Connect with us

Headlines

Richemont to Lay Off 200+ Workers

Demand for Swiss watches has been falling.

mm

Published

on

Luxury goods company Richemont is cutting 200 jobs in its Swiss watchmaking business, according to Rapaport News.

The workforce reductions will be made at Vacheron Constantin and Piaget amid decreased demand for the high-end watches.

The company told Rapaport: “Richemont regrets that the measures announced are necessary but reflect the global downturn in demand.”

Unia, a Swiss trade union, said Richemont laid off 300 people in May. Those job cuts spanned three brands: Cartier, Vacheron Constantin and Piaget.

Geneva-based Richemont said earlier in November that it was implementing a new management structure and would no longer have a CEO. Richard Lepeu, the current chief executive, is to retire effective March 31.

Top executives at the company’s brands will report directly to the board.

Advertisement


Read more at Rapaport

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at [email protected].

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

Wilkerson Helped This Jeweler to Navigate His Retirement Sale Despite a Pandemic

Hosting a going-out-of-business sale when the coronavirus pandemic hit wasn’t a part of Bob Smith’s game plan for his retirement. Smith, the owner of E.M. Smith Jewelers in Chillicothe, Ohio, says the governor closed the state mid-way through. But Smith chose Wilkerson, and Wilkerson handled it like a champ, says Smith. And when it was time for the state to reopen, the sale continued like nothing had ever happened. “I’d recommend Wilkerson,” he says. “They do business the way we do business.”

Promoted Headlines

Most Popular