Swatch Group bolstered by strong demand
BIEL, Switzerland, March 12, 2011 – The Swiss-based Swatch Group, the world’s largest watchmaker whose products range from Swatch watches to high-end Omega timepieces, posted double-digit sales growth in February.
“All segments see extraordinary demand and all markets, with the exception of Greece and Japan, are growing,” Chief Executive Nick Hayek said at the group’s annual results media conference.
Hayek has set a medium-term target for the company to achieve annual sales of 10 billion Swiss francs ($10.7 billion) and said he expected to reach this within three years without acquisitions. In the past year the group achieved sales of 6.44 billion francs.