Both TAG Heuer and Cartier have cut back production at their Swiss factories in response to slowing demand from Asia, reports say.
According to Bloomberg, Jean-Claude Biver, head of LVMH Watches and Jewelry, which owns TAG Heuer, told a French newspaper that the watch manufacturer is cutting 46 jobs and putting another 49 employees on partial unemployment, because of slower-than-expected sales.
He added sales at LVMH’s Hublot and Zenith brands have not slowed.
Meanwhile, Cartier has also cut workers’ hours at its Swiss factory, according to Reuters. About 230 employees have had their schedules cut back to two days a week, the report said.
China’s government has been cracking down on luxury consumption, leading to slowing sales of Swiss watches.
TAG Heuer and Cartier representatives did not return inquiries from JCK.
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