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The Swatch Group

Largest Swiss watch employer (~17,000 staff). 18 brands from Breguet/Blancpain at the top to Swatch at entry. ETA SA + Nivarox-FAR. Hayek family controls.
Breaking News: LVMH Abandons Tiffany Takeover SJX Watches
Louis Vuitton Dior Sep 9, 2020

Breaking News: LVMH Abandons Tiffany Takeover

Announced shortly before COVID-19 made the news, the US$16 billion deal to take over Tiffany & Co. has been scrapped by LVMH. The French luxury conglomerate, which counts Louis Vuitton, Dior, and Hublot amongst its brands, cited the looming tariffs on French goods announced by the United States. That led to instructions from the French government to delay the deal until January 2021, according to LVMH. Another reason cited by the French group was Tiffany’s request for extension of the closing date for the deal, from November to December. In response, Tiffany filed a lawsuit in the United States, seeking to force LVMH to complete the deal. Regardless of the motives behind the withdrawal, it appears to be a shrewd move by LVMH, which is controlled by Bernard Arnault, the richest man in France and widely regarded to be a hard-nosed dealmaker. In the 10 months since the deal has been announced, the world has changed drastically. The state of the the industry makes it likely that LVMH will be able to find cheaper avenues to cement its position as the world’s biggest luxury group. Tiffany shares fell almost 10% in pre-market trading on the news, while LVMH declined about 0.9% during the trading day in Paris.  

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Baselworld gets a $110mUSD lifeline from James Murdoch, son of billionaire Aussie-born media tycoon Rupert Murdoch Time+Tide
Jul 16, 2020

Baselworld gets a $110mUSD lifeline from James Murdoch, son of billionaire Aussie-born media tycoon Rupert Murdoch

Baselworld, as we know it, is dead. But has it been offered a resurrection lifeline by James Murdoch, the son of media mogul Rupert Murdoch? The owner of Baselworld, MCH Group, has announced the investment of 104.5mCHF from the Murdoch-owned Lupa Systems for what is anticipated to be around one-third of the shares in MCH … ContinuedThe post Baselworld gets a $110mUSD lifeline from James Murdoch, son of billionaire Aussie-born media tycoon Rupert Murdoch appeared first on Time+Tide Watches.

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Business News: James Murdoch to Become Major Shareholder in Baselworld Owner SJX Watches
Jul 10, 2020

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...

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Business News: Frédéric Arnault Appointed Chief Executive of TAG Heuer SJX Watches
TAG Heuer Having joined TAG Heuer Jun 4, 2020

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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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...

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Business News: Baselworld 2021 Cancelled and Exhibitors Get Refunds [Updated] SJX Watches
Patek Philippe Chanel Chopard May 7, 2020

Business News: Baselworld 2021 Cancelled and Exhibitors Get Refunds [Updated]

This year’s Baselworld saga has finally arrived at its epilogue and the inevitable outcome has been made official: MCH Group just announced that Baselworld 2021 has been cancelled. Simultaneously, the event’s organisers also announced that an “agreement on the settlement for the cancelled Baselworld 2020” – presumably with more substantial refunds – was reached with exhibiting brands. That settles the brief-but-intense circumstances surrounding Baselworld 2020, which began when this year’s fair was cancelled and then “postponed” to January 2021. Along with the “postponement”, exhibitors for the 2020 fair were only offered partial refunds of the event fees. Both moves, which were regarded as unilateral and unfair by watch brands, led to a stinging response from the exhibitors, led by their committee chairman, a senior executive of Rolex, the world’s largest luxury watch brand. A week later, Baselworld suffered its death blow when the fair’s biggest exhibitors – Rolex, Patek Philippe, Chanel, Chopard, and Tudor – pulled out of the event and decamped to Geneva, where they will join Watches & Wonders in a brand-new event that’ll take place in April 2021. They were followed shortly after by the brands owned by LVMH, which include Hublot and Bulgari. With that, the cancellation of Baselworld 2021 was fait accompli, even though Baselworld responded by insinuating the exhibitors had long been conspiring to exit the event. The cavernous Rolex booth...

