To celebrate the event, Ebel is issuing a special version of its emblematic model 1911, available in two limited editions. Striking in their sobriety, these timepieces place the emphasis on the numeral 5, a symbol of harmony and balance applied to a refined black dial that is "bereft" of any other functional indication:
· the Golden Five, featuring an automatic movement with two hands, boasts a luxurious case in yellow gold and a sapphire back cover, and comes with a black crocodile watch-strap. Limited to 5 pieces, it will create exceptional interest among potential buyers;
· the Silver Five, with its quartz movement, features in addition a centre seconds-hand and a steel case with a matching black leather watch-strap. It will be produced in 1500 pieces.

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 ".

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.

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.

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 ".

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.

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.

Iraq crisis, SARS, despondent consumers, the strong Swiss Franc and recent vagaries of the stock market – nothing or almost nothing can damage the Swatch Group’s confidence in its ability to take the hurdles which stand in its path. "We are on the right track", was the concurrent comment of Nicolas Hayek and Nick Hayek Jr (see photo), the Chairman of the Board of Directors and Chief Executive of the group respectively, at the traditional balance sheet press conference held on 7 May in Bienne. They were referring to the first quarter of 2003 during which the Swatch Group did particularly well by achieving sales in Swiss franc terms broadly equivalent to the figure for the first three months of last year, at a time when overall exports of the branch were down by 4.6%. This result was attributed to "a clear strategy which does not change with the circumstances" and looks better still when it is expressed in local currency terms: +6 to 7%! This remains true even if a "difficult" month of April may have partly offset this advance. Profitability is said to be rising in the early part of this year. That goes for the net profit and operating result alike.

This was enough for Nicolas Hayek to ride his hobbyhorse again and advocate a dollar-franc exchange rate acceptable at one and the same time to the export industry and the banks. "In Switzerland, the policy makers defend the banking sector first and foremost", he deplored, alluding to the asset management activity. "But today the parity of the greenback is imposing a severe penalty on exporters". That is proved by the 166 million which the Swatch Group lost last year because of the strength of the Swiss franc and the 170 million which it might cost the group this year! Those are substantial sums which could have been invested to safeguard the 14,000 jobs provided by the group in Switzerland or create new workplaces. This issue is bound to be raised again at the FH General Meeting on 26 June in Fribourg when the invited speaker will be none other than Jean-Pierre Roth, the Governor of the National Bank of Switzerland.

Another subject which irritates the Chairman of the Swatch Group Board of Directors is the stock market: "badly controlled and perverse in its reactions", which encourages company directors to conduct their business solely in the light of financial criteria. "If I had the five billion francs needed to take the group off the stock market, I would do so now, without a moment’s hesitation", he said. Several banks have offered him that sum but as a clever manager he refrained from accepting. Taking on new debt is not part of his culture. Nor does he want to become accountable to a banker simply because he owes him money.

As to the progress of business, the next rendezvous is on 21 August when the Swatch Group will publish its results for the first half of 2003.