Tag: luxury watches

Rolex CEO Jean-Frédéric Dufour tells NZZ it’s risky to view watches like stocks

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The head of Rolex SA said viewing luxury watches as investments is dangerous following a surge in interest from speculators during the pandemic.

“I don’t like it when people compare watches with stocks. This sends the wrong message and is dangerous,” Chief Executive Officer Jean-Frédéric Dufour said in a rare interview with Swiss newspaper NZZ before the Watches and Wonders trade show that starts this week in Geneva.

Led by brands including Rolex, Patek Philippe and Audemars Piguet, prices for pre-owned watches rocketed to unprecedented levels in 2021 and early 2022 as speculators, boosted by low-interest rates and soaring cryptocurrency values, snapped up expensive Swiss timepieces.

But secondary market prices have fallen sharply in the past two years amid weaker economic growth and higher interest rates. The Bloomberg Subdial Watch Index, which tracks prices for the 50 most traded timepieces by value, has declined 40% in the past two years.

Rolex is the biggest Swiss watch brand and dominates the industry with an estimated 30% market share. Known for its Datejust, Daytona and Submariner models, the Geneva-based company’s sales crossed 10 billion Swiss francs ($11 billion) for the first time in 2023, according to estimates by Morgan Stanley.

Secondary Market

The Rolex CEO confirmed the Swiss watchmaker, which is controlled by a foundation named for company founder Hans Wilsdorf, pays close attention to secondary market prices. He said “very well known and successful brands,” are always in the minds of consumers and are still doing well despite a downturn in demand.

“This can also be seen in the fact that the resale value of these watches does not decrease,” he told the newspaper.

In a major shift in strategy, Rolex began issuing certificates of authenticity for its used watches in late 2022 through a so-called certified pre-owned program. The authenticated used watches are sold through its network of authorized dealers including Switzerland’s Bucherer, which Rolex bought in 2023 in its biggest-ever acquisition.

Dufour, who has led Rolex since 2015, told NZZ that he expects 2024 to be a difficult year for the Swiss watch industry as demand slows from the peak.

Bloomberg News reported in December that the surge in retail demand for the top Swiss watchmakers’ products had slowed significantly after three years of frenzied buying.

Smaller Brands

The Rolex CEO said the slowdown will hit sales of smaller watch brands hardest. “The pendulum is now swinging in the other direction, and it is naturally more pronounced for the less established brands,” he said. “While they may have seen a 20% increase in sales during the upswing, they may now experience a 15% decline.”

“For the big brands, the fluctuations are smaller,” Dufour added.

Watchmakers tend to overproduce during good times and when markets weaken, retailers come under pressure to cut prices. “This is extremely problematic because discounts damage emotional products like ours,” Dufour said.

The Rolex boss said the strong value of the Swiss franc against other currencies is also adding to pressures on the industry, as is the rising cost of raw materials such as gold.

“The increased interest rates are also affecting people’s spending mood, and the geopolitical situation isn’t helping either,” he said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Storyboard18 | The luxury watch market in India: Amidst a transformation

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Innovation, transformation and in a way even disruptions are what contribute to building any successful business.

The luxury watch industry is built around heritage, traditions, innovations, high price points and most importantly exclusivity. But do the millennials and the so-called Gen Z see value in these attributes? How does a traditional watch brand that boasts of a 200-year legacy connect with today’s consumer without compromising its DNA? An industry that was dominated by a certain older age group of affluent buyers is now seeing a strong onset on younger shoppers.

Believe it or not, post the pandemic we have seen a relatively evident effort in that direction. Most luxury watch brands today have understood the importance of creating a deeper relationship with their customers and are slowly yet gradually getting over the whole transactional mindset. Spreading the awareness of social values through the power of knowledge and working towards a customer communication strategy. Does this mean brands have ceased all traditional marketing strategies? That wouldn’t make logical sense. The key here is to add human value even to your marketing campaigns. Although working with celebrities, luxury sports activities such as Formula 1, Tennis, Golf, etc., have proven to be quite fruitful, brands today are now also working with real life heroes, a more relatable approach.

