The crystal company is set to close 750 out of its 3000 stores, which is around a quarter of its portfolio.
The news will see contracts from 102 independent Swarovski dealers terminated and 6000 jobs lost. The brand will cut 33 of its 102 stores in its home market of Austria.
Swarovski Chief Executive Officer, Robert Buchbauer, commented: “We will adapt our distribution network – a little less, but larger stores. This global operations resizing program has affect more than 6,000 jobs worldwide. These were profoundly difficult and sad decisions to be made.”
Plans to steer the company in a new direction include: “reducing activity in the unprofitable consumer market and focusing on more expensive jewellery products with higher margins, including rings and bracelets.”