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Hands-On: Tissot Chemin des Tourelles Powermatic 80 GMT SJX Watches
Montblanc Feb 13, 2020

Hands-On: Tissot Chemin des Tourelles Powermatic 80 GMT

With an annual output of just over four million watches, Tissot is Switzerland’s largest watchmaker by volume, with the bulk of its watches being affordable and quartz. But it has also carved out a niche with equally affordable mechanical watches starting at a bit under US$400 for the Swissmatic (a close relative of the Swatch Sistem51 movement). One step up is the Powermatic 80, an automatic movement that more closely resembles a traditional calibre – with more metal components and less plastic bits. A complicated model within the family, if it can be called that, is the Tissot Chemin des Tourelles Powermatic 80 GMT. It’s a dual time zone automatic starting at just US$875 – a value proposition that is also unusual in being one of the few GMT watches price below US$1,000. Chemin des Tourelles is the street in Le Locle where Tissot has had its factory since 1907 (though the brand was founded in 1853), sitting beside the facilities of Mido, Montblanc, and Vulcain. Unsurprisingly, the Chemin des Tourelles GMT is traditionally styled, though surprisingly large; the collection also includes a similarly affordable time-only automatic as well as a chronograph. The case is simple in form but appealing, with a surprising degree of detailing. The look is enhanced by the polished bevel on the outside edge of the lugs, which also have a notch where they join the case. And the case and bezel also have contrasting brushes and polished surfaces, making the whole more visually in...

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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: Rolex to Replace New York Headquarters with 25-Storey Building SJX Watches
Audemars Piguet museum according Oct 9, 2019

Business News: Rolex to Replace New York Headquarters with 25-Storey Building

A year after the opening of the Rolex Building in Dallas, designed by Japanese architect Kengo Kuma, London-based David Chipperfield Architects just announced it won an international design contest for the new Rolex skyscraper in New York City, beating out big names like Foster+Partners and Bjarke Ingels Group (which designed the new Audemars Piguet museum), according to industry publication Architects’ Journal. “Our team is committed to creating an exemplary building befitting the heritage and culture of the Rolex brand, as well as its prominent 5th Avenue location,” says Mr Chipperfield, speaking in the press announcement. Modernist and fronted entirely in glass, much like the rest of its work, the Chipperfield design will replace the watchmaker’s existing building located at 665 5th Avenue, on the corner with 53rd Street. Originally built for Danish silversmith Georg Jensen in 1924, the 12-storey building was revamped with a glass and aluminium facade when Rolex acquired it in 1977 for its American headquarters. The current Rolex Building, home to the company since the 1970s. Image – Google Maps A rendering of the new Rolex Building. Image – David Chipperfield Architects According to industry lore, the then chief executive of Rolex, Andre Heiniger, decided to buy the 5th Avenue building during a visit to the United States, closing the deal before getting the approval of the company’s board. Heiniger also led Rolex to acquire several dozen lo...

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Business News: Richemont Acquires Milanese Jeweller Buccellati SJX Watches
Panerai Sep 27, 2019

Business News: Richemont Acquires Milanese Jeweller Buccellati

Swiss luxury conglomerate Richemont has just added Buccellati to its stable of luxury brands, which include watchmakers like A. Lange & Söhne, IWC, Panerai. Richemont is buying the 100-year old Milanese jeweller from Gangtai Group Corporation Limited, a Chinese conglomerate that bought a majority stake in 2017 that reputedly valued the jeweller at €230m, or about US$271m at the time, according to Forbes. Gangtai had owned 85% of Buccellati, with the remainder held by the founding family, but like many of its peers the Chinese group has been forced to sell assets as the Chinese government put a stop to the debt-fuelled overseas expansion that was earlier fashionable. The terms of Richemont’s acquisition were not disclosed, although Chinese news website Jing Daily reports Buccellati was valued at US$313m, including debt, equivalent to about 15% of Richemont’s net cash position in the last fiscal year. According to Richemont, Buccellati family scion Andrea Buccellati as well as several other family members will remain with the jeweller after the takeover. Buccellati gives Richemont a more diverse presence in high-end jewellery, where its business is concentrated the Parisian jewellers Cartier and Van Cleef & Arpels, which together account for the bulk of group sales. In contrast to the French style of both Cartier and Van Cleef & Arpels, Buccellati’s Italian sensibility gives Richemont a stylistic counter to Bulgari, the Roman jeweller owned by French luxury ...

