LVMH to buy Le Parisien newspaper; Richemont's profit fell 35.5 percent; Movado's profit fell 51% to $3.6 million

Market News

LVMH to buy Le Parisien newspaper

LVMH recently has entered into an exclusive talks to buy Le Parisien newspaper. The acquisition of Le Parisien and its sister paper Aujourd'hui en France must still be discussed by unions and competition authorities before it is finalised. LVMH best known for its Louis Vuitton and Moet Hennessey brands already owns a business-focused newspaper group, Les Echos. As in other countries, French newspapers have seen a precipitous decline in readers and advertising revenue as a result of the Internet. Many have become reliant on wealthy financial backers, such as LVMH. Le Monde is owned by a trio of rich businessmen who made their fortunes in other sectors, while Le Figaro is supported by the Dassault family, known for its aerospace company.

Richemont's profit fell 35.5 percent

Richemont's revenue increased 3.9% year on year to $11.5 billion in the year that ended on March 31. Total sales rose 1% while revenue from the retail division rose 4.1% to $6 billion and the wholesale revenue increased 3.6% to $5.5 billion. Profit fell 35.5% to $1.5 billion, which the company attributed partly to ongoing foreign exchange hedging activities. Revenue from the company's specialist watchmakers increased 4.6% to $3.5 billion but operating margin fell to 23.4% compared with 26.1%.

Movado's profit fell 51% to $3.6 million

Sales at the Movado Group reported were flat year on year at $120.4 million during the first quarter that ended on April 30. The company said that the lack of sales growth was due primarily to the impact of fluctuating exchange-rates between the dollar and the Swiss franc and euro.

Tiffany’s first quarter sales slip

Tiffany & Co. reported last Wednesday that global comps for the company fell slightly in the first quarter. The New York-based retailer’s same-store sales in the Americas rose 1 percent year-over-year in the first quarter ended April 30. Total sales for the region were up 3 percent on a constant-exchange-rate basis, reaching $444 million in the three-month period. Worldwide net sales hit $962.4 million in the first quarter. CEO Frederic Cumenal said the company has a cautious outlook for the rest of the year in light of “global economic uncertainties.”

Company News

Richard Mille opens a new boutique on Avenue Matignon

Richard Mille pays tribute to his female clientele by opening a new boutique in the heart of one of Paris’ finest and most prestigious avenues. 17 Avenue Matignon will thus become the home of a new 200 m2 Richard Mille boutique imbued with cosy, voluptuous refinement. The curved lines of the ceilings and walls contrast with the cold hardness of metal. The Macassar ebony display cases are suspended over broken glass.

Jaeger-LeCoultre celebrates the launch of its Flagship boutique in Mayfair

Jaeger-LeCoultre opens its Flagship boutique in London’s Old Bond Street. Cutting the ceremonial ribbon were CEO Daniel Riedo; International Director Jerome Favier; UK Market & Global Strategy Director Zahra Kassim-Lakha; Carmen Chaplin and Eduardo Novillo Astrada.

Seddiqi Holding unveils Swiss Watch Services

Seddiqi Holding unveils Swiss Watch Services, the Middle East’s Largest and Most Comprehensive Customer Care Center for Timepieces. With expertise in servicing over 60 watch brands and 200,000 spare parts in stock, the Swiss Watch Services’ staff, are trained at the highest level of horology care and complications, reducing the need for collectors to send their prized timepieces abroad for service. Recognized as an official Rolex service center, Swiss Watch Services today services some of the industry’s most unique timepieces, including Patek Philippe, Audemars Piguet, Hublot and Chopard to name a few. Swiss Watch Services honors its clients’ international warranties as well as those provided by Ahmed Seddiqi & Sons.

BOMBERG launch its newest collection

BOMBERG, along with Ahmed Seddiqi & Sons, unveils its 2015 novelties to the region: BOLT-68. At a sporty launch event held at Round 10 Boxing Club in Dubai, invited guests witnessed athletes wearing novelty watches including the highlight of the collection, BOLT-68 Falcon, during the martial arts and boxing show. Also Bomberg revealed the BOLT-68 Falcon with Arabic numerals and diamonds around the bezel.

GJEPC presents ‘India Pavilion’ at JCK Las Vegas 2015

Gem & Jewelry Export Promotion Council (GJEPC) has strived to establish India as a global diamond and Jewellery trading destination. This endeavor has seen participation of the Indian gem and jewelry industry in some of the largest, glamorous and most prestigious trade events including the soon to be held JCK Las Vegas 2015 show. JCK Las Vegas is the leading jewelry event in North America. For the 12th consecutive year, GJEPC presents the India Pavilion at JCK Las Vegas, which took place from May 29th - June 1st, 2015.

