Market Report

Exclusive interview with Louis Ferla, Managing Director of Cartier for the Middle East and India

Creative Cartier

Louis Ferla, Managing Director of Cartier for the Middle East and India, says the Salon International de la haute Horlogerie (SIHH) will have a very strong statement of Cartier’s remarkable journey spanning over a century and a half of significant creativity of both movements and shapes. With its diverse and rich levels of consumers, Cartier appeals to a lot of different customers from different ages, origins and lifestyles. Arabian Watches & Jewellery Magazine meets Ferla to ascertain luxury watchmaker’s preparations and plans for the SIHH – an international platform where watchmakers and designers share their passion for watchmaking one-to-one. Excerpts:

What kind of impact will SIHH have on Cartier?

The Salon International de la haute Horlogerie is an important platform for Cartier to launch and showcase its latest creations in watchmaking designs and complications. Highlighting the house’s incessant pioneering spirit in both technology and design in the watchmaking sphere, reflecting its flawless ‘savoir fair’. 

Every year, the house surpasses expectations by revealing groundbreaking innovative creations and for this year, Cartier is reversing roles and confounding expectations with a ladies’ complication, The Promenade d’une Panthére watch, caliber 9303 MC. A revelation echoed in the men’s Rotonde de Cartier cadran Love Tourbillion watch, Calibre 9458 MC, certified with the Geneva Seal. In this latest incarnation of the tourbillion, Cartier has shifted the centre of gravity, freeing up space for power decorative motifs that pulsate with locomotive rhythm.

What is Cartier’s message to the Middle East customers at the SIHH 2012?

This year’s SIHH will have a very strong statement of Cartier’s remarkable journey spanning over a century and a half of significant creativity of both movements and shapes, highlighting Cartier’s incessant pioneering spirit and technical innovations. We aim to fascinate collectors and connoisseurs with the masterpieces we will be revealing.

When would you expect the SIHH Cartier’s novelties to be available at Cartier boutiques and POS in the Middle East?

All SIHH 2012 novelties will be launched starting May 2012.

Cartier will reveal at the SIHH the first in-house minute repeater watch. How do you expect demand for this watch in the Middle East among watch collectors and lovers?

Of all the complication models in existence, the minute repeater will be amongst collectors’ favourites since it gives mechanical processes a more poetic dimension and offers the opportunity to follow the passage of time through music.

Connoisseurs of fine mechanical devices will be sure to turn back the time again and again once they have activated the push-piece positioned at 8’o clock so as to enjoy the whirling dance of the strike-trains, racks, star-wheels and snails found in the fascinating minute repeater mechanism.

Which of Cartier’s watch models are the most popular in the Middle East?

Ballon Bleu de Cartier proved to be a very popular watch, globally, among both male and female. However, Calibre de Cartier with its strong masculine aesthetic pushed all the boundaries by being one of the most popular Cartier watches of the year 2011, in addition to the feminine Delices de Cartier timepiece.

What are the concerns and challenges of Cartier in the region?

Cartier is present in the Middle East for the last 15 years. This region has a lot of potential. We will continue to invest in our people and network to ensure that each client receives the best service.

Cartier has witnessed spectacular retail sales and network development in the past several years in the Middle East. What is your own assessment of Cartier’s expansion plans for the short and long-term, and what is the consumer feedback in terms of brand awareness?

At Cartier, we are always looking for opportunities to grow, and as mentioned above, we continue to open new boutiques in the region, investing in training and beautiful stores in the most prominent areas. Last month we inaugurated Cartier Boutique in Beirut and look forward to inaugurate a 500-square-metre boutique in Abu Dhabi in the next few months. Saudi Arabia is also on our map and we aim to reach around 20 boutiques in the next five years.

How big is the size of the luxury time pieces market in the Middle East? What is the regional market growth rate?

The Middle East has surely a significant weight on the international map. With its diverse and rich levels of consumers, we appeal to a lot of different customers from different ages, origins and lifestyles. Consumers here are sophisticated and discerning in their choices, as well as appreciative for the Cartier’s heritage, innovative creativity and know-how.

Exclusive interview with Philippe Leopold Metzger, Piaget Chief Executive Officer

Passion for Piaget

The Salon International de la Haute Horlogerie (SIHH) is where brands premiere their latest watches and the result of years of intensive research.  The SIHH is also where watchmakers and designers share their passion for watchmaking one-to-one. The Swiss luxury watchmaker and jeweller Piaget also aims to capitalize on this opportunity by presenting its exclusive and latest designs and products at the upcoming edition of SIHH. Piaget Chief Executive Officer Philippe Leopold Metzger reveals that the group will unveil a new line in the Black Tie Collection and will introduce a range of new jewellery and jewellery watches across the globe. Recognized as a great watchmaker and jeweller, Piaget, the firm eyes growth potential in Asia, South America and the Middle East, says Metzger. Below are excerpts from the interview with Metzger:

What kind of impact does SIHH have on a premium brand such as yours in the Middle East?

