Swatch Group, the world's largest watchmaker, warned investors that profit would at least halve in the first half of the year after sales fell in Hong Kong and Europe, pushing its shares down almost 12 percent.
Swiss watchmakers are grappling with weak demand as fewer Chinese tourists shop in Hong Kong and Europe where they have been deterred by the fear of Islamist attacks. A strong Swiss franc also pushes up the production cost for Swiss watches.
A deadly attack in the French city of Nice on Thursday night when a truck ploughed into crowds celebrating Bastille Day killing more than 80 people added to the pressure on luxury goods and travel companies.
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Swiss watchmakers are grappling with weak demand as fewer Chinese tourists shop in Hong Kong and Europe where they have been deterred by the fear of Islamist attacks. A strong Swiss franc also pushes up the production cost for Swiss watches.
A deadly attack in the French city of Nice on Thursday night when a truck ploughed into crowds celebrating Bastille Day killing more than 80 people added to the pressure on luxury goods and travel companies.
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