Swatch Group plans to open between 30 and 40 shops in India after receiving permission from the country's commerce ministry, the Swiss jewelry and watchmaker said on Tuesday. The Swatch-branded stores will open over the next three years in a country where watches currently sell via dealer networks and third-party stores. The announcement came as Swatch shares fell nearly 5 percent amid pressure on the wider luxury goods sector due to the devaluation of the Chinese yuan.
Swatch gets a substantial portion of its sales from China and Chinese tourists traveling abroad are also large buyers of European luxury goods. A Swatch spokesman had no comment on the impact of the devaluation.