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Richemont to Lay Off 200+ Workers

Demand for Swiss watches has been falling.

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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.

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