Jewellery group Swarovski has reportedly revealed its decision to eliminate hundreds of jobs at its headquarters in Wattens, Austria.
The move is part of the company’s restructuring programme, as well as registering losses due to Covid-19 pandemic, Reuters citing news agency APA.
Swarovski, which employs around 4,600 at the Austria headquarters, plans to reduce headcount by around 1,000 jobs this autumn. It also has plans to axe another 600 by 2022, the news agency reported.
Swarovski Crystal chairman Robert Buchbauer stated the decision to be “painful but unavoidable”.
In its 2019 fact sheet, the family-owned crystal-maker said Swarovski Crystal business reported €2.7bn in revenue and the number of employees were 29,000.
It has 1,500 Swarovski stores and 1,500 partner-operated stores.
In February, the company expanded its reach within the US market by launching the Swarovski brand store on Amazon US.
In addition, the company opened its first US Crystal Studio retail location in Costa Mesa, California last November.
Last week, another jewellery company David Yurman announced that it laid off 98 people in its corporate division.
The news comes after the privately held American designer implemented near-companywide furloughs in April.
In its filing with the New York Department of Labor, the company cited “unforeseeable business circumstances prompted by Covid-19.”.