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Monochrome
The luxury watch industry is impacted by the slowing global economy, changes in consumer behaviour and tariff wars. Despite this challenging environment, Geneva-based luxury goods group Richemont reports solid revenues for the start of the year, with a positive trend for the first quarter ended 30 June 2025. Over the period, the Group’s sales are […]
Monochrome
The slowing global economy and changes in consumer behaviour are hurting the luxury watch industry. Geneva-based luxury goods group Richemont reported a 4% increase in sales for their 2024/25 year, closing at the end of March at EUR 21,399 million. At EUR 3.8 billion, the profit for the year’s continuing operation is down 1%. This […]
Monochrome
The world’s leading luxury group, LVMH, has just announced its sales revenues for the first quarter of 2025, which ended March 31st. At the end of the year 2024, when the conglomerate was still reporting strong results, revenues showed a slight improvement, offsetting the losses of mid-2024. However, the global geopolitical and economic environment is uncertain due […]
Monochrome
In the context of a global decline of the luxury goods demand, LVMH, the world’s largest luxury goods group, reported revenues of EUR 84.7 billion for 2024, +1% on an organic basis, after a record performance in 2023. In the fourth quarter, organic revenue growth came to 1%, accelerating with respect to the third quarter. […]
Monochrome
Following a rather unmanageable success with the Moonswatch collaboration with Omega, Swatch did it again in 2023 with yet another brand from the group – this time Blancpain – and with another emblematic watch – the Fifty Fathoms. The result, an accessible Bioceramic watch inspired by Blancpain’s famous dive watch, came with an automatic movement […]
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Monochrome
Switzerland-based luxury conglomerate Richemont Group has just issued its trading update for the six months ended 30 September 2024. The Group delivered an overall stable performance with flat sales at constant exchange rates and -1% at actual rates, at EUR 10.1 billion. At EUR 2.2 billion, profit is down 12% at constant rates and down 17% […]
SJX Watches
Having been a fait accompli since the summer, LVMH is now a key sponsor of Formula 1. Starting in 2025, the 10-year sponsorship deal will see the French luxury group become a top-level sponsor of F1. Several LVMH brands will be part of the sponsorship, including Louis Vuitton, TAG Heuer, and its drinks division Moët Hennessy that owns champagne makers like Moët & Chandon. Coming just after Louis Vuitton’s high-profile presence at the 2024 Paris Olympics, the F1 sponsorship deepens the group’s involvement in sports and popular culture. Spearheaded by Frederic Arnault, the head of LVMH Watches, the deal is worth about €100 million annually according to an LVMH insider. “For many years, several of our Maisons have also chosen to invest in Formula 1…”, said Mr Arnault, “We want to further grow this experiential dimension that Formula 1 provides all over the world.” From left to right: Stefano Domenicali, President & CEO of Formula 1; Greg Maffei, President & CEO, Liberty Media; Bernard Arnault, Chairman & CEO, LVMH Group; and Frédéric Arnault, CEO, LVMH Watches LVMH takes the place of Rolex as a “Global Partner” of Formula 1, the highest-level of sponsorship, putting the group alongside Amazon and Aramco. The deal was sealed as Formula 1’s owner, American entertainment giant Liberty Media, has successfully grown F1 beyond its traditional audience with new race locations like Las Vegas, a hit Netflix reality series, and an upcoming movie starring Brad...
Time+Tide
The LVMH Group has signed a 10-year global partnership deal with the Formula 1 racing series starting tin 2025. The post LVMH signs a 10-year partnership with Formula 1 appeared first on Time+Tide Watches.
SJX Watches
The rumours have been swirling for some months that LVMH has replaced Rolex as a key sponsor of Formula 1. As we noted in our July editorial, that wasn’t true yet. According to a source inside F1, LVMH and Formula One Group are on the cusp of a multiyear sponsorship deal starting in 2025. The French luxury group will join Lenovo and Santander as the latest sponsors of F1. Once signed, the deal will mean that LVMH takes the place of Rolex, which had been “Global Partner” of F1 since 2013. The group is not new to F1. TAG Heuer is now a sponsor of Red Bull Racing, while Dior only just signed up Lewis Hamilton as a brand ambassador. But now the group’s many brands – 75 at last count – could stand to gain even more exposure with F1. Marques like Moët & Chandon, Hublot, Loro Piana, and of course Louis Vuitton would have the chance to share in the increasing viewership of the sport, which has been steadily growing its presence in pop culture since it was acquired American media conglomerate Liberty Media in 2017. Besides adding races in glamorous cities like Miami, F1 is now the subject of a hit television series on Netflix. And a film starring Brad Pitt, titled F1 naturally, will premiere on Apple TV next year. LVMH Watch Division chief Frédéric Arnault (third from left) at the 2023 Monaco Grand Prix with the drivers of Red Bull Racing. Image – TAG Heuer TAG Heuer returns More importantly, an F1 deal will be a return to form of sorts for TAG Heuer, the biggest ...
SJX Watches
Rumours started earlier this month that Rolex had “lost” its prime status as official timekeeper for Formula 1 to TAG Heuer. That, as it turns out, is not true – yet. According to a senior LVMH executive speaking off the record, a deal between F1 and the French luxury group – and not just one of its constituent brands – is close but not yet a done deal. This was also echoed by Jean-Jacques Guiony, LVMH chief financial officer, during a conference call with analysts to present the group’s second quarter financial results. In fact, any announcement of LVMH closing the deal will likely come after the Paris 2024 Olympics that counts LVMH as one of its lead sponsors. The situation is more than just Rolex “losing” the sponsorship to TAG Heuer. It’s not about the financial resources of Rolex, which for all intents and purposes are limitless, but about the breadth and depth of the LVMH portfolio, as well as Rolex’s growing emphasis on conservation as a key part of its brand. Three elements are crucial in understanding the sponsorship deal with F1, which is enjoying a revival in popularity with its hit Netflix series Formula 1: Drive to Survive and new race locations like the Miami Grand Prix. The first is the matching clause that is common in such deals and will inevitably be part of the F1 sponsorship contract. This gives Rolex a matching right – it has the right to match a competing offer for the same sponsorship. In other words, if Rolex wanted to, it can...
