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Swatch Group reached the seven billion milestone for the first time, and generated gross sales of CHF 7 143 million, an increase of +21.7 percent at constant rates in comparison to 2010. The ongoing overvaluation of the Swiss Franc, particularly against the US Dollar and the Euro, had a negative impact of CHF 696 million or -10.8 percent on Group sales. Despite this extremely negative currency effect, sales in CHF increased by an impressive +10.9 percent over the previous record year 2010. The strong Group brands experienced significant growth, not only in Greater China but also in all other regions and all price segments. The Watches & Jewelry segment recorded an increase in sales of +26.1 percent at constant rates to CHF 6 312 million. Investment in retail activities as well as numerous marketing offensives throughout the world contributed to these gratifying sales figures.