Richemont considers 350 job cuts in Switzerland

Richemont Group is “studying an adjustment of the production capacities of some watch manufacturers,” Le Temps daily reported, quoting an internal document it had obtained.

The plan, confirmed to the paper by a Richemont spokeswoman, could entail cutting up to 350 jobs in Switzerland, it reported. The document quoted by Le Temps said the “adjustment” was needed amid a “difficult” watch market, hit by a “significant” slow-down in the tourism in Europe since the deadly attacks in Paris last November, as well as a stronger Swiss franc.

The value of the Swiss franc exploded after the Swiss central bank in January 2015 suddenly stopped artificially trying to hold down its value against the euro, hitting exporters in the country hard.

The document however said Richemont would strive to “limit the downsizing as far as possible” by transferring the affected employees to other brands owned by the group.

Richemont is the world’s second largest luxury group, being the owner of luxury brands Cartier, Piaget, Van Cleef & Arpels, Vacheron Constantin, Chloe, Alfred Dunhill etc

Richemont Group