Swatch Forecasts $6.63 Billion Turnover by 2010

Following brisk trade at Baselword, Swatch Group predicted Thursday that its annual turnover would top 8 billion Swiss Francs ($6.63 billion) by 2010.

Burgeoning demand in China, Russia, and the Middle East is buffeting Swatch earnings. The company’s net profits in 2006 soared 34 percent to a record $690 million thanks, in large part, to surging sales in these markets.

Approximately one third of the company’s sales and more than half of its operating profit derive from its luxury goods portfolio, according to Reuters. Swatch has invested heavily in Omega, Breguet, Longines, Tissot, and its other high-end brands in its bid to become a leader in the top end of the market.