Richemont pays tribute to Swatch founder

Luxury goods group Compagnie Financiere Richemont SA Depositary Receipts (CFR) on Tuesday, 29 June 2010, expressed its "deep sorrow" at the sudden death of Swatch founder Nicolas Hayek.

Johann Rupert, Richemont Executive Chairman and Group Chief Executive Officer paid the following tribute: "Having worked with Nicolas Hayek in a professional capacity for many years and having regarded him as a personal friend and mentor, I was deeply saddened to learn of his death.

"On behalf of all of my colleagues at Richemont, let me take this opportunity to extend our most sincere condolences to Mrs Hayek and to his family. Nicolas Hayek's death is an immense loss for Switzerland and for the watch industry. He was the driving force behind Swiss watchmaking; its leader and its saviour.

"Our industry has lost one of its champions, respected by everyone who dealt with him; a man of honour, gravitas and great personal charm. He was a true leader and entrepreneur and an inspiration to me.

"He will be missed by all those who were fortunate enough to have known him."