Product Launch

RJ-Romain Jerome reveals Skylab 48 Speed Metal

RJ-Romain Jerome timepiece is now presented in a 48mm case; the dial features a complex five layered skeleton which allows a perfect view of the mechanical movement. The larger case beholds two sapphire glasses enhancing the view of the geometrical structured lines that are constructed around the heart of the timepiece. The hands Rhodium satin-brushed with superluminova C1 “blue emission” on the tips. Skylab 48 Speed Metal stay true to the Moon-DNA collection with a Speed Metal model infused with Apollo 11 spacecraft with Black PVD-coated steel, Sapphire case back. Each watch is finished with a custom made black alligator strap and buckle is in steel pin.

OMEGA introduces new Seamaster timepiece

OMEGA presents new Seamaster timepiece in anticipation of 35th America’s Cup. The OMEGA Seamaster Diver 300M ETNZ has a black ceramic unidirectional rotating bezel. There is a dot at the top of the bezel which is coated with white Super-LumiNova and emits a green light. The sand-blasted grade 5 titanium dial has applied indexes coated with white Super-LumiNova that emits a blue light. All of the elements that correspond to a chronograph function are coloured in red. The Seamaster Diver 300M ETNZ is presented on a rubber strap with a fold over clasp. The top part of the strap is black and has a subtle ribbed pattern, while the underside of the strap is red.

Chopard presents Superfast Chrono Porsche 919 Edition

Chopard’s collaboration with Porsche Motorsport as Official Timing Partner presents the Superfast Chrono Porsche 919 Edition dedicated to the new Porsche 919 Hybrid. The case is screw-locked crown with black rubber-clad steering wheel motif, glare proofed sapphire crystal. Steel bezel with tachometric scale secured by eight PVD blackened steel screws. The dial and hands with opaline silver-toned with red inner bezel ring transfers, arrow-tipped red sweep-seconds hand. Strap and clasp of Superfast Chrono Porsche 919 Edition is in black rubber strap and polished steel folding clasp.

deLaCour presents The City Caractère timepiece

The City Caractère timepiece features an open architectural dial with a plunging construction, which reminds one of an amphitheatre. The dial is streaked and circled with Arabic numerals. The dial is in Black with white or black diamonds. The skeleton hands tipped with luminescent markers are in perfect harmony with the dials’ design. The case comes in Titanium dlc with white Diamonds and Titanium dlc with black Diamonds. This watch comes with a comfortable black rubber strap.

Bell & Ross unveils the “BR 01 10th Anniversary”

Bell & Ross is celebrating 10 years of its iconic model by presenting an exclusive watch in a limited edition: the “BR 01 10th Anniversary”. A square case, a round dial, and a screw in each of the four corners. The steel caseback sports a satin-finished micro blasted finish and is engraved with the logo: "10th Anniversary". The dial features the phrase "10th Anniversary" as the signature and logo of this exclusive anniversary model. The four screws in the four corners of the case also evoke the aeronautical origins of the BR 01. The dial is stamped black. Hands, indices and numerals covered with a white photoluminescent coating. The straps are in black rubber and ultra-resistant synthetic canvas.

Quinting launches Street Art collection

The Street Art Collection combines the high art of enamel painting with the newest way of artistic expression - graffiti. The Switzerland Geneva Old City and Saudi Arabia – Mecca – Makkah Road movement is patented, Composed of 7 perfectly parallel sapphire discs with an anti-reflection coating. The Switzerland Geneva Old City case is red gold, and Saudi Arabia – Mecca – Makkah Road case is stainless steel. Round Bezel without diamonds and both strap is in leather.

Celebrity News

Celebrities dazzle in Avakian jewellery at the 22nd AmfAR Cinema against AIDS Gala

Paris Hilton wore a striking pair of Diamond earrings and a Diamond bracelet from the “Links” collection and Model Selita Ebanks wore a signature pair of “Riviera” earrings matched with a Diamond bracelet from the “Links” collection.

Be constantly updated on the latest Watch & Jewellery Business markets of the Middle East, as well as information on competitors, promotions, product trends, industry analyses, appointments, new product introductions & developments and market research.

Our weekly 'Arabian Watches & Jewellery Business Newsletter Broadcast' is distributed to over 22,000+ industry executives, Watch & Jewellery manufacturers and distributors, retailers, investors and media consultants globally.

Unsubscribe / Submission of News / Open Forum / Obtaining our news distribution / Confidentiality Important Copyright Notice / Disclaimer

Developed by We Do Web