Another watchmaker has hit a rough patch. Chopard, Switzerland's largest family-owned watch and jewellery company, has had to temporarily close a store in Palm Beach, Florida, and lay off workers. It is also expecting sales to fall by up to a fifth this year.
We read in the Wall Street Journal that Karl-Friedrich Scheufele, co-president of the watchmaker, says that despite these cost-cutting measures, he realises the 149-year-old company will have to invest for their long term future. In the past Chopard has sponsored some of the biggest social events of the year, including the Elton John AIDS Foundation's annual White Tie & Tiara Summer Ball.