Latest news with #Hayek
Fashion Network
21-05-2025
- Business
- Fashion Network
Swatch family Hayek faces test as investor presses to join board
Home › News › Appointments Download Print The family that dominates Swatch Group faces an unusual test on Wednesday when an American investor tries to secure a place on the Swiss watchmaker's board, bidding to shake up its performance after a slide in its fortunes. Swatch Steven Wood, founder of U.S. firm GreenWood Investors, wants Swatch to focus more on its luxury brands such as Breguet and Blancpain, but to be elected to the board he must get past the Hayek family, which controls about 44% of Swatch voting rights. GreenWood holds about 0.5% of Swatch shares and Wood is seeking to represent so-called bearer shareholders, which have a majority of the share capital, but not of the voting rights. Swatch's board has recommended his bid be rejected when it holds its annual general meeting on Bertschy, head of Swiss equity research at bank Vontobel, said the power of the Hayeks was likely to thwart Wood's bid. "The chances are very slim," he advisers Institutional Shareholder Services and Glass Lewis have recommended Swatch shareholders vote against the re-election of Swatch's supervisory board, raising concerns about their independence. Swatch is led by Chief Executive Nick Hayek, while his sister Nayla chairs the company that their father Nicolas helped create in the 1980s and built up into a global success story. Swatch did not reply to a request for late 2013, a year in which Swatch made net profits of over 1.6 billion Swiss francs ($1.9 billion), its shares were worth almost 600 francs. Last year, profit dropped by 75% to 219 million francs, and the stock now trades at less than 150 francs. Swatch sales also slipped by nearly 15% last year, hit by sagging demand in China, which has also hurt luxury rivals like LVMH and Kering. Still, its Swiss peer and Cartier owner Richemont has retained its market appeal. Richemont's watch sales ticked up slightly in 2024 and it has seen its shares rise almost a fifth so far this year. Swatch's stock is down by around 10% in 2025. Swatch is the most shorted stock on the Euro STOXX 600 index, according to LSEG at Vontobel said that although he did not expect major upheaval at the AGM, rising pressure could over the medium term open the door for changes at Swatch, which has a market capitalization of over $9 billion. Even if shareholders ultimately gain some leverage, CEO Hayek has pushed back against market pressure and periodically said he could take the company private. © Thomson Reuters 2025 All rights reserved. Tags : Luxury Watches Appointments
Fashion Network
21-05-2025
- Business
- Fashion Network
Swatch family Hayek faces test as investor presses to join board
The family that dominates Swatch Group faces an unusual test on Wednesday when an American investor tries to secure a place on the Swiss watchmaker's board, bidding to shake up its performance after a slide in its fortunes. Steven Wood, founder of U.S. firm GreenWood Investors, wants Swatch to focus more on its luxury brands such as Breguet and Blancpain, but to be elected to the board he must get past the Hayek family, which controls about 44% of Swatch voting rights. GreenWood holds about 0.5% of Swatch shares and Wood is seeking to represent so-called bearer shareholders, which have a majority of the share capital, but not of the voting rights. Swatch's board has recommended his bid be rejected when it holds its annual general meeting on Wednesday. Jean-Philippe Bertschy, head of Swiss equity research at bank Vontobel, said the power of the Hayeks was likely to thwart Wood's bid. "The chances are very slim," he said. Proxy advisers Institutional Shareholder Services and Glass Lewis have recommended Swatch shareholders vote against the re-election of Swatch's supervisory board, raising concerns about their independence. Swatch is led by Chief Executive Nick Hayek, while his sister Nayla chairs the company that their father Nicolas helped create in the 1980s and built up into a global success story. Swatch did not reply to a request for comment. In late 2013, a year in which Swatch made net profits of over 1.6 billion Swiss francs ($1.9 billion), its shares were worth almost 600 francs. Last year, profit dropped by 75% to 219 million francs, and the stock now trades at less than 150 francs. Swatch sales also slipped by nearly 15% last year, hit by sagging demand in China, which has also hurt luxury rivals like LVMH and Kering. Still, its Swiss peer and Cartier owner Richemont has retained its market appeal. Richemont's watch sales ticked up slightly in 2024 and it has seen its shares rise almost a fifth so far this year. Swatch's stock is down by around 10% in 2025. Swatch is the most shorted stock on the Euro STOXX 600 index, according to LSEG data. Bertschy at Vontobel said that although he did not expect major upheaval at the AGM, rising pressure could over the medium term open the door for changes at Swatch, which has a market capitalization of over $9 billion. Even if shareholders ultimately gain some leverage, CEO Hayek has pushed back against market pressure and periodically said he could take the company private.
