Consumer
Luxury Slump Leads Some Swiss Watchmakers to Seek State Aid
- Girard-Perregaux and Ulysse Nardin among brands getting help
- Work stoppages follow drop in demand for Swiss watch industry
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Swiss luxury watchmakers are turning to the government for financial aid to help them weather a downturn in demand.
Girard-Perregaux and Ulysse Nardin have become the first brands to confirm they’re using a state program to retain jobs and avoid permanent cuts. 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.