Market News

Tiffany & Co. reports double-digit sales and earnings growth

Tiffany & Co. has recently posted a double-digit sales and earnings growth for the year ended January 31, 2012 (“fiscal 2011”). Worldwide net sales rose 18 percent to $3.6 billion. On a constant-exchange-rate basis that excludes the effect of translating foreign-currency-denominated sales into U.S. dollars, worldwide net sales and comparable store sales rose 15 percent and 13 percent. Net earnings rose 19 percent to $439 million, or $3.40 per diluted share, compared with $368 million, or $2.87 per diluted share, in the prior year. Net earnings as a percentage of net sales rose to 12.1 percent, from 11.9 percent in the prior year. Net earnings in fiscal 2011 were reduced by $0.20 per diluted share for nonrecurring items related to the relocation of Tiffany’s headquarters staff.

Movado posts 22.5 percent sales increase and net income of $32 million in 2011

Movado Group reported fiscal-year sales rose 22.5 percent year on year to $468.1 million for the period that ended on January 31. The company's cost of sales rose 6 percent to $211.8 million, which helped the retailer out of the red and to report net income of $32 million compared with a loss of $47.2 million one year ago. Movado's inventory as of January 31 fell 10 percent year on year to $163.7 million. According to Efraim Grinberg, the chairman of Movado, the strong results demonstrated the traction the brand has gained from strategic initiatives to reduce costs and improve margins. ''We have refined our product lines and introduced more frequent innovation, both of which have improved our competitive brand positioning while delivering more consistent sales and profit growth. 

Mannai Corporation to take over Damas

Qatari conglomerate Mannai Corporation and Egyptian investment bank EFG Hermes has recently announced that they have agreed with the Board of Damas, Mena's leading jewellery and watch business, the terms of a recommended cash bid to be made jointly by Mannai and EFG Hermes. The bid values the entire issued share capital of Damas at approximately $445 million.  Under the terms of the bid, the bidding company controlled by the consortium proposes to acquire the entire issued share capital of Damas for $0.45 per share. Following completion of the bid, Mannai and EFG Hermes will hold indirect interests of 66 and 19 per cent, respectively, in Damas. The bid is being recommended unanimously by the Board of Damas and is subject to formal acceptance by Damas shareholders.

Richemont appoints new Chief Executive to head Cartier

Richemont has recently announced the appointment of Mr. Stanislas de Quercize as the Chief Executive Officer of Cartier by the end of this calendar year to succeed Mr. Bernard Fornas, who reached the age of 65 earlier this month. Mr. de Quercize is currently Chief Executive Officer of Van Cleef & Arpels and will continue in that role until he assumes his new position. Since 1989, he has had an extensive career within the Group, having worked with Mont Blanc, Alfred Dunhill, Cartier – where he rose to be President of Cartier Inc. in the United States – and, since 2005, Van Cleef & Arpels. Mr. de Quercize will be succeeded as Chief Executive Officer of Van Cleef & Arpels by Mr. Nicolas Bos, currently Creative Director of Van Cleef & Arpels and Chief Executive of Van Cleef & Arpels North America.

Company News

Cameron Diaz visits TAG Heuer watch manufacture in Switzerland

Hollywood actress Cameron Diaz visited TAG Heuer watch manufacture in la Chaux-de-Fonds, Switzerland.  The visit of the manufacture lasted over 3 hours during which she showed a genuine interest for the watchmaking craft. "I am amazed by the level of precision watchmaking requires. I admire the focus these people can hold all day long, working on such tiny pieces to build movements and watches. Watchmakers work on the most precious thing in the world: time," said Diaz. For the first time in Western Switzerland, Cameron Diaz was announced as TAG Heuer’s new ambassador, embodying TAG Heuer’s feminine values and supporting the launch of the new LINK LADY collection presented in BaselWorld 2012.

