public at large. -
PRESS RELEASE Gaïa Prize 2008 Mr. Nicolas G. Hayek
PRESS RELEASE Gaïa Prize 2008 The Jury for the Gaïa Prize 2008 has nominated Mr. Nicolas G. Hayek, Chairman and managing director of the Board of the Swatch Group, as winner of the Entrepreneurship category The proposal of Mr. Nicolas G. Hayek's candidacy won the support of the Gaïa Prize Jury, thereby rewarding his immense contribution to the Swiss watchmaking industry. The Prize will be awarded on 18 September at 18.00 at the International Watchmaking Museum. The Gaïa Prize enjoys the support of the Bank Julius Baer & Cie SA Appendices: Jury Members 2008 Prize Regulations The Gaïa Prize Mr. Nicolas G. Hayek Musée international d’horlogerie Rue des Musées 29 tél. +41 32 967 68 61 fax +41 32 722 07 61 CH-2300 La Chaux-de-Fonds [email protected] www.mih.ch JURY GAÏA 2008 Mmes et MM. Ludwig Oechslin, président du jury, conservateur du MIH Jean-René Bannwart, président de la commission du MIH Nicole Bosshart, directrice adjointe du MIH M. Denis Pury, Executive Director, Head of Entrepreneurs & Executives Suisse Romande, Banque Julius Baer & Cie SA, Genève M. Alain Zimmermann, Head Marketing et Communications, Bank Julius Baer & Co. Ltd., Zurich Timm Delfs, journaliste, Bâle Jean-Pierre Brügger, directeur général du CIFOM Marc Pfister, directeur Ecole d'art-Cifom, La Chaux-de-Fonds Kurt König, directeur de la bijouterie Embassy, Lucerne-St.Moritz Corrado Lafranchi, doyen filière Design industriel, Haute Ecole d'arts appliqués, La Chaux-de-Fonds Nadège Sougy, professeure assistante d’histoire moderne contemporaine Institut d’histoire, Université de Neuchâtel Gaetano Mileti, directeur-adjoint laboratoire Temps-Fréquence, faculté des sciences de l’Université de Neuchâtel Philippe Gueslin, responsable de l’unité EDANA, Haute Ecole arc Ingénierie, Le Locle Jean-Claude Sabrier, expert près la Cour de Paris, Louviers/France Gérard Triponez, président du comité du Musée d'horlogerie du Locle Musée international d’horlogerie Rue des Musées 29 tél.