Interviews

Exclusive interview with Fausto Salvi, CEO of Perrelet

Perennial Perrelet

Perrelet is a global as well as local brand thanks to its aficionados present in every nook and corner of the globe. This is why its CEO Fausto Salvi is looking for long-term partnerships and expanding presence and services in all the Gulf markets. “We are convinced that our collection perfectly matches the taste of Middle East connoisseurs.” Despite growing consolidation in the industry, Salvi insists on the company’s independence in order to work closer and better with partners and be more flexible. Below are excerpts from an interview with Perrelet chief executive officer Salvi:

What is the uniqueness of a Perrelet watches?

The “Double Rotor” is the real incarnation of the singularity that characterizes Perrelet. With its unique conception and patent, the Double Rotor is Perrelet’s icon.

The Perrelet calibre P-181, an automatic winding movement, completely exclusive, displays two rotors, one on the dial side and the other on the side of the movement. The combination of the two perfectly-synchronised rotors feeds the going barrel. So the mechanism has a source of energy, which is continuous and amplified. The rotor situated on the dial side also enables a constant control of the good functioning of the watch. Calibre P-181 appears in six different families:

* The surprising and amusing Turbine

* The completely unrestricted progression Turbine XL

* The coming new sparkling and mischievous Turbine XS

* The bewitching collection Diamond Flower and Diamond Flower Ceramic

* The sporty Double Rotor Titanium

* And the Classical collection for lovers of traditional timekeepers.

Which is the biggest market for Perrelet and why?

Our biggest market is North America. The natural size of this country already offers a large area to deal with. As a niche brand, Perrelet has the advantage to have a huge potential of development. We actually are presented in 30 point of sales (POS) and this year our plans are to open some 20 other doors.

How do you describe the presence of Perrelet in the Middle East? How important is this market for the brand?

We are convinced that our collection perfectly matches the taste of Middle East connoisseurs. We definitely have to increase Perrelet recognition and awareness in the Middle East and therefore increase our media presence. We also have to find the best collaboration with our partners to develop “win-win” long-term partnerships and spread out our presence and service in all the Gulf markets.

Perrelet recently launched special edition watch at Doha Jewellery and Watches Exhibition in Qatar. Does the firm plan new region-focused activities?

For Perrelet, being present at the Doha Jewellery and Watches Exhibition is really important. First people can see our name and, of course, our products; and secondly it is very important to remind that Perrelet is an actor of the Haute Horlogerie segment together with other famous brands.

Is Perrelet scouting for more partners in the Middle East?

Perrelet wants to build long-term relationship with its partners. Our collaboration is based on mutual confidence and intention to position the brand image where it should be. This means a good comprehension of our brand, strategy and an impeccable presentation.

Did Perrelet’s performances in 2010 meet expectations?

The performances have been excellent. In 2010, we reached a worldwide development of 49 per cent.

Perrelet closed few networks in some countries. Was it because of the economic crisis or part of the company restructuring?

The global financial crisis gave us a reason to initiate a necessary introspection work and take decisions. We designed a new strategy and in order to implement it we had to modify our distribution network. We closed some markets and concentrated on most important ones while selecting new partners in different other countries.

Can you reveal to us new collections to be revealed at BASELWORLD? What are your expectations and main objectives in participating in the show this year?

The 2011 novelties are in consonance with our strategy and the input gathered in 2010. We focus on our strengths by offering very distinctive and exclusive models. Perrelet ensures an irreproachable quality at an accessible price and have a high perceived value.

You mentioned before that your target is to be known for distinctive products at accessible prices. Will this not affect the brand image and market status?

Perrelet offers quality timepieces at an accessible price at the entry of the traditional Haute Horlogerie segment. The brand image is well targeted, exactly where we want to position it. Our main business is situated between CHF 2,000 and CHF 8,000, a segment that a lot of brands left to accede to an upper level.

The industry is witnessing consolidation at the moment. But will Perrelet stand to gain for being an independent brand?

Definitely yes. With the pressure of the groups, the retailers observe and follow more and more the progression of independent brands. With its small structure, an independent brand can work closer and better with its partners and be more flexible.

Market News

39th BASELWORLD demonstrates further industry growth

BASELWORLD, the leading show for watches and jewellery will close its doors tomorrow, 31^st of March on a positive growth. According to Rene Kamm, CEO of MCH Group, the organizers of BASELWORLD “the expectations at our global show are correspondingly high”. A total of 1892 exhibitors from 44 countries participated in BASELWORLD 2011. More than 100,000 visitors from over 100 countries are expected to visit the show. Last year saw the exports of the Swiss watch industry grow by 22.1 percent to a total of 16.2 billion Swiss francs. A record number of 26.1 million watches were exported. The first two months of this year also provided further evidence of the sunshine in the industry, with growth in sales of Swiss watches of 18.1 percent compared to the same period last year.