Business of Fashion
21-05-2025
- Business
- Business of Fashion
Swatch Targeted by Activist Investor
The family that dominates Swatch Group faces an unusual test on Wednesday when an American investor tries to secure a place on the Swiss watchmaker's board, bidding to shake up its performance after a slide in its fortunes. Steven Wood, founder of US firm GreenWood Investors, wants Swatch to focus more on its luxury brands such as Breguet and Blancpain, but to be elected to the board he must get past the Hayek family, which controls about 44 percent of Swatch voting rights. GreenWood holds about 0.5 percent of Swatch shares and Wood is seeking to represent so-called bearer shareholders, which have a majority of the share capital, but not of the voting rights. Swatch's board has recommended his bid be rejected when it holds its annual general meeting on Wednesday. Jean-Philippe Bertschy, head of Swiss equity research at bank Vontobel, said the power of the Hayeks was likely to thwart Wood's bid. 'The chances are very slim,' he said. Proxy advisers Institutional Shareholder Services and Glass Lewis have recommended Swatch shareholders vote against the re-election of Swatch's supervisory board, raising concerns about their independence. Swatch is led by Chief Executive Nick Hayek, while his sister Nayla chairs the company that their father Nicolas helped create in the 1980s and built up into a global success story. Swatch did not reply to a request for comment. In late 2013, a year in which Swatch made net profits of over 1.6 billion Swiss francs ($1.9 billion), its shares were worth almost 600 francs. Last year, profit dropped by 75 percent to 219 million francs, and the stock now trades at less than 150 francs. Swatch sales also slipped by nearly 15 percent last year, hit by sagging demand in China, which has also hurt luxury rivals like LVMH and Kering. Still, its Swiss peer and Cartier owner Richemont has retained its market appeal. Richemont's watch sales ticked up slightly in 2024 and it has seen its shares rise almost a fifth so far this year. Swatch's stock is down by around 10 percent in 2025. Swatch is the most shorted stock on the Euro STOXX 600 index, according to LSEG data. Bertschy at Vontobel said that although he did not expect major upheaval at the AGM, rising pressure could over the medium term open the door for changes at Swatch, which has a market capitalisation of over $9 billion. Even if shareholders ultimately gain some leverage, CEO Hayek has pushed back against market pressure and periodically said he could take the company private. By Dave Graham, Paul Arnold and Danilo Masoni; Editor: Mark Potter Learn more: Luxury Sector Faces More Gloom as Bain Cuts Sales Forecast Consultancy Bain & Co forecast global sales of luxury goods to fall between 2 and 5 percent this year, sharply downgraded from previous estimates.
Yahoo
21-05-2025
- Business
- Yahoo
Swatch family Hayek faces test as investor presses to join board
ZURICH (Reuters) - The family that dominates Swatch Group faces an unusual test on Wednesday when an American investor tries to secure a place on the Swiss watchmaker's board, bidding to shake up its performance after a slide in its fortunes. Steven Wood, founder of U.S. firm GreenWood Investors, wants Swatch to focus more on its luxury brands such as Breguet and Blancpain, but to be elected to the board he must get past the Hayek family, which controls about 44% of Swatch voting rights. GreenWood holds about 0.5% of Swatch shares and Wood is seeking to represent so-called bearer shareholders, which have a majority of the share capital, but not of the voting rights. Swatch's board has recommended his bid be rejected when it holds its annual general meeting on Wednesday. Jean-Philippe Bertschy, head of Swiss equity research at bank Vontobel, said the power of the Hayeks was likely to thwart Wood's bid. "The chances are very slim," he said. Proxy advisers Institutional Shareholder Services and Glass Lewis have recommended Swatch shareholders vote against the re-election of Swatch's supervisory board, raising concerns about their independence. Swatch is led by Chief Executive Nick Hayek, while his sister Nayla chairs the company that their father Nicolas helped create in the 1980s and built up into a global success story. Swatch did not reply to a request for comment. In late 2013, a year in which Swatch made net profits of over 1.6 billion Swiss francs ($1.9 billion), its shares were worth almost 600 francs. Last year, profit dropped by 75% to 219 million francs, and the stock now trades at less than 150 francs. Swatch sales also slipped by nearly 15% last year, hit by sagging demand in China, which has also hurt luxury rivals like LVMH and Kering. Still, its Swiss peer and Cartier owner Richemont has retained its market appeal. Richemont's watch sales ticked up slightly in 2024 and it has seen its shares rise almost a fifth so far this year. Swatch's stock is down by around 10% in 2025. Swatch is the most shorted stock on the Euro STOXX 600 index, according to LSEG data. Bertschy at Vontobel said that although he did not expect major upheaval at the AGM, rising pressure could over the medium term open the door for changes at Swatch, which has a market capitalization of over $9 billion. Even if shareholders ultimately gain some leverage, CEO Hayek has pushed back against market pressure and periodically said he could take the company private. ($1 = 0.8324 Swiss francs) Sign in to access your portfolio
Yahoo
15-05-2025
- Entertainment
- Yahoo
Salma Hayek: 30 images of the actress, new SI swimsuit model
Actress Salma Hayek is best known for her roles in "Frida," "Desperado," "From Dusk Till Dawn," "Puss in Boots," "Grown Ups," "The Hitman's Bodyguard" and "Eternals." Hayek was recently announced as a cover star for the annual Sports Illustrated swimsuit issue. Here's a look back at her career through the years.
