By Marta Falconi
ZURICH--Swatch Group's (UHR.VX) key Chinese market has improved in June, and the Swiss watch-maker might be able to reach sales of 9 billion Swiss francs ($9.32 billion) this year, Swatch Chief Executive Nick Hayek was quoted as saying in a Sunday newspaper.
"The first half of the year was certainly tougher than the year before," Mr. Hayek was quoted as saying in an interview with the NZZ am Sonntag. "For the second half of the year I see very good growth opportunities for the Swiss watch industry."
Mr. Hayek also told the paper that due to Swatch's recent acquisition of U.S. jeweler Harry Winston and assuming favorable currency fluctuations, Swatch could "maybe" reach sales of CHF9 billion.
Sales in China are closely monitored by watch company executives and investors as a gauge of industry health. China is the third-largest export market for Swiss timepieces, after Hong Kong and the U.S.
In recent months, however, the Chinese market has slowed amid sluggish economic growth and a government crackdown on conspicuous gift giving. High-end watches, which often sell for more than $10,000, have particularly suffered.
Newspaper website: www.nzz.ch/nzzas/nzz-am-sonntag/
Write to Marta Falconi at marta.falconi@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
July 07, 2013 08:15 ET (12:15 GMT)
Copyright (c) 2013 Dow Jones & Company, Inc.
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