Bucherer says it expects to make 220 people redundant in the wake of the economic damage wreaked by the Covid-19 pandemic.
The group employs over 2,400 people, including 1,100 in Switzerland and 600 in its home city of Lucerne.
An additional 100 jobs have already been lost in the United States, where Bucherer owns Tourneau.
Of the 220 job losses announced this week, 170 will be at the company’s headquarters and stores in Lucerne, where the absence of Chinese tourists has devastated sales.
The company says that the current recession and likely travel limitations until Covid is completely controlled, means it has to prepare for a lengthy downturn that could last into 2023.
At the peak of the crisis, Bucherer sales were 90% down, Swiss newspapers report, although there has been significant recovery since stores reopened across the world.