Chinese consumers with a penchant for watches and jewelry are "buying like hell," the CEO of Swatch Group told CNBC, after the company reported a 20 percent profit hike on Wednesday.
Nick Hayek swept aside concerns about a slowdown in the Chinese luxury sector, driven by a crackdown on corruption and extravagance, insisting there was strong growth in the world's second largest economy.
"Swatch Group is not just in the high-end luxury business… We have always been on a growth path of double-digit growth in mainland China. So the consumption is healthy - there's only (some) people who could not spend as much money as they could before because it was state owned money," Hayek told CNBC.
"But all the people who are in private business - and this is developing and booming in China - these people are buying like hell," he added, describing January's sales as "hilarious."
(Read more: Chinese wealthy pull back on luxury spending)
Early last year, the Chinese government pressed forward with an anti-extravagance drive, banning gift-giving and exuberant entertainment by state officials in an attempt to clean up corruption.
Swatch posted a 20.2 percent rise in net profit to 1.9 billion Swiss francs ($2.1 billion) in 2013. Net sales jumped 8.5 percent to 8.5 billion Swiss francs.