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Business News: Stefanie Ng Appointed CEO of Audemars Piguet SE Asia SJX Watches
Audemars Piguet SE Asia Audemars Piguet Dec 7, 2019

Business News: Stefanie Ng Appointed CEO of Audemars Piguet SE Asia

Audemars Piguet (AP) recently named Stefanie Ng to lead its operations in Southeast Asia, India and Australia. She succeeds Jonathan King, who departed the brand in April 2019. Having started her career at Swatch Group, Ms Ng joined AP in 2012 as marketing manager for the region, where she helped execute projects like the Royal Oak 40th anniversary exhibition and a giant floral clock at Gardens by the Bay. The past two years have been formative for the brand, both in Asia and the wider world, as it has steadily trimmed its third-party distribution while growing sales within its own stores, making the marketing efforts of Ms Ng and her team vital, particularly with the launch of the all-new Code 11.59 collection earlier this year. As chief executive, Ms Ng will work alongside two board members of AP, which is unusual amongst Swiss watchmakers in having shareholders resident in Singapore: Oliviero Bottinelli, whose family inherited its stake from former AP chief executive Georges Golay (1921-1987), and Sunil Amarasuriya, who was once the distributor for AP in the region and acquired a minority stake in 1990. The Audemars Piguet Code 11.59 tourbillon made for Only Watch, which sold for a record 1m Swiss francs at the charity auction in November Though the watch industry in the region, like that back home in Switzerland, is dominated by men, it’s noteworthy that two of the most important brands – coincidentally both family owned – are now run by women. The Patek Philipp...

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Industry News: GPHG Announces Revamp of Nominations and Awards SJX Watches
Nov 26, 2019

Industry News: GPHG Announces Revamp of Nominations and Awards

As the Grand Prix d’Horlogerie de Genève (GPHG) is gearing up for its 20th anniversary next year – and a week after the 2019 winners were announced – the foundation that administers the industry awards has announced the Academy. This adds an additional layer of nominations and votes to the awards to better encompass a wider swathe of the watch business. Slated to be several hundred strong – 300 was the number mooted – the Academy will be composed of individuals from across the watch industry, from brands to the media to retailers. The large size of the Academy and its diversity is to ensure the GPHG awards represent the industry’s views as much as possible. The GPHG trophy takes the form of a gilded hand The Academy will be able to nominate watches for the awards – in past years only brands could propose their own watches – as well as vote in the earlier shortlisting process. The final vote and physical evaluation of the shortlisted candidates will then be undertaken by a 30-member jury meeting in Geneva, which is similar to the voting process today. The first members of the Academy will be announced in early 2020. Subsequently, new members can join the Academy when nominated by existing members.

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Business News: LVMH Buys Tiffany & Co. for US$16.2 Billion SJX Watches
Louis Vuitton Nov 25, 2019

Business News: LVMH Buys Tiffany & Co. for US$16.2 Billion

After several weeks of negotiations, LVMH has sealed the deal to buy Tiffany & Co. in a US$16.2 billion, all-cash deal. Despite several years of listless growth and a declining share price – though its current management was in a midst of engineering a turnaround – Tiffany & Co. is the biggest acquisition ever in the luxury goods industry. The French luxury conglomerate, which owns Louis Vuitton and Christian Dior, is paying US$135 a share, about 35% above the last traded price before news of the takeover broke. With the acquisition of the storied American jeweller, LVMH strengthens its presence in the “hard” luxury business of jewellery and watches, a segment traditionally dominated by its Swiss rival Richemont, the owner of Cartier, Van Cleef & Arpels, and most recently, Buccellati. The addition of Tiffany’s to its 75-strong stable of brands, which includes watchmakers like Hublot and TAG Heuer, will also help LVMH grow its presence in China and the United States, where the jeweller’s baubles are popular. And the deal also means Tiffany’s well regarded chief executive, Alessandro Bogliolo, returns to LVMH, where he was once the chief operating officer at Bulgari.  

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Business News: Citizen Sticks with Baselworld for 2020 SJX Watches
Frederique Constant Alpina Nov 10, 2019

Business News: Citizen Sticks with Baselworld for 2020

Shortly after Seiko announced it was pulling out of Baselworld 2020, fellow Japanese watchmaker Citizen announced it was staying put, along with all of its subsidiary brands, save for Arnold & Son. According to a report in Chronos Japan, the decision was made in the summer, after some internal debate as to whether or not to remain in Baselworld, where Citizen has long boasted one of the most avant-garde booths, year after year. The Citizen booth at Baselworld 2019 Citizen – which launched a record-setting quartz watch at Baselworld 2019 – might have moved to the recently announced Watches & Wonders in Geneva, but that did not happen. So the brand, along with its subsidiaries Bulova, Frederique Constant, Alpina, and Miyota, will continue to exhibit at Baselworld. Only Arnold & Son, a relatively high-end Swiss brand also owned by Citizen, will exhibit at Watches & Wonders. According to an industry source, the remaining major Japanese watchmaker, G-Shock maker Casio, will also continue to show at Baselworld. Source: Chronos Japan  