Three Swatch high-end brands posts sales growth of 40-45 percent in Q1 2011

The three high-end brands namely Breguet, Blancpain and Jaquet Droz, which are all part of the Swatch Group has posted sales growth of 40-45 percent in the first three months of 2011 against the same period last year, Marc Hayek, chief executive of the three watchmakers said. Demand for luxury watches, which bounced back in 2010 after a severe slump, is showing no sign of abating in the first months of this year, fuelled by recovery in the United States and a growing appetite from emerging markets consumers.

Luxury sales to become trillion dollar industry by 2025

Goldman Sachs estimates annual global luxury goods sales will rise by 16 percent between 2011 and 2014 and could grow at 2.2 times GDP to become a trillion dollar industry by 2025.

Damas signs debt restructuring deal with 25 bank creditors

Damas International has signed an agreement with all 25 bank creditors representing 100 percent of its bank debts. “Damas is in the process of satisfying the conditions precedent to the facility agreement and hopes to complete the process shortly,” company said in a statement. Damas had sought to restructure around $817m of loans and attempting to recover AED400m (about $110m) from its founders, the Abdullah brothers.

Dubai airport records passenger traffic growth of 5.2 percent in February

According to Dubai International Airport, passenger numbers in the month of February has reached 3.83 million, an increase of 5.2 percent compared to 3.64 million recorded during the same period in 2010. This shows no signs of waning passenger traffic in spite of regional turmoil that has disrupted air travel. Dubai now is the fourth busiest airport in the world following London, Paris and Hong Kong.

Christie’s spring sales of jewels to highlight important natural pearls, colored diamonds and rubies in Dubai

A spectacular intense and vivid yellow and orange diamond necklace, along with one of the largest drop-shaped natural pearls so far recorded and a natural Burmese ruby weighing 22 carats are among the dazzling highlights of Christie’s April 20th sale of Jewels at the Jumeirah Emirates Towers Hotel in Dubai. Christie’s will also be offering Modern and Contemporary Arab, Iranian and Turkish Art at auction on the previous evening, April 19^th.

Company News

Longines partners with Meydan for Dubai World Cup 2011

Longines was proud to be the Official Timekeeper of the 16th Dubai World Cup on March 26, 2011. This year, a record-breaking number of 81’000 people came to enjoy one of most exciting horseracing events in the world at Meydan Grandstand. The guests of the Swiss watchmaker had the opportunity to discover The Longines Master Collection Retrograde in rose gold which was the Official Watch for the event.

Harry Winston and Reuge

BASELWORLD sees a new cooperation between two leaders in their respective fields. In order to present a new exceptional Harry Winston jewellery timepiece of Art a fitting “home” had to be created. A special design, making reference to the Harry Winston corporate identity, has been imagined. Together with the specialists of Reuge a unique music box has been developed to lodge in style the watch and which allows it to slowly turn while the music is playing.

Sotheby's Geneva to sell the most important emerald & diamond tiara

Sotheby’s Geneva has announced that it will sell the most valuable emerald and diamond Tiara to have appeared at auction in over 30 years in its sale of Magnificent and Noble Jewels in Geneva on the May 17, 2011.  Estimated to sell for $5-10 million (CHF 4.5-9 million), the Highly Important and Extremely Rare Emerald and Diamond Tiara is composed of 11 exceptionally rare Colombian emerald pear-shaped drops which weigh over 500 carats in total and may well have originally adorned the neck of a Maharajah.

Piaget supports Film Independent Spirit Awards

For the fourth consecutive year, Piaget teamed up with Film Independent at the 26^th Annual Spirit Awards to pay tribute to those individuals responsible for making some of today’s most important films. The Swiss jeweler and watchmaker also helped many of the afternoon’s honorees shine a little brighter by dressing them in its latest creations.

TAG Heuer appoints Middle East PR Consultant

TAG Heuer has appointed Z7 Communications as PR Consultant in the Middle East. From the Olympic Games in the 1920s to its role as official timekeeper for Formula One in the 90s and the legendary Indy 500 race today, TAG Heuer, in a constant quest for innovation, excellence, performance and prestige, continues to aim ever higher. Z7 Communications will be looking after the Public Relations and Communications for TAG Heuer men and women watches as well as MERIDIIST luxury mobile phones.

Richard Mille as main sponsor of Les Voiles de Saint Barth regatta

The second edition of Les Voiles de Saint Barth is set to be one of the most impressive races of the year, with 50 yachts entered to compete in five categories and some 400 sailors expected from across the world. The winner of the Maxi Yachts category will be awarded, the RM 028 Les Voiles de Saint Barth diver’s watch. Only 100 copies of this exceptional, high-tech timepiece will be made a fitting tribute to this internationally renowned regatta, with which Richard Mille is proud to be associated as Main Sponsor.

