Swatch Slams Morgan Stanley Over Report on Lost Market Share

Swatch Group AG took aim at Morgan Stanley after the US investment firm said in a research report the Swiss watchmaker was losing market share and that its Longines brand became unprofitable last year.

“The figures and statements in the research are based on unsuitable and not transparent data sources,” Swatch said in an open letter to Morgan Stanley Investment Management published on its website Friday. “As far as our brands are concerned, the figures in the research are highly inaccurate.”