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Last years upturn in consumer demand for watches saw Swatch Group recover from the previous dip in sales in 2009. Swatch who manufacture 19 different brand name watches such as Omega, Breguet, Tissot and of course their flagship brand Swatch Watches reported that sales had risen in the year 2010 by around 19 percent to $6.44 billion Swiss Francs. ($6.7 billion USD) In a statement issued by Swatch they say 'The extraordinary strength of our brand portfolio was again reflected in an excellent performance by the Watch segment in practically all markets and price segments, with an increase at constant exchange rates of +28.1%.' Sales in 2010 were even 13% higher than sales from their record year 2008. The increase in sales is partly because of rising demand for watches in places such as Asia and the middle east. Swatch also had good news concerning the forthcoming year reporting that sales in January were in double digit growth and the statement released on the Swatch website continued 'The Swatch Group will further generate dynamic and organic sales growth in 2011 and continue investment in its distribution and the expansion of its production capacities.'

Swatch watches has paid tribute to its late chairman Nicolas G Hayek, following his death at the age of 82.The company said Mr Hayek, who died yesterday of heart failure, had an "extraordinary vision" that helped him create a strong and sustainable watch*** enterprise.Swatch said he is "rightly recognised" as one of Switzerland's foremost entrepreneurs as a result of his success."Mr Hayek's greatest merit was his enormous contribution to the saving of the Swiss watch industry and the foundation and commercial development of the Swatch Group," it commented.The manufacturer added that his ideas and beliefs will live on through the company, which has guaranteed continuity for managers, directors and company shareholders.Mr Hayek was born in 1928 and is credited with turning the Swiss watch industry around at a time when it faced strong competition from Japan.Indeed, the company has hailed its response to the crisis - the Swatch-a-slim plastic watch - as the most successful wrist watch in history.