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High-End Slump Forces Layoffs at De Grisogono
Apr 11, 2018 8:33 AM
By Rapaport News
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RAPAPORT... Swiss-based luxury jeweler De Grisogono
plans to cut up to 41 positions after a challenging high-end market resulted in
poor sales.
“Despite considerable investments and all
the efforts of employees, [sales
of high jewelry] have not reached anticipated levels,
due in part to challenging conditions in some key markets,” the company said in
a statement Monday. “As a consequence, the company’s internal production
capacity is excessive, while, as an indirect result, its support functions are also partially oversized.”
The jeweler, which recently cut the high-profile 163-carat,
D-flawless Art of de Grisogono, Creation 1 (pictured), plans to scrap 31 of 104 positions in Switzerland, and up to 10 more globally.
Under Swiss law, employees have the right to a consultation period, during which
they can submit proposals and
queries. That process may have an impact on the number of
positions axed.
The company — which is also working on the
813-carat Constellation rough diamond — will make its final
decision on April 23.
De Grisogono intends to focus on its
more affordable fine jewelry and watch brands, in which the market “continues
to show strong interest,” it added. The jeweler plans to introduce a wider
range of daywear pieces, which sold well at the Baselworld trade fair in March, it said.
Image: De Grisogono
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Tags:
Art of de Grisogono, Baselworld, Constellation, De Grisogono, luxury, Rapaport News, swiss, Switzerland
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