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Tag: swiss watch

  • Patek Philippe may come up for sale

    Patek Philippe may come up for sale

    Patek Philippe, the closely held maker of $10,000-plus Calatrava watches, may be coming up for sale, according to analysts at Berenberg who cited industry talk. The 180-year-old Swiss watchmaker could fetch 7 billion to 9 billion euros ($8 billion to $10 billion), analysts led by Zuzanna Pusz wrote in a note. Patek Philippe has been owned by the Stern family for almost a century, and Thierry Stern became the company’s chairman in 2009.

    A Patek spokeswoman declined to comment except to say deal speculation tends to occur during the annual watch fairs in Switzerland, including last week’s Geneva show. A sale of Patek Philippe would upend the watch industry and could lead to a bidding war, as it is one of the last prize assets that hasn’t fallen into the hands of a luxury conglomerate. Swatch Group AG, which has bought up brands including Omega, and Richemont, which owns Cartier, make more than half of Swiss watches.

    Patek Philippe has sales of 1.5 billion francs, according to Berenberg estimates. On its website, the company says its “intention is to independently pursue the path that led to its success.”

    “We understand that one of the largest conglomerates in the sector would likely be interested in the asset given its currently relatively low exposure to the watch category,” the analysts wrote. Pusz was not immediately available to comment further.

    Two years ago, family-owned Breitling was sold to private-equity owners CVC Capital Partners for more than 800 million euros.

    In 2014, Stern told Swiss newspaper Le Temps that the company may eventually need to leave Geneva or put itself up for sale if its tax burden was not reduced. Months later, the company announced a 450 million-franc ($451 million) investment plan in the canton.

    Stern’s wife, Sandrine, works in design at Patek Philippe. Their children are in their teens, and Patek’s chairman has said he wouldn’t push them into the business if they did not want to join.

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  • Why top watch marques no longer need Baselworld, SIHH?

    Why top watch marques no longer need Baselworld, SIHH?

    Dr Bernard Cheong has what he calls a “migration box” – a travel case that holds up to eight timepieces. “I like to say that these are the watches I will take with me if I have to relocate,” says the jovial 61-year-old, one of the world’s most prolific watch collectors. One of his most prized pieces is a S$3.3 million (US$2.4 million) Greubel Forsey Invention Piece 1, numbered 00 in an 11-piece series. Its serial number indicates that it is the watchmaker’s personal prototype. It would not even have been sold, if not for Cheong’s clout. He believes the watch can eventually command up to S$5 million.

    In 2011, he made history when he became the first ambassador for the Geneva-based Fondation de la Haute Horlogerie who was not from the watch industry. He helped formulate the transparent jury system, and an audited and numbered voting system, for the Grand Prix d’Horlogerie de Genève in 2002, a high-end watchmaking contest, before introducing it to Asia.

    His expertise is drawn from decades of experience of watch buying and selling and forging close relationships with watchmakers and retailers. This has also put him in the unique position of being an industry observer with unfiltered, and sometimes contrary, insights.

    For instance, he does not mince words when talking about the recent issues surrounding the industry’s key watch fairs, Baselworld and SIHH. The two fairs recently announced they would be synchronizing their calendars to run back to back, following a fall in the number of Baselworld exhibitors.

    “It is a reality of the industry. The exhibitors do not need to be there any more – why pay so much to exhibit like this?” he says. Cheong notes that watchmakers today can easily bypass industry fairs by offering information about their latest creations directly to consumers via the internet.

    Protecting his beloved industry is something Cheong takes seriously. In China, the recent crackdown on conspicuous consumption has led to a drop in sales and to brands like Richemont buying back unsold stock. “It is smart for the companies to buy back their precious pieces. When times are hard, people will sell watches at any price to put food on the table,” he says. This could lead to a massive undercutting in prices, he adds.

    “They did the right thing to retain control of prices.”

  • Tudor Watch starts selling in Japan

    Tudor Watch starts selling in Japan

    Swiss watchmaker Tudor Watch has launched in Japan with a mix of permanent outlets and pop-up stores. The brand started trading on Wednesday in Tokyo and Osaka, and is poised to set up distribution in Nagoya and Sapporo via big-name local retail partners. It is currently riding a wave of popularity in the US and UK, where it has recently relaunched.

    Director of Montres Tudor S.A. Eric Pirson said: “The partners that Tudor selected for this launch are among the most high-profile and prestigious watch retailers in the country. They are offering Tudor a strong presence in their most prominent location. With this presence in the Japanese market, alongside our key openings in the US in 2013, the UK in 2014 and the Korean domestic market earlier this year, Tudor is now truly a global brand that is represented in close to 100 countries worldwide.”

    The launch is well-timed for Tudor’s Rugby World Cup sponsorship in Japan next year, which will serve to raise the brand’s profile in the burgeoning watch market.

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  • Positive trend for Swiss watch in Hong Kong

    Positive trend for Swiss watch in Hong Kong

    Exports of Swiss watches to Hong Kong rose 35.7 per cent last month, their strongest advance for six years, according to the Federation of the Swiss Watch Industry.

    After 44.3 per cent growth in January, China also exceeded the global average with a 21.7 per cent rise.

    Japan (up 7.1 per cent) and Singapore (up 7 per cent) posted significant growth.

    Following stronger January exports, February was even better, says the federation. The total value of watch exports reached SF1.7 billion francs (US$1.7 billion), up 12.9 per cent.

    Watches made of precious metals and steel set the pace. While overall volumes were less sustained, there was still significant growth, says the federation, driven by timepieces in steel. The result was nevertheless held back by the “other materials” category.

