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Swiss watchmakers put employees on state-funded leave as luxury demand disappear

The Sowind Group, owner of Girard-Perregaux and Ulysse Nardin luxury watches, has put 15% of his workforce on furlough.

Sowind Group, which owns the two manufacturers, has put about 50, or 15%, of its 320 workers on so-called short-time work or furlough, according to Chairman and Chief Executive Officer Patrick Pruniaux. But Bulgari’s focus on the less volatile women’s watch market and the fact that, unusually, the brand makes the majority of its own cases, dials and movements allows it to adjust production and ride out the slowdown, he said. Rolf Studer, CEO of Oris, said the independent brand known for its diving watches is hoping to contain a sales decline this year to single digits as the drop in demand is being made worse by the continued strength of the Swiss franc.

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