Low-cost suppliers from Asia have increased price pressure.
Keystone-SDA
Switzerland’s last remaining tie manufacturer has felt the effects ties going out of fashion. Bachmann Krawatten AG, based in Zurich, is now closing down after 70 years in business. Eleven employees will lose their jobs.
In the past, wearing a tie was a must in many places – at work, at university or on formal occasions. However, its importance has been waning for decades, said company director Peter Bachmann. When asked, he confirmed the company was shutting down in Thursday’s edition of the Tages-Anzeiger newspaper.
The Covid-19 pandemic had further dampened demand. With people working from home, few expected employees to wear a tie. Although business recovered slightly for a time after the pandemic, it has recently been on a steady downward trend again.
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At the same time, low-cost suppliers from Asia have increased price pressure. Bachmann’s customers also included institutions such as the army, police forces and public transport staff.
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Translated from German, reviewed by an English Department journalist.
