Pursuits
Swatch Falls on Concern Stronger Franc to Cut Profit
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Swatch Group AG and Cie. Financiere Richemont SA shares declined on concern the strength of the Swiss franc will cut into profitability at watchmakers.
Swatch Group today said declines of currencies such as the euro against the franc cut 3 percent off its 2010 revenue. Richemont on Jan. 17 said the franc will weigh on profitability of its Swiss watchmaking business, which includes Cartier and IWC brands.