Chanel To Cut 200 Jobs
A couple of days ago, my colleague Jared Paul Stern reported that Chanel was pulling the plug on their fancy world-traveling global art installation designed by Zaha Hadid. It seems that's not the only penny-pinching the French luxury brand had in mind. According to the Guardian, Chanel is also cutting 200 jobs. The staff cuts are a direct result of declining sales, part of the overall slide in luxury spending that was not alleviated by the recent holiday shopping season. Among the jobs are 16 posts at the brand's boutique on rue Cambon in Paris. The jobs represent almost 10% of the company's production workforce.