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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'

Swatchwatches have experienced a surge in popularity in recentmonths, perhaps driven by the brand's fashionable designs and retrostyling.New figures released by Swatch Group AG showed that sales in thefirst half of 2010 jumped by 22 per cent, resulting in companygrowth of 55 per cent.Chairman Nick Hayek, who prepared the statistics prior to hisdeath in late June from heart failure, said: "We have been able togrow in all regions and across all our price segments."His daughter Nayla has since inherited his role of chair of theboard.Last month, Emma Messenger of the Daily Mail said Swatch watchesare iconic timepieces, as they pioneered the idea that watchescould be fun and trendy without costing a fortune.The classic Swatch plastic style was introduced in 1980 and thewriter said it has since enjoyed lasting popularity from people inall walks of life.