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Swatch Shares Plunge as Profit Falls 70% on China Weakness

The results underscore the downturn in demand for luxury goods in China as consumers in that key market shun purchases of pricey items.
Blancpain and Swatch collaboration sparks another sales surge.
CEO Hayek said he expects the Chinese market including Hong Kong and Macau to remain challenging for the entire luxury goods industry until the end of the year. (Shutterstock)

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.

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