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Showing posts with label luxury timepieces. Show all posts
Showing posts with label luxury timepieces. Show all posts

Sotheby’s New York Watch Auction Fetches $7.2 million


A Patek Philippe Reference 658 black dial pocket watch (pictured above) was the top lot at Sotheby’s New York Important Watches auction, selling for $527,000, well above its high estimate. Made in 1937, it features a yellow gold open-faced perpetual calendar split-seconds chronograph minute repeater with moon phases and a black dial. The auction house says it is the first known reference 658 to have been produced and one of 15 made with a black dial.

The December 11 sale was Sotheby’s final watch auction of 2014. It achieved $7.2 million, with 68.5 percent sold by lot and 74.6 percent sold by value, raising the company’s 2014 sales in this category to a Sotheby’s record of $100.1 million for the year.

Familiar names in the watch world such as Patek Philippe, Vacheron Constantin and Paul Newman Daytona Rolex watches shared the center of attention with rare complicated mechanical clocks.

Other top lots include:


* A Courvoisier & Compe. no. 11359 ormolu and mahogany two tune musical automaton birdcage clock with double singing and flying birds sold for $389,000, well above its estimate. The circa 1820 clock was the top lot from the collection of Frank and Lore Metzger that totaled $753,000.

* A Patek Philippe Ref. 5959 platinum split seconds chronograph wristwatch with register sold for $257,000. Sotheby’s said the circa 2008 timepiece with its “Officer” style case, white dial and special italicized Arabic numerals, “bears many striking similarities” to the earliest-known split second chronograph wristwatch: the no. 124824, started in 1903 and completed in 1923, which the auction house sold in June for $2.9 million.


* A Black Starr & Frost and Pierre Gravoin rock crystal, mother-of-pearl, hardstone and gem-set desk timepiece, circa 1930, sold for $377,000, more than three times its high estimate.


* Five of Rolex’s “Paul Newman Daytonas” sold for a combined total of $591,000. The group was led by a stainless steel chronograph wristwatch with bracelet (Ref 6263 No 2874356) Paul Newman Daytona Panda, circa 1970, that sold for $185,000.


* A Vacheron Constantin yellow gold, enamel, and pearl-set open-faced watch sold for $233,000. Made in 1930 with an enamel scene of Le Temps et les Parques painted by Jeanne Vauthey, it is among a celebrated few Vacheron Constantin timepieces from the early 20th century with a painted enamel scene, Sotheby’s said. The image depicts the Three Fates, “who spin, measure and cut a length of yarn in an allegory for destiny.”

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Harry Winston’s Growth Ends in Q3

Harry Winston salon in Paris

Harry Winston Diamond Corp., the luxury retail jeweler and supplier of rough diamonds, saw its retail sales slow to a crawl and its diamond business take a nosedive for the third quarter of fiscal 2012.

Sales in the Toronto-based company’s mining segment fell 40 percent, year-over-year, to $36.2 million for the quarter, ended October 31. Rough diamond production for the period increased 8 percent to 800,000 carats for the period. Harry Winston has a 40 percent ownership stake in the Diavik Diamond Mine in Canada’s Northwest Territories. Mining giant Rio Tinto owns the other 60 percent.

For the luxury brand segment, sales increased 4 percent, year-over-year, to $83.5 million compared to $80.2 million in the same quarter of the prior year. At constant exchange rates, sales decrease by 4 percent. Harry Winston is a premier diamond jeweler and luxury timepiece retailer with luxury salons in key locations around the world.

“Challenging trading conditions returned to the diamond business internationally in the third quarter,” said Robert Gannicott, Chairman and CEO. “However, this was not the sudden, hard shock of 2008/2009 and, being better equipped to weather a downturn than in 2008/9, we elected not to sell the full rough diamond production into a weak market during the quarter but continued to supply the segments where demand remained resilient. We have now resumed a wider range of rough diamond sales as the market has recovered some poise in the light of continuing good consumer demand. Our luxury brand segment has seen increased unit sales as we continue to broaden the focus of our jewelry and timepieces.”

Rough diamond price during the third quarter was $159 per carat from 200,000 carats sold compared to $95 per carat from 600,000 carats sold in the comparable quarter of the prior year, the company reported. The price difference is primarily the result of the stockpiling of some lower priced diamond assortments which currently face competition from the recent sale of stocks of similar quality Zimbabwe diamonds. At October 31, 2011, the company was holding 1.1 million carats of rough diamond inventory with an estimated value of $123 million at current market prices.

Mining segment EBITDA was $16.7 million in the quarter compared to $24.9 million in the comparable quarter of the prior year. After accounting for the $13 million ($8.4 million tax effected) non-cash de-recognition charge related to a backfill plant no longer needed in revised underground mining methods, this segment recorded an operating loss of $3.3 million. Excluding this charge, the mining segment would have recorded an operating profit of $9.7 million in the third quarter compared to $9.4 million in the same quarter of the prior year.

The luxury brand segment generated EBITDA of $4.5 million and an operating profit of $1.3 million in the third quarter 2012 compared to EBITDA of $8.6 million and operating profit of $5.4 million in the comparable quarter of the prior year. The decreased operating profit is a result of the seasonal increased marketing expenditure leading into the holiday season and expenses related to the anticipated opening of new salons in China during early 2012.

The Company had $83.2 million of cash and $106.2 million availability in its credit facilities as of October 31.

