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Swatch predicts strong growth in 2012

AFP
AFP - [email protected]
Swatch predicts strong growth in 2012

The world's biggest watch group Swatch on Thursday forecast 2012 sales growth of between five and ten percent.

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Nick Hayek, director of the Swiss group which also owns the Omega and Tissot brands, said January and February had seen double-digit growth but he did not expect this to be sustained throughout the year.

In China, which accounts for 39 percent of Swatch sales, Hayek said Swatch had recorded a "very slight slowdown in growth" for the first two months.

The Chinese are still choosing to spend their cash on Swiss-made watches, he said, while noting a trend towards middle-range brands and away from luxury ones.

The group announced earlier this month an 18.1 percent jump in net profit to 1.3 billion Swiss francs ($1.4 billion) for last year.

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