Swatch Group AG is looking into a potential take-private of the Swiss watchmaker but it will “take time,” according to Chief Executive Officer Nick Hayek. 

“I have a big hope” the company will find someone to “help take us private,” Hayek said at a media event Wednesday, in one of his strongest suggestions yet that the maker of Omega watches is considering delisting from the stock exchange. Shares of Swatch rose as much as 4.3% in Zurich. 

Swatch, whose brands also include Blancpain and Breguet, is frequently the subject of speculation that Hayek will seek to take it private as its stock languishes amid wider concerns about the future of luxury demand. Its shares were down 18% in the 12 months through Tuesday’s close. 

Still, it wasn’t immediately clear whether Hayek — who also smoked a cigar at the event — was joking or being serious. His comments came as Swatch attempted to make light of its challenges in another way: publishing its annual report in a format so small it requires a magnifying glass to read it.

The “micro report” reflected Swatch’s “not exactly gigantic figures” last year and its skill at making miniature watch parts, Hayek said.

Hayek, who has had an at-times tempestuous relationship with shareholders, and other family members and related parties control about 44% of the voting rights. He said last year taking Swatch private would be a “nice thing to do,” but indicated he wasn’t willing to take on the debt needed to buy out other shareholders. 

Swatch’s performance has lagged recently, affected by a difficult market environment including rising metal costs and weak demand in China due to economic uncertainty.

Though more entry-level brands like Swatch and Tissot continue to perform well, the group’s overall 2024 profit dropped 74.5% to 304 million Swiss francs ($346 million) from a year earlier. Swatch said it decided against cutting staff or reducing production capacities to be ready for an upturn it expects in 2025.

During the event Hayek joked that he hoped Christophe Lovis, a University of Geneva astronomer who presented a session on exoplanets — planets beyond the solar system — would help him find a partner to take Swatch private. He also referenced Elon Musk, the billionaire whose companies include SpaceX.

“I am hoping that Mr Lovis finds somebody on that exoplanet,” Hayek said. “I have a big hope to meet Mr. Musk up there to help take us private, but anyway I will not tell you here — so give us some time.”