Hublot and World Boxing Council (WBC) team up for the ultimate knockout

On 22 March 2012, in the presence of boxing legends Lennox Lewis and Julio Cesar Chavez with Jean-Claude Biver, Chairman of Hublot and WBC CEO Jose Sulaiman, the Swiss luxury watch company rang the bell by announcing the beginning of a legendary relationship with the World Boxing Council, the governing body of the global sport. This synergy has resulted in the creation of 12, unique one-of-a-kind pieces, each of which commemorates one of the greatest boxers to grace the ring including legends, Lennox Lewis, Julio Cesar Chavez, Mike Tyson, Sugar Ray Leonard, George Foreman, Marvalous Marvin Hagler, Tommy Harns, Roberto Duran, Oscar de la Hoya, Evander Holyfield, Jeff Fenech, and Larry Holmes to be auctioned for WBC charity in Vegas this September. The winners bids will receive their watch from the fighter himself. All proceeds will go to support the charitable initiatives of the World Boxing Council.

Graham announces new brand Ambassador

GRAHAM is proud to announce its partnership with Chris Ashton, one of world rugby's most prolific try-scorers. Born in Wigan in 1987 and a product of St John Fisher School, Chris initially made his name in the 13-man code, rugby league. Chris' major breakthrough in the Premiership came in the 2009/2010 season as he embarked on a run of form that brought him 23 tries in 32 games and saw him win both the Premiership Player-of-the-Season and RPA Try-of-the-Season awards. In January 2012, Chris was named in the England senior elite player squad for the forthcoming Six Nations. He is a big GRAHAM supporter and proudly wears a Swordfish Booster Blue.

Jaeger Le Coultre and Edwina Tops-Alexander

Edwina Tops-Alexander, the world’s top professional female show jumper and the winner of the 2011 Global Champions Tour, visited Manufacture Jaeger-LeCoultre in the Valley de Joux, Switzerland, where she visited the Manufacture’s workshops as well as spent time with the watchmakers of La Grande Maison. Having won the 2009 and 2011 editions of the most prestigious championship in showjumping, the Global Champions Tour, with her legendary horse Itot du Chateau, Edwina still has many ambitions to fulfill in 2012. Edwina also announced her participation in the 2012 London Olympic Games, the Jumping competition which will be held during August 4-8 in the beautiful surroundings of Greenwich Park. Jaeger-LeCoultre is proud to count Edwina Tops-Alexander, ranked as the best female rider in the world, among the brand’s aficionados.

Product Launch

Chopard unveils a L.U.C Tourbillon to celebrate the year of the Dragon

At the start of this Chinese year of the Dragon, Chopard unveils a L.U.C Tourbillon model featuring movement bridges adorned with gravure a filet (fillet engraving) a highly distinctive and almost extinct traditional engraving skill typical of the village of Fleurier in Canton Neuchatel. Chopard is offering a new strictly limited edition of 8 unique L.U.C Tourbillon watches, each featuring bridges adorned with a dragon hand-crafted using this unique engraving technique. As aesthetically fascinating as they are technically accomplished, these precious timepieces driven by the L.U.C 02.02-L tourbillon movement from Chopard Manufacture are endowed with a 9-day power reserve. The timepiece is water-resistant to 30 metres, they are fitted with a hand-sewn brown alligator leather strap.

IWC gives tribute of Muhammad Ali

As a tribute to Muhammad Ali, who celebrated his 70th birthday in January 2012, IWC Schaffhausen has created a special edition, limited to one unique piece made of white gold. In the year of the Pilot's Watches, IWC chose a piece that is its own legend - the Big Pilot's Watch - to honor the legendary sportsman. The amazing timepiece was auctioned at the annual Celebrity Fight Night in Phoenix, Arizona, with the proceeds going entirely to the Muhammad Ali Center.

Montblanc bracelet sales help children’s hospital

Montblanc has created a collection of woven leather bracelets, and a portion of the proceeds will benefit the Texas Children’s Cancer Center. The bracelets are a product of a partnership between Montblanc and Texas Children’s Hospital that focuses on supporting excellence in patient care as well as research and education to enhance the health and well-being of children. This partnership marks the first time Montblanc has teamed with a regional hospital. Texas Children’s Cancer Center, located in the Texas Medical Center in Houston, is the largest pediatric cancer center in the United States. Montblanc’s black woven leather bracelet (below) features a sterling silver clasp adorned with the Texas Children’s Hospital logo, and is available in select Montblanc boutiques.