Hublot Opens Boutiques East and West, Audemars Piguet and Michael Schumacher, and Tourneau Adds Rolex

 
Jet Li, Million Dollar Watch Help Open Hublot China Boutique
Hublot opened its third and largest boutique in China in the Oriental Plaza, one of most prosperous iconic shopping malls in downtown Beijing. At the event, the Swiss luxury watch brand welcomed its newest brand ambassador, actor and martial arts expert, Jet Li. And to make things a little more interesting Hublot revealed the Big Bang One Million $ Lady watch. The 38 mm timepiece features 880 baguette diamonds, adding up to more than 48 carats. Made from white gold by master stone-setters using an “invisible set” technique, which magnifies the brilliance of the diamonds, it was introduced at the BaselWorld tradeshow in April 2010.


Audemars Piguet Welcomes Schumacher
Who’s that looking sharp with his Audemars Piguet watch? Why that’s none other than the greatest racecar driver off all time, Michael Schumacher. Audemars Piguet CEO Philippe Merk officially welcomed the famed German driver into the watch brand’s family during an event in Dusseldorf, Germany. Schumacher’s seven world championship titles, 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. After his return to competition in 2010, next season, he will be competing in the 18th world championship of his career.



Hublot Unveils ‘Bal Harbour’ Watches and Boutique
Hublot opened its first U.S. boutique in Bal Harbour, Fla. To honor the opening the Swiss luxury watch brand presented two timepieces in limited edition of 25 pieces: The King Power Aero All Black “Bal Harbour” and an Aero Bang “Bal Harbour.” Both models are for sale in Bal Harbour boutique.


Tourneau Store Opens Rolex Boutique
The Tourneau watch store at The Plaza at King of Prussia has opened a specialty Rolex boutique inside the store just in time for the holidays. A grand opening celebration was held Dec. 3-5. The mall and store are located in King of Prussia, Pa.

Andrea Bocelli Foundation to Host Benefit Gala with Girard-Perregaux

Andrea Bocelli 

Classical singing sensation Andrea Bocelli will launch his new foundation with a benefit gala on Friday at the Beverly Hilton Hotel in Los Angeles. Bocelli, David Foster, Heather Headley and Anna Maria Martinez will perform at the event.

The Andrea Bocelli Foundation seeks to raise funds and awareness for its efforts to fight poverty around the world and to help people overcome barriers caused by illness, discomfort or disability. 

“I feel very strongly about helping people make the most of the world that we live in,” Bocelli said. “I was born with poor eyesight and became completely blind at the age of twelve. Overcoming blindness and dealing with its consequences has taught me about the nature of externally imposed limits, and has encouraged me to think about how to help and support others facing barriers in their lives. Every human being has the right to be happy, fulfilled and to live a flourishing and meaningful life. I want to help those who face barriers in achieving their life’s potential.”

Partnering with Bocelli for the event is the Swiss Luxury watch brand Girard-Perregaux.

“We are very proud and excited to join forces with Andrea Bocelli in the launch of his new foundation,” said Michele Sofisti, CEO of Sowind Group, which incorporates the Girard-Perregaux and JeanRichard luxury watch brands. “His accomplishments as an artist and philanthropist are an inspiration to all of us and we are happy to support him in this new pursuit.”

The event is produced by Studiomusica and Jo Champa and presented by the Grammy Museum Foundation. Tickets are available by following this link.

Ulysse Nardin's $1.1 Million Timepiece Highlights Superyacht Charity Event

The $1.1 Million Royal Blue Tourbillion Haute Joaillerie

PALM BEACH, Fla. – The guests circled the marble outdoor pool area Saturday at the Mar-A-Lago Club, Donald’s Trump’s Mediterranean-revival palace, as night fell. The men wearing formal tuxes, the women in flowing gowns with jewelry that sparkled like stars against the night. They entered the main banquet room with drinks in hand and sat down for the final gala and live auction of the 24th Annual Showboats International Boys & Girls Clubs Rendezvous.

Patrik Hoffmann
In the midst of it all, playing a prominent role throughout the three-day event, was Patrik Hoffmann, CEO of the Swiss luxury watch brand, Ulysse Nardin. Hoffmann and the watch brand helped the event raise more than $1 million for the Boys & Girls Clubs of Broward County by contributing about $200,000.

Held November 10-12 at the Rybovich Yacht Club, the exclusive Rendezvous is the largest gathering of superyachts in the U.S. Twelve yachts, measuring from 44 feet to 197 feet participated this year. There are daily and early evening events at the yacht club and evening galas throughout the Palm Beach area.

On November 10 during a tour of the superyachts known as the “Rendezvous Yacht Hop,” Hoffmann commandeered the 197-foot Lime Light to showcase a selection of watches that would be featured throughout the event, including the $1.1 million Royal Blue Tourbillon Haute Joaillerie (top picture). The platinum watch case and bracelet are paved with 568 baguette-cut diamonds and 234 baguette-cut royal blue sapphires. The bridges and main plates are crafted in blue sapphire, allowing the flying Tourbillon to appear as if it is floating in an empty space. While this watch made the headline of this story it was actually overshadowed by some of Ulysse Nardin’s other offerings when it came to its impact on the event. Among the watches:

The Admiral, a marine chronometer specifically designed for and given to 16 members of the Rendezvous Fleet Admirals Club. These are persons who contributed $50,000 per year for the past five years to the Boys & Girls Clubs of Broward County. Each watch is engraved with the recipient’s name. The men’s model is on a rubber strap and on an additional crocodile strap with steel deployant buckle. The matching women’s model has a diamond bezel. The watch dial, caseback and strap also contains insignias and other descriptions identifying the person as a Fleet Admirals Club member. During the formal gala, each member was called up to the stage to be acknowledged, and to personally receive their custom timepiece from Hoffmann.

The Classico, the official auction watch. The sleek gold watch includes a caseback that can be personalized for the owner through a hand-engraved image. Five of the watches were auctioned off for $25,000 each during at the final night’s ball.






