Swatch profits plunges 70.5% as China luxury crisis bites

Switzerland watches manufacturing group, Swatch, saw its first half profits plunged by 70.5 per cent due to the luxury market crisis in China on Monday. It also warned the key market was likely to remain difficult throughout the rest of the year. Specifically, Swatch profits tumbled 70.5 per cent to 147 million Swiss francs ($164