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Portugieser IWC

IWC's 1939 pocket-watch-movement wristwatch for Portuguese maritime officers. Oversized 42mm for its era.

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Ingenieur IWC

IWC's 1955 anti-magnetic engineer watch, redesigned by Gérald Genta in 1976 and revived in 2023.

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Richemont

Geneva luxury holding group founded 1988 by Johann Rupert. Owns Cartier, IWC, JLC, A. Lange & Söhne, Vacheron, Panerai, Piaget. Largest haute-horlogerie portfolio in the industry.

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IWC Gallery IWC

Wristshot gallery from the Horlogeforum IWC thread.

Longines Reaches Back Nearly 100 Years for their Latest Heritage Release, the Pilot Majetek Worn & Wound
Longines Reaches Back Nearly 100 Feb 22, 2023

Longines Reaches Back Nearly 100 Years for their Latest Heritage Release, the Pilot Majetek

Longines receives a lot of well deserved acclaim from the watch community for the tasteful way they recreate historical watches. They not only have a knack for getting the proportions and small details of these watches just right, but over the years they’ve been incredibly smart about the watches they select to reissue. Longines is essentially curating a living museum of watches that are important not just to their own brand history, but watch history writ large. Even if a particular reference is not to your taste, the fact these watches are out there preserving the brand’s heritage is important – it allows enthusiasts to really learn something about watch history, even if they never own the watch in question. Their first novelty of 2023 is a prime example of Longines teaching all of us a little bit about their past. The Longines Pilot Majetek is an uncommon pilot’s watch with a design that has roots in the 1930s.  When we think of aviation watches, our minds probably go to simple designs rooted in pure legibility. The IWC Mark series, for example, provides something of a foundation for how we understand pilot watches today. Big numerals, plenty of lume, and generous proportions. For a time in the 1920s and 30s, however, pilot’s watches made by Longines were defined by a feature we now associate with a very different type of tool watch: a rotating bezel. These so-called “aviation counters” placed an emphasis on timing the duration of a flight, and used a sim...

Business News: Watches & Wonders Becomes More Accessible SJX Watches
Patek Philippe Oct 30, 2022

Business News: Watches & Wonders Becomes More Accessible

In a long anticipated move, the organisers of Watches & Wonders – now the world’s most important luxury-watch fair – have just revealed the 2023 exhibition will be open to the public on its final two days. The event takes place in Geneva from March 27 to April 2, 2023, so the public days will be on the first two days of April. Simultaneously, the organisers also debuted the Watches & Wonders Geneva Foundation (WWGF). According to the announcement, the decision to create the foundation was taken by Rolex, Richemont, and Patek Philippe. Both the public days and WWGF are evidence that the Geneva giants, Rolex and Patek Philippe, now have a lead role in the city’s major watch fair. Historically that position was occupied by Richemont, the luxury group that owns a stable of brands ranging from Cartier to IWC. New titles for Messrs Dufour and Perrin The WWGF will “organise… watch and jewellery exhibitions, in Geneva and beyond… and define the major strategic areas of this ambitious project.” Most notable is the fact the the WWGF will be chaired by Rolex chief executive Jean-Frederic Dufour, while its deputy chairman is Emmanuel Perrin, head of Richemont’s watch division. Though unstated, it is implied that the WWGF succeed the Fondation de la Haute Horlogerie (FHH), which was long the organiser of SIHH and also of this year’s W&W;. Though technically independent, the FHH was regarded by the industry as being dominated by Richemont. Anyone can now walk the ha...

Highlights: Unorthodox Sports Watches at Sotheby’s Hong Kong SJX Watches
Richard Mille Oct 1, 2022

Highlights: Unorthodox Sports Watches at Sotheby’s Hong Kong

Following our round up of independent watchmaking highlights at the Sotheby’s upcoming Important Watches I auction in Hong Kong, we now turn to something more conventional and even fashionable: high-end sports watches. But naturally we’re not going to run through the unorthodox examples that need no extra publicity (though one “hype” watch might have slipped in). Our selection of a half dozen includes an early Richard Mille and possibly a value buy, a IWC Big Pilot’s Watch Monopusher Edition that has an interesting and little known movement. Important Watches I starts at 10:00 am (GMT +8) on October 5, 2022. Registration for bidding and the full catalogue can be accessed here. The RM002-V2 Lot 2161: A. Lange & Söhne Odysseus An entirely new collection that debuted just in time for the modern brand’s 25th anniversary, the Odysseus is an outlier for a watchmaker that historically focused on high-end, classical watches. Though the Odysseus sports a design that’s unsurprising for Lange, it is the brand’s first watch with an integrated bracelet. More notably, the Odysseus was the first regular production Lange watch in steel. But we’re not here to talk about the heavily-hyped steel model, instead this is the model in white gold, which arguably offers more value than the steel version at market prices. The integrated-bracelet sports watch arena has long been dominated by the Royal Oak and Nautilus, so what makes the Odysseus a contender? The same characte...

