“Rolex was one of the least affected by the economic crunch last year, according to a report, while the Swatch Group posted its first loss since 1983.
Chinese luxury consumers created a surge in Swiss watch exports to mainland China after starting to shop locally, with demand strong for mid-price brands.”
Read the full articlel @ SCMP (paywall):
China Inc. is struggling to offload overseas businesses and the accompanying debt in an increasingly volatile market.
In just a few weeks, companies from yacht makers to luxury clothing and pizza outlets — acquired by Chinese firms in recent years — have either scrapped planned initial public offerings or sought alternatives to reduce their debt piles.
@ Swissinfo.ch| October 22, 2019
