Swatch Workers in Türkiye Set to Strike in Pay Row

People walk past a store of Swiss watchmaker Swatch, in Beijing, China August 18, 2025. REUTERS/Tingshu Wang/File Photo
People walk past a store of Swiss watchmaker Swatch, in Beijing, China August 18, 2025. REUTERS/Tingshu Wang/File Photo
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Swatch Workers in Türkiye Set to Strike in Pay Row

People walk past a store of Swiss watchmaker Swatch, in Beijing, China August 18, 2025. REUTERS/Tingshu Wang/File Photo
People walk past a store of Swiss watchmaker Swatch, in Beijing, China August 18, 2025. REUTERS/Tingshu Wang/File Photo

Workers at 16 of Swatch Group's directly operated stores in Türkiye are set to strike on Monday in a dispute over pay and workers' rights.

About 150 workers from the company's Swatch brand stores in Istanbul, Ankara and Antalya, as well as two Omega stores in Istanbul, will take part in the first industrial action against the Swiss watchmaker in Türkiye, their union said, Reuters reported.

The strike, which will also affect the country office in Istanbul, has been called after talks between local union Koop-Is and Swatch management broke down.

The Turkish workers had sought a better pay deal in light of high inflation in Türkiye, where prices rose by 33% in the year to October.

SWATCH SAYS DEMANDS ARE 'UNREALISTICALLY HIGH'

Workers were disappointed with pay rises of 25% offered to shop workers, and 5-15% for office staff, the union said, and had sought more.

Swatch Group said: "The union's demands are unfortunately unrealistically high and totally exaggerated."

Swatch does not break down its sales by country, but Türkiye was the 18th biggest export market for Swiss watches overall this year, larger than Canada and India, according to industry figures.

UNI Global Union, a federation of global service sector unions based in the Swiss town of Nyon and which has Koop-Is as a member, has written to Swatch CEO Nick Hayek and Chair Nayla Hayek to resolve the dispute.

The union also wants the establishment of disciplinary boards to prevent the summary dismissal of staff, as well as equal access to bonuses and social benefits.

"Our union has made every effort to achieve a fair agreement that protects the rights and welfare of all Swatch Group Türkiye employees," said Eyup Alemdar, president of Koop-Is.

"But the company's proposals were unfair, discriminatory and far below workers’ expectations. We are left with no choice but to strike."



Debenhams' New Pay Plan Without Vote 'Disgraceful', Says Top Investor Frasers

Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
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Debenhams' New Pay Plan Without Vote 'Disgraceful', Says Top Investor Frasers

Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)
Debenhams logo is seen on smartphone in front of a displayed Boohoo logo in this illustration taken January 25, 2021. (Reuters)

A move by struggling British online fashion retailer Debenhams to push ahead with a new executive pay scheme without seeking approval from investors was "utterly disgraceful", the finance chief of rival Frasers said on Thursday.

Frasers is Debenhams' biggest investor with a 29.7% stake.

Last week, Debenhams said that one of the reasons it was not asking for a shareholder vote on the new pay scheme worth up to 222 million pounds ($296 million) was because a "major competitor" investor, which it did not name, had tried to block previous resolutions.

Debenhams has been locked in a long-running tussle with Frasers, majority-owned by British retail tycoon Mike Ashley, which unsuccessfully attempted to block its rebrand and oust its co-founder.

Frasers' chief financial officer Chris Wootton said Debenhams' latest move, which could see CEO Dan Finley earn up to 148 million pounds if Debenhams' share price hits 3 pounds over the next five years, was "typical corporate governance from them, utterly disgraceful".

However, he told Reuters that if Debenhams achieved a share price of 3 pounds "shareholders will be happy."

Debenhams shares were trading at 22.25 pence on Thursday, down 3.3%.


Zara Owner Inditex Reports Strong Start to Winter Sales

FILE PHOTO: A person walks by a Zara store in Plaza de Espana in Madrid, Spain, June 11, 2025. REUTERS/Ana Beltran/File Photo
FILE PHOTO: A person walks by a Zara store in Plaza de Espana in Madrid, Spain, June 11, 2025. REUTERS/Ana Beltran/File Photo
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Zara Owner Inditex Reports Strong Start to Winter Sales

FILE PHOTO: A person walks by a Zara store in Plaza de Espana in Madrid, Spain, June 11, 2025. REUTERS/Ana Beltran/File Photo
FILE PHOTO: A person walks by a Zara store in Plaza de Espana in Madrid, Spain, June 11, 2025. REUTERS/Ana Beltran/File Photo

Zara owner Inditex said sales grew 10.6% in constant currency over the start of its fourth quarter, beating analysts' expectations for the November period that includes the crucial Black Friday sales.

The $178 billion fast fashion giant also reported on Wednesday sales of 9.8 billion euros ($11.41 billion) for its third quarter ending October 31, higher than the 9.69 billion euros expected by analysts according to an LSEG estimate.

The results from Inditex, seen as a bellwether for the global fast fashion sector, provide a first glimpse into how successful the key Black Friday sales weekend was for retailers.

The strong sales growth in the period from November 1 to December 1 compared to a year ago marked an acceleration from the nine-month currency-adjusted growth rate of 6.2%, an encouraging sign for the fourth quarter, its biggest in terms of revenues.


Hugo Boss Sees 2026 EBIT at 300 Million-350 Million Euros on Strategic Overhaul

FILE PHOTO: Plastic toilet cabins are reflected in a window with the logo of Hugo Boss fashion company in central Moscow, Russia, May 8, 2025. REUTERS/Maxim Shemetov/File Photo/File Photo
FILE PHOTO: Plastic toilet cabins are reflected in a window with the logo of Hugo Boss fashion company in central Moscow, Russia, May 8, 2025. REUTERS/Maxim Shemetov/File Photo/File Photo
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Hugo Boss Sees 2026 EBIT at 300 Million-350 Million Euros on Strategic Overhaul

FILE PHOTO: Plastic toilet cabins are reflected in a window with the logo of Hugo Boss fashion company in central Moscow, Russia, May 8, 2025. REUTERS/Maxim Shemetov/File Photo/File Photo
FILE PHOTO: Plastic toilet cabins are reflected in a window with the logo of Hugo Boss fashion company in central Moscow, Russia, May 8, 2025. REUTERS/Maxim Shemetov/File Photo/File Photo

German fashion group Hugo Boss on Tuesday said it expects its earnings before interest and taxes to be between 300 million and 350 million euros ($406.74 million) in 2026, as it undertakes a strategic overhaul.

The company forecast currency-adjusted sales to fall in mid- to high-single digits in 2026 before returning to growth in 2027, due to deliberate brand and channel realignment, Reuters reported.

The update follows last month's guidance for 2025 at the lower end of its range, between 4.2 billion and 4.4 billion euros in sales and operating profit of 380 million to 440 million euros, citing rising macroeconomic uncertainty and adverse currency moves.

It had also reported its quarterly sales below expectations, hurt by weaker demand in Britain and China and pressure from a softer dollar.

The company said it would provide a detailed outlook for 2026 on March 10, alongside full-year 2025 results.