Sowind Group, which owns luxury watch brands Girard-Perregaux and Ulysse Nardin, has sought state aid as demand plummets, impacting jobs and salaries.
Under Switzerland's short-time work program, companies can receive up to 80% of workers' salaries to cover reduced hours, preventing permanent job cuts.
The luxury watch market, previously booming, has seen a significant drop in demand, with companies like Swatch and Richemont reporting substantial sales declines.
Between January 2021 and March 2022, watch prices surged due to investor interest, but have since fallen nearly 40% as luxury demand wanes.
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