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2002 Results Of The Swatch GroupAlmost As Good As In 2001!

Following last February’s announcement of a turnover in 2002 of 4,063 million francs, down 2.8% compared to the previous financial year, the financial results of the Swatch Group for the same year were awaited at the end of March with a degree of anticipation. In view of the economic gloom that held sway all last year and exchange rates that were increasingly unfavourable to exporting industries, they can be regarded as highly satisfactory: the consolidated operating profit of the group, which is based in Biel, fell by only 1.9% to 632 million francs, while net profit came in at 494 million (-2.0%). On this basis, the board decided to propose to the general meeting of 28 May an increase in the dividend of 10%, to 0.22 franc per registered share, and 1.10 franc per bearer share.

By segment of activity, results progressed very differently: while the finished watch sector was generally in line with an operating profit down by 1.5% to 515 million, the manufacture of watch movements and components saw an increase in profits of 27.7% to 83 million (essentially the result of innovations in the products field and a higher share of mechanical watches), while electronic systems, confronted by very difficult conditions, particularly with regard to mobile phones, saw its operating profit fall by 24.4% to 59 million.

The Swatch Group is expressing confidence in the current year. It bases this positive attitude on the good start to consumer sales in the first two and a half months, and on the fact that operating profit for the same period is also showing an upward trend. It points out however "that it would not be very realistic, in the current context of geopolitical and economic tensions, to issue a precise forecast of profit and sales for the current year". Particularly with an upwardly mobile Swiss franc adding its weight to the aforementioned macroeconomic risks.

Audemars PiguetA Boutique In New York

At No. 40 on 57th Street (between Park Avenue and Madison Avenue), in the heart of the New York "fashion district", the new Audemars Piguet boutique, the first of its kind in the United States, opened its doors on 19 May 2003. It sells the brand’s full range, together with the Royal Oak La Mer jewellery collection created by Alberto Repossi.

The boutique occupies an entire five-storey building. One floor is dedicated entirely to special events. The offices of Audemars Piguet North America occupy the last two floors. The architect, Marco Carrano, who has worked with such prominent customers as Bulgari and Ferragamo, has been selected to implement this project. Xavier Casals, who has been cooperating with Audemars Piguet for many years, was given the contract for the interior decoration work.

The Managing Director of the Le Brassus manufacturing company, Georges-Henri Meylan, comments: "The inauguration of our first boutique in the United States reflects the strategy that we have put in place during the last few years for distribution and retail trade in order to establish closer ties with the final consumer. We control the bulk of our global distribution through our subsidiaries and boutiques. This enables us to control the image of our brand and establish a direct dialogue with our customers ".

François-Henry Bennahmias, Chairman of Audemars Piguet North America, adds: "Since we took over distribution in the USA in 1999, the brand has been successfully repositioned. The opening of an Audemars Piguet store will enable us to increase the American public’s familiarity with our name, so making our corporate values better known, i.e. tradition, excellence and innovation. This is a splendid operation and we are certain we have made the right choice ".

Movado GroupAmbitious Targets, But Realistic!

At the end of a satisfactory 2002-2003 financial year, the American watch group Movado has set ambitious medium-term targets. It is however well equipped to achieve them.

In these times of political and economic uncertainty, companies, whatever their field of activity, are not very enthusiastic – and very understandably so – about revealing forecasts for the year ahead. It makes a welcome change therefore to see the Movado Group shake off the reserve that holds sway today by announcing ambitious medium-term targets: between now and 2007, i.e. over the next five years, it aims to achieve an annual increase in net profit of 10 to 15%, combined with an increase in turnover of from 8 to 10%!
While at first sight it may seem somewhat presumptuous to table advances of this magnitude, in-depth analysis indicates that the target is much less unrealistic than it may seem.

In the first place, 2002-2003 results (the financial year closes at the end of January for Movado) have given the group a good foundation: although turnover remained stable at 300 million dollars, net profit rose from 17.1% to 20.1 million dollars. These figures support forecasts made at the beginning of the financial year, and were attained thanks to a strategy based in particular on cost control and improved productivity gains. To these two elements must be added a reduction in debt, which is already at a reasonably low level (less than 10% of a total balance sheet amounting to 345 million dollars), and an improvement in cash-flow.

The group therefore seems to be well placed to – as CEO Efraim Grinberg puts it – "take advantage of the recovery when it comes." A range of brands extremely well positioned in relation to each other, both in terms of prices and markets, is not the least of the winning cards it holds up its sleeve.

At the top of the pyramid, Concord, with sales in the order of 35,000 pieces per year at prices ranging from 1,000 to 2,000,000 francs, then Movado (500,000-600,000 pieces from 800 to 3,000 francs); next come ESQ and Coach, two middle-of-the-range brands (200-800 francs) confined more or less to particular markets; lastly, Tommy Hilfiger, a newcomer sold under licence, on which the group is building big hopes in view of its popularity among young people and its price category (100-150 francs). It should be noted in passing that these five brands account for around 80% of the turnover of the group based in Paramus (New Jersey), which also distributes jewellery, office and decoration accessories and spectacles.

