Swiss movement specialist Vaucher Manufacture Fleurier is to cut a third of its workforce due to dwindling orders as the entire Swiss watch industry suffers.
The business, which is owned by the Sandoz Foundation and Hermes, produces movements for Parmigiani Fleurier and other watch brands, will begin a consultation process to cut 50 jobs.
Hodinkee reports that in 2009 the company employed more than 250 but it is thought that the latest round of redundancies would bring that number down to 120.
Parmigiani Fleurier itself cut 17 jobs recently including chief executive Jean-Marc Jacot last year and chief operating officer Marc Gaudreault since SIHH in January.
