Swizz retailer Richemont is mulling over slashing around 350 jobs in Switzerland this year.
A report quoted by Le Temps mentioned that “adjustment” was needed amid a “difficult” watch market, hit by a “significant” slowdown in the tourism in Europe post terror attacks in Paris last year, coupled with a stronger Swiss franc. The document also stated that the company would try to “limit the downsizing as far as possible” by relocating the affected employees to its other brands.
Besides, the company’s global sales reportedly dropped by around 4 per cent in the October to December quarter, due to sluggish luxury spending in Europe.
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Based in Switzerland, Compagnie Financière Richemont SA is a luxury goods holding company, founded in 1988 by Johann Rupert. Through its various subsidiaries, the company designs, manufactures, distributes and sells premium watches, leather goods, clothing, accessories, etc.
Last year, another clothing giant Gerry Weber had reported a heavy job cut of around 7,000 employees. Considering tough market conditions, the retailer had also thought over slowing down its expansion plans in Germany and reconsider the project to open new stores in the American market.