SIHH is a wonderful opportunity to present our strategy and collections to Middle East clients and press. It is a key moment every year.

What are your expectations at the upcoming edition of SIHH?

SIHH 2012 will be good, I believe. Piaget is growing and will continue to perform well. At the moment we are performing well across all segments.

What are your “star” novelties for the SIHH?

I believe that creativity and elegance will be rewarded. For Piaget, we will continue to promote our ultra-thin watches and movements in particular with the Altiplano Automatic Skeleton. We will unveil a new line in the Black Tie Collection. And we will introduce many new jewellery and light jewellery watches.

When would we expect the SIHH novelties to be available at boutiques and POS in the Middle East?

We deliver novelties across the world at the same time. New products will be delivered gradually from May 2012 onwards.

Which of your watch models are the most popular in the Middle East? And Why?

Jewellery watches perform very well in the Middle East as they are still in people's mind Piaget specialty. Magic Hour, Twice, Tonneau and new Dancing Light are strong models. Piaget Polo continues to be strong. But great achievement is the development of our ultra-thin watches. People recognise Piaget as a great watchmaker, besides being a great jeweller.

What are the challenges that you are facing as a watchmaker under the global and regional economical circumstances?

We have to concentrate more efforts in areas where there is still growth potential: in Asia, South America but also in the Middle East. There are still plenty of opportunities.

Market News

Swatch Group marks new Sales record in 2011

Swatch Group reached the seven billion milestone for the first time, and generated gross sales of CHF 7 143 million, an increase of +21.7 percent at constant rates in comparison to 2010. The ongoing overvaluation of the Swiss Franc, particularly against the US Dollar and the Euro, had a negative impact of CHF 696 million or -10.8 percent on Group sales. Despite this extremely negative currency effect, sales in CHF increased by an impressive +10.9 percent over the previous record year 2010. The strong Group brands experienced significant growth, not only in Greater China but also in all other regions and all price segments. The Watches & Jewelry segment recorded an increase in sales of +26.1 percent at constant rates to CHF 6 312 million. Investment in retail activities as well as numerous marketing offensives throughout the world contributed to these gratifying sales figures.

Damas founding members plan to sale shares

According to the statement, the largest shareholders of Damas, Tawfique Abdullah, Tawhid Abdullah and Tamjid Abdullah are planning to sell some of the shares they own in the company. The firm added that the three brothers appointed a financial adviser previous to a potential sale of some of their shares, adding that they plan to sell the shares as a minimum of USD0.45 each, moreover, combined, the three brothers hold a stake in Damas of between 51 percent and 53.1 percent. Damas was forced into a restructuring in October 2009 after it was found that the three brothers had made unauthorized withdrawals worth 614 million dirhams ($167.17 million) in 2008. A cascade agreement, whereby the three would repay the owed amount over an agreed period through asset sales, was signed in May.

Mannai Corporation considers cash offer for Damas shares

In a statement, Mannai Corporation has recently confirmed that  it is considering making a cash offer for Damas in connection with the sale of some of the shares currently owned by the Abdullah Brothers in the high-end jewellery retailer. In the event  that Mannai proceeds with an offer for Damas, Mannai has secured firm  commitments from certain Damas shareholders in respect of shares representing 58.798 percent.  Pursuant to these commitments the Abdullah Brothers and certain other shareholders of Damas have irrevocably agreed to accept that offer at a price of $0.45 per share, provided that an announcement of a firm intention to make the offer is made on or prior to April 30, 2012.  These commitments remain binding on the relevant shareholders even if a third party announces a firm intention to make an offer for Damas at a price above $0.45 per Damas share.

Diamond Administration of China collaborates with Indian Diamond Trade

A delegation consisting of high level officials from Diamond Administration of China (DAC) has visited GJEPC end of December and met up with Gem & Jewellery Export Promotion Council’s (GJEPC) representatives to understand functioning of Indian Diamond Manufacturing Operations & seek cooperation in diamond business. DAC for the first time in China introduced the Diamond Cultural Festival, during which they educated the youth regarding the importance of investing in diamonds. DAC members informed that they are currently working for seeking cooperation from other diamond bodies including GJEPC. GJEPC & DAC jointly agreed upon to promote Diamond consumption in India and China by way of educating consumers, creating innovative programmes and end to end consumer marketing GJEPC has expressed interest to be part of the Diamond Cultural Festival held in China.

