Swarovski Shareholders Approve 6,000 Job Cuts, New Strategy
- Crystal maker to cut 6,000 jobs, close hundreds of stores
- Vote follows battle among family members over strategy
Photographer: Victor J. Blue/Bloomberg
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Swarovski shareholders approved the biggest overhaul in the crystal maker’s 125-year history, including 6,000 job cuts, after years of heated discussions among factions of the founding family.
Chief Executive Officer Robert Buchbauer had been battling with family opposition over his plan to shrink the lower-margin mass-market business and focus on more expensive and higher-margin jewelry, including rings and bracelets.