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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
Tags: Art of de Grisogono, Baselworld, Constellation, De Grisogono, luxury, Rapaport News, swiss, Switzerland
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