Asian consumers fuel Swatch Group profits

Swatch Group, the largest maker of Swiss watches, reported an 18 per cent gain in 2011 profit as Chinese consumers bought more Omega and Breguet timepieces.

This content was published on February 7, 2012 - 08:32 and agencies

Net income rose to SFr1.27 billion ($1.4 billion) from SFr1.07 billion a year earlier, the Biel-based company said.

“Swatch Group is well prepared for the future,” according to a company statement.

“We expect growth to continue in 2012, although this is more and more challenging due to the high benchmark.”

Swiss watch exports rose 19 per cent last year to a record as Asian consumers fueled a boom in luxury timepieces.

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