Market News

Richemont sees profit plunge, but shares surge

Richemont on Friday posted a sharp drop in first half net profit amid weaker demand in China, but saw trading bolstered on a market bracing for worse. The world's second largest maker of luxury products after LVMH saw its net profit plunge 23 percent during the first half of its 2014/2015 fiscal year to 907 million euros (1.12 billion). Analysts polled by the AWP financial news agency had expected to see a net profit of 1.08 billion euros for the six-month-period. Richemont also beat expectations on sales, which inched up two percent to 5.43 billion euros, surpassing the 5.3 billion anticipated by analysts. The company explained the slide in net profit with a four-percent drop in operating profit, as costs outpaced sales revenue, and the overall negative impact of exchange rates. Richemont said it had lost 239 million euros on programmes aimed at reducing the risk of currency fluctuations. Following the news, the company's share price jumped 4.04 percent to 83.75 Swiss francs a piece on a slightly negative Swiss market.

Abu Dhabi economy increase by 4.8% in 2013

Abu Dhabi’s economy grew 4.8 per cent in 2013 to Dh953.239 billion at current prices, on the back of stronger performances of the hydrocarbon, real estate and financial sectors. The economy expanded 7.4 per cent in 2012 to Dh909.721 million, according to the Statistical Year Book 2014, issued on Tuesday. Abu Dhabi exported one billion barrels of crude oil in 2013, as it produced 2.7 million barrels a day against 2.591 million a day in 2012. In 2013, Abu Dhabi exported 10 million metric tonnes of refined petroleum products, of which the Netherlands bought 24.7 per cent, followed by Japan, which purchased 15.8 per cent. LNG exports of Abu Dhabi grew by Dh1.8 billion to Dh20.1 billion. Japan was the largest importer of Abu Dhabi’s LNG, accounting for 54.6 per cent the emirate’s LNG exports. Abu Dhabi imported goods valued at Dh100.3 billion in 2013 compared with Dh119 billion in 2012. The number of hotels grew 15.4 per cent year-on-year to 150 in 2013.

Middle East carriers records 15.8% with the increase in international air travel

With a record jump of 15.8 per cent in September compared to a year ago, Middle Eastern carriers once again posted the strongest increase in international air travel, the International Air Transport Association, or Iata, said on Tuesday. Airlines in the Middle East region, among the fastest growing in the world, continued to benefit from the strength of regional economies as well as expansion in export orders that support international business activity and business-related premium travel, the global body of carriers said. The exceptional growth by Middle Eastern carriers surpasses the global passenger traffic growth of 5.3 per cent in September 2013.

Company News

A. Lange & Söhne celebrates 20 years with an exclusive event in Dresden

A. Lange & Söhne’s model Lange 1 celebrated its 20th birthday. On this occasion, A. Lange & Söhne launched the Lange 1 tourbillon handwerks¬¬kunst in the castle of Dresden – the place, where, to the day, the first four timepieces after the comeback of the brand have been launched 20 years ago. Lange CEO Wilhelm Schmid and Anthony de Haas, Director Product Development, presented the new timepiece Lange 1 tourbillon handwerks¬kunst at a press conference in the castle of Dresden.

Blancpain receives award from Grand Prix d'Horlogerie de Geneve

Blancpain receives reward from the Grand Prix d'Horlogerie de Genève. This year, the Ladies' watch category prize was awarded to the new Women Heure Décentrée Seconde Retrograde. The jury thereby chose to reward the technical and aesthetic characteristics of this new horological complication especially developed for women. The prize winning watches was been presented at the SalonQP in London from November 6th to 8th 2014.

NOMOS Glashütte supports MSF with limited edition timepieces

NOMOS Glashütte supports Doctors without Borders/Médecins Sans Frontières (MSF) by raising funds through the sale of limited edition timepieces since 2012. This charitable initiative started in Germany, but has since extended to the USA and UK; each country has two limited edition models, although all six have some features in common. These include an eye-catching red twelve which is a subtle allusion to Doctors Without Borders and a special engraving on the sapphire crystal glass back. Helping to help: with two limited editions from NOMOS Glashütte in support of Doctors Without Borders USA. The classic Tangente now comes in two sizes. Both watches are lovely and perfectly proportioned for delicate wrists, or more masculine ones.

Breguet receives the “Aiguille d’Or” award

The international jury of this edition 2014 of the GPHG handed out 16 prizes, including the supreme “Aiguille d’Or”, distinction, awarded to Breguet for the Classic Chronométrie model. The public, after votes cast on Internet and at the international exhibitions, selected its own favourite which won the Public Prize: Breguet, Classique Dame. In the final stage of this roadshow, the prize-winning watches in this 2014 edition were presented in London at the SalonQP from November 6th to 8th.

