Latest news with #PeterXu
Time of India
5 hours ago
- Business
- Time of India
Swatch issues apology in China after 'Slanted eye' ad that experts call 'Quite a Fundamental Mistake'
Swiss watchmaker Swatch has reportedly issued a formal apology and swiftly removed advertisements for its Swatch Essentials collection after the campaign was widely condemned in China for featuring a male model making a "slanted eye" pose. The gesture, which involves pulling the corners of the eyes up and backwards, is seen by many as a racist taunt targeting people of Asian descent. According to a report by Reuters, the images, which sparked significant outrage online, led to a drop in the company's shares. On Monday, August 18, Swatch's stock fell as much as 4% before recovering slightly to a 3.1% loss. "It is very significant for a brand of that scale to misfire in this way," said Mark Borkowski, a London-based public relations consultant, as reported by Reuters. "This carelessness is really quite a fundamental mistake." The incident has raised questions about the brand's approval process, considering that Swatch is a well-known brand in the Chinese market. What Swatch said in its apology In an apology posted in both Chinese and English on its Weibo and Instagram accounts, Swatch stated it had "taken note of the recent concerns" and had "removed all related materials worldwide." The company added, "We sincerely apologize for any distress or misunderstanding this may have caused. While the backlash on social media was intense, Chinese fashion influencer Peter Xu, who has over seven million followers on Weibo, believes the quick apology will likely mitigate long-term damage to the brand. "It was pretty stupid to release images like those ones," he commented, but suggested the fallout would likely be short-lived. Ad controversy adds to Swatch's China troubles This controversy is the latest challenge for Swatch, which also owns popular brands like Omega, Longines, and Tissot. The company's shares have plummeted by more than half since early 2023, and it is also facing a 39% tariff on its exports to the United States. China, along with Hong Kong and Macau, accounted for approximately 27% of Swatch's group sales last year. The company's overall revenue in 2024 fell 14.6% to 6.74 billion Swiss francs ($8.4 billion), a decline the company attributed to "difficult market conditions and weak demand for consumer goods overall" in China. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Global News
9 hours ago
- Business
- Global News
Swatch apologizes, pulls ‘slanted eye' ad campaign amid backlash
The Swiss watch brand Swatch issued an apology and pulled a recent ad campaign after customers in China condemned the imagery, which they say incorporated a racist gesture. In an image for the Swatch Essentials collection, an Asian male model is shown pulling the edges of his eyelids upward and backward with his fingers — an action widely seen as derogatory and racially discriminatory against Asian people. The company pulled the international campaign from all its platforms on Monday, writing on Instagram, 'We sincerely apologize for any distress or misunderstanding this may have caused.' 'We treat this matter with the utmost importance and have immediately removed all related materials worldwide.' Story continues below advertisement The apology was also posted on the Chinese social network Weibo in Chinese and English, according to The Associated Press. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Some were left unimpressed by Swatch's efforts to make amends. 'I can't believe that such a large watch company could make such a careless mistake,' an Instagram user commented. 'You should not bring discrimination against Asians into your product posters. This will only cause you to lose more Asian customers and bring no benefit. This cannot be forgiven.' Another person wrote, 'This gesture has been used to discriminate against all Asians (not just Chinese, and therefore not a 'China only' controversy) for decades and it is common knowledge that this is a boundary that should not be crossed.' According to Reuters, Swatch, which also manufactures Omega, Longines and Tissot watches, generates about 27 per cent of its group sales from China, Hong Kong and Macau. Following Monday's events, shares fell as much as 2.7 per cent, but have since levelled out. Story continues below advertisement This is only the latest in a series of challenges for the Swiss watch brand, including a stark drop in share value. Shares have fallen by almost half since 2023, and the situation for the company has been worsened by a recent 39 per cent tariff on exports to the U.S., implemented by President Donald Trump. Revenue for the watchmaker fell 14.6 per cent to 6.74 billion Swiss francs ($8.4 billion) in 2024, due in part to less demand in China, where Swatch said it was seeing 'persistently difficult market conditions and weak demand for consumer goods overall.' Peter Xu, a fashion influencer in China with more than seven million Weibo followers, said he believed the controversy would impact Swatch's business in China, but given the speed of the apology, the fallout was likely to be relatively short-term. 'It was pretty stupid to release images like those ones,' he said. — With files from The Associated Press and Reuters
Yahoo
12 hours ago
- Business
- Yahoo
Swatch apologizes for 'slanted eye' ad after online backlash in China