The Blue El Toro perpetual calendar timepiece was the surprise auction watch. It’s the newest GMT Perpetual model from the company and the only one currently available in the world. “It is the only perpetual calendar that you can set back and forth,” Hoffmann said. “Whereas many perpetual calendars work with springs and clutches, obviously, once it springs you cannot go back. Ulysse Nardin perpetual calendars work with wheels and gears. That’s why you can go back and forth.” It’s a patent owned by Ulysse Nardin used for all of its perpetual calendar timepieces that will end in about two years.

Hoffmann said Friday that there was a possibility of it being placed on auction but he didn’t sound too keen on the idea. However, later that evening, during the Palm Beach Celebration party at the Flagler Museum, all it took was a little “nudge” from Rick Case, founder of the Rendezvous event. In this case, the nudge by Case, one of the top car dealers in the U.S., involved calling Hoffmann in front of everyone in the room and telling them that the timepiece will be auctioned off the following night. The watch sold at auction during the final night’s gala for $75,000, well over its retail price of $55,000.

The Genghis Khan Unique Piece. This latest version of the limited edition Genghis Khan is the only one in the world with a mother-of-pearl background. The figures on the watch face are made of threaded gold. It also has a Westminster chime sound that signals the hour, quarter hour and minutes. The visible one minute tourbillon is integrated into the aventurine dial. It sells for $725,000 Swiss francs ($786,000).

Those who received an Admiral Watch are:

Felix Sabates

John Rosatti & Dawn

Robert Tomsich

Leslie & Tom Murphy

Linda & Doug Von Allmen

Leslie & John Dane III

Cindy & Terry Taylor

Christine Lynn

Suzanne & Larry DeGeorge

Gene Reed

John Devaney

Marti & Wayne Huizenga

Rita & Rick Case

Richard & Mary Anne Kull

From left: Wayne and Marti Huizenga receiving an Admiral timepiece from Patrik Hoffmann and Rick Case.

Hublot and Ferrari Become Partners

Jean-Claude Biver, CEO of Hublot (left), and Luca Cordero di Montezemolo, president of Ferrari S.p.A, seal the deal at the Mugello International Circuit. Photo credit: Raphael Faux.

Luxury Swiss watch brand Hublot says it has entered into a “comprehensive agreement” with the Italian sports car manufacturer, Ferrari, merging the brand images and the commercial activities of both companies.

The two companies say this collaboration will be more that the creation of watch collections, operating a license, or a sponsorship agreement. It’s described in a joint statement as a “genuine exchange between the two brands, a pooling of resources and information.”

Under the arrangement, Hublot becomes the exclusive watchmaking partner in the full range of Ferrari’s activities. This includes the “Official Watch” of Ferrari, “Official Timekeeper” of Ferrari, “Official Timekeeper” of Scuderia Ferrari, “Official Watch” of Scuderia Ferrari, “Official Timekeeper” of the Ferrari Challenge, and partners in Ferrari special events.

Jean-Claude Biver flanked by members of the Ferrari racing team. Photo credit: Raphael Faux

The partnership was announced November 5 during the Finali Mondiali Ferrari race at the Mugello International Circuit—the world finals event that traditionally marks the end of the Prancing Stallion's sports season. The new partnership will then head to the emerging markets of China and the Middle East. Ferrari is a leading luxury brands in China and Hublot is establishing itself in the country with 3 boutiques currently and 12 openings planned by the end of 2012.

“Exclusivity, technology, passion, style: Hublot and Ferrari share many core values and this new partnership between two such highly prestigious brands is an important milestone for both,” said Luca Cordero di Montezemolo, president of Ferrari S.p.A.

“This collaboration, rich in a host of synergies, gives Hublot a massive boost along the road,” added Jean-Claude Biver, CEO of Hublot.

Hermès Q3 Sales Up 15.8% Led by Watch and Jewelry Sales


The cream rises to the top as the best luxury goods brands continue to report robust sales in a difficult economic climate.

Hermès reports that revenue in the third quarter increased 15.8 percent, year-over-year, to 683.2 million euros. Revenue rose by 18.2 percent at constant exchange rates (stripping out the effects exchange rate changes). Sales growth for the Group's own stores was up 19.1 percent at constant exchange rates for the period, despite of a high comparison basis.

The 174-year-old Parisian brand said watch sales rose 22.4 percent (24.9 percent at constant exchange rates) to 37.5 million euros. Under the ready-to-wear & fashion accessories category, which includes jewelry, sales rose 28.9 percent (32.4 percent at constant exchange rates) to 148.1 million euros for the period, ended September 30.

Sales in other product categories are as follows:

* Silk & Textiles, up 21 percent (24.1 percent at constant-exchange rates) to 76 million euros.

* Leathergoods & Saddlery, up 8 percent (10.3 percent at constant-exchange rates) to 319.5 million euros.

* Other Hermes Sectors, up 29.9 percent (32.2 percent at constant-exchange rates) to 25.6 million euros.

* Perfumes, up 11.2 percent (11.6 percent at constant-exchange rates) to 42.7 million euros.

* Tableware, up 15 percent (16.8 percent at constant-exchange rates) to 10.9 million euros.

* Other products (which include John Lobb shoes as well as production activities realized for third parties, such as textile printing, perfumes, tanning), up 22.5 percent (23.3 percent in constant exchange rates) to 22.9 million.

Sales among geographical regions are as follows:

* Americas rose 12.9 percent (21.8 percent at constant exchange rates) to 106.6 million euros.

* France rose 5.4 percent to 111.8 million euros.

* The rest of Europe rose 21.3 percent (20.2 percent at constant exchange rates) to 138.1 million euros.

