Market Report

UAE among top 10 countries with biggest millionaire concentration

The UAE has the world’s ninth highest density of millionaires in the world, the Boston Consulting Group (BCG) has said in a new report. The UAE’s GCC peer Qatar has the world’s highest density of millionaires, where 143 out of every 1,000 households had private wealth of at least $1 million, followed by Switzerland (116), Kuwait (115), Hong Kong (94), and Singapore (82). In the UAE, 40 out of every 1,000 households boast of private wealth of at least $1 million, according to the report.

Market News

New Dubai hub to develop fashion and luxury sectors

A district will be built in Dubai solely to develop the emirate’s fashion, design and luxury sectors. The Dubai design district, announced yesterday by his highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, will become a commercial hub for design industry organizations, brands and supporting enterprises, a WAM report said. The district, which will be built adjacent to the Business Bay, will feature a custom-built creative community that will have purpose-built commercial and retail facilities for established and emerging designers, design institutes, waterfront promenade, convention centre and event venues and related institutions.

UAE luxury segment to hit $2 billion in 2013

The bulk of UAE luxury spending this year will be on designer ready-to-wear items, estimated to reach $1 billion (Dh3.67 billion). The second most favourite among consumers are luxury jewellery and timepieces, sales of which are forecast to hit $524 million, according to Euromonitor International. The UAE’s luxury segment, forecast to hit $2 billion this year, will reach $2.7 billion by 2017. In a recent report, Euromonitor research analyst Ashley Batten noted that several designer brands have recently seen considerable success locally and are expanding into non-core product categories.

Company News

Blancpain Race weekend at Silverstone race track

The Blancpain Race Weekend 2013 was at the world-renowned Silverstone race track. More than 150 guests gathered, while the Blancpain Endurance Series and Lamborghini Blancpain Super Trofeo took place. VIP's, journalists and retailers were invited to follow the Lamborghini 24, from Blancpain Racing, during the Blancpain Endurance Series. President and CEO of Blancpain and team mate Peter Kox lined up in 4th place en PRO-AM and 15th overall on the grid of Blancpain Endurance Series. The next Blancpain Race Weekend is on the 29-30 June at Paul Ricard in the South of France.

Hublot opened its first boutique in Kuwait

Hublot opened a new boutique in Kuwait at the Avenues Prestige. A traditional ribbon-cutting ceremony took place, attended by Jean-Claude Biver, Chairman of Hublot, and Behbehani family.

Tiffany opened a store in Moscow

Tiffany & Co. announced the opening of its new store in Moscow’s GUM department store, the city’s premier destination for luxury shopping and a center for art and culture, located in Red Square. At approximately 420 square meters, it is the jeweler’s first wholly owned retail business in Russia, and is expected to open in Q1 2014.

TW Steel announces new Sponsorship with Yamaha Factory Racing

TW Steel announced a new global sponsorship deal with Yamaha Factory Racing. The multi-year relationship will see the Dutch lifestyle brand ‘Big in Oversized Watches’ become an ‘Official Sponsor’ of Yamaha Factory Racing. ‘The Watch in Steel’ will further cement its partnership later in the season courtesy of the introduction of an all new TW Steel Yamaha Factory Racing watch collection. These dynamic timepieces will reflect TW Steel’s stylish design features while infusing the very brand DNA of Yamaha Factory Racing into each model.

Omega’s new 3D animated film revealed the brand’s Co-Axial dreams

Omega released a dramatic 3D animated short film of dreamlike images that creatively allude to the brand’s revolutionary Co-Axial mechanical watch movement. The film will anchor a global advertising campaign. This 70-second film manages emotionally, aesthetically and compellingly to communicate subtly the extraordinary quality of Omega’s Co-Axial calibres.

Dior released the new “My Dior” film

Dior has released the new “My Dior” film by Alasdair McLellan on a number by Cocteau Twins, in the short version. Shot in a mixture of black and white, the film shows two Dior models enjoying the latest latticework designs by creative director of Christian Dior Fine Jewelry, Victoire de Castellane.

Christophe Claret presented X-TREM-1 Pinball for the Watch charity auction in Monaco

Christophe Claret presented X-TREM-1 Pinball, a unique timepiece designed to reflect that most precious of children's activities: Play. Christophe Claret is paying tribute to both children suffering from myopathic disorders and to the Monaco Association against Duchenne Muscular Dystrophy (AMM) whose fundraising and research aims to help such children. Christophe Claret’s X-TREM-1 has tiny metal balls indicating hours and minutes through new, grilled sapphire tubes.

Ralph Lauren was awarded Lange 1 Time Zone at Concorso d'Eleganza

Ralph Lauren received the jury's "Best of Show" prize in Como. Lange CEO Wilhelm Schmid handed over to him a special model of the Lange 1 Time Zone crafted exclusively for event for his Bugatti 57 SC Atlantic Coupé with a coachwork from Jean Bugatti built in 1938. The watch was presented to the winner within the scope of a gala dinner at Villa d'Este, the venue of the Concorsod'Eleganza.

Product Launch

Movado's net income rose 21%

Movado Group reported that revenue increased 6.1% year on year to $110 million for the first quarter that ended on April 30. Gross profit margin as a percentage of sales slipped to 54.5% compared with 56.9% one year ago. Cost of sales jumped 12.2% to $50.1 million, net income rose 21% to $8.2 million. Pretax gain from property sale in Switzerland. Inventory levels were flat year on year at $172.3 million and Movado's cash and cash equivalents fell 10.9% to $141.5 million. For the current fiscal year, Movado anticipates sales growth of approximately 12% and net income to improve about 28% to $48 million.

