235 production & quality control r&d hr, fi nance, etc. blancpain, omega, longines, rado tissot, certina, hamilton, mido swatch, fl ik fl ak high end and luxury segment mid segment mass market manufacturing plants brand portfolio watch sales VP CR CH CS KP KA KR R$ C$ smh as production partner product design marketing & communication trendy low-cost lifestyle (second) watch lifestyle movement mass-market swatch design swatch brand swatch shops retail lifestyle events guerrilla marketing manufacturing payments to smh marketing watch sales VP CR CH CS KP KA KR R$ C$ SMH is vertically integrated and centralized with respect to production, R&D, sourcing and HR. Each SMH brand enjoys autonomy regarding product, design, and marketing communication decisions. blancpain, omega, longines, rado high end and luxury segment high end and luxury segment tissot, certina, hamilton, mido mid segment CH segment mid segment segment segment swatch, fl ik fl ak mass market mass market mass market segment plants watch sales R$ plants brand portfolio SMH Swatch smh as production partner product design marketing & communication trendy low-cost lifestyle (second) watch lifestyle movement mass-market swatch design swatch brand swatch shops retail lifestyle events guerrilla marketing manufacturing payments to smh marketing watch sales VP CR CH CS KP KA KR R$ C$ centralized decentralized bmgen_final.indd 235 6/15/10 5:45 PM