Entertainment

Swiss watch CEOs from Patek Philippe to Oris see slowdown after boom

The heads of some of the biggest Swiss watch brands, from Patek Philippe to Oris, said demand for luxury timepieces is starting to slow from an unprecedented industry boom during the pandemic.

“I see in the past two months, the market is a little bit slower than before,” said Thierry Stern, the chairman and controlling share-holder of Patek Philippe SA, the family-owned Geneva-based brand.

For the latest headlines, follow our Google News channel online or via the app.
“I don’t say that it’s very bad — not at all. But I just see that it’s slowing down,” he added in an interview.

Oris, the independent brand, said although its revenues are up by double-digit percentage points so far this year it too is seeing some early signs of softness from retailer orders.

“The sell out has been continuously good but then stocking has been a little bit softer,” Co-Chief Executive Officer Rolf Studer said in an interview.

The comments mark an early indication that the luxury watch sector may be cooling after demand and Swiss exports surged to record levels close to 25 billion Swiss francs ($27.6 billion) during the pandemic as a new generation of consumers, particularly in the US, rediscovered mechanical timepieces.

Demand for Patek’s watches, which start at around $30,000, still far outstrips supply. But the company’s president said anticipation of new models or concerns about Russia’s invasion of Ukraine and economic uncertainty could be damping consumer appetites.

Shares of luxury watch-related companies traded lower on Wednesday, with Omega and Blancpain maker Swatch Group AG closing down 4 percent in Switzerland and Richemont, the producer of Cartier and Vacheron Constantin timepieces, falling about 2 percent. Watches of Switzerland Group Plc, the biggest Rolex dealer in the UK, declined about 2 percent in London.

Oris, whose average watch price is up from 2,200 francs to 2,400, said the US market was still strong as was France but European countries including Germany, Belgium, and the Netherlands were more challenging.

“You see that people are a little more cautious,” Studer said.

Julien Tornare, the head of the Zenith watch brand, warned that there is “quite a bit of instability everywhere despite ending 2022 with the best-ever sales performance since being acquired by luxury juggernaut LVMH Moet Hennessy Louis Vuitton SE in 1999.”

Tornare pointed to the “trauma of the three-year pandemic shutdown of the China retail market,” which was the top destina-tion for Swiss watch exports before being surpassed by the US in 2021.

“I think we need to be a bit patient to get back to what we knew before,” Tornare said of Chinese buyers who have yet to fully re-turn to pre-pandemic spending habits since the end of COVID-19 Zero policies there.

Cooling demand would be a mixed blessing for Patek and other top watch brands like Rolex SA as it might reduce the time that customers must spend on waitlists before getting the call from authorized dealers.

The gap between Patek’s production of about 70,000 watches per year and demand is so big that “it’s not so bad if we see a certain slowdown,” Stern said.

Entertainment

ABU DHABI NATIONAL HOTELS PRESENTS SEPTEMBER OFFERS

Experience the true meaning of luxury with Kempinski The Boulevard Dubai and Kempinski
Central Avenue Dubai exclusive UAE residents offer. Get 10% off the best flexible rate, and
enjoy a complimentary breakfast prepared by expert chefs. Delight in luxurious
accommodations, exceptional service and an incredible location with direct access to the
Dubai Mall. Whether you’re looking to indulge in a rejuvenating spa treatment or enjoy a full
day of shopping at one of the world’s largest retail and entertainment destinations, you will
experience a perfect stay at Kempinski The Boulevard Dubai and Kempinski Central Avenue
Dubai

Entertainment

Arabian Saluki Beauty Contest at ADIHEX 2024: A celebration of ancestral elegance

The Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX) announce the return of the prestigious Arabian Saluki Beauty Contest, a unique initiative aimed at highlighting the significance of purebred hunting dogs and fostering a connection between the new generation and their rich ancestral heritage.
Under the esteemed patronage of H.H. Sheikh Hamdan bin Zayed Al Nahyan, Ruler’s Representative in Al Dhafra Region and Chairman of the Emirates Falconers’ Club (EFC), this iconic event is scheduled from 31st August to 8th September, 2024, at ADNEC Centre Abu Dhabi, celebrating the blending of deep Emirati cultural traditions with cutting-edge innovation and technology across 11 diverse sectors.
A highlight of this year’s event is the Arabian Saluki Beauty Contest. One of the world’s oldest and most revered dog breeds, the Arabian Saluki stands as a symbol of wild hunting and desert traditions in the Middle East. Known for its grace, speed, and intelligence, this distinctive breed has been a faithful companion to the Bedouin people for over 5,000 years, serving as both a hunter and guardian. The Saluki’s agility and loyalty have made it an integral part of hunting and racing traditions, especially within the Arabian Peninsula.
The Arabian Saluki Centre was established in Abu Dhabi in 2001 alongside the Emirates Falconers’ Club, marking the first facility of its kind in the Arabian Gulf region and the Middle East, to revive the tradition of desert hunting using Saluki dogs, a cherished aspect of desert heritage.
ADIHEX was the first cultural event in the Arab region to honour the bond between Man and his loyal companion, which has been by our side for thousands of years. The Arabian Saluki Beauty Contest is a unique initiative designed to promote interest in purebred hunting dogs and to strengthen the new generation’s connection to their ancestral heritage and traditions and to serve as a testament to this unique bond.
With its origin steeped in history, this fascinating dog’s name is believed to be derived from the city of Saluk in Yemen or the Bani Saluk tribe. Renowned for its endurance and elegance, the Saluki can reach speeds up to 75 kilometres per hour, maintaining this pace over distances up to almost five kilometres. The breed is cherished for its unique physical characteristics, including a slender body, deep chest, long legs, and two distinct coat types: ‘Al Hoss’ (smooth) and ‘Aryash’ (feathery).
The Arabian Saluki Beauty Contest, held during ADIHEX, is more than a beauty pageant. It celebrates the essence of the Saluki by focusing on the dog’s personality, skills, reflexes, and sensory response. Unlike typical dog competitions, this contest evaluates the Saluki’s breed characteristics, behaviour, overall appearance, structure, hunting skills, and psychological traits. Judging criteria include the dog’s gait, head, eyes, mouth, ears, coat, colour, and general impression.
The Arabian Saluki Beauty Contest is an integral part of ADIHEX’s mission to preserve and promote the cultural heritage of the UAE and the wider Arab world. This contest not only showcases the beauty and abilities of the Saluki but also plays a vital role in raising awareness about the importance of preserving traditional hunting practices and the Saluki’s role in them.
This year’s competition will feature four categories: ‘Smooth (Hoss) Males,’ ‘Feathery (Aryash) Males,’ ‘Smooth (Hoss) Females,’ and ‘Feathery (Aryash) Females.’ The event is scheduled to take place during ADIHEX 2024, and, per the rules, participants must ensure their dogs are healthy, microchipped, and vaccinated.
The Saluki’s enduring legacy is celebrated through this competition, which draws participants and spectators from across the region and beyond. It provides a platform for Saluki enthusiasts to connect, share their passion, and celebrate a breed that has remained virtually unchanged for millennia, reflecting the diverse hunting landscapes and traditions of the Middle East.
Aside from the alluring Arabian Saluki Beauty Contest, as the largest edition of ADIHEX to date, the 21st edition will showcase thousands of brands across 11 diverse sectors, offering a dynamic platform for new business opportunities and captivating audiences of all ages. This exhibition celebrates the thrill of an adventurous outdoor lifestyle, allowing visitors to explore falconry, hunting, equestrian sports, veterinary products, fishing and marine sports, environmental preservation, cultural heritage, arts and crafts, and the latest in technology and innovation across all the represented sectors.

Entertainment

Sharjah Ruler directs allocation of beach for women in Khorfakkan’s Al Luluyah area

H.H. Dr. Sheikh Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, has ordered the allocation of a 500-metre beach for women in Al Luluyah area of Khorfakkan, providing them with complete privacy. The project will include a service building that includes a cafe, a medical clinic and a prayer room for women. His Highness the Ruler of Sharjah also directed the construction of a pedestrian bridge linking Al Bardi 6 and Al Batha areas in Khorfakkan, to facilitate the movement of citizens, and modifications will be implemented on the internal roads in the Hayawa area.