Company News

Cartier inaugurates its newest Boutique in Beirut

Cartier has got a new address: 109 Allenby Street, the newest most sought-out luxury destination in Beirut. Still located in Downtown Beirut, the House moved from El Moutrane Street to Allenby Street, offering 350 square-meters of ultimate magic and elegance with iconic Cartier creations of jewellery, watches, high-end creative perfumery and stylish accessories. The Cartier boutique was officially inaugurated at a ribbon-cutting ceremony in the presence of Louis Ferla, Managing Director of Cartier Middle East and Tony Salame, CEO and owner of Aishti, VIP guests and celebrities. The ceremony was followed by a cocktail reception where models showcased selected pieces from the new Sortilege de Cartier high jewellery collection brought in especially for the occasion to Beirut, the latest Jewellery from the Trinity Pearls and Panthere de Cartier collections and an array of Cartier’s latest fine watchmaking pieces.

Dubai’s International Racing Carnival commences with Meydan Masters presented by Longines

On the occasion of the event that kicks off the racing calendar, the Meydan Masters presented by Longines, twelve of the world’s best jockeys competed against each other on one foremost stage after excelling at an assortment of chief events during the year. Signifying the onset of the exciting racing season in Dubai and leading up to the prominent and imposing Dubai World Cup in March 2012, the Meydan Masters presented by Longines brought together legends from the international equestrian arena and took place between the 5^th and 6^th January 2012. Boasting of a vast tradition of sports timing, Longines is the invaluable partner of the world’s most celebrated horse races. Its trademark sophistication will be ubiquitous at the Dubai International Racing carnival as this dazzling partnership between two renowned stalwarts of the equestrian world comes to life.

Hublot appoints new Chief Executive Officer

Hublot is pleased to announce that Mr. Ricardo Guadalupe, former Managing Director of the brand and personal friend of Mr. Jean Claude Biver with whom he has been working since nearly 20 years, has been appointed Chief Executive Officer effective January 1, 2012. This step was planned a long time ago in consideration of Mr. Guadalupe’s significant and instrumental achievements together with Mr. Jean Claude Biver since joining Hublot in 2005. Mr. Jean Claude Biver will continue to serve Hublot as the brand’s Chairman of the Board, and as in the past give his precious insights into business strategy and product development.

CHANEL announces new ambassador for the J12 Watch

CHANEL chose Camille Lacourt, a promising young swimmer, a back-stroke specialist, to be the Ambassador of the J12 watch; he gained international recognition when he won 3 gold medals at the 2010 European Championships. This along with his looks, natural elegance and charisma suit the CHANEL universe perfectly.

Harry Winston hosts an exclusive dinner with Al Fardan Jewellery in Qatar

Harry Winston has hosted a private dinner to celebrate the success of Richard III performances in Doha at the Four Seasons hotel. The event saw attendance from the cast and crew of the production as well as other VIP clients. Shakespeare’s Richard III played two performances at the Qatar National Convention Centre, as part of an international tour backed by the Doha Film Institute (DFI). The production was hosted at the Doha venue on December 16 and 17 and was the only Middle East destination included in the global tour which included performances in Greece, Spain, Hong Kong, Singapore and Istanbul. The Richard III tour kicked off amid great critical acclaim at The Old Vic on June 29, 2011.

Team AC Milan‘s Coach graces The Dubai Mall Jaeger-LeCoultre Boutique

In commemoration of the year that marked both AC Milan’s 18^th Scudetto title and the 80^th anniversary of the iconic Reverso watch, Jaeger-LeCoultre is proud to have been selected to canonize the latest success of the world’s most titled club and welcomed AC Milan’s legendary coach, Massimiliano Allegri, in an exclusive event at their boutique in the Dubai Mall on the 3^rd of January, 2012. Paying homage to the Grande Reverso Ultra Thin from 1931 and its vast history spanning 80 years, Jaeger-LeCoultre has engraved each player’s watch with the their name and adorned the timepiece with the team colors and the AC Milan inscription on the case-back. Taking place at the elite boutique in the Dubai Mall, Coach Allegri was first given a tour of the store by Renaud Pretet, brand director of Jaeger-LeCoultre in the Middle East, then offered an autographing session with football enthusiasts.

Vacheron Constantin supports the City of Geneva’s Musee d’Art et d’Histoire

Vacheron Constantin has supported the City of Geneva’s Musee d’Art et d’Histoire on the occasion of the “Watchmaking in Geneva. The Magic of Craftsmanship, Treasures of Gold and Enamel” exhibition, nurtures a deep-felt attachment to the horological expertise that has long since become an integral part of the identity of the city where it was born in 1755. The exhibition organized by Estelle Fallet, curator of the watchmaking, enamelling, jewellery and miniatures collections encompassing around 18,500 objects, highlights the know-how Geneva has cultivated in the field of Horology and the various related Metiers d’Art (artistic crafts) that Vacheron Constantin has been faithfully perpetuating for over 250 years. This expertise has given rise to models that are remarkable in both technical and aesthetic terms.