Insight: The Last Pilot’s Watch – Tutima’s Military Chronograph SJX Watches
Bell & Ross Bremont Sep 13, 2022

Insight: The Last Pilot’s Watch – Tutima’s Military Chronograph

Pilot’s watches, and specifically military-inspired pilot’s watches, are a pillar of the modern, luxury watch industry. Dozens of brands, notably IWC, Breitling, Bell & Ross, Bremont, and Yema, have made military aviation a core theme of their image. So it’s somewhat ironic that today’s elite military pilots don’t wear mechanical watches in the cockpit. A recent survey of pilots at MCAS Miramar, the airbase once home to the prestigious “Strike Fighter Tactics Instructor” programme – better known as TOPGUN – revealed that not a single pilot was wearing a mechanical watch. Instead, military pilots increasingly wear  smartwatches designed specifically for aviators like the Garmin D2 that can monitor oxygen levels and act as a backup navigation system. Modern pilot’s watches made by luxury brands are more like “fan fiction”; a designer’s dream of what might have been. But this wasn’t always the case. Mechanical watches were once state-of-the-art technology and vital instruments for navigators and pilots before being rendered obsolete by quartz technology. This is the story of how the urgency of the Cold War gave the humble balance wheel one last chance to patrol the skies. The jet-shaped counterweight on the IWC Top Gun SFTI calls to mind the airplane-tipped chronograph minutes hand of Cold War-era pilot’s watches like the Tutima 798 A brief history of the pilot’s watch Pilot’s watches have been around for almost as long as there have been p...

Trading faces: Bradley Cooper unveiled as new Louis Vuitton ambassador Time+Tide
Louis Vuitton ambassador Bradley Cooper has Sep 8, 2022

Trading faces: Bradley Cooper unveiled as new Louis Vuitton ambassador

Bradley Cooper has got a new watch. The Hollywood actor has just been unveiled as the face of Louis Vuitton’s Tambour, the brand’s most famous model that celebrates its 20th anniversary this year. The news will perhaps bother some po-faced folk, who’ll no doubt start muttering about Cooper’s previous affiliation as an IWC ambassador and … ContinuedThe post Trading faces: Bradley Cooper unveiled as new Louis Vuitton ambassador appeared first on Time+Tide Watches.

Equation of Time Introduces the Fat Arrow Collaboration SJX Watches
Omega Jul 25, 2022

Equation of Time Introduces the Fat Arrow Collaboration

Conceived sub-brand of RGM, one of the original independent watchmaker in America, Equation of Time is a maker of affordable watches often created in collaboration with collectors, with the latest being the Fat Arrow Collaboration Watch. The dial of the watch reproduces a 2015 artwork created by watch photographer Atom Moore that’s a riff on the pilot’s wristwatches supplied to the Royal Air Force in the 1950s by brands like Omega and IWC. Like the military-issue originals, the Fat Arrow Collaboration is a compact, hand-wind timepiece with the feel of a vintage remake, but st apart with a dial that’s clearly modern and definitely original. Initial thoughts The Fat Arrow Collaboration (FAC) is one of many watches inspired by vintage military timepieces, but it is cleverly different. It utilises the historical arrow emblem used to mark British military equipment as a decorative element. Mr Moore’s original artwork, Fat Arrow, is an artistically-altered photography of a CK 2777 “Fat Arrow” wristwatch, one of many that Omega supplied to the Royal Air Force starting in 1952. The FAC retains the feel of the vintage original with an identically-sized case, but with Mr Moore’s Fat Arrow mashup as the dial. That makes the FAC different enough, in fact, to be interesting despite being a no-frills watch. Fat Arrow by Atom Moore The dial is covered with both the “Fat Arrow” and “Thin Arrow” in all their respective iterations. That might sound excessive, but ...