To meet its targets, the Movado Group is also relying on its stores, of which there are twelve at present, although this number is set to grow in the near future, and its "corners", not forgetting the 11,000 points of sale, spread over more than 60 countries, in which its products are represented.

On a final note, it goes without saying that the group is also banking on the success of the new products it will be launching over the next five years, starting with new versions of its Movado Elliptica (see photo), Museum, Concord Saratoga and La Scala ranges presented in Basel at the beginning of the month.

Pre-Ulysse Nardin Chairman Smart Phone

Ulysse Nardin is the latest prestigious Swiss watch brand to delve into the luxury communications device market. The Le Locle-based house responsible for the creation of such timepieces as the 1846 Chronometer and the Astrolabium Galileo Galilei, has announced a world-premiere smart phone–developed in partnership with SCI Innovations–that incorporates environmentally-friendly kinetic technology inspired by the winding mechanism of an automatic mechanical watch. Dubbed “The Chairman”, Ulysse Nardin’s innovative new smart phone will offer a number of unique features, the full extent of which will be revealed at the upcoming Baselworld 2009 exhibition. Although official details are limited at this point, Ulysse Nardin has revealed that the Chairman smart phone can be operated through any of the world’s mobile communications service providers. The Chairman phone features a number of details inspired by fine wristwatches, including an exhibition window which reveals the guilloche engraved energy-generating kinetic rotor. Production will be limited to an edition of 1,846 pieces. Shop By Ulysse Nardin CollectionRelated articles in Ulysse Nardin newsUlysse Nardin Executive Dual Time WatchUlysse Nardin Super Yacht Cup 2008 Limited Edition Watch
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Ronda StartechA New Generation Of Chronographs

Always at the cutting edge of technology and alert to the needs of its customers, Ronda this year launches the first quartz chronograph movement with large date. Called Startech, it is currently available in three different models. In the classic style, there are variants with large date at 12 o’clock (see photo) or a normal date aperture at 4 o’clock, with tenth of a second, thirty minute and ten hour counters at 3 o’clock, 6 o’clock and 9 o’clock. These are now joined by an exceptional version with large date at 12 o’clock and a single chrono counter at 6 o’clock. The Swiss-made movements are decorated and assembled with eleven to thirteen rubies. With a thickness of 4.4 mm and a diameter of 28.0 mm, they allow the construction of round watch models or special and innovative designs.

Once again, the Ronda group, founded in 1946 by Williams Mosset and based in Lausen, has ended the 2002 financial year on a high note, with turnover in the region of 130 million francs. While sales increased in most countries, this upturn created a number of production worries, and for this reason a new building is being constructed to satisfy increasing demand. Last year, incidentally, this independent group, which employs more than 1700 people worldwide, created a new company in Mendrisio, Ronda Time Center, which, since the beginning of 2003, has been active in bespoke watch assembly, as well as offering a comprehensive range of logistical and other services.

Maitres du Temps Chapter One Tours Russia And Ukraine

Maîtres du Temps, the much talked-about haute horlogerie brand launched at Baselworld 2010, completed a fruitful presentation of its ultra-complicated Chapter One watch in Russia and Ukraine on September 9th and the 11th. The remarkable wristwatch, which unites a tourbillon, mono-push chronograph, retrograde date and GMT functions, and unique cylindrical day and moonphase indicators, is the result of a collaborative effort between renowned watchmakers Peter Speake-Marin, Christophe Claret, and Roger Dubuis. In June, Maîtres du Temps underwent a ten-day tour of five major Asian cities.
Maîtres du Temps founder Steven Holtzman and Roger Dubuis began their presentation in Russia, first in Moscow at the Triumph Gallery, and then in Kiev at the elegant Regency Hyatt Kiev Bibliotheque. Both events were generously attended by highly interested guests and members of the press, who were able to experience the Chapter One watch “in the metal” as well as gain in-depth appreciation of the fine points behind its inspiration and manufacture.
For Roger Dubuis, the opportunity to experience both Russian cities was an exciting one: “This was my first time visiting Moscow and Kiev, and I was very impressed by the atmosphere. The heritage and the history, the colors of the cities, and the stunning architecture left an unforgettable impression of the past and an appreciation of the potential for the future.”
The seasoned watchmaker, who worked for many years developing complications for Patek Philippe, added, “During our presentations, I felt that Chapter One was extremely well received and appreciated by the people of Russia and Ukraine. The interactions I had with the media were extraordinary. I would like to express my gratitude and appreciation for their genuine interest and for allowing me the opportunity to better know an exceptional watch culture illustrating a strong appreciation for the art of watchmaking.” Shop By Replica Watches CollectionRelated articles in Fashion Watches newsBASELWORLD 2007 Fashion showsH. Stern: Avant-Garde Vision and Rich Tradition