* Japan rose 4.3 percent (3.2 percent at constant exchange rates) to 115.8 million euros.

* The rest of the Asian Pacific rose 28.9 percent (33.9 percent at constant exchange rates) to 201.9 million euros.

Because of its strong third-quarter showing the company increased its outlook for the year, saying it expects sales growth to be 15 to 16 percent at constant exchange rates.

“Meeting this target will be highly contingent on the business sectors' ability to meet stepped-up demand ahead of the year-end holiday season,” the company said.

Timepiece Tuesday: Boucheron Beautifies the ‘Time Machine’

Jwlrymachine in purple

MB&F, founded in 2005, is a small Swiss watch company that makes a limited number of elaborate and innovative wristwatches, known as “horological machines,” that are sold at astronomical prices. Their timepieces straddle the limits of modern-day engineering, architecture and technical mastery. What these watches lacked was a touch of beauty. That’s where Boucheron comes in.

HM3 Starcruiser
In what may seem to some like an unlikely collaboration, the famed 152-year-old French jewelry house was asked to create a refined, bejeweled face for MB&F’s Horological Machine No.3 (HM3). The result is Jwlrymachine, a three-dimensional owl, available either in 18k white gold, with amethyst, diamonds and blue and violet sapphires, or in 18k red gold, with pink tourmaline, rose quartz, diamonds and pink sapphires.

The owl’s eyes are large glowing cabochons, set over the twin cones. Its sparkling wings, wrapped protectively around the HM3 engine, are made of pavé-set with brilliant-cut stones. Its feathered breast is sculpted and engraved from a single block of amethyst or rose quartz. The glowing eyes, sparkling wings and gleaming breast create a carefully choreographed play of light. Beneath the owl’s breast, its heart appears to be beating. The illusion is created by the faintly perceived swings of MB&F’s solid-gold battle-axe-shaped rotor beneath the translucent stone.

HM3 Movement
For the astute regular readers of the Jewelry News Network, Boucheron’s collaboration with MB&F isn’t as unlikely as it may have first appeared. The French family dynasty, known as one of the world’s top purveyors of high jewelry, is also a company that embraces technology and innovation. It was one of the first luxury companies to use e-commerce. It has an active social media presence. Just today, JNN posted a story about Boucheron’s computer application that allows users to virtually try on its jewelry.

Innovation has always been the hallmark of truly great luxury companies. But you already knew this.

Harry Winston Is Not For Sale

The Harry Winston salon in Paris.

Harry Winston Diamond Corp. issued a statement Thursday saying it is not in talks to sell its luxury jewelry and watch business.

“While it is the company’s general policy not to comment on market rumors, it confirms that it has received various indications of interest regarding a potential purchase of its luxury brand segment. It is not in active negotiations regarding any such transaction,” it said in the statement. “The company does not intend to make any further public announcements regarding this matter unless it concludes that they are warranted by the circumstances or are required by law.”

The statement came as a result of stories from Reuters and other outlets stating that Harry Winston “has been approaching potential buyers such as luxury groups LVMH and PPR.”

Harry Winston Diamond Corp. is a business with assets in the mining and retail segments of the diamond industry. Harry Winston supplies rough diamonds to the global market from its 40 percent ownership interest in the Diavik Diamond Mine. The company’s luxury brand segment is a diamond jeweler and luxury timepiece retailer with salons in key locations throughout the world.

Harry Winston shares ownership of the diamond mine in the Northwest Territories of Canada with mining giant Rio Tinto, which owns a 60 percent stake. The miner has announced its intention to sell all of its diamond mines to concentrate in larger mining segments. Harry Winston was reportedly in talks to buy the mine outright.


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Jewelry and Watch Sales Sparkle for LVMH


LVMH Moët Hennessy Louis Vuitton, the world’s leading high quality products group, said revenue for the first nine months of 2011 rose 15 percent year-over-year to 16.3 billion euros ($22.3 billion). Organic revenue growth was 15 percent after the currency impact was compensated by the June 30 consolidation of Italian luxury jeweler, Bulgari, into the LVMH structure.

The third quarter continued the trend of strong growth evident since the start of the year, the Paris-based conglomerate said. The momentum continued in Asia, Europe and the United States, while Japan returned to growth over the period. In its outlook, the company said it expects the same revenue growth to continue till the end of the year.

The Watches & Jewelry division (which includes the brands TAG Heuer, Zenith and Hublot), while fifth among the company’s six business units in overall income, was the strongest performer for the nine-month period, recording a 76 percent revenue increase (26 percent organic growth) to 1.2 billion euros ($1.7 billion). The third quarter was marked by the public offer for the outstanding minority shares in Bulgari, which the company said, is performing well across all product categories. TAG Heuer enhanced its feminine product offering with a new jewelry extension to its Formula 1 line and has expanded its presence in Asia. Hublot continues the successful roll-out of the Classic Fusion collection. Driven by the excellent progress of its El Primero and Captain ranges, Zenith continues to demonstrate the strong appeal of its high quality chronographs. The other jewelry brands, Chaumet, Fred and De Beers continued their positive momentum through their own store network, the company said.

Results for its other businesses during the nine month-period are as follows:

Revenue for the Wines & Spirits group (which includes Moët & Chandon, Dom Pérignon, and Jas Hennessy & Co.) increased 7 percent (11% organic) to 2.3 billion euros ($3.2 billion), led by champagne and premium alcohol sales.

Fashion & Leather Goods group (which includes Louis Vuitton, Thomas Pink and Marc Jacobs) grew 13 percent (15% organic) to 6.2 billion euros ($8.5 billion).

