Swiss luxury good company Richemont has reached an agreement with employees on a new round of job cuts, a labour union said on Friday, adding that the layoffs were smaller than originally planned.

Swiss labour union Unia, which was involved in talks between the company and its workers, said the cuts planned at Richemont had been "massively reduced" as renegotiated severance packages helped support voluntary departures.

In November, a source told Reuters Richemont was aiming to trim between 200 and 250 additional positions from its Swiss manufacturing divisions under an agreement between the company and unions that runs to February 2017.

Richemont confirmed on Friday that an agreement had been reached. It said it would not comment further at the moment out of respect for the personnel affected by the cuts.