Hodinkee
Business News: Watches & Wonders Geneva Cancels On-Site 2021 Show
The former SIHH exhibition will be digital-only next April.
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16,797 articles · 2,294 videos found · page 369 of 637
Hodinkee
SJX Watches
Business News: Switzerland’s Most Important Watch Fair Cancelled for 2021
Originally scheduled for the first week of April next year, Watches & Wonders 2021 was to have taken place at Palexpo, the convention hall near Geneva’s airport that’s long been host to Geneva’s major trade fairs. And it would have been a massive event, with up to 50 brands taking part. With the demise of Baselworld earlier this year, Watches & Wonders (W&W;) was on track to become the most important watch fair in Switzerland. Formerly known as SIHH, Watches & Wonders would have counted most of the industry’s leading brands as exhibitors. Its participants would have included all of the brands owned by Swiss luxury group Richemont, including Cartier, A. Lange & Söhne, and IWC, industry giants Rolex and Patek Philippe, as well as privately-held brands like Chanel and Chopard. A scene from SIHH 2019, seeming like a lifetime ago But due to the ongoing pandemic, the physical fair will not take place, and the participating brands will (mostly) launch their new wares online. A significant number of new watches will be unveiled during the planned dates of the fair – April 7 to 13, 2021 – but most of the brands will no doubt be unveiling additional watches throughout the year, as they have done in 2020. The organisers of W&W; are optimistic about the year after, promising the “2022 edition will be the biggest watch event ever held in Geneva”, with even more brands coming on board. For more, visit Watchesandwonders.com.
Hodinkee
Breaking News: The Piaget Altiplano Ultimate Concept Wins The Aiguille D'Or At The 2020 GPHG Awards
Thin for the win.
SJX Watches
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...
Hodinkee
Business News: Kelly Yoch, Tiffany's Patek Philippe Expert, Joins Watches Of Switzerland As Director Of Client Relations
It's not just Tiffany-signed Pateks anymore.
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3 Must-Know Facts Before Buying a Rolex Watch
Quill & Pad
Diamond-Set Watches: Who Knew Fine Craftsmanship Was So Complicated? – Reprise
Adding a few diamonds to a watch: how hard can that be? As it turns out, stone setting is a lot more difficult than many appreciate. Diamond-setting watches requires the expertise and craftsmanship of about half a dozen highly skilled craftspeople, each a master of their craft.
Two Broke Watch Snobs
Ep: #194: The Best Damn Quartz Watches You Can Buy Right Now
It’s hard to beat a good quartz watch. And the industry’s recent high-luxury releases have left the guys hungry for another good quartz episode.Tune in for 2020 quartz recommendations from Kaz & Mike. Hold on to your wallets - there’s a whole bunch of them!
SJX Watches
Business News: Watches & Wonders 2020 Opens (Again) in Sanya
Having scheduled for Geneva in April and then cancelled, Watches & Wonders (W&W;) then went online, and in a last minute decision, an actual fair in Shanghai’s West Bund Art Center. The surging demand for luxury watches in China as it emerges from the pandemic meant the inevitable success of W&W; Shanghai – which our correspondent outlined earlier this week – which is why the fair is happening again in China, this time in the resort city of Sanya. Opening barely a month after the close of the Shanghai event, W&W; Sanya takes place from September 29 to October 31 in the massive CDF Mall – a full month inside the world’s largest duty-free shopping centre. Importantly, W&W; Sanya is catered to the retail consumer instead of the traditional fair audience of watch retailers and journalists. Shopping paradise A city on the southernmost tip of Hainan island, which is known for its tropical weather and beaches, Sanya is the rapidly-growing capital of duty-free shopping in China. The Chinese government has announced plans to develop duty-free shopping on Hainan, which is already has already enjoyed a massive uptick. From the start of July to mid-August 2020, the CDF Mall recorded sales of over RMB5 billion, or over US$730 million, from over 740,000 customers. Open to the public daily, W&W; Sanya was conceived to cater to this demand. Eleven brands are taking part in the event in the CDF Mall, which, at 750,000 square feet or 72,000 square metres, is the world’s largest duty...
Deployant
Review: The Patek Philippe Calatrava Ref. 5180/1R – No Skeletons In This Closet
Patek Philippe Calatrava Ref. 5180/1R The Patek Philippe Calatrava is many things: elegant, dainty, simple, dressy, thin. One thing it is not, is exhibitionist – well, at least not until the Ref. 5180 came along. First available in white gold, Patek Philippe’s openworked wonder was, to say the least, polarising. But that didn’t stop theRead More
Hodinkee
Business News: The Finalists For The 2020 Grand Prix d’Horlogerie de Genève (GPHG)
84 finalists, 14 categories, but only one grand prize.
