The Swatch Group's half-year report offered another gloss on the current state of the Swiss watch market. Hong Kong was one factor in the group's CHF
link 188 million drop in net revenue through June to CHF 4.08 billion and an 11.3 drop in net income to CHF 415 million. The strong Swiss franc was another resulting in CHF 29 million in currency losses. But the main reason was an effort by
link the group to combat sales
link of its brands on the grey market which reduced sales by at least CHF 100 million.