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BUSINESS NEWS: Swiss watch exports unaffected by Coronavirus outbreak yet, according to FHH Time+Tide
Feb 22, 2020

BUSINESS NEWS: Swiss watch exports unaffected by Coronavirus outbreak yet, according to FHH

While the Coronavirus outbreak certainly offers a number of reasons for the watch industry at large to be concerned, its effects haven’t been severely felt yet. According to recent data from the Fondation de la Haute Horlogerie (FHH), the first month of 2020 has seen strong watch sales, with a 9.4 per cent increase in … ContinuedThe post BUSINESS NEWS: Swiss watch exports unaffected by Coronavirus outbreak yet, according to FHH appeared first on Time+Tide Watches.

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Recommended Reading: The Swiss Cryptography Machine Maker Owned by the CIA SJX Watches
Oris Hagelin had once hoped Feb 19, 2020

Recommended Reading: The Swiss Cryptography Machine Maker Owned by the CIA

Switzerland has a well-earned reputation for producing high-quality machinery and engineering, mostly produced by small and medium-sized businesses making equipment like machine tools, printing presses, and lifts. For the same reasons, Switzerland boasts world-class watch companies, most of which share the same prowess in manufacturing and engineering. As it happens, a Swiss company was an industry leader in cryptography machines for several decades in the late 20th century. Founded by a Swede in Switzerland, Crypto AG sold mechanical encoding devices to some 120 countries, including Iran, India, and the Vatican. Although digital cryptography has now rendered cryptography hardware obsolete, such machines were once crucial to international diplomacy, intelligence, and espionage. Crypto AG was a key producer of these machines, helped by the fact that Switzerland is a neutral country. But a recent investigation by the The Washington Post and German public television network Zweites Deutsches Fernsehen (ZDF) have revealed that since 1970, Crypto AG was secretly owned by the CIA and Bundesnachrichtendienst (BND), Germany’s federal intelligence service. The news has since spiralled into a scandal in Switzerland – where neutrality has been a national policy since the 19th century – with the government setting up an inquiry to investigate just how much former officials knew. Building in backdoors According to the Post, Crypto AG founder Boris Hagelin had once hoped to pas...

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Mystery Vs. Transparency in luxury watchmaking – how much do you really want to know? Time+Tide
Dec 31, 2019

Mystery Vs. Transparency in luxury watchmaking – how much do you really want to know?

It is becoming increasingly common to see small, emerging microbrands threaten to “pull back the curtain” on the luxury watch industry, in an attempt to upend the established order and claim a slice of the suddenly democratised pie for themselves. But how effective, or even responsible a strategy is it? Is it time to stop … ContinuedThe post Mystery Vs. Transparency in luxury watchmaking – how much do you really want to know? appeared first on Time+Tide Watches.

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Business News: Swiss Authorities Weigh ETA Sales Ban SJX Watches
Dec 15, 2019

Business News: Swiss Authorities Weigh ETA Sales Ban

According to Swiss newspaper Schweiz am Wochenende (via Reuters), Switzerland’s Competition Commission, a federal body that oversees competition and antitrust matters, is considering an outright ban of movements sales by ETA to third parties, in other words brands outside of the Swatch Group, starting January 2020. Also known as COMCO, or its German acronym WEKO, the agency is expected to deliver a verdict on December 19 . No explicit reason was cited for the potential ban, but it was implied that a recent COMCO report on the industry structure of the movement business is the reason. It is possible that COMCO believes the number of alternatives to ETA is sufficient that the watch industry would be better served over the long term by forcing watch brands to switch away from ETA. COMCO has long tussled with Switzerland’s biggest movement maker, in a dispute that began 17 years ago, when ETA announced it would gradually halt sales of ebauches, or movement blanks, to brands not owned by its parent company, Swatch Group. Because ETA was, and still is, Switzerland’s largest movement, reputedly producing some five million movements a year, its decision was regarded by COMCO as anticompetitive. And the wider Swatch Group – which is the country’s largest watchmaking conglomerate – produces perhaps a third of the components needed for watch movements in the entire industry. In the subsequent years ETA and COMCO reached various agreements over movement supply, with the l...

