TIME CHANGE: The date is finally set. Nicolas Hayek, the colorful Swiss entrepreneur who founded Swatch Group, has revealed that he will entrust the 18-brand business to his son Nicolas Hayek Jr. on Jan. 1. The senior Hayek, 74, largely credited for saving the troubled Swiss watch industry in the early Eighties, has made no secret of his intention to slowly turn over the business to his son. But he had never provided a firm date. In an interview published Wednesday in Swiss daily Finanz und Wirtschaft, he did just that. He added that he would continue in an "active" role as chairman of the board of directors and president of the Breguet luxury watch brand. Hayek Jr., 48, joined Swatch Group some seven years ago after flirting with a career in film.

FAST FUND: Acquisition targets take notice: There’s a new fund in town. Ferrari chief executive Luca Cordero di Montezemolo and a group of investors including Tod’s ceo Diego Della Valle are launching "Charme," a fund targeting various consumer-related industries in Europe including luxury goods and specialty retail. The fund has a starting capital of $110 million but that figure is expected to swell to $150 million in the short term. Other investors include Deutsche Bank, Unicredito Italiano and Banca Monte dei Paschi di Siena.

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