Gerd R. Lang Returns with the Lang 1943 Field Watch SJX Watches
Jaeger-LeCoultre Jun 29, 2022

Gerd R. Lang Returns with the Lang 1943 Field Watch

Once synonymous with Chronoswiss which he founded in 1983, Gerd-Rüdiger Lang is now almost 80 but returns with an all-new brand, Lang 1943. Created in partnership with entrepreneur Georg Bartkowiak, the brand’s inaugural watch is the Lang 1943 Field Watch Edition One. Modelled on the wristwatches issued by the British army during the Second World War, the Field Watch is a modern watch with a vintage flavour that’s powered by a restored 1960s movement. Initial thoughts A military-inspired time-only watch is not a novel concept, and the Field Watch sticks to the traditional design, resulting in a watch that is recognisably similar to the Second World War watches made by the likes of Cyma, IWC, and Jaeger-LeCoultre. Lang 1943 isn’t the only brand offering such a watch at the moment; the revived Vertex brand has a similar offering with the M100A and it has the added advantage of being one of the original suppliers during the war. But the Lang 1943 Field Watch is attractively detailed, which is likely due to its founders’ decades of experience, both as horological entrepreneurs and watch collectors. The smoked dial is appealing and sets this apart as a modern watch as oppose to an exact remake. Oddly enough the smoked finish does well with the faux-vintage Super-Luminova and together they give the dial a pleasing palette. One detail worth pointing out is the crosshair on the subsidiary seconds, which was not found on the Second World War originals but is a perfect fit ...

Channing Tatum sports a Bulgari Aluminum alongside Sandra Bullock and Brad Pitt in new film “The Lost City” Time+Tide
Panerai Mar 27, 2022

Channing Tatum sports a Bulgari Aluminum alongside Sandra Bullock and Brad Pitt in new film “The Lost City”

When we see watches in action films, the usual suspects are Rolex, Omega, IWC and Panerai. But in the newly released movie The Lost City, we spotted a daily wearer make its cinematic debut, at least to our knowledge, on the wrist of Mr Magic Mike himself: Channing Tatum. While the watch may not be the … ContinuedThe post Channing Tatum sports a Bulgari Aluminum alongside Sandra Bullock and Brad Pitt in new film “The Lost City” appeared first on Time+Tide Watches.

FRIDAY WIND DOWN: Hollywood and Hamilton, Norqain and now onto Dubai Watch Week… Time+Tide
Hamilton Norqain Nov 19, 2021

FRIDAY WIND DOWN: Hollywood and Hamilton, Norqain and now onto Dubai Watch Week…

This month has been jam-packed with watch events, RedBar gatherings, an IWC Big Pilot Exhibition and much more. As a “pandemic hire”, I am suddenly getting the full watch industry experience. Back at the end of August I experienced three time zones, heading off to the COUTURE Watch and Jewellery show in Las Vegas from … ContinuedThe post FRIDAY WIND DOWN: Hollywood and Hamilton, Norqain and now onto Dubai Watch Week… appeared first on Time+Tide Watches.

Hands-On: Tudor Pelagos FXD “Marine Nationale” SJX Watches
Bell & Ross do Being Nov 12, 2021

Hands-On: Tudor Pelagos FXD “Marine Nationale”

Leaked online prior to its launch – David Beckham inadvertently revealed the watch on his Instagram account – the Tudor Pelagos FXD “Marine Nationale” was widely expected yet surprisingly, at least in the metal. Developed in collaboration with the combat divers of the Commando Hubert, an elite unit of the Commandos Marine, part of the special forces of the French Navy, or Marine Nationale. The divers covertly travel underwater in pairs, and the Pelagos FXD is one of the tools they use for aquatic navigation. The FXD revives the relationship Tudor maintained with the French Navy for several decades starting in the 1950s when the watchmaker first supplied the navy with dive watches. A Submariner ref. 9401/0 issued to French navy divers in the 1970s Initial thoughts I liked the idea of the FXD when I first saw the photos, and seeing it in the metal reinforced my opinion, enough that I bought one. Beyond its tangible qualities its best characteristic in my opinion is its status as the only watch developed as a military-issue timepiece – that is currently in active service with a unit – in the mid- to high-end segment of modern watchmaking. This sets the FXD apart from watches made by other brands that supply military units with civilian watches bearing the unit insignia, as brands like IWC, Breitling, and Bell & Ross do. Being a military-issue watch the FXD is straightforward, but it also boasts the attention to detail one expects from Tudor, even on the finish...