Over the last few years we have also seen the birth of a number of watch communities some of which are driven by the brand directly. A good example here is the Paneristi tribe. A community of more than 30,000 Panerai owners with more than 30 local hubs around the globe. Each Panerista brings his own experience and story to the community, contributing to the nurture of this big worldwide family. A family where each Panerista can find common ground for his passion and mutual support during both happy and tough moments.

Another example here is the MB&F tribe. The name spells it all – Max Busser & Friends. If you are the owner of an MB&F Machine, you are more than just a friend. You are part of The Tribe which comes with its own share of benefits.

Then there are the communities that are for the people, by the people. Basically a group of collectors who are invested in a hobby irrespective of the nature of the business. India has seen the rise of a few of such credible communities over the last few years which are certainly not going unnoticed by the prestigious watch manufacturers.

Tribes and communities

One such group is the RedBar crew. RedBar Group is the official organization for an international collective of watch collectors. Founded by Adam Craniotes and Kathleen McGivney, RedBar Group’s goals include fostering the growth of existing collector communities around the globe, helping fellow enthusiasts start new meetups in their local areas, and encouraging collectors to give back to the local communities. In India, we have RedBar Bombay.

“Luxury watches are an amalgamation of ingenuous engineering, exquisite design and an aspiration to be a part of history or a story. Brands are now starting to recognise that these are actually the deciding factors for watch collectors and not merely aesthetic or (discounts) pricing policies,” says Punit Mehta, Chapter Leader – RedBar Bombay.

“Knowledge is being passed from the watchmaker’s desk to the retailers down to the collectors via different mediums such as digital media, over the counter experience and curated events for watch connoisseurs. More focus is given to curated and tailored experiences by the brands which in turn helps us understand and boost our confidence about the brand. Brands today are not just receptive but the local brand representatives are also very intellectually invested”, says Mehta.

Brands get social

Another small tool, yet a goldmine for any brand is social media. We have seen a visible shift in the communication strategies of most luxury watch brands over platforms such as Instagram, Facebook, Clubhouse and so on. They are far more communicative and responsive to their consumers directly. It is one thing to respond with “thank you for your feedback”, but it’s another to actually respond with a helpful solution. That superficial facade seems to be fading gradually. As miniscule as it sounds, this has been a huge tool in adding human value and emotions to the business of wrist watches.

Besides engaging directly with communities and gathering consumer insights from social media platforms, another switch we have seen is the onset of e-commerce in the world of luxury watch brands. In my opinion, e-commerce is one of the most underused platforms to sell luxury timepieces. Initially quite sceptical to the idea of selling online in India, luxury watch brands today have adopted the concept of online retail. Although it is still a lot about product and purchase experiences and building relationships, does the customer today have the time and the patience?

Ecommerce and luxury watch brands

“We have strongly activated the e-commerce part of the business and have seen the convenience of having these platforms offering our products to clients that could not physically visit our stores. We also saw the importance of the relationship that our call centres brought into these purchases over the last year,” says CEO of JaegerLe-Coultre, Catherine Rénier, adding that “Clients would browse online and call our team for more information and guidance and then buy online. We have seen this dynamic come together quite well.”

“That being said, I don’t think the stores will disappear. The physical experiences and expectations when you visit a store are very different. I think even when the stores & boutiques do open, this existing ecosystem will blend really well. Our clients can visit us, experience the brand and the watches and then have the option to buy online at their own convenience. The stores and boutiques will definitely continue to play a very important role. The physical experience of the store is different of course, but the future will also have digital elements”, says Rénier.

In India, reputed luxury watch retailers have now expanded their business to the e-commerce platform and are most certainly capitalising on this hybrid format. One such example would be the Art of Time chain of luxury watch stores in India.

Digital presence

Bharat Kapoor – Director – Art Of Time says that a strong digital presence for any brand, especially in the luxury sector, is the new normal. “The e-commerce boom started a few years ago and really gained momentum with the pandemic. Art of Time responded to the need of the hour and launched its e-commerce to not only combat the lockdowns but also expand its reach pan India. We have made brands like Cartier, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Roger Dubuis and Ulysse Nardin easily accessible to our clients while providing the same stellar buying experience with our e-commerce website,” says Kapoor.

