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Richemont spends EUR203m buying back watches while sales rise 8%, Tiffany’s Q1 Comps increase 9% in the Americas, Baselworld managing director steps down
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Market News
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Richemont spends EUR203m buying back watches while sales rise 8%
Richemont, the Swiss luxury goods group, lifted sales by 8 per cent in constant currencies in the year to March, powered by China and other Asian markets, but revealed it had spent a further EUR203m buying back excess stocks of watches. The Swiss group is overhauling its sales distribution channels and in January announced it was taking full control of Yoox Net-a-Porter, the Milan-listed luxury e-retailer, as it ramped up its internet retail strategy. At actual exchange rates, sales rose 3 per cent to EUR10.98bn in the year to March 31, but that would have been equivalent to 8 per cent at constant exchange rates.
Richemont has been among the most aggressive watchmakers in withdrawing stock from the market to help retailers deal with excess inventory. The EUR203m spent on buybacks from multi-brand retail partners compared with EUR278m in the previous financial year.
Johann Rupert, chairman, said the group had seen “particular strength in our main markets, namely China, Hong Kong, Korea and Macau”. He added: “Our approach to the grey market remains uncompromising.”
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Tiffany’s Q1 Comps increase 9% in the Americas.
Tiffany & Co. reported better-than-expected first quarter results, with comps rising both worldwide and in the Americas. In the first quarter ended April 30, same-store sales in the Americas increased 9 percent year-over-year on both a reported and constant-exchange-rate basis. The jeweler reported higher spending both by tourists and local customers. Total sales were $425 million, up 9 percent (8 percent on a constant-exchange-rate basis) to $425 million. Worldwide, same-store sales were up 10 percent (7 percent on a constant-exchange-rate basis) while total sales rose 15 percent (11 percent on a constant-exchange-rate basis) to $1 billion. Product-wise, Tiffany reported strong sales growth across all categories—jewelry collections, designer jewelry and engagement jewelry. Net earnings climbed 53 percent year-over-year from $93 million to $142 million.
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Company News
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Baselworld managing director steps down.
After 26 years with the MCH Group– which organizes Baselworld, Sylvie Ritter has just stepped down from her role as managing director of the famous Swiss show. Ritter will be replaced by Michel Loris-Melikoff, who joined the MCH Group three years ago as director of MCH Beaulieu Lausanne. He starts on July 1. Loris-Melikoff was in private banking before he switched to event management 20 years ago. He was the managing director of St. Jakobshalle, an arena near Basel used primarily for sport and concert events, before joining MCH Group. |
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Prince Charles wears Parmigiani Fleurier Toric Chronograph to Prince Harry and Meghan's wedding.
His Royal Highness the Prince of Wales was a steadying hand for Megan Markle last weekend as he walked her up the aisle to marry his son Prince Harry.
There is nothing more valuable that Prince Charles has been wearing a Parmigiani Fleurier Toric Chronograph housed in 18-karat yellow gold since at least 2015. Suitably regal, this watch introduced in 2005 is an elegant 39 mm in diameter.
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OMEGA unveils the Volvo Ocean Race winner’s watch.
As the Official Timekeeper of the Volvo Ocean Race, OMEGA has been keeping a precise eye on this year’s action at sea. The sailors have now stopped in Newport, Rhode Island, to complete Leg 8 of the race, and OMEGA celebrated the moment by unveiling its newly-designed winner’s watch. The Seamaster Planet Ocean Deep Black “Volvo Ocean Race” Limited Edition will be presented to the winning team of this year’s race when it concludes in The Hague in June. The timepiece will also be available publicly, but only 73 models have been created overall. |
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Chopard’s support of the Naked Heart Foundation- A noble move.
Caroline Scheufele and Natalia Vodianova announce Chopard’s support of the Naked Heart Foundation - to help fund programmes that benefit children with special needs, through a special edition of the Happy Hearts Collection - a bangle bracelet set with pink mother-of-pearl, from which part of the proceeds will be donated to the foundation set up in 2004 by Natalia Vodianova. |
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A.Lange & Söhne at Concorso d’Eleganza Villa d’Este.
From 25 to 27 May 2018, A. Lange & Söhne will be supporting the Concorso d’Eleganza Villa d’Este for the seventh time. This year, the motto of this traditional and exclusive event is “Hollywood on the Lake”. The winner of the most prestigious category, “Best of Show”, will receive a Lange 1 Time Zone with unique engraving. |
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Product Launch
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Ulysse Nardin Marine Torpilleur Blue for Farfetch
Ulysse Nardin has chosen Farfetch.com for its first online launch, and presents a special edition of the blue Marine Torpilleur, exclusively available on the website of the international online luxury retailer. On the Farfetch Marine Torpilleur, you will find layered pink gold coloring, it gives a more refined look to the piece overall, accentuating the contrast with the 42 mm steel case. The pink gold brings out the dial’s shimmering, iconic blue. This new Farfetch Marine Torpilleur, available with a leather, steel or rubber strap. |
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Czapek presents the Place Vendôme Tourbillon Suspendu Ici et Ailleurs
Czapek & Cie unveils an exceptional timepiece, the Place Vendôme Tourbillon Suspendu Ici et Ailleurs with a special acanthus leaf engraving. The dial is in champlevé with a grand-feu enamel ring that bears the Roman numerals. The fine fleur-de-lys hands are back, harmonizing with an anthracite bead-blasted main plate and suspended bridges of polished steel. The two characteristic Czapek subdials feature a tourbillon on the left and the second time zone on the right. |
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EBEL reveals the new EBEL Sport Classic Model
The new EBEL Sport Classic model is now available in ivory or anthracite dials. Both models are housed in a distinctive 29 mm two-tone hexagonal case in stainless steel and 18 k yellow gold and stainless steel with five functional screws. The flat, tapered, and flexible bracelet with the iconic wave links in an alternating brushed and polished finish in stainless steel and yellow gold PVD flows seamlessly into the case. |
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Jaquet Droz presents Petite Heure Minute Lion.
Jaquet Droz unleashes the Lion in a series of 28 one-of-a-kind Ateliers D’Art pieces, the vibrant portrait roars to life within a 43 mm case. The motif is painted in miniature over a base of black Grand Feu enamel, lending it an unprecedented level of depth: the lion seems to emerge from the case. It is a striking contrast of style as much as color, juxtaposing the modernity of the sleek black enamel dial with the craftsmanship of the miniature painting in color produced by Jaquet Droz artists. |
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Exhibitions & Events
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IIJS 2018 to be held in August to showcase India’s leadership role in the gem and jewellery sector.
The 35th edition of Premier IIJS 2018 is all set to showcase India’s leadership role in the gem and jewellery sector from 9thAugust – 13th August, 2018 at Bombay Exhibition Centre, Goregaon. Organised by GJEPC, IIJS will witness the biggest assembly of retailers, wholesalers, distributors and designers and around 40,000 domestic and international footfalls this year. |
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Celebrity News
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Alessandra Ambrosio wears Boucheron at the 71St Cannes Film Festival.
On the 71St Cannes Film Festival, the top Alessandra Ambrosio wears creations of the Maison Boucheron. She wore the Plume de Paon pendant earrings in pink gold and diamonds mixed with the new KAA ring set with a 15,35 carats smoked quartz on pink gold, from the Animaux de Collection. |
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