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Swatch Group to be removed from Swiss SLI index after declining volumes
Swatch is being dropped from Swiss SLI index amid weak China sales and dwindling trading volumes.
Swiss exchange operator SIX announced that the Swatch Group will be removed from the benchmark Swiss Leader Index (SLI) next month due to sustained falls in market capitalisation and trading volumes.
The watch-maker’s free float value shrank to 8.66 billion CHF (approx US$10.9 billion) after a 12-month slump in sales, notably in China. Swatch will be replaced by insurer Helvetia Baloise following their merger.
Market watchers see the move as further evidence of China’s demand softness hitting luxury exports and Swiss legacy brands.