    Growth extended to all price segments, led by watches priced at between SF500 and SF3000 (export price) where the value of exports rose 19.3 per cent.

    Timepieces priced at more than SF3000 francs, up 12.9 per cent, fell within the average range. Products costing less than SF200 achieved 7.8 per cent growth after falling sharply for more than one year, says the federation.

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  • Hong Kong luxury watch imports reached its peak

    Hong Kong luxury watch imports reached its peak

    Hong Kong luxury watch imports posted their highest monthly increase for more than five years in January.

    According to the Federation of the Swiss Watch Industry, exports to Hong Kong rose by 21.3 per cent in January, leading a broader Asian rebound which saw China overtake Japan into second place as a destination with 44.3 per cent growth. Exports to the US fell 1.9 per cent, dropping that market into third. Japan was also strong, up 12.9 per cent.

    January’s improvement followed the dynamic performance of previous months and a favourable base effect, the federation reported.

    Swiss watch exports for the month were worth CHF1.6 billion (US$1.7 billion), equivalent to 12.6 per cent growth.

    The value of all the main groups of materials increased. Steel and bimetal watches made the biggest contribution. Total volumes were 2.5 per cent higher, boosted by timepieces in steel and the other metals category.

    Against the trend, the ‘other materials’ category reported another substantial fall.

    After declining for more than two years, watches costing less than CHF200 (export price) continued to lose ground last month. All the other segments had sustained growth, especially in the CHF500 to CHF3000 price range which improved by about 20 per cent.

    Many markets saw strong growth for the month.

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  • Asia Keeps Swiss Watch Recovery on Track

    Asia Keeps Swiss Watch Recovery on Track

    China and Japan continue to grow as key markets for Swiss watches, reports the Federation of the Swiss Watch Industry.

    China had its strongest growth for 30 months at 39.8 per cent, while Japan, up 22.5 per cent, showed strong growth for the second month in succession.

    Hong Kong has confirmed its recovery with its eighth positive month, exports there rising 4.4 per cent, while exports to Singapore, Switzerland’s seventh-largest market, rose 10.6 per cent.

    Export growth has continued over the seven months to the end of November, says the federation. The total value of exports reached nearly FRF2 billion francs (US$1.9 million), equivalent to 6.3 per cent growth over the figure for the previous November.

    Electronic watch exports were down by more than 1 million units to 15.6 million, a drop of 6.3 per cent. By contrast, mechanical watch exports rose 4.6 per cent to 6.59 million pieces.

    All groups of materials shared in the value growth, in particular steel, up 7.9 per cent. While the other materials category grew 32.3 per cent, the number of pieces fell 1.1 per cent.

    Watches priced at less than FRF200 (export price) fell substantially in November, says the federation, while the other price segments advanced in terms of both value and volume. The FRF200-500 category had the best performance with growth, up 20 per cent.

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  • Swiss watch exports rise 9% on strong Japan, China and Hong Kong

    Swiss watch exports rise 9% on strong Japan, China and Hong Kong

    Swiss watch exports jumped 9.3 percent in October 2017, on strong sales in Hong Kong and China, despite a lag in U.S. imports, according to the Federation of Swiss Watches.

    For the month-period, sales of Swiss watches totalled 1.85 billion Swiss francs, or $1.86 billion. The federation said that the monthly result confirms a solid improvement in the watch industry, with consolidated growth for the past ten months sitting at 2.4 percent.

    In September 2017, sales rose 3.7 percent and 4.2 percent in August.

    In October 2017, Japan recorded the fastest growth, where exports leapt 21.7 percent. Exports to China were up 18.2 percent, while Hong Kong, which is also the industry’s largest market, rose 15.8 percent.

    Outside Asia, the U.S. market remained dire, down 7.3 percent. Growth in Europe was a placid 5.9 percent, hurt by a 0.7 percent decline in Italy. Big player Britain inched forward 1.2 percent, showing signs of a slow down in October, said the federation.

    By watch category, exports of watches worth between 500 Swiss francs and 3,000 Swiss francs grew the fastest, up 20.3 percent in value terms, while watches priced between 200 Swiss francs and 500 Swiss francs rose 10.4 percent.

    The most expensive range, above 3,000 Swiss francs, rose 6.3 percent. Meanwhile, timepieces priced at below 200 Swiss francs dropped 3.4 percent, said the federation.

    Looking forward, the federation noted a “declining medium-term trend” in Japan.

    Analysts also fear that the ongoing weakness in exports of cheaper watches could prompt the resurgence of smartwatch domination over the longer term.

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  • Hyundai shows $50m value of watches

    Hyundai shows $50m value of watches

    Korea’s Hyundai Division Retailer will reveal a 490 million gained (US$453,500) Swiss luxurious watch this month.

    The shop is holding a luxurious watch exhibition at its Commerce Middle till Might 18 and at Apgujeong department till Might 18.

    The entire worth of the watches is round 50 billion gained, or US$46.three million.

    Luxurious watch manufacturers to go on present embrace Audemars Piguet, Jaeger-LeCoultre, Piaget, Blancpain, Vacheron Constantin, Breguet, Roger Dubuis and Panerai.

    The costliest watch might be Jaeger-LeCoultre’s “Rendez-Vous Tourbillon Excessive Jewellery”, which prices 490 million gained. The posh watch options 547 diamonds totaling 9 carats.

    The shop will exhibit greater than 400 luxurious watches together with these submitted to the Salon Worldwide de la Haute Horlogerie and Baselworld, held respectively in January and March.

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