MILAN — Swarovski is to cut 290 more jobs at its production facility in Watten, Austria, and invest 120 million euros, or about $168 million at current exchange, to modernize the plant in response to the current economic malaise and competition from producers in emerging markets.
The family-owned crystal giant, which counts two-thirds of its production in the Eurozone, has seen revenues and earnings dented by rising inflation, the weak dollar and producers in China and Egypt that have been competing on price for specialized cuts of crystal.
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