India's Titan Company, the fifth largest integrated own brand watch manufacturer in the world, annouced a 17.3% increase in income to $504.6 million in Q3 compared to the same period last year due an increase in sales during the festive season. Jewelry was the main driver of the strong performance, registering a 20% increase to $415.3 million in Q3. Income for the nine-month period ending December 31 however declined 6.2% to $1.3 billion, while jewelry sales fell 9.6% to $1.01 billion.
Bloomberg Business reports that Swiss watch exports posted their first annual drop in six years, hurt by slumping demand for less expensive timepieces that are competing for buyers with Apple Inc. and other smartwatch makers. December exports declined 3.8%, pushing shipments down 3.3% on the year to 21.5 billion Swiss francs ($21.2 billion), the Federation of the Swiss Watch Industry said Tuesday. That compares with a 1.9% rise the previous year.
International Watch writes: As the Chinese Year of the Monkey begins February 8, 2016, watch companies have begun releasing models with a primate theme that commemorate the year. According to Chinese zodiac lore, people born during the year of this sign are clever and intelligent, especially in their career and wealth. They are said to be lively, flexible, quick-witted and versatile. Yet they still have shortcomings, according to the seers, including an ‘impetuous temper and a tendency to look down upon others.’
U.S. jewelry and watch sales from all retail outlets increased 3.3 percent on the year in November to an estimated $6.9 billion, according to provisional figures from the Bureau of Economic Analysis. Meanwhile, jewelry sales alone last month rose by an identical percentage figure on the year to $6.1 billion, Rapaport News estimates – a significant increase on the October growth rate of 1.9 percent.
Business of Fashion reports that as the Swiss watch industry prepares for fourth straight year of little to no growth, big producers such as Richemont, the owner of Cartier, are trimming back investment in production while some smaller rivals look for a buyer or risk going under. The world’s biggest watch-producing country will register a 2% increase in shipments next year, according to the median estimate of 11 analysts in a Bloomberg survey. That’s the same rate of 2013 and 2014, a far cry from growth of about 20% in prior years.
More than $170,00 worth of jewelry and watches were stolen from the store which Paltrow opened less than two weeks ago. Three men entered the store and forcibly opened a cabinet full of high-end goods, and although they were spotted by staff who alerted the police they managed to get away.
In honour of Chinese New Year, Harry Winston has announced its new Premier Monkey Automatic ladies’ timepiece - this watch will be a limited edition of only eight pieces.
Rudy Chavez, veteran president of Baume & Mercier North America, is leaving the watch brand to become a vice president of Cartier, JCK reports. Chavez joined Baume & Mercier in 2003 as vice president of sales and president of its North American unit three years later. Neither Baume & Mercier nor Cartier officially commented, JCK added. Early last month, Cartier's parent company, Compagnie Financière Richemont, announced that CEO Stanislas de Quercize would step down for personal reasons, effective immediately.
September was the third month this year to show a "marked decline" in watch exports after May and July, the Federation of the Swiss Watch Industry Swiss reported. Exports slumped in United States, with the worst monthly downturn in five years. "This negative change [in sales overall] has spread to other, hitherto more robust Asian markets, and casts something of a shadow over prospects for the year 2015."
The Art Loss Register, the world’s largest private database of stolen art and collectibles, has launched a new service called the Watch Register, with a database of over 50,000 timepieces which is the largest searchable database of watches available for due diligence. The register aims to encourage jewelry retailers, pawnbrokers and others in the trade to carry out due diligence, to recover stolen watches, and in the long-term to reduce thefts.
Apple has applied to the U.S. Patent & Trademark Office for an Apple Ring device, for which an official name has not yet been assigned. Free Press noted that many of Apple’s patents don’t go on to become retail products, so it is possible that the smart ring won't ever actually be produced. It added that what Apple seems to be describing in its patent application is something far closer to an Apple Watch in terms of its potential functionality.
The 3D printing report from SmarTech Markets Publishing called Opportunities for 3D Printing in Precious Metals predicts the value of rings, necklaces, timepiece components, and other common consumer fashion items made via direct and indirect methods of 3D printing to reach $11 billion by 2020. Last month, global consulting firm AT Kearney estimated the 3D printing market would reach $17 billion by 2020, with jewelry 3D printing soaring by 25-30% over the period.
