Market News

Swiss watch exports increases 29.7 percent in November

Swiss watch exports increased 29.7 percent in November to 1.8 billion Swiss francs or $1.83 billion, an increase of 29.7 percent compared to November 2009. The number of pieces leaving Switzerland also increased sharply compared to November 2009. In one month, more than 500,000 additional timepieces were exported, making a total of 2.9 million units.

Christie’s watches sales exceed $91 Million in 2010

Christie’s reported its 2010 global watches sales reached $91.2 million in total sales, the highest annual total ever achieved for watches at the global auction house. During what has emerged as a remarkable year for investment in fine timepieces, every watch sale hosted at Christie's salerooms in Dubai, Hong Kong, Geneva, and New York achieved sell-through rates above 90% by value.

Positive growth in trade and tourism sectors in UAE to enhance investor confidence

During the first nine months of 2010, UAE's non-oil trade has recorded 11 percent growth. Positive growth in trade and tourism sectors is expected to enhance investor confidence in the country. Hotel revenues in Dubai rose 6 percent to Dh9.23 billion as compared to the same period last year. While imports grew 5 per cent to Dh350.6 billion, exports for the first nine months rose to Dh61.8 billion and re-exports increased by 19 per cent to Dh128 billion.

Hermes shares rose after LVMH increases stake to more than 20 percent in Paris

After LVMH Moet Hennessy Louis Vuitton SA  said it increased its stake in the Birkin bag-maker to more than 20 percent, Hermes International SCA rose as much as 5 percent in Paris trading. Hermes has gained as much as 7.80 euros to 164.45 euros, the highest price since Dec. 3. LVMH said it has purchased more Hermes shares on the market, raising its holding from the 17.1 percent announced in October.

LVMH increases Hermes capital to 20.21 percent

LVMH said it had increased its stake in smaller rival Hermes to 20.21 percent from the previously disclosed 17.1 percent and said it could make more said it had increased its stake in smaller rival Hermes to 20.21 percent from the previously disclosed 17.1 percent and said it could make more acquisitions as market circumstances allow, thus turning up the heat in its disputed attempt to build a bigger stake in family controlled Hermes.

Dubai airport November passenger traffic hits 4 million

Dubai International’s passenger traffic reached a total of 4,070,296 passengers, up 15.1 percent from the 3,535,882 in November 2009. Year to date passenger numbers increased 15.6 percent to 42,921,782 compared to the 37,123,392 recorded in the corresponding period in 2009. Furthermore, International freight volumes rose marginally by 0.3 percent to 192,405 tonnes in November compared to 191,897 tonnes recorded during the same period last year.

Damas further extends Standstill Agreement with Bank Lenders to January 31

Damas International Ltd. once again extended a standstill agreement with its bank lenders to January 31, 2011 as it works to restructure about $872 million in debt. Damas, which reached the initial standstill agreement on March 24, 2010, later got the deadline for the agreement extended several times. According to Damas statement, the company is in final negotiations with lenders on restructuring plan over its bank facilities.

Company News

Audemars Piguet welcomes Michael Schumacher as new brand ambassador

Audemars Piguet welcomed Michael Schumacher into the AP family as the new brand’s ambassador. Schumacher is the seven-time World Champion and holds the most prestigious records in motor racing. His 68 pole positions, 91 victories and 154 podium finishes on all the world’s major tracks make him the greatest racing driver of all time. He is also fascinated by watchmaking and connoisseur who has been collecting timepieces for a number of years.

Hublot opens Boutique in Beijing with its ambassador Jet Li

Hublot hosted the grand opening ceremony of its first flagship store in Beijing, China.  The store is located at the entrance of the prestigious Wangfujing Street in the premium Oriental Plaza, one of the most prosperous iconic shopping malls in downtown Beijing. The launch held in the presence of Mr. Jean-Claude Biver, CEO of Hublot, and Mr. Jet Li, Chinese living legend and International Mega-Star as another legendary ambassador for its brand.

Omega expands sales network in the USA by opening nine new boutiques

OMEGA has announced the opening of nine new boutiques in the USA and to be followed by around twenty more. The first of these points of sale was inaugurated in mid-November on Michigan Avenue in Chicago. It will be followed by outlets in Pittsburgh, Jacksonville, White Plains, Hackensack, Scottsdale, Los Angeles, Seattle and Nashville. Each of the new boutiques in the United States will feature Omega’s entire product range.

