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Business News: Richemont First Quarter Results, Jewellery Faring Better Than Watches SJX Watches
Vacheron Constantin were singled out Jul 16, 2024

Business News: Richemont First Quarter Results, Jewellery Faring Better Than Watches

The first quarter results of Richemont, the Swiss luxury group that just announced a new chief executive, illustrate a well-established trend in the luxury goods industry, with the group’s jewellery brands outperforming its watchmakers in the three months to end June 2024. Dominated by Cartier and Van Cleef & Arpels, the Swiss group’s jewellery division eked out a 4% increase in sales, reflecting the strength of the group’s twin jewellery giants. Notably, the revenue growth was “supported by both jewellery and watches”, reflecting the brand equity of each jeweller has carried over into their respective watch offerings. The three jewellery brands – the smallest is Buccellati – accounted for 70% of Richemont’s turnover. Although profit was not announced, the jewellers are also responsible for an even greater share of the group’s profits. Watch weakness In contrast, the watch division saw revenue fall 13%. Amongst the division’s brands are IWC, Panerai, Piaget, and Jaeger-LeCoultre. Interestingly, A. Lange & Söhne and Vacheron Constantin were singled out for their “resilience”. Unsurprisingly, both are haute horlogerie brands that derive the highest proportion of revenue from in-house boutiques, as opposed to third-party retailers. Whether this resilience is durable is an open question, although odds are not in the brands’ favour given their respective product mix, sales strategies, and consumer sentiment. Only available at boutiques At a group leve...

Credor Celebrates their 50th Anniversary with a New Limited Edition Eichi II in Yellow Gold Worn & Wound
Grand Seiko as Apr 30, 2024

Credor Celebrates their 50th Anniversary with a New Limited Edition Eichi II in Yellow Gold

This year marks the 50th anniversary of Credor, the Japanese brand that is the highest end arm of the Seiko family. In recent years, Credor has taken something of a backseat to Grand Seiko, as the latter brand has grown in stature, with rising price points as well as the introduction of an honest to goodness Super Watch in the form of the Kodo. But a new release from Credor to celebrate their big anniversary serves as a reminder of why the brand is unique and important within the larger world of Seiko, and Japanese watchmaking in general. The Eichi II is Credor’s signature watch, highlighting everything the brand is most adept at. It features a porcelain dial made by a single artisan, and the complexity of its manufacture and strict tolerances for quality accepted by Credor apparently result in an exceptionally high failure rate. The result, however, is an uncommonly beautiful canvas for the hand painted markers that are this watch’s calling card. For this anniversary edition of the Eichi II, Credor has crafted a dial in dark blue, and the markers have been hand painted in gold. Upping the ante somewhat for this release, the Credor logo at 12:00 has also been hand painted, a first for an Eichi II. This is also the first time a yellow gold case has been made for an Eichi II.  Of course, another major draw of the highest end Credors is the immaculately finished movements made in the famed Micro Artist Studio. The Eichi II runs on the 7R14, a Spring Drive movement with a...

Seiko Marks 50th Years of Credor with Eichi II in Yellow Gold SJX Watches
Seiko Marks 50th Years Apr 25, 2024

Seiko Marks 50th Years of Credor with Eichi II in Yellow Gold

As its collection of decorative, high-end timepieces reaches its fifth decade, Seiko commemorates the occasion with the Credor 50th Anniversary Eichi II (ref. GBLT996) for the occasion. Limited to just 30 watches, this is the very first Eichi in yellow gold. The anniversary edition features a deep blue, ruri porcelain dial and the hand-finished Spring Drive cal. 7R14 inside. Like the other Credor Masterpiece models, the new Eichi II is produced at the Micro Artist Studio, a small workshop dedicated to artisanal watchmaking. Initial thoughts The new Eichi II is largely identical to the versions in platinum and rose gold, differing only in the case metal. It does, however, look very different. Although the ruri dial is identical to that on the platinum model, the colours seem richer here. Yellow gold and blue is a combination that works well, and it is particularly appealing here, perhaps because of the simplicity of the design. Notably, the anniversary Eichi II is priced in between the regular production versions in rose gold and platinum. Considering the small number made and the intrinsic quality of the watch, it is certainly a compelling proposition. Ruri glaze First found on the platinum model, the dark blue dial is finished with ruri, a type of glaze that results in a glossy, deep blue finish that varies in hue with the light. Instead of the stark white indices found on the platinum model, the dial markings here are in gold. However, the markings are more elaborate th...

