Market News

Movado Group reported 4Q profit falls

Movado Group has revealed its financial results for the year ended January 31st with sales increase almost 1% year on year. The attributed net income of the Movado Group plunged 26% to $7.9 million or 31 cents per share. However, the company's fiscal year revenue increased 7.9% year on year to $505.5 million, while cost of sales rose 7.6% to $227.6 million. Gross profit for the year rose slightly to 55% of sales compared with 54.8% the previous year. Net income for the year surged 78% to $57.1 million or $2.22 per share. Movado anticipates that sales will increase approximately 12% year on year into a range of $570 million to $575 million this fiscal year 2013, while net income will increase to approximately $48 million or $1.80 per diluted share.

Tiffany & Co. fourth quarter net edges up

Tiffany & Co. says fourth-quarter net income edged up less than 1 percent, but still beat Wall Street predictions as strong customer demand in Asia for its pricey baubles offset weakness in the U.S. The upscale jewelry company also offered an annual sales outlook that topped analysts’ estimates, and its shares rose nearly 2 percent Friday. For the quarter ended Jan. 31, Tiffany earned $179.6 million (Dh659.5 million), or $1.40 per share. Revenue rose 4 percent to $1.24 billion.

Paris Gallery plans South Africa expansion

The well known perfumes and watches Dubai based retailer Paris Gallery is close to signing a deal to open two stores in South Africa in what will be the company’s first move towards the African continent. According to the CEO Mr Mohammed Abdul Rahim Al Fahim, the group has an ambition plan to expand to every major city in Europe in a recent statement to Arabian Business.

Company News

Cartier shines at Art Dubai with an imaginative vision of Paris

Cartier and the Fondation Cartier pour l’Art Contemporain present 'Le Visage Archaïque' by Alessandro Mendini, emerging and rising up like a monument in the heart of a central square. The work is a cross between a jewel and a votive offering, made of gold mosaic with an aura of sacredness. On its collar, a necklace with three precious pendants in gold, created at the Cartier workshops at the artist's request in 2002. The role of these precious objects is kept deliberately ambiguous somewhere between jewellery and votive offerings–in what remains an unanswered question.

Jaeger-LeCoultre joins World Breeding Federation of Sport Horses for the upcoming two years

Jaeger-LeCoultre announces its partnership with the World Breeding Federation of Sport Horses (WBFSH), the only international federation of studbooks for sport horses in the world. For the next 2 years, Jaeger-LeCoultre will support the Federation activities and will promote the ranking of WBFSH honoring the work of the Breeders in the world. Jaeger-LeCoultre will congratulate the winning breeders offering them an exclusive engraved Reverso. Jaeger-LeCoultre has decided this year to personalize 3 Reverso in tribute to the work of the Breeders awarded by the WBFSH.

The ‘Most Valuable Necklace’ goes on display at the Mouawad Boutique in the Dubai Mall

The 637 carat Mouawad L’Incomparable Diamond Necklace, which has just been certified by the Guinness World Records as the most valuable necklace in the world, will be showcased at the Mouawad boutique at The Dubai Mall, the world’s largest shopping and entertainment destination, from Friday March 22nd till Saturday April 6th. This impressive diamond necklace embraces the Incomparable Diamond; the world’s largest internally flawless diamond graded by the Gemological Institute of America (GIA) weighing 407.48 carats. The Mouawad L’Incomparable Diamond Necklace features the modified shield step-cut deep yellow diamond suspended beneath 229.52 carats of cascading, strikingly white diamonds that are sublimely interlaced in 18K rose gold branch lets. It made its global debut at the Doha Jewellery and Watch Exhibition in February and is stopping off in Dubai as part of a GCC tour of Mouawad boutiques.

The No.10 Royal Oak Chronograph will shown in Auction in Sotheby Geneva

Sotheby’s Geneva announced recently that this spring; it will join forces with Audemars Piguet to support the Leo Messi Foundation. The No.10 Royal Oak Chronograph Leo Messi will be presented in Sotheby’s Geneva auction on 11 May 2013 and the whole of the proceeds from the sale will benefit the Foundation of the man widely regarded as the world’s best football player today. Designed with Leo Messi’s collaboration, this 41 mm chronograph in platinum is the 10th watch produced by Audemars Piguet. Leo Messi has already become a footballing legend. The first player in history to win four consecutive Ballon d’Or, the Argentinian has made a huge impact on the game of football.