Perfumes & Cosmetics group (Christian Dior, Guerlain and Parfums Givenchy) saw its sales rise 3 percent (10% organic) to $2.3 billion euros ($3.2 billion)for the period, led by the sustained growth of its flagship product lines.

Selective Retailing group (which includes DFS, Sephora and La Samaritaine) sales increased 18 percent (19% organic) to $4.3 billion ($5.9 billion), benefiting from the expansion of Asian tourism, which was particularly strong in Hong Kong and Macao.

Its businesses listed as “other activities,” recorded a slight loss.

The Girard-Perregaux Unveils 1966 in 41 Millimeters


The latest edition of the Girard-Perregaux 1966 timepiece comes in a new size of 41 millimeters and in pink gold. Its opaline surface reveals a slightly curved dial with 15-minute markers that take the form of slender batons. The two leaf-shaped hands are joined by a central seconds hand in blue steel, while the date is visible at 3 o’clock.

The enlarged case is adapted to the dimensions of the self-winding mechanical caliber GP4500, designed at the manufacture’s R&D department and produced and assembled in its workshops. Composed of 188 pieces, the caliber has a power reserve of 54 hours. Its pink gold oscillating weight, engraved with the name of the brand, is adorned with Côtes de Genève decoration.

An alligator strap with pink gold pin buckle is the finishing touch on this classic timepiece that retails for $16,500.


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Breguet Celebrates the First Watch With Unveiling of the Reine de Naples Watch and Jewelry Collection

Reine de Naples ladies timepiece

Abraham-Louis Breguet is said to have created and delivered the first wristwatch, for Caroline Murat, Queen of Naples on October 5, 1812. To pay tribute to this historical piece and its creator, the Swiss luxury watch brand that bears the creator’s name went off to Naples for a celebration commemorating the 200th anniversary of the event.

The Breguet celebration held on Oct. 5 and 6 on the Gulf of Naples included a tour of Reggia Di Capodimonte, which was the home to Caroline Murat, who occupied the throne of Naples until 1815 and a gala and an historical exhibition, “Reine de Naples,” on the Isle of Capri.

The Swiss luxury watch brand also unveiled the 10th anniversary of its “Reine de Naples” ladies watch and jewelry collection. Launched in 2002, this collection is a tribute to the first wristwatch, ordered by Caroline Murat from Abraham-Louis Breguet in 1810 and delivered in 1812.


Reine de Naples ring in 950 platinum paved with brilliant-cut diamonds (2.48 ct), with baguette-cut diamonds (approx. 7.50 ct), and an oval-cut blue sapphire (9.50 ct).

The “Reine de Naples” anniversary special has a striking mechanism that marks the top of every hour with two chimes repeated three times. A pushpiece at 2 o’clock disables the function. Along with the usual technical imperatives involved in designing an oval movement, this timepiece incorporates the results of fundamental research by Breguet into the acoustics of chiming and repeating watches.

The geometry of the bridges, the oscillating weight and the decoration, displayed through the sapphire crystal back of the watch, form the image of a garden pavilion in the Mediterranean style, identical to the stately residences of Caroline Murat. To do justice to the lavish setting in which the piece is unveiled, the bezel and the snap of the “Reine de Naples” anniversary special are set with 28 brilliant cut diamonds and 27 blue sapphires. The striking hammers appear above the dial at 11 and 1 o’clock, while between them the diamond heart of a rose engraved in gold indicates the engagement of the hour striker. The silvered gold dial and its flange are paved with 233 brilliant cut diamonds and 303 blue sapphires with different nuances, offering a subtle color gradation. A crown placed at 4 o’clock and set with a briolette-cut diamond adds a sublime final touch to this exclusive anniversary watch, mounted on an alligator strap with a folding clasp set with 26 diamonds.


Reine de Naples tiara in 950 platinum paved with brilliant-cut diamonds (12.75 ct), baguette-cut diamonds (approx. 8.00 ct) and an 8.37 ct oval-cut blue sapphire.

The Reine de Naples jewelry set consists of a ring, pair of earrings, necklace and tiara, all in 950 platinum. The central motif of the jewels in the set is an oval-cut blue sapphire. It is surrounded by two ovoid rings paved with baguette-cut diamonds in an elegant and refined echo of the case of the first wristwatch, which had an oblong shape. 

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Girard-Perregaux’s U.S. President Goes After the Aspirational Consumer

Michael Margolis
You may remember in February a piece on Michael Margolis being named as U.S. president of Girard-Perregaux. Well I caught up with Margolis in June and we discussed what he's been doing along with his future plans for the luxury watch brand.

It’s been a busy time for Margolis. In that short time span, he was involved in updating the brand’s website, helped build a new advertising campaign, started a lifestyle blog and made a key personnel change at the Girard-Perregaux’s boutique in New York.

One of the major reasons for all of these changes is to attract the younger aspirational customer to the venerable Swiss luxury watch brand.

“I think our average customer today is probably 45 or 50 years old. We love our 45- and 50-year-old customers,” Margolis said. “But we also need the 25- and 30-year-old customer. We need the young guys who have their first big job and they’re going to reward themselves with a watch.… We need that aspirational G-P buyer. I want the 15-year-old kid who looks through a watch magazine and I want him cutting a picture of our watch out and posting it on his refrigerator and telling his parents: ‘Someday I’m going to own that watch.’”

There are probably few people in the Swiss watch industry who understand this perspective more than Margolis, who is an outsider in a largely inbred industry. His background is in the high-tech industry but has always been a passionate watch collector. Through his passion he became a forum moderator at timezone.com, a popular website for watch enthusiasts.

