Swarovski Shareholders Approved 6,000 Staff Job Cut as A New Strategy
Swarovski shareholders have approved the biggest overhaul in the crystal makers in 125 years of history which includes 6,000 job cuts after a year of debating heated discussion among the factions of the founding family. The Chief Executive Officer Robert Buchbauer has mentioned that the new strategy is to shift the focus onto more expensive and higher-margin jewelry including rings and bracelets, while the founding family argues about shifting away from the lower margin mass-market business.
With this decision, various Austrian and Swiss units will be folded into an Austrian family company while the remaining in the Alpine town of Wattens near Innsbruck. With these 6,000 job cuts which are equal to 20% of Swarovski’s workforce and the incoming two to three years are expected to fall down by a third this year on Swarovski sales.
