Swatch first-half profits jump 17%

Swatch Group AG, the world’s largest watchmaker, said first-half profit advanced 17% as a recovery in US and Asian spending on luxury goods boosted demand for brands including Omega and Breguet.

Net income rose to €140.8 million from €120m a year earlier, Swatch said in a statement.

Swatch said the luxury-watch unit is the company’s fastest-growing business.