Business News: Watch Industry Braces For Historic Downturn

Swiss watch factories started closing in mid-March, including Rolex, Patek Philippe, Audemars Piguet, TAG Heuer, Hublot, and many more. Most watch companies put employees on short-time. Ludovic Voillat, of CPIH (Swiss Watch Industry Employers Convention), told the Swissinfo news organization, “Of 50,000 people working in companies subject to a labor agreement, 40,000 are currently partially employed. It is unprecedented in the history of Swiss watchmaking.” 

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