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Breaking News: Seiko Exits Baselworld 2020 SJX Watches
Citizen has been relegated Nov 7, 2019

Breaking News: Seiko Exits Baselworld 2020

Switzerland’s biggest watch and jewellery fair will see one of its biggest exhibitors, Seiko, depart next year reports Yasuhito Shibuya of Chronos Japan. A Baselworld exhibitor since 1986, the Japanese watchmaker joins the stream of brands that have been departing the event since industry giant Swatch Group’s shock exit last year. According to Mr Shibuya, Seiko’s official reason for leaving is “because the opening time of Baselworld in 2020 is later than usual”, happening in May instead of the traditional March. Mr Shibuya also adds: “The fair happens a month later, coinciding with the Golden Week in Japan – a period with four consecutive national holidays within seven days. This is a particularly disappointing time for Japanese watchmakers.” “From the location of the booth to the floor plan of the fair [with Seiko’s booth on the second level], I do not think that Seiko has received equal treatment [as compared to Swiss brands]” noted Mr Shibuya. Despite its importance, both commercially and culturally, Seiko, along with fellow Japanese brands Casio and Citizen, has been relegated to the upper floor of the main exhibition hall since the venue’s lavish redesign in 2013. The loss of Seiko is no doubt a major blow to Baselworld, which has historically been a cash cow for exhibition organiser MCH Group, which also owns the Art Basel franchise. Instead of Baselworld, Seiko will launch its new products earlier in the year. However, according to a Seiko...

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Business News: LVMH Offers to Buy Tiffany & Co. SJX Watches
Patek Philippe watches Oct 27, 2019

Business News: LVMH Offers to Buy Tiffany & Co.

Luxury giant LVMH has made an offer to buy Tiffany & Co., America’s leading luxury jeweller (and the biggest retailer of Patek Philippe watches in the country), according to the Bloomberg. The French group made an all-cash offer of US$120 a share, a premium of about 22% over Tiffany’s last done share price and valuing the company at about US$14.4 billion. That would make Tiffany’s the biggest acquisition ever for LVMH, which has seen its shares hit record highs recently, bringing its value to over US$210 billion. Despite being the world’s largest luxury group – its brands include Louis Vuitton, Bulgari, Rimowa, Hublot and DFS – LVMH is relatively weak in high-end jewellery, especially compared to Swiss rival Richemont, which owns Cartier, Van Cleef & Arpels, and Piaget, and only just picked up Buccellati. Buying Tiffany would give LVMH a bigger presence in jewellery, as well as greater exposure to the United States, which is the jeweller’s biggest market, account for around a third of sales. LVMH only just opened a bag factory in Texas, the Louis Vuitton Rochambeau Ranch, in an event attended by Donald Trump and LVMH chief executive and controlling shareholder Bernard Arnault, who’s also the third-richest man in the world. Best known for its diamond engagement rings and blue boxes, Tiffany suffered from a weak spell in recent years, with its former chief executive Frederic Cumenal, an LVMH alumni, lasting barely two years. After he departed in 2017, to be...

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Business News: Richemont and Swatch Results; Massive Inventories at Swatch SJX Watches
Vacheron Constantin saw overall sales dip Jul 18, 2019

Business News: Richemont and Swatch Results; Massive Inventories at Swatch

Swiss watchmaking groups Richemont and Swatch Group just announced their first quarter and six-month results for 2019 respectively, with each going in opposite directions. Owner of brands like Cartier, IWC and Panerai, Richemont saw growth across most segments and regions. Overall sales were up 12% at constant exchange rates, with every region growing in the low teens save for the Middle East and Africa. Sales in Asia grew 10%, led by China, where demand is up due to lower taxes locally on luxury goods and more stringent checks on travellers importing items bought overseas. Most notable was the performance of its online channels, namely luxury fashion mall Yoox Net-a-Porter (YNAP), pre-owned watch merchant Watchfinder, and to a lesser extent. That growth is from a low base of comparison: last year’s first quarter for each platform was only two and one month respectively. That being said, online sales are still substantial, rising to 50% to €648m, almost equal to the €698m of sales in the Americas as a whole. The group’s watchmaking brands, which include A. Lange & Söhne and Vacheron Constantin, saw overall sales dip 2%. This was attributed to a reduction in the number of sales channels as well as reduced orders of new product by retailers. Up in Biel, where the Swatch Group has its headquarters, half-year sales were down 3.7% at constant exchange rates, to 4.07 billion Swiss francs. Net profit followed suit, shrinking 11.3% to 415m francs. For the full year, howe...

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