Free Subscription

  • Access 15 free news articles each month

Professional

Try one month for $5
  • Unlimited access to news,insights and opinions
  • Quarterly and weekly magazines
  • Independent research reports and forecasts
  • Quarterly webinars with industry experts
  • Q&A with retail leaders
  • Career advice
  • 10% discount on events
×

Swatch cuts 2400 jobs, speeds up Hong Kong store cull

Swatch Group has cut about 2400 jobs, its biggest cull in at least three decades, and will trim its store network as the Swiss watchmaker recorded its first ever loss. The maker of Omega and Longines timepieces said Tuesday it accelerated plans to shut stores definitively in Hong Kong as well as shops that sell its colorful namesake brand and CK. The loss came as sales in the six months through June plummeted 43 per cent due tot he impact of Covid-19. In a break with its strategy during previous