While Cartier's market success is not exactly a bellwether of the luxury industry, it is a pretty good indicator of current trends. Lots of companies are reducing their work forces, but the reality is that they are just getting closer to the way things where before the economy inflated itself so much. Now in survival or recession mode, luxury brands such as Cartier need to save cash while planning on better times ahead - instead of focusing on making lots of watches right now. Recall again that this cut at Cartier of about 400-500 people (or roughly 50%-60% of their work force) is in the production area, not necessarily at other areas of the Richemont Group owned company including administration, marketing, and sales. Many retained employees will received roughly 94% of their pay until things get better. Then then Ballon Bleu watch above can turn that frown... upside down!
Via WorldTempus here & here (in French).
Ariel Adams publishes the popular watch review site aBlogtoRead.com.