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Swatch Group celebrates record sales

The world's largest watchmaker, the Swatch Group, announced on 19 January that its sales reached a record $6.7 billion for 2010, and is upbeat about the year ahead.

The Geneva-based group announced a year-on-year 19% rise in sales, with its watches achieving an "excellent performance" in all markets and price segments. Apart from Swatch watches, the group also makes luxury timepieces like Breguet, Blancpain, Rado and Omega.  

The group said that it was optimistic about 2011, on the back of strong December sales, which were up 21% year-on-year.
 
"The outlook for 2011 remains positive, despite a negative foreign currency development, particularly in the US Dollar and the Euro, against the Swiss Franc. The Swatch Group will further generate dynamic and organic sales growth in 2011 and continue investment in its distribution and the expansion of its production capacities," the company said.

The Swatch Group was founded by Nicolas Hayek in 1983.  Following his death in June 2010 (Continue reading here), his daughter Nayla Hayek took over as chairwoman of the company. Her brother Nick Jr is the chief executive of the group. The Hayek family control 41% of the group's voting rights.

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