Swatch Profits Plunge As China Luxury Crisis Bites

Swatch is waiting for better days in China, as are most luxury brands given the deepening economic malaise in the world's number two economy (Credit: AFP)

Swiss watch group Swatch saw its first half profits plunge due to the luxury market crisis in China and warned Monday the key market was likely to remain difficult throughout the rest of the year.

Profits tumbled 70.5 percent to 147 million Swiss francs ($164 million) on a 14 percent drop in sales to 3.4 billion francs.