Market News

The world luxury market in 2012 reached US $ 302 billion

Euromonitor’s latest research on the global luxury markets indicates another solid year’s performance in store for 2012, despite persistent economic turbulence, mounting troubles in the Eurozone and an on-going political instability in several emerging markets. Driven mainly by strength in emerging economies, overall retail growth in 2012 is set to be stronger than in 2011, with luxury goods sales expected to exceed US$302 billion worldwide. This represents a year-on-year real value gain of over 4% on 2011.

UAE visitors spent $4.7bn Visa bill in 2012

Visa cardholders spent $4.7bn on their cards while visiting the UAE in 2012, a 17.1 percent increase compared to the previous year, according to data issued by Visa Inc. The results in Visa's latest Tourism Outlook UAE report also indicated that the total number of transactions increased by 20 percent year on year, reinforcing UAE's strong reputation as a shopping destination for international tourists. The top ten source markets accounted for 62.6 percent of total tourism spend, according to the data. The data revealed that the United Kingdom continues to be UAE's top source market with British Visa cardholders spending $540.4m on their Visa cards in 2012, up 10.4 percent. Russia came second in 2012. Saudi Arabia jumped ahead of the US to take third spot in 2012 followed by tourists from the US and China.

Damiani in with Bulgari out

The 2013 outlook of India’s luxury market will continue to grow at an average rate of 22% a year over the next 5 years according to Euromonitor. In 2013 Damiani, the italain luxury jewellery house, renamed its first operation in the India market while Bulgari had to pull out.

Qatar is the richest country in the world

According to Forbes, Qatar is officially the richest country in the world. Not bad for a country with an (estimated) population of fewer than two million. In 2010, Qatar had the world’s highest GDP per capita, while the economy grew by 19% the fastest rate in the world at the time. Most of the country’s wealth GDP of $ 181.7bn is said to come from its oil and gas reserves, estimated at 25bn barrels of oil and more than 25tn cubic metres of gas.

Chalhoub Group to invest in 150 additional stores in 2013

Chalhoub group enjoys the total of 450 retail outlets in 14 Arab countries will further expand their retail network by an additional 150 stores in 2013 by focusing on the fastest growing regional luxury markets such as UAE, Saudi Arabia, Kuwait and Qatar. Patrick Chalhoub the Chalhoub group CEO has revealed in a recent interview with GN daily.     

Company News

Audemars Piguet announced a long term partnership with Art Basel

Audemars Piguet has emphasized connections between art craft, and technical excellence. To give further expression to its pursuit of creativity and innovation, the brand has recently announced a long-term partnership with Art Basel, as a global Associate Partner with a presence at the Art Basel shows in Basel, Miami Beach and Hong Kong. Starting at Art Basel in Hong Kong, May 23 - 26, 2013. Audemars Piguet Ambassador LeBron James has been awarded for the fourth time in five years and for the second time in a row, with the coveted Most Valuable Player (MVP) title for the 2012-13 regular basketball season.

Montblanc Pays Tribute to Mandela

Montblanc honored Nelson Mandela and shared his lifelong commitments to emphasizing the importance of writing and the power of words and through a partnership with the "Midnight Moment: A Digital Gallery" reception which was held in New York and in the company of two of Mandela's grandsons. The reception included views of the "Midnight Moment" screens with floor-to-ceiling windows overlooking Times Square, where guests enjoyed a firsthand viewing of "The Power of Words" showcase. Montblanc is presenting the Midnight Moment video project as part of a series of worldwide programs for the Montblanc "Signature for Good" initiative, which benefits UNICEF's Schools for Africa and School for Asia initiatives, as well as UNICEF education programs in Latin America.

Ritmo Sponsored David Lynn at Wells Fargo Championship golf Tournament

David Lynn, brand ambassador for Ritmo Mundo and Reflex, took second at the Wells Fargo Championship golf tournament at Quail Hollow Club in Charlotte, N.C. Lynn sported both the RITMO and REFLEX brand logos on his signature polo shirts. Lynn played the final three holes, known as the "Green Mile," in a combined 4-under par for the week without a single bogey.

Product Launch

Istana’s new Fleurier AMADEO “Ladies Touch” watches collection

Istana unfurls Bovet’s delightful white or rose gold Fleurier AMADEO “Ladies Touch” watches collection. The 39mm AMADEO can be easily converted from a watch to a pocket watch, a pendant or even a table clock and is designed to match both mood and occasion.

F.P.Journe introduced its new Timepiece Quantieme Perpetual

The new F.P.Journe introduced Quantième Perpétuel with instantaneous jump.The F.P.Journe Quantième Perpétuel is very easy to use using the three-position crown, except for the rapid correction of months, which is carried out by a protected and hidden corrector lever beneath the lug at 1 o’clock, thus facilitating the adjustment over four years without any specific tool. The automatic winding movement of the Quantième Perpétuel is manufactured in rose Gold. The Quantième Perpétuel is also available in Platinum.

Vacheron Constantin celebrated the opening of its new Boutique in Paris

Vacheron Constantin inaugurated its first boutique in Paris and presented its four limited edition Patrimony Traditionnelle models. The models are distinguished by their finely hand-guillloché dial as well as by their Mississipiensis alligator leather strap featuring a warm chestnut brown colour. The case-back is engraved with the address “2, rue de la Paix”, along with the individual limited-series number.

Exhibitions & Events

Sotheby’s Geneva’s first Saturday auction of Important Watches

The world gathered for Sotheby’s Geneva’s first Saturday auction of Important Watches, which concluded with a total of CHF 7,194,875 ($7,248,045). The sale was led by impressive modern wristwatches. The top selling lot was a very fine and rare example of the reference 5029 by Patek Philippe. The other high point of the auction came when the No.10 Royal Oak Chronograph Leo Messi (lot 110) - Audemars Piguet’s limited edition watch – achieved CHF 81,250 ($81,850) which was sold to benefit the charitable foundation established by the world’s best footballer, Leo Messi.

Celebrity News

Michelle Rodriguez wore David Morris Jewellery to the Fast & Furious 6 Premier in London

Michelle Rodriguez wore David Morris jewellery to the premiere of the latest installment of Fast & Furious. She wore a rose cut diamond bangles and a matching three row rose cut diamond eternity band.

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