French fashion brand Chanel to cut 200 jobs

PARIS, Dec. 29 (Chinese media) -- The luxury fashion brand Chanel is to cut 200 jobs on Dec. 31 amid the global economic crisis, said French press.

The luxury group will end all its fixed term contracts and interim CSD from Wednesday Dec. 31, which involve 200 employees. The cuts represent around 10 percent of production.

According to the sources, workers in France will be the most affected. In the company's historic rue Cambon, 16 employees are to lose their jobs.

Due to a sharp decline in business, Chanel's growth rate in 2008 appears to be zero. The brand had already canceled its "Mobile Art Tour," a contemporary art gallery world itinerant, to focus on its strategic investments.