firings

Bulgari Group To Lay-Off 50 Employees From Gerald Genta And Daniel Roth Watch Makers

The last few months have seen a series of bad-news stories regarding Bulgari and its attempts to survive and adapt to the change in economic times. When things were good, Bulgari started to snatch up other watch makers such as Daniel Roth and Gerald Genta. As I feel the need to be clear, the men themselves Daniel Roth and Gerald Genta are not in some state of bondage, but rather that Bulgari owns the rights to the brands (the trademarks). I've mentioned this before, but I still find it odd that the namesakes of these brands no longer have a place at the brands - and perhaps only a small stake in the success thereof. Nevertheless, if the brand releases a bad product, it will still effect the men negatively from a PR standpoint.

Well, the brands have fine products, but are about to lose 50 employees between them. Some one out there is bound to get pissed at Gerald and Daniel even though they have no part in this. We go back to Bulgari who is attempting to stay afloat by terminating the employment of 50 out of just 130 employees. Over 40 percent of the work force. There will likely be a consolidation of efforts and less redundancy of roles between Bulgari, Gerald Genta, and Daniel Roth. As the demand for luxury watches is currently low, this makes sense. Even though this is bad news for fans of the brands as well as the employees of the companies (especially those losing their jobs), Bulgari isn't in a significantly worse position than other luxury brands these days.

Via World Tempus (in French).

Ariel Adams publishes the luxury watch review site aBlogtoRead.com.

Tags: bulgari, bvlgari, daniel roth, DanielRoth, firings, gerald genta, GeraldGenta, group, lay-offs, watch

Zenith Watches Lays Off 70 Of 250 Employees

by Ariel Adams (RSS feed) —

Filed under: Timepieces / Watches

"Bleak times" at Zenith, LVMH frowns. First they lose some employees, then they lose their CEO Mr. Nataf, and now more employees out the door. 70 to be exactly. Recently, the people at Zenith were informed of the planned layoffs as part of a planned reorganization to assist the troubled watch maker maintain through "the crisis." Zenith of course is not alone during these difficult times where watch and jewelry sales for the entire LVMH group are down about 27% from last year. Zenith didn't provide specific figures for its own annual performance, but all evidence indicates things may be worse for them.

New CEO Jean-Frederic Dufour is expected to make some radical changes, including with the core line of watches - where Nataf's design decisions have been controversial to say the least. Zenith is a proud brand with a great history so I expect that any cleverness injected into a brand revitalization will focus on historical strength and creating a classic style focused line for next year when things should be better for the brand, and the watch market overall. The pictured watch is the Zenith Class Traveler Open El Primero Multicity Alarm.

Via WorldTempus (in French).

Ariel Adams publishes the luxury watch review site aBlogtoRead.com

Tags: downsizing, firings, layoffs, LVMH, watch, zenith

Franck Muller Watch Company Makes Cut Backs, Layoffs - In A Nice Way

by Ariel Adams (RSS feed) —

Filed under: Timepieces / Watches

Metaphorically related to the name behind the "Crazy Hours" watch pictured above, times are crazy at Swiss Franck Muller, which this month is beginning a round of layoffs designed to help maintain survival for this luxury watchmaker. The company has been quiet the last couple of years, but for a while in the early 2000s, was one of the most popular luxury watch makers with their flamboyant good looks. Now, the 550-person company is feeling the sting of the economy and is letting go at least 92 people, a large chunk of their work force. The good news at least is that the people being escorted out will have a nice severance package to enjoy, based on their seniority in the company, and dependents. The truth is that European companies are loathe to engage in mass layoffs given the often personal relationships they enjoy with their employees. Only grave times call for such action, and the parties affected are often always taken care of to the best of the company's abilities. This is in stark contrast to the US, where layoffs are often complimented with just 2 weeks pay, no pension, and a friendly "get the hell out of here."

In addition to the friendly treatment the ex Franck Muller employees are getting, Franck Muller is also hiring a professional "career repositioning firm" whose goal it is to help the laid-off employees find new jobs! Wow. The problems at Franck Muller are not unique, as vastly decreased luxury watch sales are common across the board these days.

Ariel Adams publishes the popular watch review site aBlogtoRead.com.

Tags: firings, franck muller, FranckMuller, layoffs, recession, timepiece, watch