Swatch sales, profits slump on weak China demand, hammering shares

ZURICH: Swatch Group, the world's biggest watchmaker, reported a steep drop in first half sales and earnings on Monday as demand for luxury goods in China remained weak, but forecast business would improve significantly later in 2024.

The Swiss maker of Tissot, Longines and Omega watches, as well as the eponymous plastic Swatch watches, said net sales at current exchange rates dropped 14.3% to 3.45 billion Swiss francs ($3.85 billion) in the January-June period.