Lower profit: Watches are displayed at a Swatch store in Zurich. Swatch reported 2018 operating profit that was 10 lower than analysts’ estimates as demand weakened in the final three months of the year. — Reuters
GENEVA: Swatch Group AG fell the most in more than two years after Switzerland’s largest watchmaker reported market turbulence in China that contributed to a slowdown in the fourth quarter.
The stock fell as much as 8.2%, the steepest decline since July 2016. Expensive timepieces are the one segment of the luxury-goods market that’s sputtering as high-end Chinese consumers turn their attention to Louis Vuitton bags and Gucci fashion.
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