Video
Tudor Black Bay 58: 5 Things I wish I knew before buying
SJX Watches
Business News: Swiss Watch Exports Moderate Decline While China Powers Ahead
Having just published its monthly report on Swiss watch exports, the Federation of the Swiss Watch Industry (FH) has delivered numbers that back up what many industry insiders have been saying: China is the only bright spot in watch retail. The FH report for July 2020 indicated a moderating decline in the value of Swiss watch exports, which fell 17% for the month, half the decline in June. The biggest declines in volumes were suffered by cheaper watches, with watches priced at under CHF200 (at export value) falling by 41.5%. The number for watches priced over CHF3,000 was 11.1%. But the key takeaway was the continued recovery in China. Exports to China rose 59.1%, the second straight month of growth in the world’s largest market for Swiss watch exports. The second-largest market of the United States saw exports dip 0.6%, while the fall in exports to Hong Kong – once the world’s largest market – continued their plunge, falling 42.9% for the month.
Hodinkee
Breaking News: Bonhams Seiko-Only 'Making Waves' Auction Not Canceled (Updated)
Newly updated catalogue to go online later this week.
Hodinkee
Just Because: In Other News, Your Wristwatch May Harbor A Flourishing Microbial Ecosystem
Life finds a way.
Hodinkee
Business News: Geneva Watch Days To Take Place August 26-29
Switzerland's first major watch trade show of the year is scheduled for later this month.
Hodinkee
Introducing: The Norqain Independence 20 Limited Edition, The First Norqain Watch With Kenissi Caliber NN20/1
Norqain's newest watch is the first to feature a movement from Tudor manufacturer Kenissi.
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Facts You Didn't Know About Breitling Watches
Hodinkee
Business News: Is The Worst Over For The Swiss Watch Industry?
The Swatch Group is upbeat about the next six months, but the FH sees a slow recovery from "an unparalleled shock."
Deployant
Breaking News: Watches & Wonders in Shanghai September 9 to 13, 2020
Watches & Wonders will exhibit in Shanghai with eleven watchmaking brands, to be held September 9th to 13th, 2020 at the West Bund Art Center.
SJX Watches
Business News: Watches & Wonders Shanghai to Happen September 2020
With its Geneva debut in April 2020 cancelled due to the COVID-19 pandemic, the watch fair once known as SIHH is moving to Shanghai. Its organisers have just announced Watches & Wonders Shanghai will take place from September 9-13, 2020 at West Bund Art Center. W&W; Shanghai will see only 11 brands take part, down from 30 at the Geneva event. The exhibiting brands are A. Lange & Söhne, Baume & Mercier, Cartier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis, and Vacheron Constantin – all owned by Swiss luxury group Richemont – as well as independently-owned brands Parmigiani Fleurier and Purnell. Like the original fair in Geneva, the Shanghai event will be invite-only, and will include new product launches, talks, as well as watchmaking classes. Alongside the physical exhibition in Shanghai, W&W; will also unveil the new products on its website. With the Chinese watch market now in the midst of a sharp upturn post-pandemic – evidenced in the results of both Richemont and the Swatch Group – China is likely the single largest national market for luxury watches that is operating close to normal, making the migration of the event from Geneva to Shanghai eminently logical.
SJX Watches
Business News: Richemont Sales Halve in First Quarter of 2020
Just days after the Swatch Group posted dismal half-year results, Richemont reported predictably poor sales for its first quarter, with revenue falling 47% to €1.99 billion compared to a year earlier. Like its rival the Swatch Group, Richemont was hit hard by the COVID-19 pandemic. The owner of almost two dozen watch and jewellery brands, including Cartier, IWC and Panerai, suffered from widespread store and distribution centre closures, a worldwide halt in tourism, and dampened consumer interest in many of markets, although China was a bright spot. Degrees of resilience The group’s business across the world was affected to varying degrees from region to region, depending on a combination of factors, namely the duration of closures, tourist spending, and spending of the domestic buyers. Although Richemont reported double-digit sales declines across all regions, distribution channels and business areas, the decreases were less pronounced in the Middle East, Africa, and Asia Pacific – the latter benefitted from a 47% year-on-year growth in sales in China, which exited its lockdown earlier than the rest of the world. China’s performance helped keep sales in the Asia Pacific resilient, to a degree. Sales in the region decreased by 29% at actual exchange rates to €277m, declining in all Asian markets, except China. Amongst the hardest hit were Japan and the Americas, where sales dropped 62% and 60% respectively due to widespread closure. The 2020 Cartier Privé Tank...
