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INTERNATIONAL – Swatch Group AG, the largest Swiss watch manufacturer, is expanding its workforce and inventory to a record level to meet the growing demand for its 18-brand portfolio.
Swatch hired more than 800 employees in the six months up to June and accumulated gold and diamonds, bringing its inventories to a record 6.7 billion francs (6.7 billions of dollars), said the owner of Harry Winston and Tissot based in Biel, Switzerland. Double-digit sales growth is possible this year, according to CEO Nick Hayek, who is targeting a high-percentage percentage increase. Swatch is enjoying a renewed appetite for luxury timepieces in China and Hong Kong after the industry has cut thousands of jobs in recent years due an economic slowdown. Lately, even the low-end segment, which was suffering from the competition of the Apple Watch, is showing signs of rebound.
Swatch had 36,200 employees at the end of June, close to the record level reached in 2015 The stock fell 0.7% to 470.40 francs at 11:40 in Zurich, gaining 18% this year .
"Demand is so strong," Hayek said. "We have bottlenecks in many areas," he added, indicating dials, Longines extra-precise quartz watches and Swatch Skin Irony watches, a slim steel version of his brand. . [ad_2]
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