The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Material For Textiles, Apparel, Leather And Related Products Manufacture Of Wearing Apparel 14 - Manufacture Of Wearing Apparel
60 jobs Number of planned job creations
Announcement Date
26 February 2016
Employment effect (start)
1 March 2016
Foreseen end date
Description
Armani is shutting down the Giorgio Armani Swiss Branch, after 20 years. The company intends to relocate most of its employees to its Milan site; however this is a conditional offer and employees are required to accept a reduced salary (from €4,000 to €1,500). The Swiss site in Mendrisio is going to keep 10 employees, while 40 are going to be laid off, according to the latest news. However, Armani's medium term plan is to fully close the Mendrisio site. Armani opened an administrative center in Mendriso (Switzerland) twenty years ago. Despite higher salaries than in the home country, Mendrisio has attracted fashion companies due to fiscal advantages. Recent changes in the local taxation has greatly reduced the attractiveness of the region, and Armani is not the first company closing or reducing its subsidiaries.
Eurofound (2016), Giorgio Armani, Reshoring in Italy, factsheet number 246, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/246.
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