“I was a watch fanatic,” he said. “So I bring a little different perspective to the table. I bring a consumer’s perspective, a collector’s perspective. I see things a little differently I think because I’ve been to the other side of the counter. Most of the people were born in the industry.”

In 2005, Margolis was approached by Jean-Claude Biver, a very successful figure in the Swiss watch industry, who at the time was working for the Swatch Group. He told Margolis his plan to take over and rebuild a dormant watch brand. Biver wanted Margolis to manage a forum on Timezone about the brand. The brand was Hublot, which under Biver’s leadership, experienced spectacular growth to become one of the world’s best-known watch brands. During this time (2005 – 2012), Margolis’ role grew into communications director and eventually sales director of the brand.

Margolis is using his high-tech background, his communications and sales skills, his understanding of the passionate watch customer, and his newly acquired Swiss watch industry experience, to create ways to appeal to watch lovers in the modern world.

One of the most creative ways Margolis is attracting both the current Girard-Perregaux client and the aspiration person is by the creation of the Mechanics of Style blog. It is basically an online luxury lifestyle publication with articles from professional writers on a variety of topics, including food, travel, wine and spirits, sports, collectibles and just about anything that would be of interest to the timepiece connoisseur.

“We’re talking about all kinds of things that a person who buys a Girard-Perregaux or another watch might be interested in, such as custom shirts, fragrances, espresso machines, wine and cigars,” he said. “I won’t say it’s completely independent of Girard-Perregaux because it’s not. There’s some history and some facts and some fun things about GP as well. We have the World Timer watch that’s been an icon of GP for many years. We have a travel segment where we’re visiting all 24 of the cities that are on the World Timer’s bezel. It will be a 24-month campaign to visit all the cities on the dial.”

The website, which was not discussed during the interview, is a sleek, fast site that doesn’t use flash, which I consider groundbreaking. In the stodgy world of luxury Swiss watches and luxury in general, the industry has seemed incapable of letting go of the slow, cumbersome flash platform. Featured prominently on the new site is the company’s new advertising campaign. It focuses on a group of the band’s young watch makers, discussing their passion for the trade and their interests outside of work. The campaign includes an ongoing world tour where the young watchmakers give one-on-one workshops to watch connoisseurs and guests for insight on watchmaking and how complicated timepieces are built.

On the retail level, Margolis hired a new manager at its Madison Avenue boutique, the only brand-specific, brand-operated Girard-Perregaux boutique in the world: Chip Henderson, a veteran watch retailer.

“He’s not a guy who grew up in the industry,” Margolis said. “He’s a guy who has passion for the product and he’s exactly what we need for our Madison Avenue boutique.”

Margolis has big plans for the boutique.

“I want to turn the boutique into what I’m calling a Girard-Perregaux embassy. Yes of course it’s a retail space where a customer can come in and buy a watch and we don’t apologize for that. But I want it to be much more than that. I want it to be where the customer can come, he can be educated, he can buy just a strap for his watch, he can learn about the brand. We have a full-time watchmaker on staff. When you walk in the door he’s right in front of you. We take in a tremendous amount of repairs. We have repair facilities in the U.S. but it’s rare that brand boutiques on Madison have a watchmaker on staff so we’re very happy about that.”

Margolis said Girard-Perregaux has no plans to build more boutiques. Instead, it will continue to enhance its relationships with its retailers.

“My opinion as a watch guy is that we are manufacturers and distributors and wholesalers. It’s not our place to be retailers,” he said. “We have a number of boutiques in China but they’re all owned by retailers. The only boutique that we have in the world that’s not owned by a retailer is Madison Avenue and if you look at the rent structure for what a square-foot of space on Madison Avenue in the 60s costs, it’s nearly impossible for a retailer to make a business model that works. For us, the boutique becomes an advertising expense.”

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Update: Swatch Group Ends Partnership with Tiffany

The Atlas Chronograph watch in 2009, one of the first watches created by Tiffany Watch Co. Ltd.

Updated at 2 p.m. with a statement from Tiffany & Co. disputing the claims of the Swatch Group. See below.

In a terse statement Monday, the Swatch Group said it will end its partnership with Tiffany & Co. to make and distribute branded watches for the luxury jeweler and will seek compensation for the loss of business. The world’s largest watch group blames Tiffany for what it calls a “breach of contract.”

“Today Swatch Group terminated its cooperation contracts with Tiffany & Co,” the Biel/Bienne, Switzerland-based company said in a statement. “This action became necessary following Tiffany & Co’s systematic efforts to block and delay development of the business.”

In December 2007, with a great deal of fanfare, the two companies announced that it was creating Tiffany Watch Co. Ltd. The agreement, finalized in the spring of 2008, created an entity responsible for the development, production and distribution of Tiffany & Co. branded watches. Worldwide sales were handled through points of sale operated by Tiffany & Co., by The Swatch Group Ltd. and by independent retailers.

Tiffany Watch Co. Ltd. will wind down over the course of two years following the termination of the cooperation contracts, Swatch said in its statement, adding that it will seek damage claims.

“Swatch Group and Tiffany Watch Co. Ltd. will press claims for damages against Tiffany & Co., New York, in compensation for the loss of planned long-term future business.” 

Tiffany issued a statement at about 11:30 a.m. disputing the claims of Swatch Group saying that the watch company failed to uphold its end of the agreement terms.

“Since Tiffany & Co. and The Swatch Group Ltd. entered upon this venture more than three years ago it has become increasingly clear that Swatch is unwilling to honor the terms of our agreement, make the necessary commitments and work cooperatively to develop the business for TIFFANY & CO. watches in the luxury space, Tiffany said in its statement.

