The new Swiss Army Knife will be missing a key feature

(CNN) — The maker of the Swiss Army Knife is working on a new version of the classic multi-tool, which won’t have a blade.

“We are in the early stages of developing pocket tools without blades,” a spokesperson for Swiss firm Victorinox told CNN in a statement Tuesday, adding that they will compliment the existing range of multi-tools rather than replacing them.

“With innovation at the core of our brand, we are constantly listening to our consumers and their needs; and acknowledge that there is an appetite for the functionality, versatility, and craftsmanship the Swiss Army Knife is known for in more specialized fields and situations,” said the spokesperson.

CNN contacted Victorinox after company CEO Carl Elsener Jr. told Swiss media outlet Blick that he is concerned about increasingly stringent regulations on knives in many markets.

For example, increasing concern over the prevalence of knife crime means that the British government is considering new legislation on bladed articles, and Elsener himself referenced the country’s rules.

“In England or certain Asian countries, you are sometimes only allowed to carry a knife if you need to have it to do your job or operate outdoors,” said Elsener. “In the city, however, when you go to school, to the cinema, or to go shopping, carrying pocketknives is severely restricted.”

Elsener cited the fact that knives are seen as weapons rather than tools in some countries, and revealed that the company is working on new tools for specific sports or outdoor activities, such as cycling.

“I have a cool tool for cyclists in mind. We already have a tool specifically for golfers in our range,” he said. “Cyclists probably need special tools, but not necessarily a blade.”

The Victorinox dynasty was founded in 1884 by Karl Elsener and the company – famed for its cross in a shield emblem – has been handed down through generations.

In recent years, the company has released new product lines such as socks, time pieces and fragrances as it attempts to counteract the pressures of Switzerland’s strong currency, the franc.

In 2012, Elsener Jr. told CNN’s Richard Quest that a strong franc had eaten into margins, forcing the company to be “more innovative than our competitors in the rest of the world.”

No specific timeline has been announced for its latest product.

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Christian Streib contributed to this report.