Zenith opens layoff talks at Le Locle; source says 100 of 196 jobs
The LVMH watch brand confirmed a mass-layoff consultation to the AWP news agency. An internal source quoted by AWP puts another 101 jobs at risk in its international distribution network.
By Carat Capital
What changed
The cuts are confirmed. Zenith confirmed it has opened a mass-layoff consultation as part of a planned strategic repositioning. An internal source quoted by AWP says about 100 of 196 jobs at Le Locle are affected.
What it means
- If you stock Zenith: The brand is moving to the top luxury tier and cutting volume, per the same source.
- If you read the export figures: Swiss watch exports rose 11.7% in September. Zenith cites the franc and tariffs, and its own oversized structure.
- What this is not: A final number. Zenith will say more only after the consultation.
Key figures
| Le Locle jobsper AWP's internal source | 100 of 196 |
|---|---|
| Distribution jobsinternational network, same source | 101 |
| Worldwide totalper cash.ch | About 200 |
| Consultation opensMonday, per RTS | 26 Oct |
Source: cash.ch (AWP), 22 October 2026, 16:32; RTS, 22 October 2026, 12:38. The consultation is company-confirmed; cash.ch attributes the job figures to an internal source quoted by AWP, and RTS prints them without attribution.
Half of Le Locle at risk
Staff were told. Management told staff on Thursday morning, RTS reports. About 200 jobs are at stake worldwide, per cash.ch.
Talks open Monday. The consultation between the social partners opens on Monday 26 October, RTS reports.
Two outlets differ. cash.ch attributes the 100, 196 and 101 to an internal source quoted by AWP. RTS, published nearly four hours earlier, prints them without attribution.
The reasons Zenith gives
Costs and currency. RTS reports the company cited the strong franc, tariffs and geopolitics. It also named an oversized industrial and commercial arm that weighs on costs.
Losses for years. The source told AWP the brand has lost money for years, apart from a post-pandemic rebound. It called the shift a matter of survival.
A sale was denied
LVMH keeps it. LVMH firmly rejected rumours of a sale of Zenith in January, cash.ch reports. The source quoted by AWP also denied such plans.
What to watch
- 26 OctoberThe consultation opens, and whether unions publish their own count.
- After the consultationZenith's own figures, which would replace the source's.
- 19 NovemberSwiss watch exports for October, on the watch federation's release calendar.
The story so far
Go deeper
Corrections
Correction, 24 October 2026: this article said the 100, 196 and 101 job figures come from one internal source quoted by AWP, and that RTS carries the same figures, implying RTS took them from the wire. RTS published at 12:38 on 22 October, nearly four hours before cash.ch's 16:32 AWP copy, and prints the figures without attribution. The paragraph now says cash.ch attributes them to the source and RTS does not. The watch line's 'Mid-November' is now 19 November, the watch federation's stated release date. What was right as published: every figure and the headline's attribution. Found by Carat Capital's standards desk on 23 October 2026.
What would change this call
A company figure well below 100 at Le Locle once the consultation closes. Then the source's count was the opening position, not the outcome.
How a Swiss mass layoff works
Under the Swiss Code of Obligations, an employer planning a mass layoff must consult staff representatives and notify the cantonal employment office. The consultation lets staff propose ways to avoid or reduce the cuts.
Method
cash.ch, 'LVMH-Marke Zenith will in Le Locle jede zweite Stelle streichen', AWP copy, dateline '22.10.2026 16:32', fetched 23 October 2026, 200, 158,838 bytes. Read in the body: 'Rund 100 der 196 Arbeitsplätze', 'rund 200 Stellen', 'Konsultationsverfahren für eine Massenentlassung', 'Weitere 101 Arbeitsplätze', 'erst nach Abschluss des Verfahrens', 'im vergangenen Januar entschieden zurückgewiesen', 'bestritt entsprechende Pläne'. RTS, fetched 23 October 2026, 200, 137,461 bytes, 'modifié hier à 20:33': 'où 196 personnes sont employées', 'jeudi matin', 's'ouvre lundi', 'franc fort', 'surdimensionné'. Monday after Thursday 22 October is 26 October. The Le Temps report that preceded the wire was not read. The September export figure is from Carat Capital's 20 October report of FH data. ARCHIVE: Carat Capital's archive, 'Zenith' 3 rows, opened: LVMH group pieces, none on Le Locle or jobs; 'Locle' 0. NEW. Re-read 24 October 2026 for the correction below: RTS, 200, 137,516 bytes, datePublished '2026-10-22T12:38:23+02:00', 'Publié jeudi à 12:38'; the figures print in RTS's own voice and the page says 'L'annonce a été faite jeudi matin par la direction au personnel'. cash.ch's AWP copy is stamped 16:32 the same day. The watch federation's statistics page gives 'Next release 11.19.2026' for October exports.