The Number Of Layoffs In The Richemont Group Has Shrunk To 100.

Richemont SA, formerly known as the peak group, has planned to list three of its favorite customers in the next 12 months for Cartier Cartire, Piaget Earl and Vacheron Constantin Vacheron Constantin.

350 people were laid off.

However, the latest news from the Unia labor union says that the number of layoffs in the group's Rui watch manufacturing department will be reduced to about 100, and it will mainly focus on Cartire Cartier, which will cut 70 jobs and the remaining 30 posts will be distributed in the Earl of Piaget and Vacheron Constantin Vacheron Constantin.

Unia union representative Pierluigi Fedele revealed that other affected employees would be pferred to the group or even to the outside through early retirement and voluntary turnover.

The negotiations between Richemont SA and Unia Union will end at the end of the month.

In fact, as early as September 2014, Cartier SA, one of the two pillar brands of Richemont SA, has said that the production will be reduced due to the weak market and the working hours of the tabulation factories will be reduced.

The Richemont SA Group employs approximately 9000 people in Switzerland, of which 6000 belong to the tabulation department.

Except for Cartier Cartire, Richemont SA

It also owns many high school watches and jewelry brands such as Van Cleef & Arpels Van Cleef & Arpels, Jaeger LeCoultre Jaeger Le Coulter and IWC Wan. However, due to the global economic weakness, especially China's economic slowdown and anti-corruption, the Rui watch market has been slowing down for the first time since it recorded the financial crisis in 2015.

According to the no fashion Chinese network data, the export value of Rui table dropped by 16.1% in March, down to only 1 billion 500 million Swiss francs, the lowest level since March 2011.

In the first quarter, the export value of Rui watches fell 8.9% year-on-year, the biggest decline since the economic crisis in 2009, compared with a 6% decline in the same period last year.

The Swiss watch industry federation pointed out that the March downturn was unusual. In the ten big markets, only the fourth largest market in the month, Germany achieved 2.2% growth. The two largest markets, especially the Hongkong and the United States, were hit by a sharp drop of 37.7% and 32.9% respectively, of which Hongkong fell more than 46.2% from the same period in 2014, which means that the current scale of the Swiss franc is only half of the 327 million 800 thousand Swiss francs two years ago, and a sharp decrease of 55% over the peak of 2013.

The mainland of China also recorded a 13.7% decline, and the recovery efforts began at the end of last year.

Zuzanna Pusz, a London analyst at Berenberg, a investment bank, points out that most of the exports of almost every major market are down.

She said that even if the base was higher in the same period last year, such a decline would be very huge. The most worrying thing is that no market can come forward to make up for the missing sales in Asia.

Besides the clock market is still depressed, the jewelry market has begun to accelerate its decline.

No fashion Chinese net data show that during the -12 holiday season in October 2015, the Richemont SA Lifeng group clock Department continued to drag down the overall performance, and the jewelry department of jewelry brands such as Cariter Cartire and Van Cleef & Arpels Van Cleef & Arpels also declined, the European market was unexpectedly shrinking, and the jewelry Department's sales fell by more than 5% of the watch department's 4%, causing the group's first decline in holiday sales since 2008.

In the above market environment, the rest of the group has been laid off.

Prior to the announcement of the Lunar New Year's performance, Zhou Dafu group also indicated that it would consider layoffs and stores. Zhou Dafu group was mainly selling environment and jewelry, and the group also had a watch retail brand.