Jan 26, 2011 5:16:31 PM

Swatch going for record sales

At the moment business is booming for the Swiss watch group Swatch. Nick Hayek, the group's CEO, has only just recently announced record figures for the past business year but is already aiming higher: according to Hayek turnover is to rise to ten billion Swiss francs in the coming year.

Swatch, too, is conquering the Far East

The group's second hands are rotating at an increased tempo, as the success of the past business year indicates. Like its competitor Richemont Swatch is also conquering the Asian market. However, other markets too are showing constant and high levels of growth. Last year turnover in Germany alone rose by 22% on the year before. This month, too, Swatch is once more registering double-digit growth rates.

For the year 2011 the company is expecting an increase in turnover and profits, and this is confirmed by industry experts. In spite of the strength of the Swiss franc it can be assumed that the company's growth targets will be achieved. "The group is growing at an excellent pace. These exchange-rate problems could cause some headaches, but they are not an insuperable problem ", says Alessandro Migliorini, analyst at Brokerhaus Helvea.

In general there was a strong increase last year in the demand for luxury watches, with the Omega and Breguet brands benefiting most strongly. According to forecasts Omega could soon be generating annual turnover of around three billion Swiss francs, says Nick Hayek.

Tagged Watch Business, Business News, External Announcements