China's demand for luxury is continuing to grow. And the latest to cash in on the phenomenon are watchmakers. At the International Luxury Watch Fair in Geneva this week, the Asian market was all the talk.

19 jewellers and watchmakers - mainly from the Richemont luxury goods group - presented flamboyant new collections for visitors.

It was a select group of top-end customers and retailers from the global luxury market.

The luxury goods industry has recovered strongly from its worst slump in decades, thanks to buoyant demand in Asia for high-end items.

Sun Yongfu, Director of Department of European Affairs, Chinese Commerce Ministry said "I think China is a huge market for this kind of watches because we have a lot of people, the living standards for those people are rising up, so I believe China is a market for the luxury Swiss watches."

Cartier and Montblanc, the two biggest brands within Richemont, are no exception to the trend. Both described projects to expand in Asia, where wealthy Chinese are splashing out on top end jewellery and timepieces. The two brands plan to continue expanding their network of shops with a major push into China, their biggest market.

Lutz Bethge, CEO of Montblanc said "This year, we will be opening in China the largest flagship store so far, it will be a 1,800 square metres store over five floors, and it's not only a commercial store but it will be a concept store where every three to four months we will be changing the store and it will give the brand a different angle to experience by the customer, make it very exciting. So every Montblanc customer who comes to China has to visit this store."

Last year, luxury imports from Switzerland increased by 150 percent. And the figure is expected to grow as Chinese consumers become even wealthier.