Richemont may axe up to 350 Swiss jobs

Geneva

RICHEMONT, the world's second-biggest luxury goods group, is planning to cut up to 350 jobs in Switzerland this year amid a "difficult" watch market, a Swiss newspaper reported on Saturday.

Richemont, which is second only to France's LVMH in the luxury world, is "studying an adjustment of the production capacities of some watch manufacturers", Le Temps daily reported, quoting an internal document it had obtained. The plan, confirmed to the paper by a Richemont spokeswoman, could entail cutting up to 350 jobs in Switzerland, it reported.