“The market has responded to this ‘new normal’ very well and our website has, as we’d hoped, picked up momentum,” says Gaurav Bhatia – Director, Art Of Time India. “The 6 years of trust and relationships we have built via our physical boutiques have also ensured our clients trust the Art of Time brand to deliver the same level of service and after sales service even when they transact with us online. To add to that, there is a paradigm shift in customer buying behaviours and thinking when it comes to buying luxury online. The comfort of a 24/7 hour online boutique without geographical borders is not missed by our clients. Luxury sales on e-commerce platforms are set to break records in the near future and we’ve made sure Art of Time is ready for that boom,” says Bhatia.

Given the traditional Indian mindset, are we there yet? Well, maybe not. But one can’t take away from the fact that the luxury watch market in India is witnessing a period of transition. With a strong focus on consumer centricity and proactive communication, there is no stopping the vertical growth of the luxury watch market in India.

The author of this article, Karishma Karer, is a writer, journalist and the founder of The Hour Markers.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Are Patek, AP and co. the new Blue-Chip stock? How certain timepieces are out performing financial markets

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Data

Arguably the numbers speak for themselves: Chrono24 which analyses tens of thousands of monthly transactions reported that the prices for the ten bestselling Audemars Piguet models went up by 73 percent between July 2015 and July 2020. Patek Philippe on the other hand saw an even more impressive appreciation, with prices increasing by an average of 105 percent over the same five years. Moreover, the wider impact of these brands is notable; in 2018 one in eight Hip Hop songs that charted mentioned Patek Philippe, and as Jay Z cites “I don’t get the bright watch, I got the right watch, I don’t buy out the bar, I bought the nightspot I got the right stock”. So what’s exactly behind these asymmetric returns and are there some deeper fundamentals to it?

Some watches…

Ironically factors such as the history and heritage of the brand, initial capital expenditure as well as the marketing and storytelling placed on the individual timepiece may not necessarily translate into price appreciation. In fact, data indicates that most watches within the luxury segment depreciate in value and even different models under the same brand can vary vastly in terms of return on investment.

However, some timepieces buck this trend and the payoff can be big. Richard Mille, a brand just over a decade old is an example of this. When the RM-11 first came out they had an approximate price range of $50,000—$60,000, today these are selling from $175,000—$250,000. A contributing factor to this was a strategy no watchmaker had ever made—within a year of its launch, it increased retail prices by 40 percent and cut production by over 70 percent.

Patek Philippe is a further illustration of the impact restricted supply can have. As of December 2019, of the 58 most expensive watches sold at auction, 46 were produced by them. Established in 1839 they are estimated to have made approximately one million watches to date. To put that into perspective that figure is the equivalent number of timepieces made each year by most other luxury brands. Still maintaining its family-owned roots each watch is handmade and a detailed archive of its production history together with a unique identifier and name of the first buyer is logged at HQ. It can take up to nine months to produce one piece and such is the scarcity there can be an application process in order to obtain one.

The Patek Philippe Nautilus for example has an average waiting list of 10 years from authorised dealers with a recommended retail price of approximately $28,000. Not surprisingly, the watch is trading at a premium on secondary markets with any owners of this masterpiece that are able enough to part with it having their heavy hearts eased by nearly trebling their outlay and achieving approximately $80,000. Moreover, prices of the 5711 model within this segment jumped a further 25 percent in January 2021 on the announcement that it was to be discontinued.

Timing

Although Rolex designed a chronograph in 1955 it was not until 1963 that it used the name Daytona after the world-famous Daytona Race track in Florida for what became one of its most famous models to date. Despite its name, however, it suffered a slow start. Early models were unloved and stood static in watch window displays. This was partly due to the first Daytona models still possessing a manual winding movement whilst competitors Breitling, Tag Heuer and Zenith being equipped with automatic movements. It was only over time that interest built arguably culminating in the 2017 milestone event when the original Rolex Daytona Paul Newman was sold for $17.7 million at auction. From the period of 2015—2020, an owner of a steel 116520 Daytona would have seen the value double from approximately $10,000 to $20,000.

