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Tue 24 Aug 2010 08:39 AM

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Swatch Group aims for record year in 2011

New chairwoman says new products set to come on to the market in coming months.

Swatch Group aims for record year in 2011
TIMEPIECE: Swatch Group, best known for its colourful plastic Swatch watches, is planning to launch new products this year. (Getty Images)

Swatch Group, the world's largest watchmaker, is aiming for another record year in 2011 as new products come on to the market in the coming months, the group's new chairwoman was quoted as saying.

The group, which is best known for its colourful plastic Swatch watches and also owns higher-end brands such as Breguet, Blancpain and Omega, is set to post sales of over 6 billion Swiss francs ($5.82 billion) this year, setting a record for the group.

"If we reach this goal in 2010, which we hope we will, then we would like to clearly beat this level next year," Nayla Hayek said in an interview with Swiss newspaper NZZ am Sonntag.

"Many new products are only coming to the market this Autumn, and a lot will happen towards to the end of the year. There is still a lot in the pipeline, such as the further development of the Indian market. Its potential should not be underestimated," she said.

Swatch Group appointed Nayla Hayek as chairwoman in June after the death of her father and Swatch founder Nicolas Hayek.

The group, which has weathered the economic downturn better than its peers, largely thanks to its strong position in the fast-growing Chinese market, struck an optimistic note for the rest of 2010 earlier this month after posting record sales and soaring profit in the first half. (Reuters)