When HYT went bust in February this year, it was unclear whether mismanagement or the pandemic were ultimately to blame.
HYT did not have a full time CEO for four years until Michel Nieto, who was running the company from his chief operating officer vantage point, took on the role in December last year.
By then, the dye was cast and the business fell into administration within three months.
Today, HYT is up and running again under new owners KTS (Kairos Technology Switzerland SA).
KTS has issued a statement saying it has acquired all the assets of HYT and appointed David Cerrato as CEO. Mr Cerrato was CEO of Montblanc’s watches division for five years until being replaced in January this year. He had previously worked at both Tudor and Panerai.
“I am delighted to take over the general management of this magnificent brand. HYT has succeeded in bringing a new dimension to the watch industry thanks to its innovative and groundbreaking content. The brand is thus clearly positioned as a “trailblazer” for fine watchmaking in the new millennium. We have already set to work to perpetuate this promise of innovation, to re-enchant watch enthusiasts and collectors, but also to push back the existing technical limits, by materialising a new pleasure of wearing a luxury watch. A pleasure that mixes maestria with mechanical virtuosity, fluid displays and avant-garde designs,” Mr Cerrato says in his first statement as HYT’s new CEO.
The business has been up and running since September, and says its first new watch will be unveiled in January.