Movado Group Inc said it is not in compliance with a financial covenant as it reported a fourth-quarter loss and the watch maker discontinued its dividend, sending its shares down as much as 14 percent.
“We’ve been waiting for this for a long time,” declared Stephen Urquhart, president of Omega, at the opening of a flagship store on 5th Avenue in New York; a beautiful location for the horologer which has decided to present all of its lines there.
Against the backdrop of the tradeshow Baselworld, which will end on April 2, the global leader in horology has announced the purchase of its South African distributor Swiss Precision Ltd. The exact cost of the transaction is yet to be made public.
The Japanese group Sanrio announced on Thursday March 26 the creation of a small figurine of its star figure “Hello Kitty”, covered in diamonds, topazes, sapphires and other precious gems, it’s a unique doll worth ¥15.6 million (€125,000).
Swiss watch exports tumbled 22.4 percent in February compared to a year ago, the Federation of the Swiss Watch Industry said Thursday March 19, with exports to the United States plunging by almost half.
Titan Industries Ltd has utilised about half of its planned capex for FY09 as a slowdown in consumer spending hurts demand, and will proceed cautiously with expansion plans for FY10, a top official said.
Swiss watchmaker Hublot expects sales to be near flat in 2009, while rival Ebel struck a more cautious note, saying its overall sales this year were likely to be lower than in 2008 as American demand for watches withered.