“Despite assurances to contrary made in 2007, Swatch has failed to provide appropriate distribution for TIFFANY & CO. brand watches, with the result that our current business forecasts do not include any meaningful increase in watch sales or royalty income. Tiffany has honored its obligations under the agreement, and insisted that Swatch honor its own obligations, particularly its obligation to respect Tiffany's rights regarding brand-management and product design. Tiffany & Co. is confident that its position will be vindicated in the pending arbitral proceedings in relation to this matter and Swatch's misconduct.”

Richemont Reports Widespread Sales Growth Led by Jewelry Sales but Cautions on Future Profits


Cie. Financiere Richemont SA said Wednesday that sales for the five-month period ended August 31 increased 29 percent year-over-year, led by strong growth for all of its brands throughout all regions. At constant exchange rates, sales increased by 35 percent.

However, the company cautions that the rising Swiss franc and uncertain economic conditions make the remainder of the year difficult to predict. In a move to stop the surge of the Swiss franc against other currencies, the Swiss National Bank capped the franc’s rate against the euro at an exchange rate below 1.20 francs to help the country’s exports. The Swiss currency dropped more than 8 percent against the euro Tuesday. It is unclear whether the SNB’s decision played into Richemont’s outlook.

On a region-by-region basis, sales growth in Europe, the company’s largest market, was robust (up 21 percent), reflecting purchases made by local clients and tourists, the luxury goods company said. The Asia-Pacific region continues to lead the way with a 46 percent growth in sales for the period. This stems from sustained consumer confidence in that region and increased investment by the company in its brands (known as Maisons) and distribution networks. Sales growth in the Americas increased a notable 26 percent, year-over-year. Sales in Japan increased 7 percent, despite the aftermath of the natural disasters which struck that country in March.

Retail sales grew 37 percent due to the expansion of the Geneva-based company’s retail networks, particularly in the Asia-Pacific region, and strong growth at the e-commerce site, Net-A-Porter.

The company’s wholesale business increased 22 percent during the five-month period.
 
All brands enjoyed solid growth. Jewelry brands (Cartier and Van Cleef & Arpels) led the way with 34 percent growth in sales for the period. Sales at watch brands (Jaeger-LeCoultre, Piaget, IWC, Baume & Mercier, Vacheron Constantin, Officine Panerai, A. Lange & Söhne and Roger Dubuis) grew 28 percent for the period. Montblanc sales increased 10 percent. Sales in a category listed as “Other” (Alfred Dunhill, Chloé, Lancel and Net-A-Porter.Com as well as other smaller brands and watch component manufacturing activities for third parties) increased 24 percent.

The company is also in a joint venture with Ralph Lauren’s watch and jewelry business.

Richemont’s net cash position for the period is 2.6 billion euros ($3.6 billion).

Richemont expects its sales and operating profit for the first six months of this year to be significantly higher than the comparative period.

“Based on the strengthening of the Swiss Franc between March 2011 and today, the Group will incur a significant translation loss on its cash balances,” the company said in a statement. Further, the accounting gain recognized in the comparative period relating to the acquisition of Net-A-Porter of € 101 million will not re-occur. Accordingly, Richemont expects attributable profit to be broadly in line with the prior year despite a significantly higher operating profit.”

Johann Rupert, Richemont executive chairman and Group CEO, added: “The rest of the financial year is difficult to predict. The problems of fiscal deficits generally and Euro zone difficulties in particular are likely to act as a drag on business prospects for companies in the period ahead, especially if the growth markets are affected. To hope for a continuation of the current good trading levels in such circumstances may be over-optimistic. In addition, we must keep in mind the demanding comparative figures against which sales in the coming six months will be measured.

“Moreover, the impact of the Swiss franc’s appreciation against the euro and other major currencies obviously poses a challenge for all Swiss exporters. For Richemont, with a significant production base, our headquarters and many of our Maisons located in Switzerland, the stronger Swiss franc will continue to be negative for our cost of sales and operating expenses, maintaining negative pressure on our margins.”

Vacheron Constantin Opens Boutique in Las Vegas

Entrance of the new Vacheron Constantin Las Vegas boutique.

Swiss luxury watch brand, Vacheron Constantin, opened a new boutique Monday at the Palazzo Hotel, Resort & Casino in Las Vegas, marking the company’s 30th boutique worldwide and its second boutique in North America after the opening in New York in September 2011.


The interior design of the new retail space uses contemporary elements combined with traditional design techniques, the Geneva-based brand said, noting that it is “an architectural perspective that reveals the brand’s constant search for excellence and aesthetic perfection.” The materials and color scheme provide “a warm and comfortable atmosphere dedicated to technical and precious haute horlogerie.”

The boutique will offer the entire range of collections from the Geneva-based brand, as well as exclusive boutique models.


“This opening is another milestone in the brand’s worldwide expansion and allows us to provide an experience that will enhance customer understanding of the brand and its longstanding history in haute horlogerie,” said Hugues de Pins, president of Vacheron Constantin North America.

Vacheron Constantin, established in 1755, is the world’s oldest continuous watch manufacturer.

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Hermès Watches Reinterpret the Passing of Time




Arceau Temps Suspendu in a steel case and opaline silver dial with herringbone motif.

In the world you and I inhabit it may seem that time moves in a linear fashion. But in the world of Hermès time can be suspended and days can disappear while hours can travel at an unpredictable pace.

The famed Parisian luxury house, the apple of Bernard Arnault’s eye, recently introduced two watch lines that are not only aesthetically pleasing but challenge the assumptions of how one uses a watch.




Arceau Temps Suspendu in a steel case and black dial with herringbone motif.

