Daniel Wellington

Type
Internal restructuring
Country
World
Region
Location of affected unit(s)
Sweden, other locations
Sector
Manufacturing
(26 - 27) Manufacture of electrical, electronic and optical products
26.5 - Manufacture of measuring testing instruments, clocks and watches
26.52 - Manufacture of watches and clocks
200 jobs
Number of planned job losses
Job loss
Announcement Date
9 June 2022
Employment effect (start)
9 June 2022
Foreseen end date

Description

Swedish luxury watch manufacturer Daniel Wellington has announced to cut about 200 jobs worldwide, which corresponds to 15% of the global workforce. Sweden (Daniel Wellington-2022- SE) and other locations are affected. 243 people work at the Stockholm office and half of the them will be dismissed. Cuts will be made across all departments and functions. The company has long tried to avoid layoffs, but needs to cut costs because it has been facing years of financial difficulties and losses and aims to become a smaller company with better conditions for profitability. In 2020, it recorded a loss of SEK 504 million.

Founded in 2011, Daniel Wellington currently employs 1,300 people worldwide.

Sources

Citation

Eurofound (2022), Daniel Wellington, Internal restructuring in World, factsheet number 106951, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/106951.