Swatch sales tick up 14 per cent

Swiss based watch company Swatch said demand for affordable watches helped sales beat growth forecasts last year as demand for luxury models cooled in China. The world’s biggest watchmaker’s total sales were up by 14 per cent from 2011 to SwFr8.14bn (£5.5bn), with Chinese customers buying cheaper watches being a major driver in the increase. Chief executive Nick Hayek said he expected to score double-digit growth in 2013.