Jewelery group Swarovski plans to cut a third of the 4,600 jobs at its Austrian headquarters as part of a restructuring program in response to tough competition and coronavirus related losses, news agency APA said on Tuesday.
Around 1,000 jobs will be cut this autumn and another 600 by 2022, APA said.
The decision was “painful but unavoidable,” the agency quoted Swarovski Crystal’s Chairman Robert Buchbauer as saying.
Revenues are expected to drop around 35% to below 2 billion euros (1.80 billion pounds) this year, he said.
Under the restructuring program, the family-owned group plans to merge under one roof its various businesses, which include jewelery, home accessories and the Swarovski Kristallwelten experience attractions at its headquarters in Watten in the Tyrol province, APA said.
Swarovski did not immediately reply to a Reuters request for comment.
