Tory Burch reorganization leads to company redundancies

Over 100 employees at US fashion label Tory Burch were made redundant last week, following a company wide restructuring scheme.

Tory Burch, which is led by its eponymous founder, is said to be investing heavily into new business areas, such as Tory Sport, as well as external categories such as watches and fragrances, which are under license to Fossil and Estee Lauder respectively, and aims to redistributes its finances reports WWD. The fashion label is also said to be making a push on technological advancements and taking on new employees for new areas.

Although the exact number of redundancies has yet to be revealed, approximately 3 percent of the label's team were let go. "It’s about hiring people with the requisite skills and experience for the right jobs," said a source to WWD, although the exact new job credentials needed and which former roles were cut have not been revealed.

In spite of the employee cut backs, the 11 year old fashion label is said to be on track to continue growing and is predicted to bring in more than 1 billion dollars in sales this year.

Photo credit: Tory Burch Facebook