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Biel/Bienne, Switzerland--On Tuesday, the Swatch Group reported that gross sales were up 22 percent in 2011, reaching $7.48 billion, a new record for the company.

Sales in the Watches & Jewelry segment were up 26 percent to $6.61 billion, with almost all brands recording double-digit growth. The company said the sales growth occurred in all geographic regions--not just Greater China--and across all price segments.

The Production segment reported a 33 percent increase in sales to $2.12 billion due to an enormous increase in demand for all types of components.

Swatch Group shook up the industry last year when it officially announced that it was seeking to begin reducing supplies of movement and movement parts to third-party companies in 2012.

Though no final decision has been made on the issue, the Swiss Competition Commission (Comco/Weko) put interim rules in place that allow Swatch Group to implement incremental reductions beginning this year.

The group’s Electronics Systems segment, impacted by the strong Swiss Franc and slow sales in certain markets, saw sales fall 16 percent in 2011 to $351.9 million. 

Swatch Group said that January is off to a strong start in all regions and across all price segments. “2012 will be a major challenge. However, the Swatch Group is confident of again generating qualitative growth in 2012, despite the ever-more challenging comparison basis,” the company said.