Watches & Wonders Will Return to Geneva in 2022 SJX Watches
Vacheron Constantin Oct 5, 2021

Watches & Wonders Will Return to Geneva in 2022

After two years of digital fairs – and several sold-out physical fairs in China – Watches & Wonders is finally happening in Geneva. First announced for 2020 as the successor to the long-running SIHH, which for two decades was the luxury-watch fair in Geneva, Watches & Wonders (W&W;) 2022 will take place from March 30 to April 5 at Palexpo, with 39 brands in attendance. All of the major names that spurred the demise of Baselworld will exhibit at W&W; 2022, namely Rolex, Patek Philippe, Chanel, Chopard and Tudor. They’ll be joined by most of the brands owned by Richemont, the Swiss luxury group that was historically the anchor of SIHH, the event that preceded W&W;. Amongst the Richemont brands are A. Lange & Söhne, Cartier, IWC, and Vacheron Constantin. Another luxury group represented at the fair is LVMH, which has all three of its watch brands – Hublot, TAG Heuer, and Zenith – taking part. Bulgari, however, is notably absent, perhaps because there are already two Richemont-owned jewellers present. One of the significant newcomers is Grand Seiko, which only just announced its participation in the fair. Seiko was a longtime mainstay of Baselworld, so it’s not surprising that its top-of-the-line brand is returning to Switzerland to exhibit its newest watches. The gang returns, except for the independents As was the case with SIHH in the past, W&W; 2022 will include the Carré des Horlogers, a square dedicated to independent watchmakers. In years past the carré co...

Type Casting: Comparing The Breguet Type XX And Type XXI Chronographs Hodinkee
Breguet Oct 3, 2021

Type Casting: Comparing The Breguet Type XX And Type XXI Chronographs

The Type XX and Type XXI chronographs don’t seem to get quite as much attention as you would think they’d get, at least in the USA, where the world of pilot’s chronographs skews much more heavily towards companies like IWC, Omega, and Breitling. Maybe part of the reason for that is that when you think of tool watches, you might think of an awful lot of companies but Breguet just isn’t one of them – tourbillons, certainly, and a history of making aesthetically irreproachable, often complicated, and very elegant watches from the end of the 18th century right down until the present day, but not tool watches as such. And yet, aviation is perhaps just as important a part of the Breguet family’s history as watchmaking, with the Type XX and XXI chronographs representing one of the most important aspects of the inventiveness that characterized Abraham Louis Breguet and his descendants.

One Hundred and Eighty Days with the A. Lange & Söhne Saxonia Thin SJX Watches
Glashütte Original has Sep 27, 2021

One Hundred and Eighty Days with the A. Lange & Söhne Saxonia Thin

A. Lange & Söhne introduced the Saxonia Thin 37 at SIHH 2016 as the entry-level model in its collection. But “entry level” is relative at Lange, a brand that famously applies the same rigorous standards of production and finishing to all its watches, from the Saxonia Thin to the Lange 1 Tourbillon Perpetual Calendar that retails for more than US$300,000. For the purpose of this review, I will put this reputation to the test by examining each element of the watch in detail, and share my impressions of the ownership experience. Glashüttenomics Though owned by Swiss luxury conglomerate Richemont – which owns over two dozen brands including Cartier, IWC, and Panerai – Lange remains a boutique outfit with an annual output of about 4,500 watches, and a maximum production capacity of about 5,500 watches. This is a fraction of competitors like Audemars Piguet at about 45,000 watches per year, and Patek Philippe, where the figure is over 60,000. While production volume is small, Lange is the largest employer in Glashütte, a small town with a population of about 8,000. Lange employs about 600 people at its Glashütte campus, though some commute in from the surrounding region, including the city of Dresden. This headcount is primarily devoted to watchmaking, since Lange relocated its marketing department to Berlin in 2017. For comparison, Glashütte Original has a similar number of employees in Glashütte, while producing about 13,000 watches per year, or about three ti...

