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Auction Watch: Sylvester Stallone’s Very Own Panerai Luminor SJX Watches
Richard Mille are also Dec 2, 2020

Auction Watch: Sylvester Stallone’s Very Own Panerai Luminor

Instrumental in Panerai’s rise as the “it” brand of the 2000s were the action-hero celebrities who favoured its oversized dive watches. The singular most important personality in establishing the brand in popular culture was Sylvester Stallone, who wore this very Luminor 5218-201/A “pre-Vendome” in the 1996 film Daylight, where he played a firefighter leading survivors out of a collapsed tunnel. Mr Stallone with the Panerai on his right wrist in Daylight A product of the original Panerai company in Italy before the brand moved to Switzerland after Richemont acquired it, the watch has been consigned for sale at Phillips’ upcoming New York watch auction by Mr Stallone himself. It’s being offered exactly as it was worn on screen, including the sharkskin strap – along with paraphernalia relating to the film as well as a hand-written note stating he wore the watch during its production. Four other watches of Mr Stallone’s, all Richard Mille, are also in the sale, including the RM 32 he wore in The Expendables 3. The Stallone collection In the mid 1990s Mr Stallone also had an informal partnership with Panerai, reputedly receiving several watches from the brand, which then produced several runs of limited edition watches dubbed  “Sly Tech” after Mr Stallone’s nickname. Mr Stallone became an early adopter of Panerai not long after it starting making wristwatches once again in 1993 thanks to Monty Shadow, a photographer born in the former Yugoslavia who i...

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Business News: Richemont Six-Month Watch Sales Plunge 38% SJX Watches
Cartier Nov 7, 2020

Business News: Richemont Six-Month Watch Sales Plunge 38%

Richemont just reported its sales for the first half of the financial year – the six months to end September 2020 – and most of the numbers are in the red. The Swiss luxury group that owns Cartier and IWC saw sales fall 26% year on year, though the quarterly numbers show a gradual recovery. Sales were down by 47% in the first quarter but recovered enough to dip just 6% in the second quarter, owing to a gradual reopening of the economy. This no doubt inspired optimism amongst investors, who sent the group’s share price up almost 9% by the close of trading. Optimism notwithstanding, the declines extended to all performance metrics. Operating margin fell sharply to just 8.3%, almost half that for the same period in 2019. The falls in sales and margins collectively led to stark, 82% fall in operating profit. Net profit cratered, going from €869m in the first half of 2019 to just €159m. Beyond the negative numbers, the report was also notable for what it did not include. With rumours swirling about changes to Richemont management at the very top level – particularly about the tenure of chief executive Jerome Lambert – it was widely speculated the results announcement would include personnel changes, but nothing was forthcoming. Woe for watches and everywhere but Asia The global pandemic meant a global fall in sales, but with drops varying from region to region. As expected, Asia Pacific performed the best, with sales falling just 4%. Negative growth in the fir...

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