Overview

• Swatch said it removed the promotional image worldwide and apologized on Instagram and Weibo on Saturday.
• The Essentials campaign showed an Asian male model pulling the corners of his eyes, a gesture widely condemned by Chinese users as racist.
• Calls for boycotts of Swatch Group brands continued, with many commenters dismissing the apology as inadequate and some noting other campaign images remained on the company’s Instagram.
• Swatch shares fell as much as 4% on Monday before easing to a loss of about 3%, according to Reuters.
• Greater China accounted for roughly 27% of group sales last year, and Swatch reported an 11.2% first‑half sales decline that it attributed entirely to weak demand in China.