Meet IWC Schaffhausen's Abu Dhabi Ocean racing crew

Meet IWC Schaffhausen’s Abu Dhabi Ocean Racing crew taking on the world’s oceans in the 2014-15 Volvo Ocean Race. Official timekeepers of the event, IWC Schaffhausen’s own boat, Azzam carries an ambitious set of men, proudly known as Abu Dhabi Ocean Racing.  The race revolves around the people bold enough to compete in it and Ian Walker has handpicked the men who will stand shoulder to shoulder with him on board IWC Schaffhausen’s boat for Abu Dhabi’s second assault on the Volvo Ocean Race.

Montblanc appoints Eric Vergnes as President of Middle East, India & Africa

Montblanc has appointed Mr. Eric Vergnes as President of Middle East, India and Africa. Based in Dubai, Mr. Vergnes will be responsible for Montblanc's operations across these geographies, collaborating with key partners and driving the brand in the region. In his new role at Montblanc, Mr. Vergnes will be responsible for leading Montblanc's Middle East-based regional team with an expanded remit that now includes India and Africa. This will include engaging with distributors and partners in the region.

TAG HEUER celebrates the re-opening of its flagship boutique in the Dubai Mall

TAG Heuer celebrates the re-opening of its flagship boutique in The Dubai Mall. The completely renovated flagship boutique has a striking atmosphere that is aligned with the TAG Heuer codes and patrimony: passion, creativity and reliability. For the two day event which took place on October 30th and 31st, TAG Heuer constructed a Gaming Arena in the Gold Souk Atrium adjacent to the boutique.

Product Launch

Piaget’s re-edited Black Tie “vintage inspiration” and the “traditional oval” watch

The return of vintage icon-watches: the Black Tie “vintage inspiration” and the “traditional oval” watch re-edited by Piaget. Black Tie vintage inspiration when this cushion-shaped watch made its first appearance, the atypical design of its case was a surprise: contrary to the prevailing norms, it was neither round, square nor rectangular – but all three in one. These three first models are now complemented by a fourth variation graced with polished black onyx giving it a distinctly Black Tie colouring. The reedited version of the Black Tie vintage inspiration watch has been readjusted to reveal a slighter slimmer profile. Traditional oval watches watch in particular, with its oval case set with diamonds and emeralds. The yellow gold is replaced by white gold to create a striking contrast with the intense blackness of the onyx and thereby accentuate a contemporary. A silver-toned oval dial radiating absolute purity beautifully offsets the line of diamonds adorning the bezel. 

Officine Panerai presents Special Edition Set Luminor Black Seal and Luminor Daylight

Officine Panerai reveals Special Edition Set consisting of two models the Luminor Black Seal and the Luminor Daylight. The two models are distinguished by the coating of the AISI 316L stainless steel case. The case of the Luminor Black Seal is covered by DLC (Diamond-Like Carbon). The closed back of the case is engraved with the inscription “Officine Panerai Firenze” and the OP logo.  Another difference between the two models is the design of the dial. That of the Luminor Daylight is white with numeric hour markers and a detailed minute track while the Luminor Black Seal has a black dial with numerals at only the cardinal points in. The strap of the new Luminor is also completely new but at the same time inspired by that of the models of the pre-Vendôme period. It is made of brown leather, with contrasting ecru stitching and a buckle coordinated with the case, sewn onto the strap itself. The Special Edition Set includes two spare straps identical to the original and a screwdriver.

Salvatore Ferragamo introduces Ferragamo 1898 Sport timepiece

Ferragamo 1898 Sport, the Salvatore Ferragamo new sport-oriented diving watch, with a water resistant case to a depth of 200 m and a sporty look that makes it stand out, with a light-coloured spartan dial that is easy to read, luminescent hands and indexes and a unidirectional rotating aluminium bezel for dive time calculations. The absolute reliability of the Swiss made quartz movement is accompanied by signature style details that reflect the code: from the iconic Gancino-shaped case to the name of the collection that appears on the dial and also on the strap. The strap also emphasises the watch’s casual chic mood, opting for the versatility of double rubber with a Ferragamo red inner layer.

Damas launches Solana Diamond

Damas announces the launch of its new diamond collection named Solana, which centres around gorgeous yellow diamonds. The new Solana collection is inspired directly from the brightness and warmth of the sun which is pictured in the name translating into “sunny spot” in Spanish.  The designs with their sparkling features invite women to celebrate their accomplishments and to ‘keep rising’ with Solana, which is also the key theme of the advertising campaign that accompanies the range.  Solana offers a wide array of rings, necklaces and earrings crafted to perfection with the aim to accentuate the beautiful natural yellow colour of the diamonds.

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