Majors

Swarovski Latest to Announce Job Cuts, Slashing 600 Positions

MajorsJun 30, 2020

Swarovski Latest to Announce Job Cuts, Slashing 600 Positions

The crystal company is undergoing a restructuring as the COVID-19 pandemic sinks sales in the United States and Asia.

Swarovski introduced lab-grown diamonds in 16 colors at Paris Haute Couture Fashion Week in January. The company is cutting 600 jobs as part of its restructuring plan. (©Swarovski)
Wattens, Austria—Swarovski plans to cut 600 jobs, or about 2 percent of its workforce, as part of a restructuring plan.

"The international luxury market has been hit hard by the crisis," the company said in a statement to WWD.

It noted “a massive decline in sales” in its first quarter as demand took a nosedive in Asia and the United States. 

New CEO Robert Buchbauer is looking to streamline the company, making changes to its organizational structure, including the merging of marketing and sales activities.

One-third of the cuts will take place at the company’s headquarters in Austria’s Tyrol region, with 200 jobs eliminated as part of the merger.

Swarovski said all business processes and activities are “currently being reviewed to ensure that they are in line with both the strategic realignment and economic reality.”

RELATED CONTENT: Macy’s to Lay Off 3,900 Employees Amid Restructuring

 Buchbauer, the great-great-grandson of company founder Daniel Swarovski, was recently appointed to the CEO position amid an executive shake-up at the company.

The changes included the appointment of fashion veteran Giovanna Battaglia Engelbert as Swarovski’s first creative director, the departure of Markus Langes-Swarovski from the executive board, and a reportedly diminished role for Nadja Swarovski.

Swarovski employs about 34,500 people worldwide and has manufacturing facilities in Austria, India, Thailand, Vietnam, Serbia and the U.S. 
Lenore Fedowis the associate editor, news at National Jeweler, covering the retail beat and the business side of jewelry.
tags:

The Latest

Events & AwardsDec 03, 2021
JA New York's Spring Show to Return in 2022

The New Designer Gallery will also make its comeback.

Events & AwardsDec 03, 2021
Gary Roskin Will Receive the 2022 Bonanno Award

Roskin heads the International Colored Gemstone Association, and is a graduate gemologist, author, journalist, and diamond grading expert.

Policies & IssuesDec 03, 2021
Alliance for Responsible Mining Names New Executive Director

Gina D’Amato joins with more than 15 years of experience in sustainable development.

Brought to you by
Train Your Staff Today with Interactive eLearning

Join the prestigious brands, industry organizations and sellers using IGI’s educational services.

CollectionsDec 03, 2021
Piece of the Week: Angely Martinez’s Island Bar Ring

The designer’s memories of beach trips and nature in the Dominican Republic inspired her new opal and pearl collection, “Aqualescence.”

Weekly QuizDec 02, 2021
This Week's Quiz
Test your knowledge of jewelry news from the week of Nov. 29-Dec. 3, 2021.
Take the Quiz
FinancialsDec 02, 2021
Signet Raises Guidance Again, Expands Selection of Lab-Grown Diamonds

Its additions include an exclusive lab-grown diamond cut for Zales’ “Vera Wang True” line and a lab-grown option for Kay’s “Leo” cut.

TrendsDec 02, 2021
A New Book on Lover’s Eyes Jewelry Is Out Now

“Lover’s Eyes: Eye Miniatures from the Skier Collection” features more than 130 examples of the much-sought-after antique style.

Brought to you by
3 Tips For Entering the Estate Market

Generate foot traffic and expand your jewelry expertise by adding an estate assortment to your store in partnership with Windsor Jewelers, Inc.

SurveysDec 02, 2021
2021 Will Be the ‘Year of Jewelry,’ Analyst Says

Edahn Golan forecasts a blockbuster holiday season will cap off a stellar year for U.S. jewelry sales.

×