Harry Winston supports the Start Royal Gala Charity Dinner

The House of Harry Winston displayed some of its most prestigious jewels at last night’s START Royal Gala Dinner, helping the organization to raise awareness and funds for disadvantaged youth education in the Middle East. Guests including Faiza Meyassar Alireza, Sheikha Paula Al Sabah, Sheikh Mubarak F S Al-Sabah, Rami Alturki and Osman Sultan gathered at Dubai’s Mina A’Salam Hotel for an intimate dinner and scholarship awards ceremony in support of the START organization.

Hublot and Depeche Mode announced a special charity partnership to benefit charity water

Depeche Mode and Hublot recently announced together in Berlin that fund raising initiative to benefit charity: water, a non-profit bringing safe drinking water to the developing world. This unique initiative is part of the Depeche Mode 2013-2014 Delta Machine Tour. As Charity Partner, Hublot has designed a watch especially for this history-making collaboration: the Limited Edition Big Bang Depeche Mode. A portion of the proceeds from the sale of each watch will go directly to charity: water. Charity water’s founding purpose is to bring safe drinking water to people in developing countries around the world.

Richard Mille announces the opening of the Proart Factory in Les Breuleux (Swiss Jura)

Proart, an ultra-contemporary 3,000 m2 building designed by the Chavanne architects’ office, is opening in Les Breuleux (Swiss Jura). This factory represents a new milestone in the development of the Richard Mille brand. RM watch cases, as well as certain movement components, including baseplates and bridges, will be fashioned on this site The opening of this new facility enables the company to further consolidate its position in a market segment. The entire factory, managed by Alain Varrin, will be fully operational in April.

Tag Heuer & McLaren announce new exclusive partnership

During the Geneva Motor Show, Jean-Christophe Babin, TAG Heuer’s President & CEO, and Ron Dennis, Executive Chairman of the McLaren Group, announced a new exclusive partnership agreement. TAG Heuer will continue to supply the official timepiece for the Vodafone McLaren Mercedes Formula 1 team and the partnership will be extended to include McLaren Automotive, the manufacturer of world leading high performance sports cars including the 12C and McLaren P1™. As part of this new partnership Sergio Perez - the talented Mexican driver – will be an ambassador for the Swiss brand, together with the Formula 1 World Champion Jenson Button. In order to seal their partnership and celebrate McLaren’s 50th anniversary, as well as the 50th anniversary of the Carrera timepiece, the TAG Heuer logo now is visible on the rear spoiler of McLaren cars, as well as on the drivers’ suits and team apparel.

Product Launch

Eberhard & Co. new collection Chrono 4 Geant full injection of 500 pieces

The Chrono 4 Géant collection is being enhanced with a new super-cool total black edition Chrono 4 Géant “Full Injection“. The timepiece, that perfectly combines technique and aesthetical elegance, is produced in a limited series of 500 pieces. The 46 mm case of Chrono 4 Géant “Full Injection” is particularly remarkable for the use of a special treatment consisting in an advanced low temperature carbon diffusion. Chrono 4 Géant Full Injection is unique also from the styling point of view: the black shade is extended to the chronograph push buttons and crown and the black dial, with black counters and red counters’ hands, features a circular metal plate with a “Côtes de Genève” decor. the black shade is extended to the chronograph push buttons and crown and the black dial, with black counters and red counters’ hands, features a circular metal plate with a “Côtes de Genève” decor.

Jaeger-LeCoultre new collection Atmos Hermès

The result of the collaborative effort of Hermès, Jaeger-LeCoultre and Les Cristalleries de St. Louis, the Atmos Hermès clock is a striking demonstration of the Fact that time is a true ally one that has enabled the three Houses to combine their Expertise in order to create this 176-piece limited edition crystal clock that quite literally lives on air. The astonishing crystal sphere houses a unique, almost perpetually moving mechanism developed by the Jaeger-LeCoultre. The Atmos clock fascinates by its exceptional mode of operation with no battery, no electric current and no winding.