Ralph Lauren partners with St. Moritz Polo World Cup on Snow

Ralph Lauren Corporation announced it has partnered with the St. Moritz Polo World Cup on Snow as Team Sponsor and Official Outfitter for 2012. This world-renowned tournament will be held on the frozen Lake St. Moritz January 26 to 29, 2012. Team Ralph Lauren will be lead by Michael Bickford. As a polo enthusiast, Mr. Bickford is the highest handicapped patron in the tournament and has enjoyed a successful time as the patron of his team Cold Smoke. For the first time, Ralph Lauren spokes model and polo superstar, Nacho Figueras will take the field with the Ralph Lauren team. As part of the partnership, Ralph Lauren will design the official shirts to be worn by the four competing teams, all on-site staff and volunteers. The shirt will feature the St. Moritz Polo World Cup on Snow crest as well as the crests of the Federation of International Polo and the Swiss Polo Association and Guards Polo Club.

Product Launch

Chopard’s Temptations Ring

The dazzling fire of this purple Paraiba tourmaline enhanced by white diamonds is truly mesmerising. The daring structure of this jewellery creation features an asymmetrical touch and curving lines tracing upstrokes and downstrokes that are reminiscent of the art of calligraphy: splendid writing imbued with a hint of madness and inspired by love. Extremely representative of the Chopard style thanks to its heart-shaped cut emblematic of the House of Chopard, this creation in the Haute Joaillerie collection also admirably reflects the signature meticulous craftsmanship lavished on its 18-carat rose gold setting that is micro-set with diamonds, a technique mastered to perfection by the company’s gem setting artisans. Gold and diamonds gently embrace the centre stone, evoking the entwined arms of a couple in love.

An eternal gift for men for Valentine’s Day 2012: the iconic Lange 1

The iconic Lange 1 was introduced at the beginning of the new Lange era in 1994, and has since become A. Lange & Sohne’s most revered timepiece. It incorporates the know-how of an entire dynasty of precision watchmakers dating back almost two centuries, and with its timeless classic design and technical brilliance, paved the way for future horological innovations by the Lange master watchmakers in the Saxon town of Glashütte. The patented outsize date and the off-centre dial configuration are characteristic features of the Lange 1, blending traditional expertise with pioneering style and setting benchmarks in the realm of precision watchmaking. The Lange 1 is available in yellow, pink and white gold, and platinum.

Louis Vuitton launches its newest watch edition

To celebrate Valentine’s Day and Chinese New Year 2012, Louis Vuitton launches two new limited edition models. 2012 design pays tribute to the deep feelings of desire and attraction. Just as a game of seduction, the diamonds attract one another creating a precious heart, ultimate symbol of love, which lights up the sparkling red Pomme d’amour dial. Feminine and sophisticated, the Tambour Attraction is proposed with a white Vernis Monogram embossed leather strap. The timepiece is available in two different sizes: Small 28 mm version, with 19 diamants and Medium 34 mm version, with 56 diamants.

Pasquale Bruni unveils the Liberty collection

Damas has introduced the latest collection of Pasquale Bruni called Liberty, which is now available at Damas Les Exclusive boutiques across Dubai. The collection features necklaces with butterfly pendants, earrings with diamond and topaz drops, and a ring which comes in two variations: the classic butterfly shape or the Belle Epoque model where the butterflies wear the majestic white diamond with white topaz of a regal and contemporary design. There is also a bracelet from which three graceful butterflies attempt to attain their liberty.

Exhibitions & Events

India International Jewellery Show – Signature 2012

GJEPC’s 5th edition of Signature 2012 India International Jewellery Show concludes with pomp and splendour, showcasing the world’s best and finest gems and jewellery across 2,200 sq. mts of space in the financial and commercial capital of India – Mumbai. Signature IIJS opened its doors to over 7, 000+ visitors, 800 booths and 450+ exhibitors. The fifth edition was held from 6^th January to 9^th January, 2012, at Bombay Convention & Exhibition Centre (NSE Complex), Mumbai. Signature IIJS has been conceptualized to represent and showcase the best that India has to offer in design, craftsmanship and quality. This exclusive platform saw participation from India’s leading hand-picked companies who displayed the choicest of products and design.

9th Doha Jewelry and Watch Exhibition

The Doha Jewellery and Watches Exhibition is an unprecedented artisan exhibition of jewellery and watches held annually in Qatar to attract world-known jewellers, watch exhibitors and enthusiasts. The very idea of the exhibition is to demonstrate the latest trends in the world today, portray the dynamism of Qatar as well as its strong and progressive economy and encourage foreign investors to Qatar. The 9^th edition of the exhibition will be held from February 20 to 26, 2012 at Doha Exhibitions Center in Qatar.

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