Damiani and Sophia Loren tours in the Middle East

The famous and awarded Italian actress Sophia Loren has toured the Middle East promoting the “Sophia Loren Collection”. Loren, along with Giorgio Damiani, Damiani Group VP, and the local Damiani partners, visited Kuwait, Qatar and Dubai to meet local VIPs, personalities and customers at the Damiani Boutiques. In 2010 Damiani has been awarded for the second time at the “Middle East Premier Awards” as the “best fashionable jewellery” for its Isotta bracelet.

A. Lange & Sohne announces expansion in India

A. Lange & Sohne has announced the new partnerships with retailers Johnson Watch Co. in Delhi and The Helvetica, Taj Krishna, in Hyderabad, during exclusive events in each city, and hosted a private collector’s event in Mumbai. Prominent personalities in attendance at the various events included Sameera Reddy, Vivek Oberoi, Manish Malhotra, Rahul Dev, Siddhartha Mallya & JJ Walaya.

Romain Jerome honored in Malaysia by Starhill Gallery

Romain Jerome Watches won “A Journey through Time” watch awards 2010 for its new Moon Invader Heavy Metal Chronograph at the gala evening held in Kuala Lumpur on the 11th of December 2010, an event organized by the Starhill Gallery and the Malaysian Ministry of Tourism. The jury, a combination of both watch industry experts and collectors, were unanimous when giving the prize to RJ in the “Favorite Active Lifestyle” category.

Ulysse Nardin opens its Flagship Boutique at Boca Raton Town Center Mall

On 16 December 2010, Ulysse Nardin opened its flagship boutique in the United States at the Boca Raton Town Center Mall with over 400 people in attendance, including special guest and famed athlete Randy Johnson. A highlight of the event was the auction, during which a Limited Edition Boutique watch, specially designed for the occasion with a retail value of $12,900, went to the highest bidder for $35,000. All of the proceeds from the sale will benefit the Boca Raton Regional Hospital, Ulysse Nardin’s nonprofit partner for the evening.

Rolex appoints Stewart Wicht as new U.S. CEO

Rolex Watch U.S.A. announced that Stewart Wicht has been appointed president and CEO, succeeding Allen Brill, who died last month following a brief battle with lung cancer. Wicht joined Rolex S.A. in 1975. His past experience in the company’s commercial department includes responsibilities for the U.S. and other key markets. He will assume his new position at the outset of 2011.

New appointments at Charriol

Charriol announced the appointment of Ludovic Lesur as Managing Director to succeed Mario G Nargi starting January 1, 2011 in Geneva headquarters. Ludovic joined the company in Hong Kong in 2007 as Area Manager. On the other hand, Benoit Deroual will replace Pascal Monticelli as International Sales Director, as of January 1st 2011 and will be based in Geneva.

Carl F. Bucherer inaugurates new Boutique in Bangkok

After boutiques in Dubai, Beijing, Hong Kong, Macao and Taipei, Carl F. Bucherer opened another boutique in Bangkok’s most luxurious mall, the Siam Paragon Shopping Center. Inside the boutique are a modern, full-length wall windows and free-standing showcases accompanying the visitor on a journey of discovery through the Carl F. Bucherer collections. The grand opening was celebrated with numerous interested watch collectors as well as accompanied with artistic interpretations.

Montegrappa partners with Sylvester Stallone

Montegrappa has announced the partnership with the legendary filmmaker, writer and actor, Sylvester Stallone. The acquisition strengthens a relationship that dates back more than 15 years when the company learned Mr. Stallone was an aficionado and collector of Montegrappa pens. Mr. Stallone will serve as a Montegrappa brand ambassador, investor and creative advisor for the new styles of pens to be introduced during 2011.

Thomas Borer as New Ambassador for Cyrus Watches

Cyrus Watches to be present at Geneva Time Exhibition announced Thomas Borer, the renowned businessman and former Swiss ambassador to Germany as their new brand ambassador. After the creator Jean-François Mojon, winner of the Grand Prix de l'Horlogerie de Genève 2010, Thomas Borer joins the circle.

Product Launch

BOVET brings Million Dirham Timepiece to the UAE with Ahmed Seddiqi & Sons

BOVET has introduced the revolutionary, OTTANTA® Tourbillon with a remarkable value AED 1,010,000/- exclusively with Ahmed Seddiqi & Sons. This new BOVET watch comprises a sophisticated automatic movement with an innovative tourbillon. Unique on its own - a usual tourbillon completes its revolution in 60 seconds, while the BOVET tourbillon performs the same in 80 seconds, this remarkable technological feat paying tribute to the 80th anniversary of Pininfarina.