Similarly, launched in 1972 the Audemars Piguet Royal Oak also had a slow start. At the time Gerald Genta, the man soon to be known as the most significant watch designer of the era was seen to break too many watch-making rules at once. A bold stainless steel case together with the octagonal bezel with eight trademark screws was an outlier and not exactly sought after. Yet as trends evolved and the allure of sports watches developed, fortunes changed. Other factors attributed to its rise and iconic status today include social media influencing and a slick corporate management team. In 2015, these blue dial pieces were trading for around $18,000, but on the current secondary market a similarly unworn, factory condition example would set you back over $32,000.

Beauties, albeit investments that don’t tick-tock?

Despite any projected depreciation the primary incentive of purchasing a Jaeger-LeCoultre, IWC Schaffhausen or one of the many other brands producing beautifully crafted watches is the joy they bring their owner, so examining these via the lens of an asset class is in some sense arbitrary. Nevertheless, with an eye on hedging any downside, other reasonable bets could include a Breitling Navitimer, the arguable boss of aviation watches. Innovative features of this model consisted of a slide rule bezel, chronograph and a tachymetric scale which assist pilots in calculating speed, fuel consumption, climb and descent rates. This model together with the Omega Seamaster, a brand renowned for creating expert diving tools, has performed steadily with an average price increase of 2-4 percent a year.

Intriguingly these brands together with established outfits such as Hublot, Blancpain, Zenith and Vacheron Constantin have generally been outperformed by the Frankfurt-based maker Sinn. Whereas most other models within the traditional set have struggled to retain their value, sometimes losing as much as 30 cents on the dollar, the value of most Sinn watches has almost doubled over the last decade. The price appreciation of Sinn watches is even more impressive when benchmarking it to resource-rich brands with expansive marketing budgets and wide-reaching distribution channels such as Roger Dubuis, a company now owned by the Richemont. After 14 years of developing complications at Patek Philippe, Roger Dubuis established his own brand in 1995. Despite its strong reputation for watchmaking with handmade calibres encompassing several hundred components, a Biretograde Sympathie model now trades at $15000 on secondary markets from a list price of roughly $70,000 in 2015

Macro environment and comparative performance (Summer 2015 – Summer 2020)

Comparatively, over a similar period, the FTSE 100 is down approximately 7 percent, compounded in real terms when also considering GBP—USD depreciation. The exception of new economy tech stocks and Crypto must be noted, but other asset classes and more specifically traditional ‘blue-chip’ stocks in telecoms, energy, real estate and banking have fared much worse. And whilst the S&P, segments of the BSE SENSEX and commodities such as gold have held record periods, returns are not in the league of some timepieces, equalling numbers most hedge fund managers would more than welcome. Such has been their performance that in the words of Meek Mill, “Audemar on my wrist, bust down, we poppin bottles like I scored the winning touch down.”

Note: The article has been updated with more details

—Shiv Morjaria is a derivatives lawyer for an investment bank and tech entrepreneur. The views expressed are personal and do not constitute advice

Click here for his other columns

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Coronavirus impact: Bad times for luxury watch industry; Rolex shuts all manufacturing facilities

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Luxury watch makers are feeling the heat of the coronavirus pandemic and are preparing for the worst as sales dwindle and manufacturing plants being shuttered down. Swiss watchmaker Rolex announced on March 17 that it would close all plants for the next 10 days, over concerns of COVID-19.

The luxury watch industry was already under pressure following political unrest in Hong Kong, which is the biggest market for the product. According to Bloomberg, a 49-percent discount is being offered on second-hand Cartier timepieces in a week-long sale on the site Watchfinder.

Brokerage firm Sanford C. Bernstein said that the next six months will be the worst for the luxury goods industry. Luca Solca of the company said, “This scenario is worse than in 2008, as there doesn’t seem to be any offset — other than possibly a quantum of solace from online.”

Other factors such as surging gold prices and the global slowdown will further impact the luxury watch industry. Exports from Swiss watchmakers dropped the most in February, especially to China and Hong Kong. Bloomberg reported that shipments slumped 52 percent and 42 percent to both the destinations, respectively.

Over 59,000 people are employed by the Swiss watchmaking industry, who could be affected by the slump in sales.