Breitling Super Chronomat 44 Four-Year Calendar: the sports chronograph with an unusual calendar Deployant
Breitling Super Chronomat 44 Four-Year Sep 4, 2021

Breitling Super Chronomat 44 Four-Year Calendar: the sports chronograph with an unusual calendar

Overall we enjoyed the look and feel of the watch. It brought to mind Omega's Speedmaster and its calendar sibiling. Or even more distant, IWC's Ingenier or GST calendar. The contrasting materials and colors gave the watch a sporty look, and the size came with substantial wrist presence. The downside of course, is a rather hefty sports watch more suited for those with thicker wrists.

Business News: Consolidation in European Pre-Owned Watches SJX Watches
Cartier Jul 5, 2021

Business News: Consolidation in European Pre-Owned Watches

Historically fragmented and dominated by numerous small players, the pre-owned watch industry has been consolidating with at an increasing pace, driven by the e-commerce and ambitious entrants from outside the business. Amongst the most prominent and fastest-growing is Watchbox, which began as an offshoot of authorised retailer Govberg Jewelers but has since grown into one of the largest pre-owned merchants with outposts in Hong Kong, Dubai, and even South Africa. Even Richemont, the Swiss conglomerate that owns brands like Cartier and IWC, has invested substantially in the space with its 2018 acquisition of British outfit Watchfinder. Though the most widely-reported developments in the business are largely concentrated in the United States and Britain, continental Europe is experiencing similar growth, especially in its largest markets like Germany and France. The recently announced takeover of Paris-based MMC by Watchmaster in Germany illustrates many of the trends shaping the pre-owned business. Like many recent startups in the space, Watchmaster was founded by digital entrepreneurs instead of watch industry insiders. In fact, almost all of Watchmaster’s founders and senior managers are former employees of Quandoo, the restaurant booking platform that was sold to Japanese staffing giant Recruit Holdings in 2015 for about €200 million, shortly before Watchmaster was set up. Watchmaster’s current chief executive, Tim-Hendrik Meyer, was a cofounder of Quandoo, as a...

In-Depth: The Digital Icons – Lange Zeitwerk, F.P. Journe Vagabondage, and Harry Winston Opus 3 SJX Watches
F.P. Journe Vagabondage Jun 7, 2021

In-Depth: The Digital Icons – Lange Zeitwerk, F.P. Journe Vagabondage, and Harry Winston Opus 3

Digital time displays might seem like a modern invention but they have been found in watches since the early 1800s. Digital displays are found in clocks from even farther back – Lange’s trademark oversized date was inspired by the five-minute, digital clock built by Ferdinand-Adolph Lange for Dresden’s Semper opera house that opened in 1841. But the biggest advances in mechanical digital time displays – with jumping indications – all arrived soon after the turn of the millennium. And the most important are just three – the A. Lange & Söhne Zeitwerk, F.P. Journe Vagabondage III, and Harry Winston Opus 3 – and now we’re going to put them side by side. The five-minute clock that sits just above the stage in the Semperoper, showing 07:30 pm. Photo – A. Lange & Söhne An new, old idea Watches with a single digital display, namely a jumping hours, date as far back as the early 19th century. Enough of them were made that such pocket watches appear regularly at auction. But a single digital display does not a digital watch make. The watch with a jumping, double-digital time display – and hence a true digital watch – was invented in 1883 when Austrian engineer Josef Pallweber patented a mechanism that indicated the time with discs, read through two windows, one for the hours and other, the minutes. He licensed the patent to a handful of watch brands, though it is IWC that is most closely associated with the Pallweber display. At the same time, it is importa...

Breitling Revives the Hand-Wind Split-Seconds Chronograph SJX Watches
Breitling Revives Apr 6, 2021

Breitling Revives the Hand-Wind Split-Seconds Chronograph

Best known for its chronographs – especially those for pilots – Breitling now ups the ante with the Premier Heritage Duograph that just debuted alongside the new Premier Heritage chronographs. Named after the split-seconds chronograph Breitling produced during the 1940s to 1960s, the new Duograph is Breitling’s first hand-wind split-seconds chronograph powered by an in-house movement (it did debut an automatic split-seconds in 2017). Capable of recording two elapsed time simultaneously, the split-seconds is also known as a rattrapante – derived from rattraper, French for “catching up” – and was historically Breitling’s most expensive chronograph due to its complexity. The B15 in the new Duograph simplifies the construction of the split-seconds mechanism, resulting in a surprisingly affordable watch, with the steel version priced at about US$10,000. Initial thoughts Alongside with the release of the Datora, the Duograph is proof that Breitling is inching towards more complicated chronographs, which is a good progression for the brand. Breitling has a storied history with chronographs, and the Duograph is a return to form for a brand that was put back on track when Georges Kern, previously the chief executive of IWC, took the wheel and set a new course. The Premier B15 Duograph in steel It is important to note that the rattrapante is a challenge to do well, which is why few brands offer the complication, while those that do often price the split-seconds ...

