Swatch CEO bashes the concept of a smartwatch

Swatch Group CEO Nick Hayek wears the new 'Swatch Touch Zero One' during the Swiss watchmaker's annual news conference in Corgemont March 12, 2015. REUTERS/Denis Balibouse Thomson ReutersSwatch Group CEO Hayek wears the new ‘Swatch Touch Zero One’ during the Swiss watchmaker’s annual news conference in Corgemont

Swatch on Thursday unveiled an expanded range of its “Swatch Touch” smartwatch range and additional functions for its watches, but its chief executive said the company was not looking to produce a wearable mobile phone.

“We don’t want to produce a mini mobile phone on your wrist,” Swatch Chief Executive Nick Hayek told a news conference for the group’s full-year results.

“Others can do that.”

The comments come after Apple launched its long-awaited watch on Monday, including yellow or rose gold models with sapphire faces costing up to $US17,000, which had been seen as major to Switzerland watchmaking industry.

(Reporting By Tom Miles; Writing by Joshua Franklin)

This article originally appeared at Reuters. Copyright 2015. Follow Reuters on Twitter.

NOW WATCH: Here’s the unlikely story of how auto-tune was created

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at