For the first time, Chanel unveils its financial results
For the first time in its history, Chanel has decided to unveil its financial results, explains Les Echos in Paris. For the year ended December 31, 2017, Chanel posted a turnover of 8.3 billion euros ($ 9.6 billion), up 11% at constant rates. This places the company located Rue Cambon in Paris well in front of Gucci (Kering), whose sales amounted to 6.2 billion last year, and neck and neck with Louis Vuitton (LVMH), today the world’s leading luxury brand. Chanel’s operating profit amounted to 2.3 billion euros (2.7 billion dollars) in 2017, up 22.5%.
Camera firm Leica is getting into the luxury watch game
Leica is known for its high-end cameras and optical wizardry. It’s also no stranger to high-profile collaborations, such as its ongoing workings with Huawei to “reinvent smartphone photography”, says wired.co.uk. Now, however, the company has decided to go into the watchmaking business, too, with the launch of two mechanical watches, the L1 and L2. Made at Leica’s headquarters in Wetzlar, Germany, both watches have 41mm stainless steel cases, as well as an 18-karat rose gold option for the L2. Both watches are water resistant to 50 metres and boast a power reserve of 60 hours. The simpler L1 displays merely time, date and power reserve, while the L2 also includes a dual-time GMT function.
Peter Speake-Marin is back introducing Stoic Watches
Peter Speake-Marin who left his namesake independent watchmaking company (now named Speake-Marin) early 2017, has resurfaced not only as The Naked Watchmaker, but now with a new company making watches. He is the key partner to the new venture which is called Stoic World. Offering watches at entry level. The first three watches range from US$290 to US$490 with free shipping inclusive.
Swatch Group employees allegedly received $10 million in bribes
Two former employees of the watch brand Tissot and a third from another Swatch Group company were paid more than CHF10 million ($10 million) in bribes between 2008 and 2013 to favour suppliers from Hong Kong. The case has been under investigation since February 2014 by the regional prosecutor’s office of La Chaux-de-Fonds in western Switzerland. The Hong Kong Anti-Corruption Authority, which also took on the case in 2014, identified a significant number of transactions between the accounts of the various players. Swatch Group, which confirmed that it filed a complaint in February 2014 against former employees, has apparently requested new documents. The company claims to have discovered these wrongdoings concerning benefits received during purchasing operations – notably packaging – following an internal audit.
A. Lange & Söhne conquers Hong Kong
From its base in Germany to its newly opened boutique in Central district, Hong Kong, A. Lange & Söhne exudes an air of superiority. “We find out why the 173-year-old brand is considered the crème de la crème of watchmakers”, writes Hong Kong Tatler. In an era of mass production, it’s a pleasure to lay your hands on a superbly designed item handcrafted by talented artisans. The German watchmaker A. Lange & Söhne has been providing such delight since its founding by Ferdinand Adolph Lange in 1845. Like drinking a 1961 Bordeaux or slipping on a Chanel suit designed by Coco herself, attaching a Datograph or Zeitwerk to your wrist is a deliciously sensual experience.”
Richemont Sells Lancel
Richemont, the Swiss luxury goods group, announces that it has completed the sale of its whollyowned subsidiary, Lancel, a French luxury leather goods company, on 2 June 2018 to Piquadro S.p.A., an Italian leather goods group listed on the Milan Stock Exchange. The transaction will have no material impact on Richemont’s balance sheet, cash flow or results for the year ending 31 March 2019.
15.9 million dollars for Phillips’ Hong Kong Watch Auction SIX
Phillips, in Association with Bacs & Russo, achieved $15.9 million during The Hong Kong Watch Auction: SIX – taking the spring season total to over US$61 million. A total of 216 timepieces attracted collectors from 47 countries across six continents, including a record number of over 460 online bidders. Particularly strong results were achieved for the pair by Edouard Juvet and the beautiful selection by Patek Philippe. Independent watchmakers ignited great competition that brought noteworthy prices for Greubel Forsey and the Richard Mille.
Change in the Baselworld Show Management
Sylvie Ritter, Managing Director of Baselworld, has decided to hand over the management of the World Watch and Jewellery Show. “After 26 years with the MCH Group – 15 of which were as Managing Director of Baselworld – it’s time for me to start something new and take on new challenges”, says Sylvie Ritter in explaining her decision. Michel Loris-Melikoff, who joined the MCH Group three years ago as Director of MCH Beaulieu Lausanne SA, will be the new Managing Director of Baselworld. The transfer of management will take place on 1 July 2018.
Geneva spring auctions results: CHF 74 million sales
Phillips in Association with Bacs & Russo achieved an unprecedented sales result last weekend, recording the highest total ever for watch auctions held over a single weekend, with the combined total of CHF 45.2 million. Christie’s Rare Watches auction on 14 May totaled CHF 12.2 million, while Antiquorum’s Geneva, May 13th, auction totaled CHF 9.9 million. Sotheby’s spring sale of Important Watches, also held in Geneva Mai 13th, realized a total of CHF 6.6 million. All together, the spring auctions achieved a total amount of CHF 73.9 million.