Hodinkee
Business News: Geneva Watch Days To Take Place August 26-29
Switzerland's first major watch trade show of the year is scheduled for later this month.
Results for NOS (New Old Stock)
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Hodinkee
Introducing: The Norqain Independence 20 Limited Edition, The First Norqain Watch With Kenissi Caliber NN20/1
Norqain's newest watch is the first to feature a movement from Tudor manufacturer Kenissi.
Hodinkee
Business News: Is The Worst Over For The Swiss Watch Industry?
The Swatch Group is upbeat about the next six months, but the FH sees a slow recovery from "an unparalleled shock."
Deployant
Breaking News: Watches & Wonders in Shanghai September 9 to 13, 2020
Watches & Wonders will exhibit in Shanghai with eleven watchmaking brands, to be held September 9th to 13th, 2020 at the West Bund Art Center.
SJX Watches
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.
SJX Watches
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...
SJX Watches
Business News: Swatch Group Sales Plunge on Pandemic Closures
Swiss watchmaking conglomerate Swatch Group just announced its half-year 2020 results and unsurprisingly, it took a huge hit due to the COVID-19 pandemic. Although the group, which owns brands like Omega and Longines, had a good start in January with an operating margin of 17.3% – with the watch and jewellery brands performing a bit better than movement- and component-production division – the lockdown progressively imposed across the world since February severely impacted sales, leading to a steep declines in revenue and half-year operating loss, a first for the group. Group sales for the first half plunged 43.4% at constant exchange rates from a year earlier, resulting in an operating loss of CHF327m, compared to a profit of CHF547m for the same period in 2019. Most of the drop in sales was attributed to the lockdowns in most countries, resulting in widespread store closures. The Swatch Group saw up to 80% of both its own boutiques and third-party retailers close, meaning it had to rely on partially “partially feasible” e-commerce. And even after lockdowns were lifted, the group permanently vacated some of its retail space, as evidenced by disputes with its former landlord in Hong Kong, which has sued the Swatch Group for several million in allegedly unpaid rent. Due to its swiftly-streamlining retail network, the group’s employee count was trimmed by 6.5% since December 2019 to approximately 33,700 employees. This was also confirmed by anecdotal evidence fro...
SJX Watches
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...
Hodinkee
Breaking News: Four Of Jean-Claude Biver's Patek Philippe Watches Fetch $8.76 Million At Phillips' Geneva Auction
Mega watches bring mega dollars.
Hodinkee
Business News: May Swiss Watch Exports 'Paralyzed'
Switzerland shipped 1.3 million fewer watches to market this May than in May 2019.
Hodinkee
Introducing: The Breguet Marine Alarme Musicale, Now On Matching Gold Bracelets
A high-end take on the alarm complication gets a bracelet to match.
SJX Watches
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...
Hodinkee
Business News: Watch Industry Braces For Historic Downturn
Q1 was bad. Q2 will be brutal, as Swiss watch production and sales come to "a standstill."
SJX Watches
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...
Hodinkee
Introducing: The Omega Speedmaster 38mm Now In Full Sedna Or Yellow Gold (Diamonds, Too!)
The small Speedy goes fully precious.
![Business News: Baselworld 2021 Cancelled and Exhibitors Get Refunds [Updated]](https://watchesbysjx.com/wp-content/uploads/2019/03/Baselworld-2019-hall-3.jpg)
SJX Watches
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...
Hodinkee
Introducing: The Vacheron Constantin Overseas Perpetual Calendar Ultra-Thin Blue (Now With A Gold Bracelet)
About damn time.
Hodinkee
Introducing: The A. Lange & Söhne Odysseus, Now In White Gold
A surprising switch for the latest Lange.
Hodinkee
Breaking News: LVMH Watch Brands Leave Baselworld In The Wake Of Rolex, Patek Philippe, And Others
Yet another blow to the industry's oldest fair.
Deployant
News: LVMH also leaves Baselworld 2021
The LVMH brands, comprising of Hublot, TAG Heuer, Zenith and the Bvlgari also follow the majors and leaves Baselworld 2021.
Hodinkee
Business News: Baselworld Responds To Rolex, Other Major Brands' Plans To Exit
The fair's management expressed great surprise at the move.
Hodinkee
Business News: Patek Philippe, Audemars Piguet, And Hublot Announce Temporary Production Halt
As coronavirus spreads in Switzerland, more companies shut down.
Hodinkee
Breaking News: Rolex Closes Swiss Factories Amid Coronavirus Pandemic
Facilities will close March 17 through March 27.
Quill & Pad
Geneva Watch Days 2020 Is On: Good News Or *Covid-19 Cough* Desperate, Short-Sighted, Money Grab?
Ian Skellern's feelings regarding the rapid series of announcements of watch events like the cancellation of Watches & Wonders and Baselworld as well as the full-steam-ahead project Geneva Watch Days have been equally quickly undulating: from initially being enthusiastically for, Ian ended feeling against Geneva Watch Days. Why put anyone’s health at risk, especially with perhaps little in return but a few photos and a persistent cough? But it is a tough call.
![Business News: Watchmakers Announce Geneva Watch Days [Postponed]](https://watchesbysjx.com/wp-content/uploads/2018/02/Geneva-city-jet-deau.jpg)
SJX Watches
Business News: Watchmakers Announce Geneva Watch Days [Postponed]
Following the cancellation of both the year’s biggest watch fairs – Baselworld and Watches & Wonders Geneva (WWG) – due to the COVID-19 coronavirus, a consortium of watch brands have come together to show their wares come April. The event, dubbed Geneva Watch Days, was the brainchild of Bulgari and its chief executive Jean-Christophe Babin – one of the first brands to pull out of Baselworld – and conceived with European press and retailers in mind. [Update March 24, 2020: GWD will now take place August 26-29, 2020 instead.] WWG to GWD Taking place when WWG was due to happen, April 26 to 29, Geneva Watch Days now has a line-up of brands big and small: Girard-Perregaux, Gerald Genta, Ulysse Nardin, Breitling, MB&F;, De Bethune and Urwerk. A handful more might sign on, including H. Moser & Cie. and Chopard. However, at present, none of the brands belonging to the major watchmaking conglomerates, Richemont or Swatch Group, or either of the Geneva giants, namely Rolex and Patek Philippe, has announced their participation – and are unlikely to due to the complexities of the industry. Crucially, Geneva Watch Days is not a fair per se, rather it is a series of events organised by brands in separate venues, including boutiques and hotels, but happening during the same period. Because the individual events during Geneva Watch Days are small-scale and discrete, none of them will run counter to the Swiss government’s temporary ban on events with over 1,000 people. ...
Hodinkee
Business News: Watch Brands Join Forces For Geneva Watch Days
Bulgari, Breitling and other high-end brands will show their watches in the Swiss capital of watchmaking April 26-29.
Hodinkee
HODINKEE Radio: Episode 80: Phil Toledano And Big Baselworld News
From funky quartz Pateks to egocentric video art, we cover it all.
Hodinkee
Business News: Baselworld Postponed Until January 2021
The coronavirus epidemic causes the first postponement in the show’s 102-year history.
Deployant
Breaking News: It is official: Baselworld 2020 is off!
Baselworld sends out a communique to inform that the 2020 Edition will be postponed to January 2021, effectively canceling this year's show.
SJX Watches
Breaking News: Baselworld 2020 Cancelled, Becomes Baselworld 2021 [Updated]
On a fast-moving Friday that started with the first case of the COVID-19 coronavirus in the city of Basel being diagnosed according to Swiss newspaper Le Temps, the day culminated in the organisers of Baselworld 2020 announcing its postponement to January 2021, essentially cancelling this year’s trade fair. This comes a day after the organisers of Geneva watch fair Watches & Wonders announced it was cancelled, which wipes out the entire year’s calendar for the major watch industry events. Though the Baselworld organisers had initially planned to meet on Monday, March 2, according to an announcement by Hubert J. du Plessix, the president of the event’s exhibitors committee (and also the director of investments and logistics at Rolex), events got ahead of them. The primary catalyst Baselworld’s cancellation was the Swiss government declaring a ban on all gatherings of over 1,000 people, until at least March 15 – which instantly made the Geneva Motor Show, one of the automotive industry’s most important events, a non-starter. Now Baselworld 2021 will take place from January 28 to February 2, with press day happening on January 27. Baselworld managing director Michel Loris-Melikoff, commenting in the announcement of the event’s cancellation, stated “We have found a solution that enables the industry and all our customers to avoid losing a full year and at the same time reset their calendars for the beginning of the year, a period that is conductive to the...