SJX Watches
Business News: Swatch Group Sales Plunge on Pandemic Closures
Swiss watchmaking conglomerate Swatch Group just announced its half-year 2020 results and unsurprisingly, it took a huge hit due to the COVID-19 pandemic. Although the group, which owns brands like Omega and Longines, had a good start in January with an operating margin of 17.3% – with the watch and jewellery brands performing a bit better than movement- and component-production division – the lockdown progressively imposed across the world since February severely impacted sales, leading to a steep declines in revenue and half-year operating loss, a first for the group. Group sales for the first half plunged 43.4% at constant exchange rates from a year earlier, resulting in an operating loss of CHF327m, compared to a profit of CHF547m for the same period in 2019. Most of the drop in sales was attributed to the lockdowns in most countries, resulting in widespread store closures. The Swatch Group saw up to 80% of both its own boutiques and third-party retailers close, meaning it had to rely on partially “partially feasible” e-commerce. And even after lockdowns were lifted, the group permanently vacated some of its retail space, as evidenced by disputes with its former landlord in Hong Kong, which has sued the Swatch Group for several million in allegedly unpaid rent. Due to its swiftly-streamlining retail network, the group’s employee count was trimmed by 6.5% since December 2019 to approximately 33,700 employees. This was also confirmed by anecdotal evidence fro...
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Everything You Need to Know About Omega Release 2022!
SJX Watches
Business News: James Murdoch to Become Major Shareholder in Baselworld Owner
Having been pummelled by the COVID-19 pandemic and the implosion of Baselworld, the watch fair’s owner MCH Group has just announced a CHF104.5m rescue led by the canton of Basel and James Murdoch. But the crown jewel is not the Baselworld watch and jewellery fair, but Art Basel, which is undoubtedly the prize Mr Murdoch is after. As part of the rescue, the canton of Basel will convert its CHF30m loan to MCH into equity, with the balance being made up of a rights issue priced at a 25% discount to the 30-day average for MCH shares, which hit a peak of CHF80 in 2017 and traded around CHF17 in recent weeks. Through his family investment office Lupa Systems, Mr Murdoch will underwrite the rights issue, subscribing to all rights not taken up by other shareholders. At the same time, the canton of Basel and its regional bank have extended the repayment period for outstanding loans to MCH, while a bond offering is planned in the near future. Beyond shoring up the finances of MCH, the exercise will leaving Mr Murdoch with 30-44% of MCH Group, along with three board seats. Restrictions on shareholder voting rights will also be abolished, removing the outsized voting power of the cantons of Basel and Zurich, once the dominant influences in MCH. A long-term investment Mr Murdoch is the younger son of Rupert Murdoch, perhaps the most powerful figure in the broadcast and news business in the Western world. Recent newspaper reports have said the younger Murdoch was negotiating with MC...
Hodinkee
Breaking News: Four Of Jean-Claude Biver's Patek Philippe Watches Fetch $8.76 Million At Phillips' Geneva Auction
Mega watches bring mega dollars.
Hodinkee
Business News: May Swiss Watch Exports 'Paralyzed'
Switzerland shipped 1.3 million fewer watches to market this May than in May 2019.
Hodinkee
Introducing: The Breguet Marine Alarme Musicale, Now On Matching Gold Bracelets
A high-end take on the alarm complication gets a bracelet to match.
SJX Watches
Business News: Frédéric Arnault Appointed Chief Executive of TAG Heuer
Having joined TAG Heuer in 2017, Frédéric Arnault has just been named the watchmaker’s boss, effective July 1. He succeeds Stephane Bianchi, who will then be elevated to head the newly-formed LVMH Watch and Jewellery division – a job that Mr Arnault is perhaps being groomed for – which encompasses the group’s three watch brands, which include Hublot and Zenith, as well as its smaller jewellery brands, Chaumet and Fred. The biggest LVMH jewellery brand, Bulgari, retains its standalone status. Bulgari chief executive Jean-Christophe Babin, who industry sources say enjoys a competitive rivalry with Mr Bianchi, will report only to the number two man in LVMH, Group Managing Director Antonio Belloni. Presumably Tiffany & Co., the American jeweller that LVMH is in the process of acquiring, will enjoy similar independence. A digital leader While Mr Arnault is the fourth son of Bernard Arnault, the founder and controlling shareholder of LVMH, the younger Arnault arrived in the watch business with an impressive résumé. The 25-year old graduated from France’s prestigious Ecole Polytechnique with a degree in Computational and Applied Mathematics, notching up internships at McKinsey and Facebook along the way. He started at TAG Heuer as head of connected watches, just as the brand was ramping up its push into smartwatches, before being promoted to Strategy and Digital Director in 2018, where he led the design of the latest-generation Connected watch. The recently launch...
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