On Dec. 29, a fire destroyed the ETA SA Manufacture Horlogère in Grenchen, Switzerland, a workshop that makes mechanisms for the Swatch Group, the world’s leading watchmaker.
“While the workshop has been entirely destroyed, nobody was harmed,” a Swatch press release said.
It added the cause of the fire has not yet been determined, but the damage it caused has been “considerable.”
Swatch CEO Nick Hayek told Reuters that the fire will likely affect other suppliers who rely on Swatch for component parts, rather than the company itself.
Swatch has already been given the go-ahead to reduce supplies of certain component parts to its rivals.