Shock for employees

Job cuts? Dark clouds over Swarovski

No more "sunny" times in Wattens. Dark clouds are gathering once again.(Bild: Birbaumer Christof)

Times have been rosier in the past - even at the Tyrolean crystal giant Swarovski. For years, the company has been struggling with severe turbulence, both in terms of the group management and the economic situation. Of the once more than 6000 employees at the headquarters, only around 2500 remain. And there will soon be even fewer, as the Group management has now officially confirmed. The AK speaks of a declaration of bankruptcy.

There is no end to the anxiety at Swarovski's headquarters in Wattens, Tyrol (Innsbruck-Land district). Jobs have been gradually being shed for a good two decades now. In its heyday, the world-famous crystal company had more than 6000 employees. Currently there are still just over 2500 - but it will soon be heading towards the 2000 mark.

Job cuts by the end of 2026, volunteers ahead
On Thursday afternoon, the Group management confirmed that 400 more jobs will be cut at the headquarters in Wattens! The reasons are cost pressure due to high wages and the decline in the luxury segment. The jobs must be cut by the end of 2026, it said. Volunteers who accept a social plan will be sought until December 12, 2025. Employees were already informed on Thursday.

In any case, the rumor mill was - once again - buzzing in advance. Now the Group management has let the cat out of the bag. Employees - including those who have been with the company for decades - are now fearing for their jobs.

At the headquarters in Wattens, there is - once again - anxiety. What will happen next?(Bild: Birbaumer Christof)

AK boss: "This is a declaration of bankruptcy"
The Tyrolean Chamber of Labor already took to the barricades on Thursday morning: "The number could rise to 500 if the majority of the remaining workforce does not agree to the reduction in working hours sought by the Group management," it said in a press release.

As feared, it is clear that the Group management's commitment to the site was merely lip service, and the future of Swarovski in Wattens is uncertain.

AK-Präsident Erwin Zangerl

Tyrol's AK boss Erwin Zangerl spoke of a "declaration of bankruptcy for the strategy of the Group management and for the Wattens site as a whole". "It is clear that, as feared, the commitments made by the Group management to the site were merely lip service, and the future of Swarovski in Wattens is uncertain."

Zangerl called on the Group management to finally speak plainly. After all, "the federal and state governments have repeatedly supported Swarovski for decades with a lot of taxpayers' money and helped it out of numerous crises." 

Background discussion on Thursday
Swarovski itself initially made no statement. However, a background meeting was held on Thursday afternoon, at which official information was provided about the new, impending staff cuts. One of the aims of the meeting was to "create clarity and explain the background", according to the statement.

Crystal business with slight increase in sales in 2024
In spring, the Group's management had still reported positive news. Sales in the 2024 financial year rose from EUR 1.8 billion to EUR 1.9 billion compared to the previous year. The management was particularly pleased with the development in Austria and America, where "record sales were achieved", it said. The year 2025 will be challenging, it had already been said at the time. 2026 is unlikely to be any better.