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IMF: The economic growth in the Middle East is expected to show substantially in 2018; Michael Kors is buying luxury shoemaker Jimmy Choo for $1.2 billion.
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Market News
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IMF: The economic growth in the Middle East is expected to show substantially in 2018.
According to the world economic outlook (WEO) update of the (IMF) has projected a strong growth in the Middle East with UAE’s real GDP will surge to 3.4 per cent in 2018.
The IMF forecast for 2018 showed the regional GDP growth rebounding to 3.3 per cent, largely driven by turnaround in key regional economies such as the UAE, Saudi Arabia and Kuwait.
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Michael Kors is buying luxury shoemaker Jimmy Choo for $1.2 billion.
U.S. retailer Michael Kors (KORS.N) said it has agreed to buy luxury shoemaker Jimmy Choo (CHOO.L) for $1.2 billion, snapping up a British company whose towering stilettos have been made famous by celebrity customers from Princess Diana to Kendall Jenner.
Under the terms of the deal, it will pay a premium of 36.5 percent to buy Jimmy Choo compared with the British firm's share price before it was put up for sale.
Its strong performance stands in contrast to Michael Kors which has lost 65 percent of its market value since 2014 due to fierce competition at the more affordable end of the luxury market and a drop in customers at department stores. At 1015 GMT, Jimmy Choo shares were up 17 percent at 228.25 pence. The company makes three quarters of its revenue from selling shoes and has a presence across the world, including around 150 company-operated retail stores.
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Company News
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Breitling appoints Georges Kern as its new CEO.
Breitling’s release stated that as the new CEO, Kern’s mission will be to “support the international development of the company, and enhance digital presence and commercial branding, with the specific objective of accelerating growth in the important Asian markets.”
Kern, who’s been with Richemont for two decades, spending most of that time as CEO IWC Schaffhausen, was promoted to head of watchmaking, marketing, and digital last year before his sudden resignation and move to Breitling.
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Montblanc introduces the first Neo² boutique concept in Dubai.
The luxury Maison’s Deira City Centre boutique in Dubai has become the first of Montblanc’s boutiques in the Middle East to unveil the new Neo² retail concept currently being rolled out across the world. |
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TAG Heuer launches the Connected Modular 45 #24hoursconnected Contest.
TAG Heuer introduces the first ever TAG Heuer Connected Modular 45 #24hoursconnected Contest, with the participation of more than thirty of TAG Heuer’s Ambassador and Friends of the Brand from all around the world. |
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Product Launch
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A beautiful artisans creation “Petite Heure Minute” from Jaquet Droz.
The majestic, spectacular and symbolic creatures from Africa, the Caribbean and Asia – the lion, the flamingo, and the koi carp – are Jaquet Droz's guests of honor on three timepieces that bring together the very best of its artisans' mastery. |
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Richard Mille presents RM 67-02 EXTRAFLAT AUTOMATIC.
Richard Mille unveils lightest automatic wristwatch, the RM 67-02 and on the wrist of Wayde van Niekerk during the World Championships in Athletics at the Olympic Stadium in London. |
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Celebrity News
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Kate Middleton, Duchess of Cambridge shines in Boucheron.
Kate Middleton, Duchess of Cambridge and wife of Prince William, Duke of Cambridge, wear the Queen Mother’s ruby and diamond necklace for the State Banquet in honor of King Felipe and Queen Letizia of Spain. This necklace was purchased from Boucheron by Mrs Greville in 1907. |
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Laura Harrier dazzles in Bulgari jewelry.
Bulgari brand ambassador, Laura Harrier shines in Bulgari jewelry at the recent Los Angeles and New York premieres of Spiderman: Homecoming. |
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