Swiss-based watch giant Swatch Group has announced plans to open about 15 retail stores in Hong Kong in 2009, showing the group's confidence in China's luxury market regardless of the current economic slowdown.
The newly opened stores in Hong Kong will be directly operated by the Swatch Group.
Nearly 80% of Swatch's sales in Hong Kong are from visitors from Chinese mainland. Although the market in 2009 was not as prosperous as that of 2008, the Chinese mainland consumers still had spare disposable income.
In addition, a company representative revealed that the group would invest CNY300 million to open a new flagship store on the Shanghai Bund.