Click here for LIVE updates on the coronavirus pandemic.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Chopard creates Lucent Steel for its new limited-edition Alpine Eagle watches

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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As LVMH acquires Tiffany — the luxury jewellery brand that has inspired artists and moviemakers across generations and has just made an entry into the Indian market, Chopard, along with Hermès, is among the rare family-owned true-blue luxury brands left around. Quite a rarity in an industry ruled by the two huge French luxury groups, Kering and LVMH, which own almost every small and big luxury brand which was once family-run.

Founded by Louis-Ulysse Chopard in 1860 in Sonvilier, the Maison is now owned by the Scheufele family. While the Chopard business empire, with an annual turnover of $800 million, includes both jewellery and watches, it is the latter segment which has seen some interesting product launches. It is headed by Karl-Friedrich Scheufele, who famously battled his father to tweak and change an old classic to launch a new experimental watch almost four decades ago. Scheufele campaigned to swap St Moritz collection’s gold casing for stainless steel. Launched in 1980, its success helped the brand enter the then-nascent luxury sports watch division.

Last year, Karl-Fritz Scheufele, his son who is now part of the family watch business, campaigned to once again transform St Moritz into a whole new format. And he sought and received help from his grandfather, incidentally named Karl Scheufele too, to impress on his father. (As an aside, every male scion of the Scheufele family is called ‘Karl’. The three generations of Scheufeles who run the Chopard Maison go by the name Karl, Karl-Friedrich and Karl-Fritz!)

Back to the watch, then. In its new avatar, St Moritz is chunkier, has a galvanic sunburst dial and a brand new exotic name, Alpine Eagle. The watch is a limited edition and India has received a few for sale. Karl-Fritz, who also owns a vineyard Château Monestier La Tour in Dordogne, says it is a collector’s edition upended for contemporary times. “About five years ago, I found St Moritz watch on my father’s desk. I was immediately taken with its fresh design, functional screws, and incredibly comfortable bracelet. But I wanted to work steel like gold, and that is precisely what is so innovative about this project,” he has said.

The inspiration for Alpine Eagle

St Moritz itself was inspired by Karl-Friedrich’s favourite holiday destination, the Alps. For Alpine Eagle, the name of the new watch, the family drew from their passion for the Alps and the lofty power of a soaring eagle. It is crafted from an ultra-resistant and light-reflecting metal named Lucent Steel A223 and boasts Chopard’s chronometer-certified movement.

Design

The sporty timepiece has an integrated case and bracelet and features several references to the Alpine eagle and the region’s biotope. For instance, its rock-like textured dial evokes an eagle’s iris, its hands call to mind its feathers, and the cold glinting steel is reminiscent of glaciers. The bracelet of Alpine Eagle is gently tapered and comprises a single ingot-shaped link, topped by a raised central cap. The crown is engraved with a compass rose.

The brilliant blue dial colour references the Alpine range: Aletsch Blue draws from the bluish shimmer of the largest glacier in the Swiss Alps; Bernina Grey comes from the rock of the mountain chain bearing the name; Frosted White of the Alps inspired the mother-of-pearl dial, and Sils Grey of the Tahitian mother-of-pearl dial evokes the colour of Lake Sils near St. Moritz.

Alpine Eagle’s flat surfaces are satin-brushed while the hours and minutes hands, like the hour-markers, are coated with Super-LumiNova Grade X1 to enhance legibility on a really dark night. Alpine Eagle is available in two editions with polished and matt finishes. Its round bezel is punctuated by eight screws, their slots set at a tangent to the circle of the bezel, which is considered a sign of high-quality finishing. These screws guarantee that the watch is water resistant up to 100 metres.

The creation of Lucent A223

The new material created by Chopard for Alpine Eagle is as “rich, precious and complex as gold” says a statement from Chopard. Lucent Steel A223 is steel resulting from a re-smelting process, which the brand terms as bringing to fruition “the dream of Renaissance alchemists”. Thanks to its anti-allergenic composition, Lucent Steel A223 has properties comparable to surgical steel, ensuring it never leaves your wrist itching even in the most humid climate. The alloy, with its 223 Vickers’ strength, is 50% more resistant to abrasion than conventional steels. Its superior homogeneous crystal structure enables it to reflect light in a unique way. Like a diamond, whose brilliance depends on the lowest degree of impurities, this innovative steel has far fewer impurities than conventional steel. This is where Karl-Fritz’s experimentation of using steel to work like gold, including mimic its brightness, comes in.

