Arab Today, arab today richemont eyes up to 350 job cuts in switzerland
Last Updated : GMT 02:21:52
Arab Today, arab today
Arab Today, arab today

Richemont eyes 'up to 350 job cuts' in Switzerland

Arab Today, arab today

Arab Today, arab today Richemont eyes 'up to 350 job cuts' in Switzerland

Geneva-based Richemont owns top global brands such as Cartier
Geneva - AFP

 Richemont, the world's second-biggest luxury goods group, is planning to cut up to 350 jobs in Switzerland this year amid a "difficult" watch market, a Swiss newspaper reported Saturday.

Richemont, second only to France's LVMH in the luxury world, 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 Geneva-based company, which owns top global brands such as Cartier, Piaget, Jaeger LeCoultre and IWC, could not be immediately reached for comment.

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 ballooned 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 last month said its global sales had shrunk four percent in the October to December quarter, hit especially hard by sluggish luxury spending in Europe.

The group is not the only one hit by the slumping market for Swiss watches.

In 2015, Swiss watch exports recorded their first full-year decline since 2009, contracting by 3.3 percent.

And last month, exports slumped nearly eight percent, according to the Federation of the Swiss Watch Industry.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today richemont eyes up to 350 job cuts in switzerland Arab Today, arab today richemont eyes up to 350 job cuts in switzerland

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today richemont eyes up to 350 job cuts in switzerland Arab Today, arab today richemont eyes up to 350 job cuts in switzerland

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Egypt tourism revival steady but slow

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today 600,000 children may flee to Bangladesh

GMT 06:49 2017 Monday ,18 September

600,000 children may flee to Bangladesh
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:45 2017 Sunday ,17 September

France's hurricane-hit St Martin

GMT 21:57 2017 Sunday ,17 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday