Swiss watchmaker Swatch has issued an apology and pulled ads featuring images of an Asian male model pulling the corners of his eyes up and backwards in a “slanted eye” pose.

In statements posted to Instagram and China’s Weibo on Saturday, the Swatch Group sought to “sincerely apologise for any distress or misunderstanding this may have caused”.

Swatch Group, which also owns Omega, Longines and Tissot watches, is heavily exposed to China for revenue. Read more at straitstimes.com. Read more at straitstimes.com.

As flood of graduates looks for work, employing retirees offers Chinese businesses a way to avoid social insurance costs.

Swatch is "only afraid for its profits," one Weibo user said. "You can apologise, but I will not forgive." "They make money from us and still dare to discriminate against Chinese people.

Explore Weibo stock price, quotes, charts and forecasts with Benzinga. Stay updated on market trends for WB.

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