Tiffany & Co. CEO Frédéric Cumenal said during a discussion of smartwatches at the Goldman Sachs Global Retailing Conference that the jeweler held discussions with top Apple executives several months ago, without providing details on the contents of the issues. JCK points out that in August, New York’s London Jewelers became the only U.S. jeweler selling the highest model of the Apple Watch, the 18K gold Edition.
Cumenal added that the Apple Watch may boost the overall watch category as it reintroduces young people, a critical market, to timepieces.
JCK reports that Apple has announced a new partnership with French luxury brand Hermès to produce a co-branded version of its Apple Watch. The stainless steel Apple Watch Hermès boasts Hermès-designed leather straps and virtual versions of its signature watch faces. Price points range from $1,000 to $1,500. JCK writes that, "The new joint venture is a sign that the tech giant isn’t letting go of its quest to produce a high-tech timepiece that appeals to luxury and fashion shoppers."
The surging Swiss franc and weakness in a number of key markets - particularly Asia, where demand has faltered in China and Japan, and collapsed in Hong Kong - is taking its toll on Swiss watchmakers. Other markets have also proved difficult: a stumbling rouble has hit Russian demand, and sales in the UAE, an increasingly important market, have declined.
The timepiece features 438 Brilliant cut stones set in the 18K white gold case and buckle, and 136 on the white gold dial. Meanwhile, a blue cabochon sapphire is set in the crown of the watch.
The Swiss watch industry reported a 9.3% drop on the year in exports last month to $1.95 billion, according to the Federation of the Swiss Watch Industry. The export figures were particularly hit by Asian markets, with sales in Asia plunging by 21.4%. The decline in sales to China was 39.6%, in the United Arab Emirates sales dropped 29.8%, and in South Korea they were 19.7% lower. Meanwhile sales to the U.S. were stable, and exports to Europe "continued to gather momentum, led by astonishing progress in France.
The forecast is made in a new study called Jewelry, Watches and Accessories Retailing in China – Market Summary and Forecasts by New York-based retail research agency and consulting firm Conlumino. Despite slowing economic conditions, the retail sector will see significant growth, due to China’s rising numbers of middle-class consumers whose increasing disposable income and changing lifestyles will drive retail demand and retailers’ expansion plans in so-called Tier 3 and 4 cities.
Watch sales registered their biggest drop since 2008 - decreasing 11% by value and 14 percent by units - though, contrary to headlines, the Apple Watch was just one factor, says Fred Levin of market research firm NPD Group. Levin believes a variety of factors played a role, including decreased demand from Asian tourists on the high end. The biggest fall was at the low end, with sales of watches in the $100– $149 range plunging 24%. Levin points to three causes: a shift in retailer promotional calendars, a decline in sales of licensed fashion brands, and the Apple Watch.
Jewelers Mutual Insurance Company is adding smart jewelry coverage to its list of insurance services. It says it is the first jewelry insurer to add such coverage. Jewelers Mutual covers various brands and styles of smart jewelry including products by Apple, Bulgari, Cuff, Fredrique Constant, MICA (by Intel), Ringly, Swarovski, and TAG Heuer.
The insurance coverage provides worldwide protection against theft, damage, loss and even simple disappearance of the item.
LVMH reported that revenue rose 19% year on year to $18.5 billion (EUR 16.71 billion) in the first half of 2015. However, organic growth, using a comparable-structure and constant-exchange-rates, rose only 6%, meaning the exchange-rate impact added 13% to the total. Group profit improved 5%t to $1.8 billion (EUR 1.58 billion). Organic growth across the luxury goods retailer's various divisions was strongest for its watches and jewelry segment, rising 10% year on year. In total, revenue from the division rose 23% to $1.7 billion (EUR 1.6 billion).
After a huge burst of initial sales, purchases of the Apple Watch may have fallen as much as 90 percent, according to reported data from research firm Slice Intelligence. While the company may have sold as many as 1.5 million timepieces, or about 200,000 a day, at its launch, today the company is selling far less—about 20,000 a day, Slice estimated in data shared with Marketwatch. Slice believes that two-thirds of the sales have been in the lowest-end Sport model, which retails for $349. It’s sold fewer than 2,000 of the 18k gold high-end Edition model in the United States, it claims.
We are all used to the phenomenon of female movie stars sporting millions of dollars of jewelry at high-profile events such as the Oscars. But in a new twist, increasing numbers of professional tennis players are wearing high-end wristwatches, making watchspotting a new trend at the Wimbledon tennis tournament.