Chopard To Cut Jobs On Low Sales Forecasts

by Ariel Adams (RSS feed)
Mar 12th 2009 at 10:02AM

I won't say that Chopard is hurting, but they are anticipating an economic sting based on lower than hoped-for sales at Baselworld later this month.The independently owned watch and jewelry maker employs a total of about 1,800 workers. Chopard's Karl-Friedrich Scheufele recently stated that the company would be laying off 36 employees, from their manufacturing and administration arms. The cut does not represent an immense portion of their labor force, but such companies are not known for making hasty lay-off decisions. The move is a direct result of the poor demand for luxury watches in the current economic atmosphere. The lay-offs will occur in a month or two according to Chopard. Competitors such as the Richemont Group and Cartier have also experienced job cuts, or are considering them. Until the world economy is able to begin a recovery, the luxury markets will continue to suffer demand loss.

Via Forbes.

Ariel Adams publishes the watch review site aBlogtoRead.com.

Tags: Chopard, economy, industry, jobs, layoffs, luxury, timepiece, watch