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Results for Tantalum (Watch Cases)

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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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Highlights: Sotheby’s Hong Kong Watch Auction SJX Watches
Zenith Oct 7, 2020

Highlights: Sotheby’s Hong Kong Watch Auction

With its auctions earlier in the year having been delayed due to the pandemic – and supplemented by weekly online sales – Sotheby’s has resumed its traditional schedule and the fall auction season in Hong Kong is now in full swing. Preceded by sales of wine, art, and jewellery, Important Watches takes place in Hong Kong in two days – at 4:00 pm on October 9. Made up of just over 180 lots, the catalogue encompasses independent watchmakers like Philippe Dufour – there are two Dufour Simplicities in the sale – who are notable and known, and also some who are less prominent today, like Antoine Preziuso and Svend Andersen. And the sale naturally the usual suspects, with the headline watch being a possibly-unique Rolex Daytona “Zenith” with a lapis lazuli dial, and perhaps the most intriguing being a quartz Rolex Beta 21 in white gold that might be one of a kind. Here’s a look at a couple of interesting lots, and the complete catalogue is available here. The lapis Daytona The white gold Rolex Beta-21 Lot 2062 – Andersen Geneve Secular Perpetual Calendar Known for his inventive complications and unique bespoke watches, Svend Andersen was a pioneer in independent watchmaking. He established his own brand in 1979 and cofounded the AHCI in 1986. Four decades on, he continues to produce watches using artisanal and traditional methods. A good example of his mechanical creativity is the secular perpetual calendar that made its debut in 1996 – the first of its...

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