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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: Swiss Watch Exports to Hong Kong Plunge 30% in October SJX Watches
Nov 19, 2019

Business News: Swiss Watch Exports to Hong Kong Plunge 30% in October

The latest figures from trade body Federation of the Swiss Watch Industry (FH) show a massive fall in Swiss watch exports to Hong Kong, a statistic that is proxy for sales of luxury watches. According to the FH numbers for the month of October 2019, exports to Hong Kong fell 29.7% to 191.3m Swiss francs. This comes after a more measured, 4.6% drop in September. Exports to Hong Hong have now fallen below those to China, which rose 10.8% to 218.4m francs. Enjoying a 11.2% rise to 227.5m francs is the United States, which was the largest market for Swiss watches in October. For the year to date, Hong Kong remains the world’s largest market for Swiss watches, though the gap between it and the second-placed United States is falling. Hong Kong imported 2.26 billion francs of Swiss watches in the year to date – a fall of 8.8% compared to the same period las year – compared to 1.97 billion francs for the United States. Pedder Street in Hong Kong’s Central business district, ordinarily a shopping paradise. Photo – Hong Kong Tourism Board The drop in watch exports to the city confirm industry talk that the luxury goods has been hard hit by the six months of protests that have roiled Hong Kong. Shops located in the worst affected areas can only stay open for a fraction of a business day, or not at all on some days. Several executives from both watch brands and retailers in the territory have cited consecutive, month-on-month drops in store sales that reach into the double d...

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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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Introducing the Klo & Co. Alpesailer SJX Watches
Girard-Perregaux Laureato. While Oct 3, 2019

Introducing the Klo & Co. Alpesailer

Having made its debut two years ago with a dual-dial watch that combined an automatic and quartz movement, Klo & Co. is an unusual “microbrand”, having been started by a trio of young Filipino watch enthusiasts. The Manila-based brand has just unveiled the Alpesailer, a steel sports watch with an internal rotating bezel and an integrated bracelet. Head-on, the Alpesailer clearly derived from Gerald Genta’s famous octagonal design – think of it as a “Super Compressor” style homage to the Royal Oak. That being said, the bezel is actually brushed and round on top, with a polished octagonal base, bringing to mind the Girard-Perregaux Laureato. While the watch wins no prizes for ingenious design, it’s well spec’ed and only US$400. Depth rated to 100m, the case measures 41mm wide and 12.5mm in height. It features a “Super Compressor” style design with an internal rotating bezel and twin crowns – one for winding and setting, the other for rotating the bezel. However, like most modern watches inspired by actual Super Compressor dive watches from the 1960s, this does not have the same, Super Compressor sealing technology pioneered by case maker Ervin Piquerez, which relied on a spring-loaded back that press against the case as external water pressure increased. While the twin-crown design remains attractive even today, advancements in the fabrication of cases, crystals and gaskets have made such sealing technology superfluous in a modern watch. The A...

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9 of the most underrated chronographs of 2019 Time+Tide
Tudor S&G; Jul 18, 2019

9 of the most underrated chronographs of 2019

Tudor S&G; this, Patek 5172G that, but wouldn’t you rather have something … different? Year after year it’s the same story. News breaks in January and March, and all you hear about are these “hero watches” from brands X, Y, and Z time and time again. Sure, that’s cool, and there’s a reason there is … ContinuedThe post 9 of the most underrated chronographs of 2019 appeared first on Time+Tide Watches.

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RECOMMENDED READING: It might be the biggest, but the Apple Watch hasn’t crushed the Swiss  Time+Tide
Jul 3, 2019

RECOMMENDED READING: It might be the biggest, but the Apple Watch hasn’t crushed the Swiss 

Fun fact: Last year the Apple Watch shipped 22.5 million units. In the same period, the Swiss watch industry exported 23.7 million watches. Scary stuff if you’re a Swiss watch brand. Especially scary if your business is rooted in quartz watches - the market sector that’s being most aggressively eroded by the Apple onslaught.  This … ContinuedThe post RECOMMENDED READING: It might be the biggest, but the Apple Watch hasn’t crushed the Swiss  appeared first on Time+Tide Watches.

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Haven Watch Co. Introduces the Chilton Chronograph SJX Watches
Jun 28, 2019

Haven Watch Co. Introduces the Chilton Chronograph

Based in the American Midwest, Haven Watch Co. makes its debut with the Chilton, an eye-catching, hand-wound chronograph that’s a blend of retro design elements and affordably priced. The watches takes inspiration from the 1970s, perhaps the golden age of sports watches, and specifically, the funky designs and bold colours of the era’s regatta timers. Despite the incongruent combination of design features, the watch is refreshing and captures the bold, experimental spirit of the 1970s. Beyond the design, the Chilton is notable for being the first watch on the market powered by the new, hand-wound, “compax” chronograph movement from Sellita. While the movement is Swiss made, the external components like the case and dial are made in Asia, and the watches are put together in the United States. The Chilton is available on either a blue or white dial with a “compax” layout, both of which feature the same regatta-style 30-minute register that is divided into 10-minute segments. It doesn’t have an actual countdown function, of course, but vintage aesthetics, and not utility, motivate the design. The chronograph counters are small and far apart, just as it was on vintage chronographs, albeit ones that came long before the 1970s.  And if the chunky hands look familiar, they are similar to those found on the Universal Geneva Compax “Nina Rindt”. The vintage styling also explains the decimal scale on the blue dial and pulsometer scale on the white. T...

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