Consumer
Swatch Shares Plunge as Profit Falls 70% on China Weakness
- CEO Nick Hayek says company has kept workers despite downturn
- China responsible for majority of drop in profit and sales
An Omega store in Shanghai.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Swatch Group AG’s shares fell the most in four years after sales and profit plunged amid a China-led slowdown for Swiss watchmakers and other luxury companies.
The group, whose brands include Omega, Blancpain and jeweler Harry Winston, reported a 70% drop in operating profit and 14% drop in sales for the first six months of the year.