Business News: Richemont Sales Recover in Third Quarter SJX Watches
Panerai Jan 20, 2021

Business News: Richemont Sales Recover in Third Quarter

In the third quarter of its financial year – the three months to end-December 2020 – Richemont reported a modest recovery, with sales rising 5% over the same period a year before at constant exchange rates. This modest recovery was enough to moderate its results for the nine months to date, with revenue for the period down 14%, as compared to the drastic 38% plunge in sales for the first half of the year. Owners of over two dozen watch and jewellery brands including Cartier, IWC, and Panerai, the Swiss luxury conglomerate was buoyed by robust demand in Asia, its biggest regional market, as well as the Middle East and Africa. Combined, the two regions make up approximately half of Richemont’s global sales. The Asia Pacific enjoyed a 25% rise in sales, driven largely by exceptional demand in mainland China, where revenue rose an impressive 80% for the period, with sales in Taiwan also seeing a marked 29% increase – both consequence of a return to regular economic activity as the pandemic was brought under control, and the inability to travel and shop overseas. Paradoxically, the results in the Middle East were driven by a revival of tourist spending in Dubai as flights resumed, and domestic spending in Saudi Arabia where citizens cannot easily go abroad. This contributed towards a remarkable 27% increase in sales for the region. Elsewhere, sales too rose, albeit in smaller, single-digit increments. Bolstered by domestic demand, sales in the Americas rose by 3%. Jap...

Business News: Switzerland’s Most Important Watch Fair Cancelled for 2021 SJX Watches
Patek Philippe as well as privately-held Nov 17, 2020

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.  

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...

Grand Seiko introduces the T0 Constant-Force Tourbillon Movement SJX Watches
Grand Seiko introduces Sep 4, 2020

Grand Seiko introduces the T0 Constant-Force Tourbillon Movement

A tourbillon is not uncharted waters for Seiko, as evidenced by the Credor Fugaku Tourbillon of 2016. The extremely rare, and modestly unattractive, Fugaku was something of a statement, as much about its ornate case and dial as the mechanics. Now an independent brand after being spun off from its parent, Grand Seiko has just announced a movement that squarely emphasises on timekeeping, the T0 Constant-Force Tourbillon. Announced as a concept movement – with no plans for commercialisation publicly revealed – the movement is Grand Seiko’s first equipped with a tourbillon, and also marks the first time Seiko or any of its brands is utilising a constant-force mechanism. The T0 disassembled Initial thoughts It is not often Grand Seiko launches a new and truly novel movement; this year has seen a few. The recent 9RA5 Spring Drive and the 9SA5 Hi-Beat automatic are interesting and practical movements that will be found in future models. On the other hand, the T0 tourbillon stakes a claim of technical prowess oriented rather than practicality, a claim bolstered by the remontoir constant-force mechanism integrated in the tourbillon cage. While Grand Seiko’s integrated remontoir constructed is patented, this is not exactly novel. Precedents in the watches of IWC and Andreas Strehler, for instance. While each of these executed the idea of an integrated constant force differently, all share the common approach of a one-second remontoir. In short, the Grand Seiko construc...

Business News: Watches & Wonders Shanghai to Happen September 2020 SJX Watches
Vacheron Constantin all owned Jul 23, 2020

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.  

Business News: Richemont Sales Halve in First Quarter of 2020 SJX Watches
Panerai suffered from widespread store Jul 16, 2020

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...

