Swiss Watch Exports Suffer Biggest Ever First-Half Drop: ChartBy
Weak demand for timepieces has spread from the ailing Hong Kong market to the U.S., France and Italy. June shipments slipped 16 percent to 1.64 billion Swiss francs ($1.7 billion), declining for a 12th consecutive month, with watches made out of precious metal leading the drop. The slump led to a 54 percent decline in Swatch Group AG’s first-half operating profit as the maker of Omega and Longines watches struggled to find buyers.
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