The Arceau Temps Suspendu watch has a button at the 9 o’clock mark that when pressed, the hands move to the 12 o’clock mark. Also, the hand on the retrograde date complication disappears. Thus, time is suspended. To return to the proper time just press the 9 o’clock button again and as long as the automatic movement is running the hands will return to the right places.




Arceau Temps Suspendu in a rose gold case and opaline silver dial with herringbone motif.

The sophisticated mechanics are located inside a refined face that makes the movements possible. The retrograde date function, on the lower portion of the watch dial, between the 7 o’clock and 3 o’clock markers, is raised to make it easy to read—a function that is all too rare in watches. When in its suspended mode, the date hand disappears into a slightly raised section at the bottom of the watch. In addition, as part of the suspended motion, the hour and minute hands collapse into a slight V shaped depression on either side of the 12 o’clock mark.

The watch is housed inside 43 mm-diameter case available in rose gold or steel.




Cape Cod in steel with anthracite dial. The hour display accelerates from 7 a.m. till 11 a.m. and from 1 p.m. till 5 p.m. It slows from 11 a.m. till 1 p.m. and from 5 p.m. till 7 p.m. It comes with a matte graphite alligator strap.

Meanwhile, the handsome Cape Cod Grandes Heures dons three different dials where the user can choose the pace of how the watch details the time. The curved, rectangular case reveals a dial that provides time made to measure with a guilloché setting swept over by skeleton hands. The hours on the dial are bunched together and spread apart in a seemingly haphazard fashion, but there is a method to this madness.




Cape Cod in steel with silver dial. The hour display acelerates from 8 a.m. till noon and from 2 p.m. to 6 p.m. It slows from 6 p.m. till 8 p.m. and from noon till 2 p.m. It comes with a matte havana alligator strap.

The tempo of the hours on the automated movement accelerates and slows to correspond with the arrangement of the hour markers while the minute hand keeps at a constant speed. That’s because of a toothed oval wheel system that enables the hour hand—thanks to the shape of the gear—to speed up or slow down its motion.




Cape Cod in steel with anthracite dial. The hour display accelerates from 10 a.m. till 2 p.m. and from 4 p.m. to 8 p.m. It slows from 8 a.m. till 10 a.m. and from 2 p.m. to 4 p.m. It comes with a matte graphite alligator strap.

Boucheron’s Wild and Crazy Ladies Watches




Héra Tourbillon

For more than 150 years, Boucheron has held an esteemed place in the rarified world of haute joaillerie. Early this year, the Parisian jewelry house introduced its “Cabinet of Curiosities,” a jewelry and timepiece collection based on animals and presented in a wildlife setting.

At Baselworld, the world’s largest watch and jewelry tradeshow in Basel, Switzerland, held in March, I was able to go inside that cabinet to view watches from this collection. Among the items exhibited in the firm’s showroom were ladies watches made of colorful gemstones, diamonds and mother of pearl in elaborate, “audacious” designs made with plenty of gemstones along with mother-of-pearl that certainly attract attention.

The watches are known as the “Crazy Collection. What they share is an attention to detail, refined craftsmanship and individual styling that has earned an international following for Boucheron. As an added bonus, these timepieces, which really border on being art pieces, tell fantasized individual stories, many inspired by India, the Middle East and Greece. 

Héra Tourbillon
The bejeweled watch bracelet combines high watch making with high jewelry. It gets its name from the Greek goddess who purportedly added the “eyes” to the peacock’s tail. It’s powered by the three gold Bridges Tourbillon designed by Girard-Perregaux. This movement is energized by Boucheron’s delicate jeweled adornments. The mechanism itself is set with two different shades of green Paribas tourmalines along with diamonds to create the body of the peacock. The plumage is made of white gold set with diamonds, sapphires and Paribas tourmalines.

Crazy Jungle Flamingo
Boucheron focused on its skilled craftsmanship to create a watch with texture and perspective. The timepiece pictured is in white gold set with diamonds and tsavorites with an automatic GP4000 movement. The transparent mother-of-pearl and lacquered dial is set with white and pink diamonds, and tsavorites. It comes with a pink satin watch strap.
Crazy Jungle Hathi
This timepiece gets its moniker from the Hindi word for elephant and is inspired by the ceremonial elephants used by royalty in India. The watch that is pictured is made of white gold set with blue sapphires, diamonds and tsavorites with an automatic GP4000 movement. The elephant’s blanket contains the “Crazy Seconds” module, which acts like a spinning kaleidoscope of color. The dial is made of Murano aventurine glass mosaic set with diamonds, sapphires, tsavorites, amethysts and onyx. It comes with a purple-blue satin strap.

Crazy Jungle Seahorse
Boucheron created a watch with a rich and energetic dial that is teaming with sea life, centered by a bejeweled seahorse. The low relief allows light to roll across the colorful gems, which enhances the feeling of movement. The watch pictured is rose gold set with multicolored sapphires and diamonds with an automatic GP4000 movement. The dial is made of white mother-of-pearl and petrified palm tree marquetry set with multicolored sapphires, diamonds, garnets and onyx. It comes with a white brushed satin strap.

Crazy Shéhérazade
Inspired by the novel, “One Thousand and One Nights,” this watch draws the eye into its colorful and spinning world of bejeweled light and texture. This model comes in white gold and diamonds with an automatic GP4000 movement and the “Crazy Seconds” module, which acts like a spinning kaleidoscope of color within an off-centered aperture. The dial is made of lapis lazuli mosaic set with multicolored sapphires, amethysts, aquamarines and diamonds. It is available with a purple-blue satin strap.

Orientale
This Indian-inspired watch in rose gold and diamond has a light pink dial made of mother-of-pearl mosaic set with diamonds and pink sapphires. It is available with a pink sapphire strap.