Swatch reports a 70.5% drop in first-half profits due to weak luxury goods demand in China.

Swiss watchmaker Swatch has reported a 70.5% drop in first-half profits due to weak demand for luxury goods in China. The company's sales declined by 14% to 3.4 billion Swiss francs (£2.8 billion) in the first six months of 2022. The decline in demand for luxury watches in China, including Hong Kong and Macau, contributed to the fall in sales.