Richemont is on the cusp of another round of layoffs at its Swiss watchmaking operations as demand for timepieces sank this year.
The Geneva-headquarter luxury group plans to cut 211 jobs at Piaget and Vacheron Constantin, Swiss trade union Unia said. This follows 300 layoffs across Piaget, Vacheron Constantin and Cartier in May, according to Unia.
Sales at Richemont’s specialist watchmakers – which include Piaget and Vacheron Constantin – slid 17 percent in the six months to September 30, mirroring a decline in the Swiss watch sector. Switzerland’s watch exports fell 11 percent in the first 10 months of the year, recording the steepest drop in October as shipments fell 16 percent.
“Richemont regrets that the measures announced are necessary but reflect the global downturn in demand,” the company said in a statement to Rapaport News.