Business News: Richemont Fortifies Balance Sheet with €2 Billion Bond Sale SJX Watches
Panerai which make up about May 19, 2020

Business News: Richemont Fortifies Balance Sheet with €2 Billion Bond Sale

Having just announced its full-year results while predicting a gloomy outlook for the business, Richemont has successful placed €2 billion of bonds, with coupon ranging from 0.75% for the 8-year note to 1.625% for the 20-year note. The bond placement boosts the Swiss luxury group’s robust balance sheet, which had a gross cash position of €6.34 billion and a net cash position of €2.40 billion at the end of March 31, 2020. The notes received an A+ rating from credit ratings agency S&P;, which also lowered its outlook for Richemont from stable to negative, “citing the possibility of a downgrade if the coronavirus pandemic causes the company’s credit metrics to worsen”. Widely regarded as a savvy investor who transformed his family’s tobaccco-and-banking empire into an even larger one focused the “hard” luxury of watches and jewellery, Mr Rupert’s belief in the severity of the pandemic-induced recession is obvious. That, in turn, does not bode well for the luxury watch business. Richemont’s biggest earner is Cartier – the jewellery division is half the group’s turnover – it also owns a host of luxury watch brands, including A. Lange & Söhne, IWC, and Panerai, which make up about 20% of its sales. During Richemont’s earning conference call on May 15, Mr Rupert explained the bond issue: “We have always believed in protecting our balance sheet… For years, a lot of investment banks questioned us about that it’s a lazy balance sheet. But h...

Business News: Richemont Pessimistic After Weak Results SJX Watches
Panerai enjoyed “good sales performance” May 15, 2020

Business News: Richemont Pessimistic After Weak Results

Richemont’s fourth quarter was one of the victims of the COVID-19 pandemic, pulling down its results for the full year to end-March 2020. Even though the full year’s tally was not down substantially, Richemont chairman Johann Rupert was gloomy in his prediction for the coming year. China, the first country to recover from the pandemic, has “apparently returned to ‘business as usual’ remarkably quickly” and Richemont stores there are enjoying now “strong demand”. But because everywhere else is only partway through the crisis, the plain-speaking South African tycoon raised the possibility of “12, 24 or 36 months of grave economic consequences”, while halving the annual dividend to €1 a share to conserve cash. Johann Rupert. Photo – Richemont The Swiss luxury conglomerate, which owns brands like Cartier, IWC, and Panerai, enjoyed “good sales performance” until the fourth quarter, with its jewellery brands and online retail performing better than other divisions, including watchmaking, which has lagged for several quarters. At actual exchange rates, annual sales eked out a 2% rise to €14.2 billion, with most regions growing slightly, save for a 5% decline in Asia Pacific. Net profit fell 34%, excluding a one-off, non-cash gain due to a share revaluation the year prior. The declines were largely due to the fourth quarter, where Richemont took a massive hit. In the last quarter, sales fell by 18% globally, with Hong Kong crashing 67%. The group end...

All That’s New at Watches & Wonders 2020 SJX Watches
Vacheron Constantin Égérie collection Les Cabinotiers Apr 24, 2020

All That’s New at Watches & Wonders 2020

The virtual doors of Watches & Wonders 2020 are now open – here’s an overview of all notable new releases from the exhibiting brands. This page will be updated as additional watches are launched in the coming months, so bookmark this. A. Lange & Söhne Odysseus Datomatic in white gold Zeitwerk Minute Repeater in white gold Cartier Cartier Privé Tank Asymétrique Maillon de Cartier Pasha de Cartier Santos-Dumont XL Santos-Dumont Limited Editions Santos de Cartier ADLC Girard-Perregaux Laureato Absolute Light IWC Portugieser Automatic 40 Portugieser Chronograph 3716 Portugieser Monopusher Chronograph Edition “Laureus Sport for Good” Portugieser Perpetual Calendar 42 IWC Portugieser Yacht Club Moon & Tide Jaeger-LeCoultre Master Control Collection Master Control Memovox and Master Control Memovox Timer Montblanc 1858 Automatic 24H 1858 Split Second Chronograph Limited Edition 100 Heritage Manufacture Pulsograph Panerai Luminor Marina Carbotech PAM01661 Luminor Marina Titanio DMLS PAM01117 Luminor Marina Fibratech PAM01663 Submersible EcoPangaea Tourbillon GMT PAM01108 Parmigiani Toric Tourbillon Red Gold Slate Piaget Altiplano Ultimate Concept Vacheron Constantin Égérie collection Les Cabinotiers Grand Complication Split-Seconds Chronograph “Tempo” Les Cabinotiers Astronomical Grand Complication “Ode to Music” Les Cabinotiers “The Singing Birds” Overseas Ultra-Thin Perpetual Calendar Skeleton Traditionnelle Tourbillon Chronograph