TAG Heuer replaces top managers aiming to revive sales
Jean-Claude Biver who took over as CEO in December, said in an interview to Reuters, TAG Heuer needed to focus on best-sellers such as the all-steel mechanic Carrera and Aquaracer models costing around $1,500-$4,000, over more expensive watches that did not sell so well. A drive to sell models over $5,000-$6,000 has backfired for TAG Heuer which, along with a general industry slowdown, led it to cut management and production jobs and make some staff temporarily unemployed in September.
TAG Heuer, which is estimated to make close to $1 billion in annual sales, competes with Swatch Group’s Longines and Omega as well as privately-owned Breitling. It makes around one third of its sales in the United States, its biggest single market.
To boost morale, Biver said TAG Heuer had also offered to pay for employees’ train tickets and meals to attend the Geneva car show, which starts this week and where the brand has a stand, and later this month to attend Baselworld, the world’s biggest watch fair.