It took Chopard four years of R&D to create the alloy using a complex manufacturing process.

Manufacture-made movement

This is where Karl-Friedrich, known for his commitment to fine watchmaking, played a big role. The two movements of Alpine Eagle, with an automatic winding embedded at the heart of the watches, have been developed in Chopard’s watchmaking workshops and chronometer-certified by the Swiss Official Chronometer Control.

The Alpine Eagle has a large case with a 01.01-C calibre and a 60-hour power reserve; the smaller models host the 09.01-C calibre with a 42-hour power reserve. The movements are visible through a transparent sapphire crystal back. Interestingly, every part of Chopard’s Alpine Eagle, including the movements, is painstakingly handmade in and assembled in-house.

Eagle Wings

Karl-Friedrich, a keen hiker and skier, is a member of Prince Sadruddin Aga Khan’s Alp Action Programme, which was set up in the 2000s. In keeping with his conservation goals, he chose to associate the Alpine Eagle collection with the sustainable conservation programme through the Eagle Wings Foundation. This multidisciplinary environmental project is designed to raise awareness and galvanise the public to the beauty and fragility of the Alpine biotopes.

The luxury sports watch segment

It was in the 1970s that luxury watchmakers cottoned on to the demand for sports watches. Swiss haute horlogerie brand, Ebel, launched one of the world’s first sports watches with their 1911. Then, Omega introduced the Manhattan Constellation and Audemars Piguet concentrated on developing their Royal Oak collection. But it was with Chopard St. Moritz in 1980 that the world got a contemporary luxury sports watch. And with the upended Alpine Eagle, the luxury sports watch segment is likely to see some heat and a lot of movement.

Internationally, Chopard Alpine Eagle costs in the range of $12,900 to $19,700.

Deepali Nandwani is a journalist who keeps a close watch on the world of luxury. Read her columns here.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tiffany’s first India store opens in New Delhi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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New York-based American luxury jewelry retailer Tiffany & Co. has opened its first store in India in New Delhi’s The Chanakya.

The store, which is spread over 2,600 square feet of retail space, exhibits a full range of Tiffany’s iconic collections — from unique gemstones to superlative diamonds. To enhance the consumers shopping experience, the store also has a private salon for scheduled appointments, it said in a statement.

“Tiffany & Co.’s debut in India represents an important milestone for our iconic brand,” said Tiffany & Co.’s chief executive officer Alessandro Bogliolo. “As a global luxury jeweler with stores in many of the world’s most important cities, Tiffany’s emergence in New Delhi presents a unique opportunity, particularly given India’s growing luxury consumer base and passion for jewelry.”

Central to the store are Tiffany & Co.’s new designs as well as its classic collections including Tiffany T, Tiffany HardWear, Tiffany True as well as Home & Accessories collection, the company said.

The company operates over 300 stores in more than 25 countries across the globe with more than 80 in Asia-Pacific. It has e-commerce websites in 14 markets.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

3 storied watches you can buy this festive season without breaking the bank

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The economy is tanking, there is doom and gloom all around and there seems to be no light – yet – at the end of the tunnel. That still doesn’t mean you can’t spend some of the money you’ve saved up to make your first big watch purchase, or add a special timepiece to your collection. These watches here don’t cost the earth and unlike, say, a folding mobile phone,  they will still be around when times are better.

Bangalore Watch Company Mach 1 collection

First, the bad news: The Bangalore Watch Company’s Mach 1X, which features dials made out of the skin of a MiG 21, was sold out within a day of its launch last month. The buyers of the 21 limited edition watches, according to the company, included Supreme Court lawyers, businessmen and aviation enthusiasts. But the good news is that other variants in the collection –  Stealth Fighter, Civilian and Aviator —  are still up for grabs.

