Richemont To Invest in Watch Production Site Outside of Geneva

Compangie Financiere Richemont announced Monday that it will invest 100 million Swiss Francs ($92 million) on a production site which will include watch making shops, training centers and research centers on watch technology.

The site is in the town of Meyrin outside of Geneva, home to famed watch houses such as Maison Roger Dubuis, Maison Van Cleef & Arpels, Vacheron Constantin and Manufacture Stern, Genève 1898, all of which will have a division in the new site.

The investment by Richemont-which owns luxury companies such as Cartier and Vacheron Constantin-shows promise for the economy as well, the site is expected to have a total workforce of 900 by 2020 and staff hiring is already underway.

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via: 4-Traders