Alain Philippe revealed its new Thalia collection

The Alain Philippe 2013 watch collections are made of white, yellow and rose gold set with diamonds and precious stones. The Thalia collection is in gold with a choice of baguette: Diamond, Ruby, Emerald or sapphire with assorted leather straps, water resistant, unscratchable sapphire glass. The Muse collection is in gold with a choice of baguette: Diamond, Ruby, Emerald or sapphire, genuine leather strap, 3ATM. The Predator collection chronograph, movement is 25 jewels mechanical with automatic winding, rotor mounted on ball bearing, unidirectional winding and 42 hours of power reserve.

Arnold & Son’s revels its latest addition - the East India Company Set

The East India Company Set is the latest addition of Arnold & Son’s Instrument Collection and it comprises three timepieces that combine maritime precision. The models celebrate the East Indiamen. The dial of each model is a hand finished. The timepieces in the East India Company Set are powered by the rhodium treated A&S6103 calibre. The exquisite haute horlogerie finishing includes manually chamfered bridges and polished edges, fine circular graining and Côtes de Genève rayonnantes, a brushed and skeletonised rotor, and blued screws. The movement is housed in a rose gold case with a brown alligator strap.

Faberge is launching its new Emotion Rings collection in September 2013

Faberge’s new Emotion collection with rings with new vivid colour combinations: emerald, pink diamond, purple sapphire, turquoise Paraiba tourmaline and multi-coloured gemstones, available from September 2013 in Fabergé boutiques. The organic shape of the ring, a contemporary Fabergé signature, echoes the Russian affinity with the fluidity of the natural world, inspired particularly by Russia’s great rivers and mountain streams.

Saint Honore presented its new Opera ceramic watch

Saint Honore revealed its first ladies model in ceramic. With a 36 mm diameter case, reshaped specifically for the occasion, this watch is dedicated to women with an abiding taste for beautiful things and boldly blends refined design with the lustre of ceramic. The dial is graced with an exquisite, white, satin-finish central circle, revisiting the famed “checkerboard”, the Saint Honore brand signature, in the spirit of haute couture.

Vogard launched its new limited edition Datezoner Pilot watch

Vogard announced its 10th Anniversary. Vogard celebrated this milestone with a series of special watches to be launched during this year. The first is a limited edition of our flagship model, the Datezoner Pilot. The date is set via the bezel and is synchronised with every city on the bezel. It is engraved with UTC and all major metropolitan IATA airport codes.

Exhibitions & Events

Visconti won three RCA Awards

Visconti has won three Readers Choice Awards in PEN WORLD’s nineteenth annual competition. PEN WORLD readers chose Visconti’s Amerigo Vespucci, Visconti Opera Blue Typhoon Smartouch and Visconti’s Dragon won Best Dragon pen.

Celebrity News

Montblanc at the Cannes Film Festival 2013

Montblanc in association with Liberatum hosted a special dinner to celebrate the world premiere of Jim Jarmusch's film Only Lovers Left Alive at the 66th Cannes Film Festival. Guests and stars that attended include Jim Jarmusch, Tilda Swinton, Tom Hiddleston, John Hurt and many others.

Stars dazzled in Boucheron at Cannes Film Festival

Marilou wore the Serpent Bohème pendant earrings in yellow gold as well as two Serpent Bohème bracelets in yellow and white gold, all set with diamonds. Liya wore two iconic Quatre “Black Edition” rings in white and Boucheron “black” gold. Megan wore the Ava earrings and a large Serpent Bohème ring, both in white gold set with diamonds. Tomer wore Quatre “Black Edition” ring in white and Boucheron “black” gold and his partner Agathe who wore two diamond Cypris rings as well as Chameleon diamond earrings.

Hamilton watches with Zulu by Jérôme Salle starring Forest Whitaker and Orlando Bloom

Hamilton has partnered with the French film Zulu by Jérôme Salle. Hamilton has signed a new and major collaboration with Zulu, in keeping with the captivating relationship the company has had with the film industry for over 60 years. In the movie all the actors who wear a watch wear a Hamilton. For instance Forest Whitaker wears a Hamilton Khaki Field Auto.

Leonardo Dicaprio & Cameron Diaz at the Monaco Grand Prix

Leonardo DiCaprio, Cameron Diaz, racing legends and Monegasque royalty helped TAG Heuer to celebrate its partnership with the ACM and the Monaco Grand Prix at the 71st running of motor-sport’s most glamorous race.

Jeremie Elkaim was dressed in Dior Homme at Cannes

Jeremie Elkaim was dressed in Dior Homme for the screening of the film ‘Only God Forgives’, last night in Cannes. He wore a black 'grain de poudre' and silk satin shawl collar tuxedo, a white cotton wing collar shirt and a black silk bow tie.

Linda Evangelista dazzled in Harry Winston Diamonds

Linda Evangelista wore Harry Winston diamond Cluster Earrings at the 2013 CFDA Fashion Awards.

Carmen Electra wore Carrera Y Carrera to the premiere of ' This is The End'

Carmen Electra wore Carrera y Carrera ring and earrings to the premiere of 'This is The End' in Westwood, CA

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