Mother’s Day with Carrera y Carrera

Carrera y Carrera has launched its Mother’s Day present with one of its jewelry collections that transmits most light, energy, and joy. The sun motif in this collection makes for one of the best gifts a mother could receive on this special day. The Sol y Sombra collection reflects the Spanish character and roots of the company with jewelry pieces bursting with passion and sentiment … jewelry that brings out the color and natural sensuality of your skin - a perfect collection to wear today and every day.

Montegrappa presents the limited edition pens for Muhammad Ali's 70th birthday

Montegrappa is delighted to released a series of pens honoring this greatest of boxers in 2010 and 2011, including a model commemorating the spectacular “Thrilla In Manila”, but this moment in Muhammad Ali’s eventful life brings us a different, poignant joy. Montegrappa announced the release of a special limited edition celebrating Muhammad Ali’s 70th birthday, which is a personal landmark rather than a professional one. The pen and accompanying cufflinks bear the official logo created by Muhammad Ali Enterprises for Ali’s 70th birthday, seen on the pen’s clip and the cufflinks’ face. It is a powerful red-and-black symbol in enamel, with the famous profile of Ali, arms raised in victory, framed by the “0” in “70”, the number positioned above the name: purely and simply, “Ali”.

Jordi presents its “Icons of the World” collection

JORDI Swiss Icon is introducing a Fine Watchmaking collection named “Icons of the World” and which pays homage, through beautiful designs and horological complications, to some of the world’s most legendary places. To create this exceptional collection of eight models, each produced in a series of three unique and signed watches; Michel Jordi has called upon the talent of the brilliant watchmaker and developer Jean-Francois Mojon from Le Locle. For the “Icons of the World” collection, he has created an original gong-striking alarm movement. Instead of the traditional vibrations of the case-back, a hammer strikes the gong-striking mechanism to the point where it chimes at a very low frequency of 2Hz, thus evoking the characteristic cadence of a mountain chapel bell. This finely crafted hand-wound movement with double barrels guarantees a 72-hour power reserve and ensures the complication will not disrupt the movement timekeeping.

LIALI introduces its wedding jewellery for young Arab brides

LIALI Jewellery has taken wedding jewels to the next level by creating modern edge ornaments that will surely capture the hearts of young Arab brides. The collection includes four piece necklace sets including the bracelet, rings and earrings with sophisticated and glamorous looks in 18k white gold, accentuated by sparkling diamonds, and precious stones that can be presented on the henna night. Planning the jewellery for a wedding is an elaborate affair and a tradition that often involves the entire family. There are a couple of ornaments that are essential starting from the main necklace set to match the bridal outfit, the necklace set for the henna function, the wedding and engagement “dibblas” (rings) as well as the jewellery and gifts for members of the family. 

TF Est. 1968 launches its new creation

Well-known for its cuff links inspired by the world of watchmaking, the Swiss life style brand, TF Est. 1968, has launched a new cuff link collection dedicated to the master watchmaker’s Moon phases. TF Est. 1968 already boasts a great many models dedicated to the Tourbillon responsible for establishing its initial success. They have now found their way into the world’s most prestigious watch boutiques, as well as the major international distribution channels. In fact, they will soon be seen in no less than 500 retail outlets around the globe, a success story firmly rooted in the unique and trendy luxury market, complete with their accessible price tags and carbon flourishes.

Exhibitions & Events

32nd Edition of MidEast Watch & Jewellery Show

The 32nd MidEast Watch & Jewellery Show was opened by H. E. Sheikh Sultan Bin Ahmed Al Qassimi, Chairman, Sharjah Media Corporation. The opening ceremony was attended by Mr. Ahmed Mohammed Al Midfa, Chairman of the Sharjah Chamber of Commerce & Industry (SCCI), Mr. Saif Mohammed Al Midfa, Director-General of Expo Centre Sharjah, officials of various government departments, and members of trade associations. The successful event was held from March 27 to 31, 2012. According to the World Gold Council, total investment demand for the Middle East grew 15 per cent to 34 tonnes in 2011, with most of the growth being generated by Saudi Arabia and the UAE. Both the countries generated the strongest levels of annual bar and coin demand for 14 years, of 16.4 tonnes and 12.5 tonnes respectively.

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