Swatch Plunges as Luxury Malaise Spreads From Asia to Europe

Updated on
  • Swatch CEO sees full-year sales drop, aims to limit decline
  • Drop in operating profit is biggest in at least 15 years

Swatch Group AG shares plunged as the watchmaker warned of a collapse in first-half profit and cut sales guidance for the year, adding to a luxury malaise that has spread from Hong Kong to other top markets such as France and Switzerland.

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