STORY: Swiss watchmaker Swatch issued an apology at the weekend after it faced criticism in China over an ad. It pulled ads featuring images of an Asian male model pulling the corners of his eyes up and backwards in a 'slanted eye' pose. The images for the Swatch Essentials collection were widely condemned online in China. Many comments said they appeared to mimic racist taunts about Asian eyes. Peter Xu is a fashion influencer. "They already apologised. On the long-term basis, I still think the business will pick up, because it was not really intentional. At least, it was not the intention from the brand. It was just maybe some uncareful decision made by the photographer, who didn't really understand China. So again to repeat, don't try to...I think when they do this campaign, especially when they use Asian models, they should pay this attention, like fundamental guideline." Swatch posted an apology on the Weibo social media platform on Saturday. The firm said it has 'taken note of the recent concerns' and removed all related material worldwide. Swatch Group did not immediately respond to a Reuters request for further comment. The ad fallout was latest setback for the firm. Its shares have fallen by more than half since early 2023 and it faces 39% tariffs on exports to the U.S. Swatch also makes Omega and Tissot watches, and relied on China, Hong Kong and Macau for around 27% of group sales last year. Shares in the company slipped around 3% in early trading on Monday. Solve the daily Crossword
NBC News
13 hours ago
- Business
- NBC News
Watchmaker Swatch apologizes for 'slanted eye' ad after online backlash in China
Swiss watchmaker Swatch UHR.S issued an apology at the weekend and pulled ads featuring images of an Asian male model pulling the corners of his eyes up and backwards in a 'slanted eye' pose. The images for the Swatch Essentials collection were widely condemned online in China, where many comments said they appeared to mimic racist taunts about Asian eyes. Shares in the company slipped by as much as 2.7% in early trading on Monday before paring losses somewhat. 'When I saw this news, I was quite shocked. Swatch has been in the Chinese market for many years, and I feel like most people are familiar with the brand,' said 23-year-old student Justin Zhao. 'I don't know why they did it. They were able to somehow release this after going through numerous approvals.' In an apology posted in both Chinese and English on its official account on the Weibo social media platform on Saturday, Swatch said that it had 'taken note of the recent concerns' and removed all related materials worldwide. 'We sincerely apologize for any distress or misunderstanding this may have caused,' the statement said. It also posted the same apology on Instagram. Swatch Group did not immediately respond to a Reuters request for further comment. The criticism over the advert is the latest setback for a firm whose shares have fallen by more than half since early 2023 and now faces a 39% tariff on its exports to the United States. Swatch, which also makes Omega, Longines and Tissot watches, relied on China, Hong Kong and Macau for around 27% of group sales last year. Revenue for the watchmaker slumped 14.6% to 6.74 billion Swiss francs ($8.4 billion) in 2024, hit by a downturn in demand in China, where Swatch said it was seeing 'persistently difficult market conditions and weak demand for consumer goods overall.' Peter Xu, a fashion influencer in China with over seven million Weibo followers, said he believed the controversy would impact Swatch's business in China, but given the speed of the apology, the fallout was likely to be relatively short-term. 'It was pretty stupid to release images like those ones,' he said.
New Straits Times
14 hours ago
- Business
- New Straits Times
Watchmaker Swatch apologises for 'slanted eye' ad after online backlash in China
SHANGHAI: Swiss watchmaker Swatch issued an apology at the weekend and pulled ads featuring images of an Asian male model pulling the corners of his eyes up and backwards in a "slanted eye" pose. The images for the Swatch Essentials collection were widely condemned online in China, where many comments said they appeared to mimic racist taunts about Asian eyes. Shares in the company slipped by as much as 2.7 per cent in early trading on Monday before paring losses somewhat. "When I saw this news, I was quite shocked. Swatch has been in the Chinese market for many years, and I feel like most people are familiar with the brand," said 23-year-old student Justin Zhao. "I don't know why they did it. They were able to somehow release this after going through numerous approvals." In an apology posted in both Chinese and English on its official account on the Weibo social media platform on Saturday, Swatch said that it had "taken note of the recent concerns" and removed all related materials worldwide. "We sincerely apologise for any distress or misunderstanding this may have caused," the statement said. It also posted the same apology on Instagram. Swatch Group did not immediately respond to a Reuters request for further comment. The criticism over the advert is the latest setback for a firm whose shares have fallen by more than half since early 2023 and now faces a 39 per cent tariff on its exports to the United States. Swatch, which also makes Omega, Longines and Tissot watches, relied on China, Hong Kong and Macau for around 27 per cent of group sales last year. Revenue for the watchmaker slumped 14.6 per cent to 6.74 billion Swiss francs (US$8.4 billion) in 2024, hit by a downturn in demand in China, where Swatch said it was seeing "persistently difficult market conditions and weak demand for consumer goods overall." Peter Xu, a fashion influencer in China with over seven million Weibo followers, said he believed the controversy would impact Swatch's business in China, but given the speed of the apology, the fallout was likely to be relatively short-term. "It was pretty stupid to release images like those ones," he said.
