Swiss luxury jeweller de Grisogono has announced it will be cutting jobs after sales of its high-end jewellery felt short of expectations.
According to Reuters, de Grisogono plans to cut 41 jobs – 31 positions in Switzerland out of a total of 104, and up to 10 worldwide.
The brand, which was founded in 1993 by Fawaz Gruosi, said it had to reduce production capacity to reflect the “challenging conditions in some key markets”, scaling back ambitions to become the world’s leading high-end jewellery and watch brand.
At Baselworld this year de Grisogono celebrated its 25th anniversary and showcased a variety of new high-end jewellery and watches.
Gruosi says of the milestone: “When a brand celebrates a milestone, much is said about its past and what it has accomplished. For me, this jubilee represents the legitimate sense of pride that stems from realising that – within just 25 years – we have made an indelible mark on jewellery and high jewellery.
“We have written new rules, upended conventions and invented a style so distinctive that a de Grisogono creation is unlike any other. It is instantly recognisable and naturally stands out from the rest.”
Looking ahead, Reuters reports that the brand wants to now focus on more affordable fine jewellery pieces.