Market News

Luxury keeps strong in UAE

Investments set to recover in the region

According to World Investment Report, the strong international credit markets and the decline of international trade impacted FDI flows to the Middle East, this contracted by 24 percent to $68 billion (Dh249.75 billion) in 2009. The report expects FDI inflows into the region to recover in 2010 as international credit markets stabilize and sustained commitment of region’s governments to ambitious infrastructure projects.

UAE consumer confidence remains among world’s top ten countries

The UAE remained among the world's top ten countries in consumer morale despite the index recording a slight dip of two pints in the second quarter, said the report. A report by Nielsen revealed that most UAE consumers are now increasingly cautious in their spending habits as they realize that the road to full economic recovery might take longer than expected.

Swiss watch exports in May growth by 13 percent

The Swiss watch industry appears to have found its cruising speed in the spring. The value of exports in May grew at a rate close to the average for the four months of 2010, rising by 13 percent to a level of 1.2 billion francs. This two-digit increase also had a strong positive impact on the moving average over twelve months, which should see a return to growth towards the end of the summer.

Dubai Duty Free retains position as world largest airport retail operator

According to the analysis released by Generation Research, Dubai Duty Free has retained its position as the single largest airport retail operation in the world. For the second year running, Dubai Duty Free (with US$1.14 billion of sales in 2009) ranks ahead of London Heathrow Airport, which recorded sales in excess of US$1 billion, while Incheon International Airport retained the third position.

Founder’s great-granddaughter barred from using Gucci for hotel

Gucci won an injunction preventing unauthorized use of the Elisabetta Gucci name, thwarting plans by the great-granddaughter of the founder the luxury company to open a chain of hotels under her moniker. The ruling by a Florence court "will hopefully act as a significant deterrent for those who intend to unlawfully license or commercially exploit the Gucci trademarks", the company e-mail said.

Company News

Hublot’s Jean-Claude Biver donates $110,008 to United for UNICEF

The Hublot Million dollar challenge with Manchester United drew over 1500 people in New York York’s most iconic locations between the Flatiron and Empire States building on 22^nd of July.  Ryan Giggs, Paul Scholes, Darren Fletcher, Edwin Van Der Sar, and Sir Alex Ferguson tried their best to score the Million dollar shot. Regardless of the final score, Mr. Biver decided to write a check for $110,008 to United for UNICEF, the English club’s charity for which they have raised over 4 million dollars.

Cartier International Polo 2010

The 26^th Cartier International Day was celebrated by guests and international celebrities: Tommy Lee Jones, Sir Ben Kingsley, Camilla Belle and Katherine Jenkins and enjoyed the closely fought Coronation Cup in which England beat New Zealand 9-7. Guests enjoyed a delicious lunch prepared by celebrated chef Anton Mosimann in the Cartier marquee and two thrilling games of polo on the Queen’s Ground at Guards Polo Club.

Hermes increases 2010 revenue forecast

Hermes International SCA raised its 2010 revenue forecast after second-quarter sales increased faster than analysts estimated on demand in Asia. Hermes sales gained 23 percent in the first half and the company said operating profit rose at a faster pace, helped by growth in high-margin products such as textiles, leather wear and watches.

Damiani Group announces its new partnership with Galliano Jewellery

Damiani Group expands its presence in the fashion world through its new partnership with Galliano, for whom it will produce an exclusive line of jewellery. With the Galliano Jewellery collection, Damiani has captured the famous designer’s eclectic spirit through a clever combination of styles and inspirations, creating haute jewellery pieces with the essence of a modern treasure and an air of luxury from olden days.

Maurice Lacroix supports Justin Rose Tradition Charity Golf Day to help Cancer Research UK

Maurice Lacroix supported Justin Rose Tradition Charity Golf Day. 80 famous personalities from the worlds of sport, TV and business teed off against each other in a celebrity golf tournament in London. Maurice Lacroix donated four watches as prizes for the tournament winners, and two to be sold in the evening auction. The total amount raised from the auction, approximately £177,000, will go to Cancer Research UK.

CHANEL announces Laird Hamilton as the ambassador of J12 Marine watch

CHANEL has announced Laird Hamilton as the ambassador of J12 Marine, the first diving watch for the House of CHANEL. It is designed for going deep into the sea and possesses the attributes of a professional diving watch: waterproof to over 300 meters, perfect readability in darkness, a matte rubber strap to allow water to flow through easily, and a toothed, unidirectional revolving bezel fitted with a sapphire disc and self-winding mechanical Swiss movement.

DeWitt announces the Grand Opening of its first-ever flagship store in China

DeWitt celebrated in Beijing the opening of its first flagship store in the world in the impressive Legendale Hotel in presence of a large floor of VIP guests. The 190 square meter Boutique places the brand in one of the best and most strategic locations in the heart of the city. China being DeWitt’s number one key market, a corner in Dalian already opened in June and more boutiques are scheduled to rise shortly in Beijing and Shanghai to reinforce even more its positioning.

A. Lange & Sohne Park inaugurated in Glashutte, Germany

165 years after the German precision watchmaking industry was founded by Ferdinand A. Lange, an A. Lange & Sohne park was inaugurated in Glashutte on 15^th July 2010 to commemorate the brand's jubilee year. The inauguration of the 3,000 square meter park featured a momentous unveiling of a bronze sculpture of founder F. A. Lange, by 15 watchmaking apprentices. The ceremony was attended by Walter Lange, great-grandson of F. A. Lange, as well as the Vice President of the Saxon State Parliament, Andrea Dombois.

Product Launch

Bell & Ross launches Diving Watches

Bell & Ross has launched the Ultra-Marine Expertise diving watches. The timepiece offers a professional solution to an environment that is as fascinating as it is dangerous. Its HYDROMAX® model holds the world record for water resistance up to 11,100 m deep. They are capable of effectively assisting divers under all circumstances. Readable, functional, accurate and reliable, they meet the specific demands of professionals on the job.

Garrard offers classic designs for Eid

Garrard offers a classic selection for Eid. The Wings Collection is representing peace, purity and protection, it was inspired by the wings of angels and has become an instantly recognisable symbol.  Enchanting and graceful, an elegant femininity pervades The Hummingbird Collection. Exquisite pieces set with white diamonds; pink, blue and yellow sapphires; and rare pink and yellow diamonds refract with magical colour and light, just like the enchanting Hummingbird itself. 

Exhibitions & Events

2010 FH Legal Seminar to be held on 7th September 2010

The 2010 FH Legal Seminar will take place on 7 September in Neuchatel. Its theme: the problem of hybrid counterfeits and customized watches as well as recent changes made to the law on trademarks and design for capillary imports. As usual, the seminar will be opened by an examination of case law in the field of intellectual property, presented this year by Me Daniel Kraus, Professor of Law at the University of Neuchatel and a lawyer with the Umbricht practice in Bern.

The 46th edition of Bangkok Gems & Jewelry Fair

The 46^th edition of Bangkok Gems & Jewelry Fair will be held on September 7 to 11 2010 at IMPACT Muang Thong Thani, Bangkok. The fair will feature about 3,500 booths of hot raw gems and jewelry from Thailand and all over the world. All exhibits are on one floor with a combined floor space of 80,000 square meters for easy and convenient access.

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