Marlox Group signs License Agreement with Givenchy

The watch and jewelry Group Marlox has announced the signing of a long-term license agreement with the global luxury fashion brand Givenchy shortly before the beginning of BASELWORLD. The agreement comprises the design, manufacture and worldwide distribution of Givenchy’s timepieces.

ELIE SAAB dresses Celine Dion for her major come back performance

During her major come back performance at the Colesseum of Caesars Palace in Las Vegas, Celine Dion wore an ELIE SAAB Couture dress. Celine appeared on stage with 5 different outfits including an ELIE SAAB blue silhouette. For the occasion, Celine chose a long strapless chiffon and lace dress, embroidered with rhinestones from the ELIE SAAB Couture collection.

Louis Golay and Miss Japan at BASELWORLD

Louis Golay International, designer of the crown of Miss Japan 2011, Marie Yanaka, planned since a long time, the presence of the Nippon ambassadress on his stand at BASELWORLD. During the press conference, the beauty queen has expressed herself and answered the questions of the journalists. With the support of Quorum Communication, editor of the Swiss Watchmaking Year, the meeting marked the beginning of a collect of watches and jewels offered by the exhibitors of BASELWORLD 2011, and who will be sold by Antiquorum auctioneers in autumn for the benefit of the Japanese victims.  

Swiss Retail Management Institute for Watches & Jewellery

In order to fill the gap and meet an international demand, a new institute, the “Swiss Retail Management Institute for Watches & Jewellery” (SRMI) has recently been created near Geneva with the aim of training retailers’ future managers, daughters and sons, and all people keen to acquire the necessary fundamentals to manage a multi-brand store. It will also train the new generations of high jewellery and “haute horlogerie” retailers.

Montegrappa sponsors Dubai Emirates Airline Festival of

Emirates Airline Festival of Literature was held under the patronage of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, the Vice-President and Prime Minister of the UAE and Ruler of Dubai, in partnership with Emirates Airline and Dubai Culture & Arts Authority (Dubai Culture). Organizers of Emirates Airline Festival of Literature recognized plenty of home-grown talent, with the announcement of the winners of the 2011 Montegrappa Students' Writing Competition.

Product Launch

Breitling for Bentley introduces Bentley GT Ice and Bentley GT Racing Ice

Bentley and their timepiece partner, Breitling has launched the new special all-white “Ice” versions, the Bentley GT and Bentley GT Racing chronographs. This original and sophisticated appearance features an Ice White dial – an exclusive Bentley livery color – teamed with a rubber strap in the same shade. The faces of these exceptional sports models, enhanced by rimmed counters, evoke the dashboards of the finest Bentley Grand Tourers.

Jaeger-LeCoulre presents HYBRIS Mechanica 55

Jaeger-LeCoultre and Jerome Lambert took great pleasure in presenting the Hybris Mechanica 55, a collection comprising three unprecedented masterpieces: the all new Hybris Mechanica a Grande Sonnerie, the Hybris Mechanica a Gyrotourbillon and the Hybris Mechanica a Triptyque in Dubai for the very first time to an exclusive audience of VIP collectors. The highest level of watchmaking was presented in the world’s tallest tower and true icon of engineering, Dubai’s Burj Khalifa.

Roberto Coin launches Scorpion Collection

Roberto Coin has launched Scorpion Collection, mythical creatures artfully made from head to tail, the collection features bangles and coordinating earrings richly crafted in peach gold and embellished with dazzling colorless and black diamonds. The symbolic meaning attached to this creature adds even more dimension to the collection. Scorpion symbolizes guardian of the night so the use of black diamonds perfectly describe the characteristic of the animal.

Exhibitions & Events

Art Dubai achieves strong sales and 30 percent increase in attendance

The fifth edition of Art Dubai which was took place from March 16 to 19 experienced strong sales and attracted more than 20,000 guests, with a 30 percent increase in the international visitors. This year, Art Dubai welcomed a total of 81 galleries from 34 countries connecting the Middle East and Asia with the rest of the world. The event was also attended by curators, collectors, gallerists, artists, museum directors and more than 60 museum groups.

GJPEC presents ‘INDIA SHOW’ at the BASELWORLD 2011

The Gem & Jewellery Export Promotion Council (GJEPC) has hosted the Indian Pavilion at the world’s most coveted watch & jewellery show ‘BASELWORLD 2011’ from March 24 to 31, 2011. Inaugurated by Hon’ble Minister of Commerce & Industry, Mr. Anand Sharma, India and Mr. Didier Burkhalter, Federal Councilor, Head of the Federal Department of Home Affairs, Switzerland the show saw the world's most renowned brands display their collections exclusively.

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