Swatch sees Omega revs reaching 3-4 bln Sfr-paper

PARIS, March 28 (Reuters) – Swatch Group (UHR.VX: Quote, Profile, Research) expects
annual revenues at its high-end Omega brand to soon reach 3 or 4
billion Swiss francs while other brands like Swatch, Longines
and Tissot should also surpass 1 billion francs each.

In an interview with France’s Le Figaro published on Monday,
Chief Executive Nick Hayek also reiterated a target of boosting
revenue at the world’s largest watchmaker to 10 billion Swiss
francs ($10.88 billion) by 2014 and said the company plans to
achieve the target through internal growth.

The Swiss company, which is best known for its colourful
plastic Swatch watches but also owns higher-end brands such as
Breguet, Blancpain and Omega, said in January that 2010 sales
amounted to 6.44 billion Swiss francs with all price segments
and geographic regions contributing to growth. [ID:nLDE71702Z]
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ For an interview on growth at Breguet and Blancpain, click on [ID:nLDE72N1BK] Time no longer the essence for luxury watchmakers [ID:nLDE72Q06R] ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^>

“It is our assignment and, until now, we always delivered on
what we said,” Nick Hayek said when asked about the timeframe
for Swatch’s group revenue target.

Hayek, who also said the Breguet line was already close to
reaching 1 billion Swiss francs in revenue, also said the
country’s strong currency was a concern as Swatch exports most
of its products.

“We have more than 150 factories in our country and all of
our production is in this currency. When [the Swiss franc]
rises, it deprives us of a large part of our profits,” he said.
(1$=.9195 Swiss Franc)
(Reporting by Matthias Blamont; Editing by Jon Loades-Carter)

Swatch sees Omega revs reaching 3-4 bln Sfr-paper