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The biggest watchmaker in the world Swatch are looking into aquiring watch component makers in order to help them reach their sales targets of over 10 billion Swiss francs within the next 4 years. Swatch Group, based in Switzerland and the makers of brands like Omega and Breguet could spend up to 300 million Swiss francs to increase production and another 150 million Swiss francs to improve distribution said Swatch Chief Executive Office Nick Hayek and he added that the company can easily finance this growth with its huge cash reserves. By the end of the year 2010, Swatch Groups cash reserves had increased to over 1.83 billion Swiss francs on the back of a 42% rise in profits for the same year. These figures were higher than estimated and were mainly due to increased sales across Asia and because of demand for luxury watches in places like Hong Kong and China and the Middle East. This comes as the Swiss franc rose substantially against the Euro and the US Dollar in 2010 which squeezed profit margins on exports and despite many industry analysts expecting Swiss watch companies to raise their prices this year Swatch Group said that the outlook for 2011 was 'positive despite the unfavorable currency constellation at present'

Swatch watches founder Nicolas Hayek has continued to receive plaudits following his recent death.According to the Telegraph, Mr Hayek was a self-made man who made his billions after starting out with nothing.He was described as a "master of marketing" who possessed the "innate genius" of a showman and entrepreneur.The news*** commended him for coming up with a product that combined reliability, affordability and disposability."Fashion-conscious consumers could afford several Swatches, choosing which one to wear according to mood or occasion," it commented.Indeed, the Telegraph noted that Mr Hayek himself would frequently be seen wearing as many as four Swatch watches at the same time.The news*** added that about 300 new timepieces are rolled out by the company every year, many of which are phased out after only a few months.As a result, the deleted Swatch watches can become cult items that are highly collectable.Swatch itself has also commended Mr Hayek following his death earlier this week at the age of 82, hailing him for his "enormous contribution" to the Swiss wrist watch industry.