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Monochrome
It wasn’t so long ago when LVMH, the French luxury powerhouse, announced shifts in top management positions. In January 2024, the group announced the creation of a new entity, LVMH Watches, as well as its CEO, Frédéric Arnault, the son of the Group’s owner Bernard Arnault and ex-CEO of TAG Heuer. As a consequence, Julien […]
SJX 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...
Time+Tide
It has been reported that Rolex may end its contract to be the official timepiece of F1 and it is to be taken over by the LVMH Group.The post Rolex rumoured to cede F1 sponsorship to LVMH appeared first on Time+Tide Watches.
Monochrome
Known as the largest luxury group in the world, owned by the Arnault family, LVMH continues its development in all fields related to rare and artistic crafts. Already the owner, through its Watches Division, of TAG Heuer, Hublot and Zenith (as well as jewellery brands Bulgari and Tiffany, not included in this division), the group […]
Fratello
Daniel Roth is a name that carries weight in the world of Haute Horlogerie. When LVMH, the brand’s current owner, announced its revival back in 2023, it filled us with anticipation and trepidation. Could this work under the umbrella of a big luxury group? Will LMVH do the Daniel Roth name justice? Well, today, we […] Visit Will LVMH Do Justice To The Daniel Roth Name? - See And Judge For Yourself to read the full article.
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Monochrome
Switzerland-based luxury conglomerate Richemont Group has just issued its trading update for the nine months ended 31 December 2023. The group, which includes brands such as Cartier, IWC, JLC and Vacheron, reports sales up by 8% at constant exchange rates and by 4% at actual exchange rates to EUR 5.6 billion for the last quarter […]
Hodinkee
Dubbed the "Scuba Fifty," the latest collaboration from the Swatch Group is ready to produce complete pandemonium on September 9th.
Time+Tide
The Swatch x Jean-Michel Basquiat collection marks the final collaboration of the Art Journey project Previous collaborations were with MoMA, Magritte, Louvre Abu Dhabi, and Le Gallerie Degli Uffizi The triptych includes three quartz-driven pieces inspired by Basquiat’s ‘Ishtar’, ‘Untitled’, and ‘Hollywood Africans’ artworks Swatch as a brand, not the conglomerate group, is widely credited … ContinuedThe post Swatch wraps up their 2023 Art Journey with new Jean-Michel Basquiat triptych appeared first on Time+Tide Watches.
SJX Watches
After a weak first half, Richemont’s business started its turnaround in the second half of the financial year, which ended in March 2021. From a 25% year-on-year revenue decline in the first half at constant exchange rates, the Swiss luxury group enjoyed a 36% rise in sales in the last quarter. As a result, revenue for the full year was down just 5% compared to the year before, to slightly over €13 billion. The healthy numbers and positive outlook helped send Richemont shares past 100 Swiss francs during trading, a five-year high. Divergent fates Beneath the strong recovery in the group’s numbers lay a recurring theme: a disparity in performance between regions, channels, and divisions. This echoes that of its rivals and the broader luxury-good industry – characterised by a strong recovery in Asia, moderate recovery in the United States, and continued weakness in Europe. And within the group, Cartier and Van Cleef & Arpels are powering ahead, leaving most of its watchmakers lagging. Continuing a trend that began in the third quarter, sales in Asia Pacific – all Asian countries except Japan – rose by a staggering 106% in the final quarter, boosting revenue in the region by 22% for the year. Asia Pacific sales are now the largest proportion of Richemont’s revenue at 45% of the total, compared to the historical one-third share. The performance was driven by strong sales in China, both in Richemont’s physical stores and its online mall on Alibaba’s Tmall Lu...
SJX Watches
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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SJX Watches
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...
SJX Watches
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...
SJX Watches
A long snaking building that stretches some 240m, the new Swatch headquarters in Biel, or Bienne in French, is the culmination of five years of work. Selling about 9.5m watches a year for about 450m Swiss francs of revenue, according to Swiss bank Vontobel, Swatch was the foundational company of its parent, the aptly named Swatch Group, which also owns Omega and Longines. Like many of its parent company’s recent projects, the Swatch building was designed by Japanese architect Shigeru Ban, the 2014 Pritzker Prize winner who is best known for his works of wood or paper, as well as his temporary structures for humanitarian aid. Its new home is covered in a honeycomb timber grid that incorporates windows, nine balconies and solar panels. Visible from the inside is the Swatch logo, derived from the Swiss cross, incorporated into some of the grid’s cells. And hidden within the structure is a network of wires and cables for telecommunications, electricity and the like. The Swatch headquarters, with the Omega building at the far left The Swatch building ends in La Cite du Temps, which sits in front of the Omega factory and headquarters Shigeru Ban, Nayla Hayek, and Nick Hayek Jr at the opening ceremony on October 3, 2019 The glass-walled Swatch store in front of the new headquarters With the new headquarters in the background Light, flexible and sustainable, the timber beams used for the outer structure number some 4,600, all precisely cut to fit with join with each other per...
SJX Watches
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 ...
Revolution
Swatch Watches unveils the Swatch Flymagic featuring the Swatch Group’s latest innovation in watchmaking: the titanium-based Nivachron hairspring.
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