PARIS — Two major French luxury brands revealed further cost-cutting moves Monday, as Chanel said it will close two stores in Japan and the jeweler Chopard revealed it has trimmed 36 jobs.
This story first appeared in the March 3, 2009 issue of WWD. Subscribe Today.
Chanel plans to close stores in Kyushu and Osaka, leaving it with 37 stores in Japan. The boutiques to be shuttered are in areas no longer frequented by luxury clientele, a company spokeswoman said. Chanel’s planned store renovations and openings in Japan will go ahead, however. This includes a big new store in Tokyo’s Aoyama district next spring.
Around 30 openings and renovations are planned internationally for Chanel this year, including openings in Ekaterinburg, Russia, Dubai and Shanghai.
Meanwhile, Chopard, the privately owned, Geneva-based jeweler, said it has cut 36 jobs from its Fleurier and Meyrin sites in Geneva. The cuts were blamed on the current economic situation and lack of visibility for 2009, stated Chopard, which created 400 positions over the past three years, including 220 abroad.
The news follows a spate of job cuts and partial-unemployment arrangements implemented by a number of luxury brands from Switzerland’s beleaguered timepiece industry, including Manufacture Roger Dubuis SA and Movado Group.