Swatch Group, the world’s biggest watchmaker, is expecting high single or double-digit sales growth this year as demand from China and for middle and lower-price products holds up in the face of global economic uncertainty.
“We are trying to beat the 8 billion Swiss franc ($8.51 billion) mark this year, which would translate into another record year”, Swatch Chief Executive Nick Hayek told reporters on the sidelines of the company’s annual general meeting on Wednesday.
The company had sales of 7.14 billion francs last year.
The luxury industry has performed well in the current uncertain economic environment, and strong demand from Asian shoppers has helped lift luxury goods companies’ results. Richemont, the world’s second-largest luxury goods group, beat expectations with a 43 percent rise in full-year profit on Wednesday.
Hayek said growth for Swatch was mainly coming from the middle and lower-price segments, which has helped to offset slowing…
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