The back of an iPhone proclaims that it is “designed in California, made in China”. That will not do for Swatch
. The words “Made in Switzerland” are crucial to the appeal of timepieces, from €4,500 Omegas to €40 Swatches — leaving the company committed to manufacturing in one of the world’s most expensive countries.
Switzerland became even more expensive in January, when the Swiss National Bank gave up trying to contain the appreciation of the franc. Shares in Swatch have clawed back about half of the 20 per cent drop that followed that decision, helped by half-year results yesterday that beat forecasts. At about 16 times forecast 2016 earnings, the valuation is reasonable compared with past levels and peers such as Richemont
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