Swiss luxury watchmakers are increasingly relying on government support to navigate a downturn in demand. Girard-Perregaux and Ulysse Nardin, owned by Sowind Group, have put about 15% of their workforce on state-funded furlough. The Swiss program covers up to 80% of workers’ salaries to prevent permanent job cuts. This move follows similar actions by watch suppliers, with around 40 companies in the canton of Jura applying for short-time work compensation during the summer. The industry is grappling with a sharp decline in demand, particularly in China, following a post-pandemic boom.