When BWC founders Nrupesh Joshi and Mercy Amalraj set up their boutique watch brand couple of years ago, they wanted their creations to tell stories about places and things that were special to them and the people around them. Their first collection, the understated Renaissance Automatic, paid homage to the now defunct HMT; it was followed by relatively more striking Strl. The Mach 1 range, though, is their best work yet.

Joshi is an aviation geek. The madness, he says, was triggered after witnessing a Sea Harrier perform a vertical takeoff in Chennai a couple of decades ago. Joshi and Amalraj also saw the MiG 21, India’s first supersonic fighter jet that was retired in 2013, as a story that needed to be celebrated.

“We first worked on timepieces that were inspired by the aircraft, but as we went deeper into it, we wondered if we could actually work with parts of a decommissioned MiG for a special edition.

In the end we did find a supplier and then collaborated with an aerospace company that machined the aircraft-grade aluminium to our specifications,” says Joshi. With a case size of 42mm, the Mach 1, which measures 48mm lug to lug, is a nice and big pilot watch. It is powered by a Swiss-made Sellita movement, which can also be found in more expensive brands.

The visual cues are understated but tastefully rendered – the IAF fin flash at 9 o’clock is one; the crown, which takes inspiration from the nozzle of the MiG 21’s afterburner is another. “And we’re especially proud of the engraving on the caseback – of three MiGs flying in a V formation,” says Joshi.

Rs 48,930 onwards, bangalorewatchco.in

Nomos Tangente Neomatik 41 Update

The New York Times calls Glashutte, which lies along Germany’s border with the Czech Republic, a village based on time, and that is an apt description. Glashutte is home to several manufactures, some as storied as A Lange & Sohne and Tutima.

Then, there is Nomos, which first served notice in the early 1990s with minimalistic mechanical watches that are also extraordinarily inventive. A case in point is the Tangente Neomatik 41 Update, which, like every Nomos watch, is inspired by Bauhaus design.

Form follows function, and it is, as is apparent from the photo, a quietly beautiful timepiece. The watch is powered by an innovative, slender automatic movement, the DUW 6101, which is now equipped with a date mechanism that shows the date on the rim of the dial via a pair of red dots. And Nomos says that it only takes half a turn of the crown to change the date forward or backward.

About Rs 2,20,000; nomos-glashuette.com

Tag Heuer Carrera Calibre 16

When it comes to motorsport-inspired watches, the Carrera is at the top of the pile. The iconic watch was first made in 1963 for drivers taking part in the legendary Carrera Panamericana race in Mexico, and since then, it has been constantly updated by the manufacture.

The latest iteration is among the less showy updates to have been launched by Tag Heuer, but it’s got the trademark Carrera fundamentals such as the tachymeter scale on the bezel in place. Carrera lovers can choose from two dials – in sunray black or sunray blue — and we especially love the application of orange accents on the tips of the central second hand and sub-dial hands, the start-stop pusher, and the flange from 12 to 3 ‘o clock on timepieces with the blue dial. (Sunray black dials get red accents).

The 41mm watch is powered by an eponymous chronograph movement with a power reserve of 42 hours, and comes with either a perforated leather strap with a folding clasp or a 3-link steel bracelet.

About Rs 3,20,000; tagheuer.com

Murali K Menon works on content strategy at HaymarketSAC.

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The radical hydromechanical luxury watch brand HYT, costing upwards of $65,000, is now targeting Indian watch collectors

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Any watch expert or collector will tell you that a watch — particularly a high-end, all-frills luxury watch — and liquid are not the best of friends. However, one man decided to defy the laws that govern nature and watchmaking to create an uber-luxe watch that would combine the two in new ways. Patrick Berdoz was the man who used liquid to indicate the time. He launched HYT in Switzerland seven years ago, with an investment of $30 million and three partners, including nuclear engineer Lucien Vouillamoz, who developed its far-reaching fluid system.

The hydromechanical timepieces are known for their innovative technology and expert craftsmanship and match up to the best of Swiss watches with their perfect mastery of decoration and finish.

