We’ve known, for a while now, that lackluster performances over the past 12 months would mean redundancies at manufacture level throughout the watch industry. As we reported late last April, the Federation of the Swiss Watch Industry has reported significant year-on-year reductions in orders across the industry.
In a statement published yesterday by Bloomberg, Vaucher Manufacture Fleurier announced the start of a consultation process to cut more than 50 jobs, reducing its workforce by one third.
The decision comes after a significant drop in orders. The Swiss manufacturer, which is owned by the Sandroz Family Foundation and Hermès International, currently supplies high-end movements and kits to Parmigiani Fleurier and other watch brands. In 2009, the company employed more than 250. This latest wave of redundancies would bring that number down to 120.
Its neighbor and sister company Parmigiani Fleurier - Vaucher participated in the development of the escapement of the Parmigiani Fleurier Senfine Concept - recently lost 17 employees including the high-profile departures of its CEO Jean-Marc Jacot in 2015 and COO Marc Gaudreault.
Meanwhile, the Richemont Group announced this week that only 100 of the 300 cuts announced back in February, would be enforced. Cartier and Vacheron Constantin are believed to be the hardest hit.
And on Tuesday, Swatch Group Chairwomen Nayla Hayek told shareholders that no cuts would be made in 2017. LVMH have not announced any cuts for 2017 at this time.
This news came via Bloomberg First Word, available to terminal subscribers only. More may come from Bloomberg later. Hat tip to reader and friend ES for this one.
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