Roger Dubuis presents a new Velvet Jewellery Collection

Roger Dubuis reveals a very special creation made for the Diva in every woman, the diamond-encrusted exquisite Velvet, presented as a boutique exclusive for the Middle East.

Carl F. Bucherer presents a new watch Alacria TwoTone

The fascinating interplay of silver-colored and rose gold facets conveys a graceful elegance and guarantees a brilliant and stylish look for the wearer. With its rectangular two-tone case and convex case flanks, the Alacria TwoTone remains true to the classic lines of the Alacria family. The silver-colored dial, divided by two narrow light longitudinal stripes and one broad dark one, gives the Alacria TwoTone a classic elegance. The other hours are represented as rose gold index marks; rose gold Roman numerals are used at 6 and 12 o’clock, and are tastefully framed by the central stripe. The stylish dial design is completed by the aristocratic hours and minutes hands in rose gold.

Exhibitions & Events

Chanel the Little Black Jacket in Dubai

Chanel’s photographic exhibition dedicated to Karl Lagerfeld's latest book, The Little Black Jacket Chanel’s classic revisited by Karl Lagerfeld and Carine Roitfeld will open at The Venue, Downtown Dubai. The public will discover Karl Lagerfeld's original photographs that illustrate the versatility and timelessness of the iconic Chanel jacket. Window displays in Chanel’s Dubai Mall and Burjuman boutiques in Dubai, as well boutique at Marina Mall in Abu Dhabi, will present a selection of jackets from the 2013 Spring Summer Ready-to-Wear collection. The exhibition will be open to the public from Saturday April 27th until Saturday May 11th 2013.

Van Cleef & Arpels Exhibition at Design Days Dubai

Van Cleef & Arpels hosts a spectacular exhibition at Design Days Dubai presenting a signature creative concept the transformability of jewelry. The event took place recently in Downtown Dubai. Van Cleef & Arpels exhibition at Design Days Dubai is a true platform for jewelry aficionados to discover creations illustrating the art of transformation, always expressed by the Maison with grace and poetry.

Mideast Watch & Jewellery Show offers Mercedes Benz to its Shoppers

The Mideast Watch & Jewellery Show is set to be held at Expo Centre Sharjah from March 26 to 30, 2013. It is held under the patronage of His Highness Dr. Sheikh Sultan Bin Mohammed Al Qassimi, UAE Supreme Council Member and Ruler of Sharjah, is offering a lucky shopper the chance to win a Mercedes Benz through its grand raffle draw.

The Collection of Patek Philippe and Rolex Timepieces Offered in Antiquorum Auction

Antiquorum Auctioneers, the world's premier watch auctioneer of modern and vintage timepieces, is looking forward to its April 10th auction of "Important Modern & Vintage Timepieces" at their US headquarters on Madison Avenue in New York City. The spring auction will offer collectors an extraordinary selection of rare and unique timepieces including an outstanding collection of Patek Philippe and Rolex watches highlighted by the Patek Philippe Ref. 1518 in pink gold. Previews will be held in cities throughout the world including in Hong Kong, Singapore, Shanghai, Beijing and New York.

Celebrity News

Chopard is lucky charm to Academy Award Winner Jennifer Lawrence

The Swiss based jeweller brought luck to Jennifer Lawrence, winner of the Oscar for Best Actress in a Leading Role, making him the eleventh Academy Award nominee to win wearing Chopard. Jennifer Lawrence looked stunning on the red carpet wearing a pair of white gold diamond earrings, a white gold long necklace set with diamond beads and brilliants, a ring featuring three platinum flowers set and a white gold ring from the Ice Cube Collection set with diamonds.

Diane Kruger wears a Jaeger-LeCoultre Joaillerie 101 timepiece at the "The Host" opening

Diane Kruger wore the iconic Jaeger-LeCoultre Joaillerie 101 Art Deco watch to the premiere of the “The Host”, both at the press conference and on the Red Carpet.

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