HYT watches recently launched in India and the brand retails through multi-brand watch stores. CEO Grégory Dourde was in India to launch the watches that marry specialised techniques in hand decoration with fluid mechanics. The brand is targeting the watches towards not just luxury consumers, but also watch collectors who know and understand rare watches. Dourde says, “The Indian market is a particularly sophisticated one, with many very knowledgeable consumers. We have seen a surge in business across all retail networks and have every reason to believe that India is breaking through in this respect. After our initial successful introduction to the Indian market, we are looking at establishing the radical watch brand here.”

Dourde, an engineering graduate from the Ecole National des Ponts & Chaussées, Paris and an ex-Cartier man leads a team that is exploring new frontiers of science and micro-engineering, revolutionising the watch industry with micro-fluidic mechanics.

Water clocks are an ancient concept. They were among the earliest timekeepers that did not depend on the observation of celestial bodies. The Greeks began using them around 325BC. Their humungous clocks had stone vessels with sloping sides that allowed water to drip at a nearly constant rate from a small hole near the bottom.

But it took a special ingenuity to create a beautiful timepiece that is fuelled by liquid. The ‘hydromechanical horologists’, as Berdoz and his team call themselves, say that similar technology has been used in the medical and automotive fields before.

How are these watches made?

It is a complex process that involves two immiscible liquids and mechanical movement. The liquids flow from bellows, through a capillary powered by a mechanical movement to indicate the time on the watch dial. The concept is rooted in the continuous movement of a coloured and transparent fluid in a capillary. The revolutionary system is powered by sister brand Preciflex, which makes liquid indication devices for the medical, design and automotive fields.

As of today, the fluidic module can be used to indicate minutes and date with absolutely minimal changes. “Today, the movement pushes the pistons two times a day and has two retrogrades per day,” says Dourde. HYT’s fluidic module is designed to work for 20 years without having a leak at the molecular level, using techniques developed and used more commonly in the aerospace industries. This makes HYT modules 10000x more water-proof, measured by atoms of helium that can pass through, and are designed in accordance with spaceship norms.

The Design

The appearance of the watches is as unique as the technology. The futuristic fluid system is encased in a body that is sculpted and almost architectural in appearance. The limited edition H²0 uses 3D transparency and a shape resembling a smooth stone that has weathered time to perfection, to, well, tell time. “It showcases the essential HYT union of art and science, mirrored by the capacity to defy gravity and measure the passage of time beautifully using fluids. This technology joins forces with a mechanical movement in a coherent whole, symbolic of a fascinating fusion of time and space,” says Dourde. A cloche-like sapphire crystal offers an intriguing lateral view of the watch face. Viewed from an angle, the digits, markers and directive arrows appear to be floating.

HYT Skull 48.8 has the coloured liquid flowing through a skull-shaped capillary. The broad eyes on the dial of the Skull 48.8 are rather intimidating. Behind the right eye is a rotating disc expressing the passing of each precious second as it fades from dark to pale. “Placing time’s essential momentum center-stage, the counting of the minutes moves backstage, eliminating the need for a minute hand,” adds Dourde.

H3, the most expensive of the watches, has bellows pumps arranged along a horizontal plane that face each other. A straight glass capillary spans the width of the case and contains a yellowy-green liquid. Six cuboids are mounted on a common axis. HYT refers to this arrangement as a ‘Rotating Dial’. Once the coloured liquid has travelled fully right, it returns back to the left-hand side. This retrograde motion takes place at a six-hour period. There are 24 cuboids on the rotating dial, each denoting an hour. The case is composed of charcoal grey PVD-coated titanium and platinum, an unusual mix as one metal is notably light while the latter noble metal is exceptionally dense. The timepiece is a harmonious mix of the two.

The Cost

Currently, HYT’s base model, the H1 watch, retails at $50,000 to $70,000 (depending on the materials used), and the average price is $65,000. Its ultra-high-end model, the H3, goes for $285,000. According to market estimates, HYT has seen a year-on-year growth of about 30 to 40 per cent on an average, commendable for a brand that isn’t just conceptually out of the box, but also rather expensive.

“This liquid technology is so promising that there is so much room for growth,” Berdoz has said. “We are looking to address the needs of the market, to be able to animate the brand in new ways, moving forward.”

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow