De Grisogono Confirms 28 Layoffs in Switzerland

RAPAPORT... Luxury jeweler De Grisogono will cut 28 jobs atits Swiss operation following disappointing sales. The final figure is lower than the 31 positions it hadpreviously expected to slash, the company said last week. The Geneva-headquartered firm managed to savethree jobs in its home country following a consultation period with staff. Last month, the jeweler announced plans to cut up to 41positions after a challenging period for the high-end jewelry sector. De Grisogono said at the time it would lay off 31 of its 104 employees inSwitzerland, as well as 10 workers in other locations. Under Swiss law, employees have the right to a consultationperiod, during which they can submit proposals and queries that may enabletheir positions to be saved. De Grisogono did not comment on whether it would still be trimming10 positions outside Switzerland as well. The jeweler now intends to focus primarily on its moreaffordable fine-jewelry and watch brands, which it says are more popular, aswell as broaden its daywear range.Image: Diamond cutting at De Grisogono. Credit: De Grisogono