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Swatch Group the largest manufacturer of wrist watches in the world has reported an estimated 42% gain in its profits for the year 2010. Demand across the far east and especially in China for various brands of watches made by the Swatch Group such as Omega, Breguet and Swatch contributed towards the record profits. This comes after Swatch Group had previously released record sales figures of 6.44 billion Swiss francs in January and said that growth in Asia lead the way. A rise in the value of the Swiss franc versus the US Dollar and the Euro have been squeezing profit margins on exports in the Swiss watch*** industry. The Swiss franc rose 11% against the US Dollar and 19% against the Euro during 2010 and recently many Swiss watch manufacturers announced plans to increase their prices to counter the strength of the Swiss franc.

Swatch Group expects robust demand to drive increased profits in 2010 after reporting strong results for December 2009 and through the first few weeks of the new year. Mid-range brands such as Tissot, Longines, and Rado have performed strongly even while some of the Swatch Group's luxury brands, such as Blancpain and Breguet, remain weak. Omega's high-profile role as the official timekeeper of the Vancouver Winter Olympics is also seen as boosting sales. The world's largest watchmaker is considered a barometer for the state of the industry, so this positive outlook is fueling hopes the sector isemerging from its sharpest drop in decline in some twenty years.Related PostsSwiss Watch Demand Drops in SeptemberSwiss Watch Industry Takes Beating in MaySwiss Watchmakers Hit the SkidsSwatch Numbers Worst in a DecadeSwiss Watch Industry in Crisis?Financial Crisis' Lastest Victim: Swiss Watch Exports, SalesSwiss Watch Exports Fall Sharply in Q1 2009