Swiss luxury good company Richemont has reached an agreement with employees on a new round of job cuts, a labor union said on Friday, adding that the layoffs were smaller than originally planned. In November, it was widely reported that Richemont – which owns Cartier, Chloe, Azzedine Alaia, and Van Cleef and Arpels, among others – was aiming to trim between 200 and 250 additional positions from its Swiss manufacturing divisions under an agreement between the company and unions that runs to February 2017.
Swiss labor union Unia, which was involved in talks between the company and its workers, said the cuts planned at Richemont had been "massively reduced" as renegotiated severance packages helped support voluntary departures. The latest cutbacks come on top of roughly 300 positions that Richemont eliminated in May, a move that included about 100 layoffs along with measures such as early retirements meant to keep the impact on active workers to a minimum, a spokesman for Unia said.
According to Reuters, "Richemont confirmed on Friday that an agreement had been reached. It said it would not comment further at the moment out of respect for the personnel affected by the cuts."