According to Rapaport News, luxury goods maker, Richemont is cutting 200 jobs in its Swiss watchmaking business units. The workplace reductions will happen primarily in the Vacheron Constantin and Piaget amid weakening demand for Swiss made watches.
A company spokesperson told Rapaport News,
“Richemont regrets that the measures announced are necessary but reflect the global downturn in demand.”
Swiss trade union Unia say they saw these cuts coming because, in May, Richmond laid off 300 people which spanned the Cartier, Vacheron Constantin and Piaget brands.
The Geneva-based Richemont, the world’s second-largest luxury goods maker after LVMH, told the Rapaport News that it was changing their management structure eliminating the CEO position altogether. The Company’s present chief executive Richard Lepeu, is set to retire in March of 2017.