Swatch Group’s profits plunged almost 90 per cent in the first half of the year after sales fell steeply in China, strengthening investor pushback against the board of the struggling Swiss watchmaker.
The group, whose brands include Omega, Longines and Breguet, reported net income of SFr17mn ($21mn), down from SFr147mn a year earlier, on Thursday.
Swatch attributed a 7.1 per cent decline in revenues over the same period to weak demand in China, where sales fell more than 30 per cent in its wholesale business and by 15 per cent in its retail business.
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