Swatch to open own-brand stores in India

ZURICH Aug 11 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. (Reporting by Brenna Hughes Neghaiwi in Zurich; Editing by Martinne Geller and David Holmes)