The Swiss watchmaker said the company’s plans to use a new version of the Hallmark crown on jewelry would confuse consumers.
Richemont Looking to Cut Up To 250 Jobs
The steep drop in demand for Swiss watches is forcing the owner of brands like Officine Panerai and Vacheron Constantin to cut staff.
Geneva--Richemont, the luxury goods company that owns high-end watch brands like Officine Panerai and Vacheron Constantin, could cut as many as 250 jobs due to the steep drop in demand for Swiss watches.
In October, Swiss watch exports (in value terms) were down 16 percent year-over-year, according to the Federation of the Swiss Watch Industry, the largest monthly drop since the financial crisis. Demand from the world’s two biggest markets, the United States and Hong Kong, dropped 17 percent and 22 percent, respectively.
It marked the 16th consecutive month of decline for Swiss watch exports.
Because of the ongoing drop in demand, Richemont met with Switzerland’s two major trade unions, Unia and Syna, back in February to negotiate a plan for laying off up to 350 employees. The plan, which is valid for one year, resulted in the termination of less than 100 employees initially.
Now, National Jeweler has learned that the luxury goods company is looking to cut 200 to 250 more jobs as demand has weakened further for Swiss watches.
Negotiations with the unions will continue until Dec. 6.
In its most recent financial report, released Nov. 6, Richemont attributed its double-digit decline in sales to “weak demand for watches in general” and the “exceptional inventory buy-backs” it made from retailers, particularly in Hong Kong.
Richemont’s sales were down 12 percent on a constant-exchange rate basis in the first six months of the year. In the Americas, sales declined 5 percent.
Also this week, Canadian news source CBC reported that 51 workers were laid off at the Diavik Diamond Mine in Canada’s Northwest Territories.
Rio Tinto owns 60 percent of Diavik while the remaining 40 percent belongs to Dominion Diamond Corp., which recently announced it would be shedding 100 jobs when it moves its headquarters from Yellowknife in the Northwest Territories to Calgary, Alberta. The move is expected to be completed by mid-2017.
Dominion directed inquiries about the Diavik layoffs to Rio Tinto. Rio Tinto did not responded to request for comment.
The Latest
The executive talked about the importance of self-purchasers and how fuel cell electric vehicles are going to fuel demand for platinum.
It will award a graduating high school student with about $10,000 toward a GIA diploma and an internship with the Seattle-based jeweler.
Tradeshow risks are real. Get tips to protect yourself before, during and after and gain safety and security awareness for your business.
Wheat Ridge, Colorado police took a 50-year-old man into custody Wednesday following a two-month search.
PGI partnered with four new and seven returning designers for its annual platinum capsule collection.
Karina Brez’s race-ready piece is a sophisticated nod to the horse-rider relationship.
Meet Ben Claus—grand prize winner of For the Love of Jewelers 2023 Fall Design Challenge.
The men are allegedly responsible for stealing millions in jewelry and other valuables in 43 burglaries in 25 towns across Massachusetts.
“Horizon” invites individuals to explore the limitless possibilities that lie ahead, said the brand.
The jeweler credits its recent “Be Love” campaign and ongoing brand revamp for its 17 percent jump in sales.
The co-founder of Lewis Jewelers was also the longtime mayor of the city of Moore.
Elvis Presley gifted this circa 1967 gold and diamond watch to Dodie Marshall, his co-star in “Easy Come, Easy Go.”
Concerns about rising prices, politics, and global conflicts continue to dampen consumer outlook.
May’s birthstone is beloved for its rich green hue and its versatility.
Jacqui Larsson joins Opsydia with nearly two decades of experience in the industry.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The “Tiffany Céleste” collection reimagines designer Jean Schlumberger’s interpretations of the universe.
The brand also created a 100-carat lab-grown diamond necklace in honor of its centennial.
Tim Schlick has been promoted from his previous position as COO.
It’s the second year for the event, slated to take place in October in Toronto.
Supplier Spotlight Sponsored by GIA
Sales will be paused while the relocation takes place over the next few months.
“SIS x MISA Denim and Diamonds” is a collaboration between the designer and celebrity stylist Misa Hylton.
The retailer is moving to a newly designed space in the same shopping center.
Gifts that are unique and thoughtful are top of mind this year, according to the annual survey.