Austrian family-run glassware and costume jewellery maker Swarovski will cut a further 100 jobs by the end of 2008, regional daily Tiroler Tageszeitung reported on 3 September 2008.
Market conditions…
Austrian family-run glassware and costume jewellery maker Swarovski will cut a further 100 jobs by the end of 2008, regional daily Tiroler Tageszeitung reported on 3 September 2008. Market conditions are currently burdened by lower consumption in the USA, the weaker US dollar, which led to higher crystal prices in the most important sales markets, and by competitors from low-wage countries such as Egypt and China. Swarovski cut 450 jobs in Wattens in May 2008. The company is currently developing a global strategy which could protect the plant in Tyrol from job cuts in the long term. Swarovski has a workforce of 22,000 employees globally, 8,600 of whom work in the Tyrol. The company posted revenue of EUR 2.56 billion (USD 3.69 billion) in 2007.