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Reuters
Published
May 31, 2011
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Swatch Group says on track for record year

By
Reuters
Published
May 31, 2011

May 31 - Swatch Group, the world's largest watchmaker, is on track for a record year in 2011, the company's chairwoman said on Tuesday.

swatch group
Swatch Group

"(We) will do everything in our power to make it happen in spite of two aggravating elements - negative currency effects and capacity constraints," Nayla Hayek said in the text of a speech she was due to deliver at the company's annual general meeting in Basel.

Her comments echoed those made by luxury goods sector executives at the Reuters Global Luxury and Fashion Summit last week, who expressed optimism due to strong demand in China.

Swiss watch exports rose 32.1 percent in April, with China up 44.4 percent and exports to Hong Kong soaring 53.9 percent.

Swatch Group shares rose 1.12 percent at 0839 GMT, slightly more than the STOXX European personal and household goods index.

(Reporting by Silke Koltrowitz and Nathalie Olof-Ors; Editing by Greg Mahlich)

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