Swiss luxury watchmakers Girard-Perregaux and Ulysse Nardin seek government aid to combat declining demand. Sowind Group, owning the brands, has implemented short-time work for 50 workers to prevent job cuts amidst a “small watch crisis.” The program pays up to 80% of salaries to maintain manufacturing jobs during decreased demand. Watch suppliers have also taken advantage of state support. China’s decline in demand has impacted Swiss watches, with brands like Rolex and Patek Philippe faring better. Sowind’s CEO predicts a partial industry recovery by 2025. Other CEOs maintain optimism, citing strategic adjustments to manage sales amid the economic slowdown.
https://fortune.com/europe/2024/09/04/swiss-watchmakers-put-employees-on-state-funded-furlough-as-luxury-demand-disappears/