Jul 23, 2020
Swarovski to cut another 1,000 jobs in the autumn
Jul 23, 2020
On Tuesday, Austrian jeweller Swarovski announced it will cut another 1,000 jobs at its western Tirol facility in the autumn, blaming increasingly tough competitive pressure and the Covid-19 pandemic.
At the end of June, the crystal manufacturer made 600 of its worldwide employees redundant, 200 of them at its long-established headquarters in Wattens, close to Innsbruck, due to slumping demand in the USA and Asia.
CEO and Board Chairman Robert Buchbauer described this decision as “painful but absolutely necessary.”
In 2019, Swarovski generated a revenue of €2.7 billion.
The group has 34,500 employees worldwide, and manufactures jewels in Austria, India, Thailand, Vietnam, Serbia and the USA. Swarovski products are sold in 170 countries.
The company was founded in 1895 by Daniel Swarovski, who invented an industrial crystal-cutting machine.
Copyright © 2020 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.