Swatch to expand in Cambodia

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SWISS watchmaker Swatch Group said its franchisee will open two more branded stores in Cambodia. Its first store opened in April.

The company said the Kingdom's demographics mean it should prove a good market.

Thai Philippe from Swatch franchisee K Thong Huot Telecom said one store will open in Phnom Penh and the other in Siem Reap, both likely next year in shopping malls.

Although Swatch sales are currently low, he said the arrival of a new collection should help to raise the brand's profile locally.

"A lot of people are attracted to the design of Swatch, but they are hesitating to buy it because the brand is not yet well-known here," he said.

At the launch of Swatch's new collection in Italy last month, Nicolas Hayek, chairman of Swatch Group, said global sales had held during the downturn.

"[Worldwide] sales of Swiss watches went down 27.6 percent last year, but Swatch has performed much better and we haven't seen much of a decrease," he said. "Even in the US market Swatch is doing very well - dropping just 9 or 10 percent when compared to some other brands which are down 50 percent or more."

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