Richard Mille launches preowned retail partnerships to help people buy with greater confidence Time+Tide
Audemars Piguet Patek Philippe Rolex Jul 3, 2021

Richard Mille launches preowned retail partnerships to help people buy with greater confidence

For brands like Audemars Piguet, Patek Philippe, Rolex and Richard Mille it is crucial to understand the best means of acquiring these pieces preowned. Unless you’re a VIP customer, these highly sought-after brands don’t tend to be readily available to buy right away (if ever). Despite this, grey market dealers seem to have cases full … ContinuedThe post Richard Mille launches preowned retail partnerships to help people buy with greater confidence appeared first on Time+Tide Watches.

Hey, wow, what a surprise, we’re doing Watches & Wonders a little differently this year Time+Tide
Apr 7, 2021

Hey, wow, what a surprise, we’re doing Watches & Wonders a little differently this year

Anyone that’s paid more than a passing glance to Time+Tide stories, social media posts and videos over the years knows one thing. We do things a little differently over here. Especially at watch fairs. It’s not entirely by design. We are more often than not as chronically over-caffeinated as we are understaffed. Luckily for everyone, the … ContinuedThe post Hey, wow, what a surprise, we’re doing Watches & Wonders a little differently this year appeared first on Time+Tide Watches.

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...

FRIDAY WIND DOWN: You need to know your ideal lug to lug size, or you’re doing watches wrong Time+Tide
Oct 8, 2020

FRIDAY WIND DOWN: You need to know your ideal lug to lug size, or you’re doing watches wrong

It’s a story we’ve been writing in our weekly editorial meeting for months and months: the idea that lug to lug measurement is a more important fit-telling metric than any other. In layman’s terms, that’s the distance between the outer tip of two opposing lugs on either side of the case. So much discussion. So … ContinuedThe post FRIDAY WIND DOWN: You need to know your ideal lug to lug size, or you’re doing watches wrong appeared first on Time+Tide Watches.

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...

Steve wants help with a spreadsheet template for his watch collection, and because it’s a pandemic, we’re doing a call out Time+Tide
May 15, 2020

Steve wants help with a spreadsheet template for his watch collection, and because it’s a pandemic, we’re doing a call out

“Thanks for the emails Andrew,” the email from Steve begins. “All watch info is appreciated in these boring times.” And these boring times are certainly reaching peak levels for poor Steve. The email continues: “I recently spent a couple of days spreadsheeting my watches. I thought there might be a template on the net somewhere … ContinuedThe post Steve wants help with a spreadsheet template for his watch collection, and because it’s a pandemic, we’re doing a call out appeared first on Time+Tide Watches.

Face-Off: Seiko Credor Eichi II 7R14 vs. Grand Seiko Spring Drive 9R02 SJX Watches
Grand Seiko Spring Drive 9R02 When Feb 6, 2020

Face-Off: Seiko Credor Eichi II 7R14 vs. Grand Seiko Spring Drive 9R02

When it comes to finely-finished, time-only movements, the ultimate Seiko offerings are the Credor Eichi II and Grand Seiko Spring Drive 20th Anniversary. The Japanese equivalent of watches like the Akrivia Chronometre Contemporain and Philippe Dufour Simplicity, the pair are the work of the Micro Artist Studio and finished to the same magnificent level, broadly speaking. (The Grand Seiko 8 Day is of the same quality, but it is a much larger and more complex watch.) Because the movements, the 7R14 in the Eichi II and 9R02 in Grand Seiko SBGZ001 and SBGZ003, are fundamentally identical, comparing the finer details of the two – an enlightened, obsessive nitpicking – makes for some interesting conclusions. The 7R14 in the Eichi II (left) and the 9R02 of the Grand Seiko SBGZ001 The sampled are both finished examples that were purchased in stores, and not prototypes, so both are representative of their respective model and movement. Though both were made in the Seiko-Epson’s Micro Artist Studio, probably by the very same craftsmen, the Eichi II was produced in 2015, while the Grand Seiko SBGZ001 dates to 2019, which is the year of its launch, and is the property of Mark Cho, founder of menswear retailer The Armoury. Same but different Both movements share the same architecture and layout, with the key functional difference being the power reserve, in both duration and display. The Eichi II’s 7R14 has a single barrel and a 60-hour power reserve, indicated on a fan-sha...