Air-France is planning its first cross-Atlantic flight with its shiny new Airbus A380 jumbo jet but not all is rosy for Europe's largest airline. Air France-KLM has announced plans to trim 1,700 jobs next year following a worse-than-expected quarterly loss. The company is blaming the numbers on fuel hedging losses and poor cargo traffic. Passenger revenues were also down 17.2 percent but the effects of that would have been offset partly by a reduction in capacity. Air France-KLM had previously announced earlier cuts so this new staff reduction means that the airline carrier will enact 4,500 job cuts in the year to March 2010, reducing its global workforce to 105,000. Another reduction by March 2011 will trim the workforce by a further three to five percent by March 2011 in an effort to lift profits by 500 million euros for March 2012.

Versace has been a brand in transition for a while now but new CEO Gian Giacomo Ferraris has been shaking things up lately. His latest move is an announcement that the Italian fashion house will lose 350 jobs worldwide by the middle of next year as part of a cost-cutting initiative that also includes a thorough evaluation of Versace's store network. The brand recently decided to close stores in Japan, formerly one of the biggest luxury goods markets.

The Wall Street Journal reports that the company is expected to post a pre-tax loss of €30 million ($44.4 million) on revenue of €273 million. This is a sharp contrast to 2008 when Versace posted a net profit of €9 million on sales of €336 million. Part of the decline is due to a fall in sales in the company's wholesale business and the financial collapse of IT Holding SpA, which produced clothing for Versace under brand licensing agreements. Versace re-launched the secondary line Versus at Milan Fashion week earlier this month.The brand will move forward with new runway designs and will instead focus its fat trimming in the areas of production, distribution and logistics. That's good news for Donatella Versace, the brand's designer who also holds a 20 percent stake in the company. Her daughter Allegra Versace Beck has a 50 percent stake bequeathed to her by her late uncle Gianni Versace and her other uncle Santo Versace has the remaining 30 percent of the company. Ferraris came aboard this spring after Donatella Versace's repeated battles with Giancarlo Di Risio.

By the sound of it you'd think that Cartier was next to being bankrupt, though that isn't the case. More like the optimistic balloon of sales growth is deflating (one of the reasons I used the "Ballon Bleu" watch for the image - and added the sad face). During the last few years of rapid growth and increased demand for Swiss watches and luxury goods, production increased and luxury firms like Cartier staffed themselves accordingly for what looking like prefect blue skies ahead. Now, about 5 years after that all started, the bubble has burst, and Cartier is being forced to let go of many of those people it hired at its production facility in La Chaux-de-Fonds to help supply the perceived demand for luxury watches. Note that this is one of three Cartier production sites.

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.

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.

Last year the Richemont Group added Roger Dubuis to its luxury watch collection of brands. Richemont owns such prestigious brands as A. Lange & Sohne, Jaeger LeCoultre, and Panerai. The acquisition of the Roger Dubuis occurred in the midst of wild growth in key markets such as Asia and the Middle East. With surges expected, Roger Dubuis promoted a liberal hiring policy adding new staff quickly.

Recent revenue disappointments have resulted in a decision to lay off as much as one sixth of the Roger Dubuis work force, or about 70 people. The move will emphasize a marketing refocus for the brand that hopes to increase its presence in retail stores as well as complete production on highly sought after high-end models.

Roger Dubuis seems eager to express that this move does not signify an end to the esteemed watch maker, nor does it indicate a slew of bad management decisions. No one is immune from the current economic market, and Roger Dubuis was perhaps a bit too optimistic with its growth and watch production capacity. Unlike "Tier One" luxury watch brands with the most valuable brand names, Roger Dubuis is less known (making them "Tier Two'), even though they still offer a very high quality and complex watch product line. This can negatively affect the value proposition of buying their watches in hard times for some consumers.

Despite this news, Roger Dubuis customers are still eagerly awaiting the release of its most expensive watch date, a $500,000 complex multi-timezone perpetual calendar timepiece. Pictured, is a Roger Dubuis Excalibur with a 45mm white gold case, minute repeater, perpetual calendar, tourbillion, and double rotors.

Via Bloomberg News.

Ariel Adams publishes the watch review site aBlogtoRead.com.

British carmaker Bentley has announced that it is cutting 220 jobs in Britain, nearly six percent of the workforce, as well as cutting pay for the rest of the staff. The company has 3,800 staff at the factory in Crewe, England. Since last October, it has enacted a series of production restrictions and is planning to suspend production again because of falling demand. As Autoblog mentioned recently the newer Continental line will shut down for a period of seven weeks, while the Arnage production line will go on hiatus for six weeks. Over the course of 2008 sales dropped by roughly 30 percent. The British automakers have, like the U.S. automakers, floundered in recent months. Jaguar and Land Rover announced 450 job cuts worldwide last month and the British government has created a £2.3-billion support package for Britain's automakers.

Department store Macy's is feeling the fallout as shoppers buy less and malls become ghost towns. The company announced on Monday that it would be eliminating around 7,000 jobs, four percent of the company work force, over the next few months. Macy's Inc. also cut its quarterly dividend and has forecast earnings for fiscal 2009 far below Wall Street expectations. While it seems no company is optimistic about the coming retail year Macy's seems particularly pessimistic. The company will be closing 11 stores across the country. Other cost cutting measures include no raises for executives in spring 2009 and cuts in matching 401(k) contributions. Other benefits for Macy's execs including company cars, life insurance and merchandise discounts may be forthcoming. The Macy's numbers fall right between Sak's which will cut around 1,100 jobs and Neiman Marcus which plans to cut 375 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.

Last week I briefly touched on the potential layoffs for jetmaker Cessna, Now the Wichita Eagle has all the grisly details. It appears that Cessna Aircraft will cut about 500 jobs in Wichita. The laid-off workers will be given 60-day notices in the next few weeks.

The news follows on the heels of an incentives package worth tens of millions of dollars from the state designed to ensure that Cessna would build its Citation Columbus plant in Wichita. It still plans to do that and by 2014 there should be 1,000 people working there. Unfortunately that is a long way off. For now there are layoffs both at the Wichita plant where Cessna employs 12,000 people and in Oregon where 165 employees will be laid off from the Bend, Oregon plant. Cessna was planning to deliver a record 535 business jets in 2009 but some of the customers who were slated for shipment have asked to defer delivery until the economy is a bit rosier.

Another Wichita-based aviation company Hawker Beechcraft cut five percent of its work force on Friday about 490 people as it lowered target production numbers.The aviation companies are bullish on their long term survival and see this trimming back as a necessity to keep going in lean times.

Do you love your job? Do you sometimes wish you were in a position that was a little more glamorous or sexy? We all have our daydreams, so in yours what makes a job glamorous? Probably things like money, along with traveling to exotic and luxurious locations, meeting celebrities, and getting invited to exclusive upscale parties. And then there are some job titles, like "brain surgeon" and "rocket scientist", that get a certain level of respect and esteem even though the daily working conditions aren't necessarily that glam.

Salary.com recently surveyed over 800 people and came up with the top 5 most glamorous jobs (check it out below). ...Surprised at all by what made the list?

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