The necklace is featured in the brand’s “Rebel Heart” campaign starring Adam Levine and Behati Prinsloo.
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 two organizations will host a joint event, “Converge,” in September 2025.
Big changes appear to be on the horizon for the diamond miner and its parent company, Anglo American.
With Ho Brothers, you can unlock your brand's true potential and offer customers the personalized jewelry experiences they desire.
Padis succeeds Lisa Bridge, marking the first time the organization has had two women board presidents in a row.
Jesse Cole, founder of Fans First Entertainment, shared the “five Es” of building a fan base during his AGS Conclave keynote.
The Royal Oak Perpetual Calendar "John Mayer" was celebrated at a star-studded party in LA last week.
For over 30 years, JA has advocated for the industry, fought against harmful legislation and backed measures that help jewelry businesses.
The announcement came as the company reported a 23 percent drop in production in Q1.
A double-digit drop in the number of in-store crimes was offset by a jump in off-premises attacks, JSA’s 2023 crime report shows.
Inspired by the Roman goddess of love, the designer looked to the sea for her new collection.
The luxury titan posted declining sales, weighed down by Gucci’s poor performance.
The selected nine organizations have outlined their plans for the funds.
The mining company’s Diavik Diamond Mine lost four employees in a plane crash in January.
The crown introduced a dozen timepieces in Geneva, including a heavy metal version of its deep-sea divers’ watch.
Emmanuel Raheb recommends digging into demographic data, customizing your store’s communications, and retargeting ahead of May 12.
Located in the town of Queensbury, it features a dedicated bridal section and a Gabriel & Co. store-in-store.
A 203-carat diamond from the alluvial mine in Angola achieved the highest price.
Ruser was known for his figural jewelry with freshwater pearls and for his celebrity clientele.
The “Rebel Heart” campaign embodies rebellion, romance, and sensuality, the brand said.
Editor-in-Chief Michelle Graff shares the standout moments from the education sessions she attended in Austin last week.
The overhaul includes a new logo and enhanced digital marketplace.
A new addition to the “Heirloom” collection, this one-of-a-kind piece features 32 custom-cut gemstones.
Last month in Dallas, David Walton pushed another jeweler, David Ettinger, who later died.
The move will allow the manufacturing company to offer a more “diverse and comprehensive” range of products.
From now through mid-May, GIA will be offering the reports at a 50 percent discount.
De Beers’ rough diamond sales were down 18 percent year-over-year in its latest round of sales.