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The company denies the allegations, but said it reached a settlement to avoid spending more time and resources on the case.
The watch company has closed all its retail stores in the U.S., the U.K., and Canada amid the coronavirus pandemic.
With its stores closed in light of the coronavirus, the jeweler is cutting costs and looking to online sales to help carry it through rough waters.
The jeweler’s main focus is preparing to weather the coronavirus pandemic, said CEO Alessandro Bogliolo.
CEO François-Henri Pinault said the company “remains confident” despite the coronavirus’ effect on the key Chinese market.
CEO Alexander Lacik told Reuters the jeweler’s business in China is in “standstill mode” as a result of the coronavirus.
The Swiss watch company lost $206 million in Hong Kong in the second half of the year alone.
The luxury titan’s watches and jewelry segment brought in nearly $5 billion in 2019.
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