Currency woes have cost Mammut millions
09/12/2015
Rolf Schmid, who will celebrate 20 years as Mammut chief executive in 2016, has told the organisers of the ISPO exhibition that currency rates are the main reason why the company appears likely to post relatively weak financial results for this year.
Mr Schmid said: “In January, the Swiss National Bank decided to remove the fixed exchange rate with the Swiss franc. Our currency suddenly jumped in value by 10%-15%. This meant that, within a quarter of an hour, we had lost a sum nearing the tens of millions.”
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