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Tory Burch restructured its business last week, resulting in layoffs of 100 employees. WWD reports the layoffs account for about 3% of the company's total employees, according to the publication's source. The brand is cutting ties with employees in order to free up money that will reportedly be invested in new technology, its digital presence, and more specialized employees.
The brand is devoting more money and efforts to relatively new brand initiatives, like Tory Sport, and the source says that the brand is upping its digital presence and "customer-facing technology." Although there are no more specifics on what kind of technology Tory Burch is investing in, the emphasis on its digital presence is a response to the fact that "mobile is fast emerging as the [brand's] biggest revenue driver."
Tory Burch will also hire more people who are able to help grow these sectors of its business. "It's about hiring people with the requisite skills and experience for the right jobs," a source tells WWD.