Dewitt to unveil new Manufacture Movement at Baselworld

Dewitt will unveil its new manufacture movement that includes some innovative features at Baselworld 2011. During the Baselworld 2010, Caliber DW8014, DeWitt’s very first in-house movement was pre-introduced and now debuts in the first full watch: the Twenty-8-Eight Regulator A.S.W. The aesthetically pleasing caliber with its demanding surface finishes also boasts quite a bit of innovation.

Jaeger-LeCoultre launches Reverso Virtual Online Museum

To celebrate the 80th anniversary of Reverso in 2011, Jaeger-LeCoultre has launched the largest ever virtual online museum dedicated to the brand. Reverso owners can submit images of their personalized Reversos for possible inclusion in the museum’s curated collection. Once your Reverso is registered, the Museum curator will exhibit your Reverso in one of the Virtual Museum’s rooms, making it part of the official Jaeger-LeCoultre story.

Jaquet Droz presents SW Chrono

From its iconic Grande Seconde SW, Jaquet Droz has presented the SW Chrono. The finely honed design, the fluted bezel, and the hollowed horns of the SW Chrono evoke the spirit of challenge and a sense of performance. Firmly masculine, with steel as its principal material, the SW Chrono also offers the luxury of three-dimensional flanges and orange Super-LumiNova on the markers and the tips of the hands.

Dunhill launches accessories to celebrate Chinese Year of the Rabbit

Dunhill has launched a “Rabbit” series of accessories in celebration of the upcoming Chinese Year of the Rabbit. The accessories include cufflinks, key ring, mobile phone strap, and ties. In the Chinese zodiac, 2011 will be the year of the Rabbit, but it is also seen as a symbol of luck in other cultures.

Harry Winston unveils new setting of Famed Hope Diamond at the Smithsonian

In celebration of the 50th Anniversary of Harry Winston’s historic donation of the Hope Diamond to the Smithsonian Institution, the new “Embracing Hope” setting for the legendary gem officially in Washington, D.C. The Company announced a gift of at least $1 million to support the museum’s educational initiatives, which will be generated by the future sale of “Embracing Hope” reset with a new precious gemstone. 

Balenciaga introduces a watch that looks like a Belt

Balenciaga has introduced its newest and exciting limited-edition watch collection that looks like a belt. Balenciaga belt watches features thick strap, over sized buckles in steal and straps in leather. These are inspired by Cristobal Balenciaga’s historical clock and make a bold fashion statement. These timepieces are available in black, brown and grey colors and limited edition of 1000 pieces.

Azza Fahmy Jewellery introduces the Culture 2011 Collection

The 2011 Culture Collection is inspired by the traditional sayings and proverbs used in our everyday life. The collection shows an array of phrases; the 'heavier' phrases are used on more classic designs, while Azza Fahmy chose to use the lighter, more colloquial calligraphy on the younger, smaller pieces.

EBEL launches Classic Sport “Ice and Fire”

The EBEL new Ice and Fire watch is a watch of pure emotions. The Ebel Classic Sport dreams of a shimmering mother-of-pearl dial with diamonds that are sprinkled gently like snowflakes over the bezel and hour-markers with a red dial evoking the warm scent of gluhwein, or a fiery sunset on snow-capped peaks.

U-BOAT offers U-1001 Diver Watch

U-BOAT has launched the U-1001 diver watch. Time reading is easy because hours, minutes, seconds and date are at 4 o’clock, with two superimposed dials, one with superluminova beige, orange or blue pigments, and one with black U 1001 raised numerals. Waterproof down to 1001 metres, owing to the anti-scratch sapphire glass which is 5.5mm thick, the U-1001’s heart pulsates as a result of an automatic mechanical movement with a reserve of 40 hours made to U-BOAT specifications.

Exhibitions & Events

L’Imperiale by Chopard: time for fine palates

To mark the launch of the Imperiale, a ladies’ watch collection, Chopard has dreamed up an unprecedented global event by asking eight chefs at the peak of their art to create an exceptional moment. Exceptional timepieces, timeless expertise and constant innovations: such are the ingredients that make Chopard a multi-facetted House that is transcended by the passion of its leaders.

Vacheron Constantin and the National Opera of Paris celebrates the 30th anniversary of the AROP

Paris’ Palais Garnier played host to Vacheron Constantin, the oldest horological Manufacture in the world, having enjoyed uninterrupted activity since it’s founding in 1755, as well as hundreds of the Manufacture’s esteemed guests for the much-anticipated 30th anniversary celebration of the AROP. Guests then had the opportunity to admire the Vacheron Constantin watch, Metiers d’Art – Chagall et l’Opera Garnier, manufactured specifically for this event to celebrate the anniversary.

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