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Geneva watch show opens in throes of banking turmoil

The Geneva watch fair opened Monday buoyed by booming growth in the watchmaking industry, but insiders warily eyed the banking sector turmoil, evoking painful memories of the 2008 financial crisis. Industry professionals were upbeat on the first day of the Watches and Wonders annual fair, where 48 prestigious brands including Rolex, Patek...

28 Mar 2023

Fashion Featured

Gen Z driving the second-hand luxury watch market

Swiss watches are in high demand these days, but sales of second-hand timepieces are also booming, driven by Generation Z buyers who want luxury goods but are also sustainability-minded. The global second-hand watch market is estimated at nearly 20 billion Swiss francs (21.7 billion dollars) and could reach 35 billion francs by 2030, according...

25 Jan 2023

Fashion |Jewellery Featured

Katchin the new marketplace for jewellery and watches launches

A new global marketplace created specifically for jewellery and watches, Katchin has launched in the UK, backed by the Fossil Group. Katchin aims to offer consumers a new way to shop for accessories, bringing together “the most sought-after names together in a one-stop-shop” alongside curated content and how-to-style guides. The platform, built...

25 Jan 2023

Business

Watchmaker Bremont secures 48.4 million pounds in funding

British watchmaker Bremont has secured an investment of 48.4 million pounds (59 million dollars) following a record year. The funding came from investors Bill Ackman and his affiliate, alongside existing investor Hellcat LP. “This new capital will enable us to invest in marketing, distribution, and talent,” said Bremont co-founder Giles English...

24 Jan 2023

Business

DKSH sells 25 percent stake in watchmaker Bovet

Zurich-based holding company DiethelmKellerSiberHegner (DKSH) has announced the sale of its 25 percent stake in Bovet Fleurier SA, a Swiss watchmaking brand. DKSH noted in a press release that the transaction would not materially affect the group’s profit and loss statement. The sale was made to Pascal Raffy, who owns 75 percent of Bovet’s share...

2 Jan 2023

Business

Swiss watch exports recorded their best-ever performance

Demand for Swiss luxury watches has seen the sector record its best-ever performance. Citing a growth of 10.9 percent over 2021, November sales topped 2.4 billion francs, contributing to a stellar earnings year so far. Total exports for the year to date is 22,8 billion francs, up 11.9 percent over last year. Data from the Federation of the Swiss...

22 Dec 2022

Business

Watches of Switzerland reports increase in H1 revenue, profit

Watches of Switzerland has reported an increase in revenue and profit in the first half of the year. The London-listed group made revenue of 765 million pounds in the six months to October 30, up 31 percent from the prior year, or up 23 percent at constant exchange rates. It said it experienced continued strong demand across its luxury watches...

14 Dec 2022

Business

George Daniels watch sells for 4 million dollars

A timepiece by legendary mechanical watchmaker George Daniels fetched more than 4 million dollars under the hammer -- the second-highest price ever achieved by an independent watchmaker, auctioneers Phillips said Monday. The watch was estimated at one million Swiss francs but eventually sold to a bidder in the room at the Geneva Watch Auction...

8 Nov 2022

Fashion

Mr Porter launches vintage watch offering in the UK

Mr Porter is now selling vintage timepieces as part of its continued expansion of its luxury watch category, curated in partnership with UK-based collectable vintage, neo-vintage and preowned watch experts Brothers London. The assortment includes nine rare vintage watches that “pay tribute to the history of horology and watchmaking...

12 Sept 2022

Business

Watches of Switzerland Q1 revenue up, but warns of potential challenges in H2

Watches of Switzerland has reported revenue of 391 million pounds in the first quarter ended July 31, up 25 percent at constant currency and up 31 percent at reported rates. Luxury watches revenue was up 32 percent to 342 million pounds, while luxury jewellery revenue grew 36 percent to 27 million pounds. Breaking it down by geography, revenue...

16 Aug 2022

Business

Movado Group almost doubles Q1 profit

US watchmaker Movado Group almost doubled its profit in the first quarter of the year as its sales increased by 21.2 percent. In the three months to April 30, the group’s net income widened to 18.5 million dollars from 9.4 million dollars a year earlier. The group, whose portfolio of brands includes Movado, MVMT, Concord, and Ebel, reported...

27 May 2022

Retail |In Pictures

Tag Heuer opens standalone boutique in Covent Garden

Luxury Swiss watchmaker Tag Heuer has opened its second standalone boutique in London. The 882 square foot boutique is located at 5 James Street in Covent Garden and joins its flagship on Oxford Street. The store has a contemporary design, with cool racing grey, sleek glass and polished mirror finishes, and has been decorated with artwork and...

12 Apr 2022