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G-Shock and Gorillaz’s latest collaboration is out Now Now! Time+Tide
Sep 19, 2019

G-Shock and Gorillaz’s latest collaboration is out Now Now!

Following the successful first collaboration between British virtual band Gorillaz and Japan’s G-Shock, the dynamic duo has once again teamed up for their latest and final collaboration together. Their two newest limited-edition creations, the GA2000GZ-3A and GW-B5600GZ-1, aim to pay homage to the iconic music group’s first album, Gorillaz, and their latest album, The Now … ContinuedThe post G-Shock and Gorillaz’s latest collaboration is out Now Now! appeared first on Time+Tide Watches.

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You Are There: Monterey Car Week 2019 With Singer Reimagined And H. Moser & Cie Quill & Pad
H. Moser & Cie GaryG has Aug 30, 2019

You Are There: Monterey Car Week 2019 With Singer Reimagined And H. Moser & Cie

GaryG has been to Monterey Car Week around 20 times now to meet up with friends and enjoy the array of cars and, more recently, watches on display. While in recent years they have focused on the “big” events at The Quail and Pebble Beach, this year the group decided to add some variety and go off the beaten path a bit – with satisfying results.

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This old Blancpain Air Command commands an impressive price at auction Time+Tide
Blancpain Air Command commands Jun 15, 2019

This old Blancpain Air Command commands an impressive price at auction

One of the surprise highlights from the recent Swatch-stravaganza that was Time to Move was Blancpain’s Air Command – a really neat reissue of an historic pilot’s chronograph. It’s fair to say that prior to this release, knowledge of the Air Command was limited to hardcore Blancpain fans and seasoned professionals. Well, the timing couldn’t … ContinuedThe post This old Blancpain Air Command commands an impressive price at auction appeared first on Time+Tide Watches.

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4 Australian businessmen proving their watches are all business Time+Tide
May 23, 2019

4 Australian businessmen proving their watches are all business

Today we are focusing on the watches owned and worn by prominent Aussie businessmen, from mining magnates to property moguls and shopping centre kings.  Sir Frank Lowy AC   First up we have Sir Frank Lowy AC, who co-founded the Westfield Group, which developed and owned a number of shopping centres in Australasia, Europe and … ContinuedThe post 4 Australian businessmen proving their watches are all business appeared first on Time+Tide Watches.

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Ep. 81 Watchfam Crossover, Stolen Moscato, and TBWS World Travel..? Two Broke Watch Snobs
May 31, 2018

Ep. 81 Watchfam Crossover, Stolen Moscato, and TBWS World Travel..?

The show finally pivots and the guys agree that this entire TBWS thing is simply a support group for folks that are completely insane... about watches. This week, we finally reveal the details about our 5k follower giveaway as Kaz enjoys some succulent Passover moscato. Delish. There's even a new Richemont brand that makes its way into the discussion this week!

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BREAKING NEWS: Richemont announces resignation of Georges Kern, Head of Watchmaking, Marketing and Digital Time+Tide
IWC was promoted Jul 13, 2017

BREAKING NEWS: Richemont announces resignation of Georges Kern, Head of Watchmaking, Marketing and Digital

In a short statement published on their website, Richemont has announced that Georges Kern has resigned, effective immediately. Kern, long time CEO of IWC was promoted to the prominent position of ‘Head of Watchmaking, Marketing and Digital’ for the entire Richemont group just four months ago. He has been seen by many as one of the … ContinuedThe post BREAKING NEWS: Richemont announces resignation of Georges Kern, Head of Watchmaking, Marketing and Digital appeared first on Time+Tide Watches.

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