Hard-Hit Swarovski Axes 600 JobsJune 30, 20
(IDEX Online) - Swarovski is to axe 600 jobs in response to a "massive" decline in sales.
The family-owned Austrian business empire, known for its crystal jewelry and swan logo, will shed almost one in 50 of its 34,500 workforce as it embarks on a restructuring plan.
Two hundred jobs will go at its headquarters in Austria's Tyrol region.
"The international luxury market has been hit hard by the (COVID-19) crisis," the company told fashion bible Women's Wear Daily (WWD) in a statement.
It said that as a result it was reviewing all its business processes and activities, which includes manufacturing in Austria, India, Thailand, Vietnam, Serbia and the USA.