Jiejia And The 16th Shanghai Film Festival Jointly Present The 180th Anniversary Of Glory History

On June 15, 2013, Jaeger-LeCoultre, as the official partner of the 16th Shanghai Film Festival, held a grand press conference and public auction dinner at the Shanghai Exhibition Center on the opening day of the film festival. , Watch House was invited to attend and experience the glorious 180-year history of its brand with Jaeger-LeCoultre.

 Today’s Shanghai Exhibition Center has been completely renovated, and Jaeger-LeCoultre’s large-scale advertisements are very eye-catching. In the evening, the 16th Shanghai Film Festival will be held here.

 The red carpet of the film festival is ready, and the stars will shine here tonight!

 The media across the country has arrived on time, and everyone has an orderly admission.

 This event is of great significance. The early media have already occupied the favorable terrain. They have set up ‘guns and short cannons’ and are doing all kinds of preparations nervously and orderly, for fear that every wonderful moment will be missed.

 The micro-painted enamel master at the scene painted realistic paintings on the dial, showing us the eternal beauty of fine clocks and enamel art.

 In order to promote the sustainable development of the Chinese film industry, Jaeger-LeCoultre donated the Master Ultra Thin Jubilee watch from the 180th Anniversary series for public auction at the dinner site. This series is limited to 880 pieces worldwide. This table is numbered ‘ 180 ‘, the proceeds will continue to be used for the restoration of classic Chinese old movies.

 The event began with a speech by Mr. Lamborghé Jaeger-LeCoultre Global President. ‘Jaeger-Jacques announced in 2011 that it will cooperate with the Shanghai Film Festival for three consecutive years. The most important project is the restoration of classic old movies in China. In the past In the past two years, Jaeger-LeCoultre has funded the restoration of 4 old movies. This year Jaeger-LeCoultre will continue to fund the restoration of two other movies, namely ‘The Raven and the Sparrow’ and ‘The Beauty’. The restored film will be in the 2014 Shanghai Film Show during the festival. ‘The president’s speech made us look forward to next year’s Shanghai Film Festival again!

 Today, Jaeger-LeCoultre officially announced that Ms. Zhao Wei, the highest female box office director in China, has officially become the brand ambassador for Jaeger-LeCoultre! At the press conference, Director Zhao told everyone about the transformation process from a famous actor to a famous director. After so many years, Director Zhao’s woman charm has not only become more mature and elegant, but her body has been kept quite good.

At the press conference, Director Zhao showed Jaeger-LeCoultre’s latest Reverso Cordonnet Duetto women’s silk double-sided flip watch. This watch was set with a total of 1251 diamonds, wrapped around a hand like a silk chain.

 In the face of Jaeger-LeCoultre’s women’s silk chain double-sided flip watch, Director Zhao expressed a lot of love, hoping that one day he could own one, and said that after wearing this watch, he really did not want to pick it!

 Finally, the conference ended in a cheerful atmosphere!

Table’ Shows His Heart Jacques De Roth Imprints White Valentine Moments

The lingering Valentine’s Day temperature filled with fragrant roses has not completely faded away, and the white Valentine’s Day has arrived with the early spring as scheduled. The girls who are immersed in love want to take this opportunity to give him a most special gift to express the most sincere and sweet words in his heart. In this warm and romantic festival, Jaquet Droz selects two men’s watches with different styles, so that he can show extraordinary grace and charm, and at the same time use time to record the minutes and seconds you and him experience together.

  The classic and timeless Jacques de Roche 24-hour watch is perfect for every workplace. The Geneva striped large seconds sports watch emphasizes resilience and is suitable for all kinds of outdoor sports, showing the wearer’s vitality. In this love season with the theme of thanks, Jacques Droe composes a touching love song with two watches, adding a romantic touching feeling.

  24-hour watch (GrandeHeureGMT)

  Simple and pure, precious, the 24-hour (GrandeHeureGMT) pays tribute to its founder’s journey. This new and chic watch perfectly meets the requirements of today’s global travelers and aestheticians, and the wearer can easily read the time between the two places. The “GrandFeu” dial of the Great Fire Enamel is set with 24 Arabic numerals, making the flow of time in both places clear at any time.

  For the first time, the time display between the two places is presented on a watch in such a simple and clear manner. Two compass-shaped hands add to this new time reading design: red gold hands indicate the local time, blue steel hands indicate the destination time. When the two hands coincide in the same time zone, they are superimposed into a two-color hands, pulling the accurate measurement of time.

  By boldly adopting a single crown adjustment mechanism, Jacques de Ronaldo created a 24-hour (GrandeHeureGMT) watch that combines the beauty of simplicity with the ease of use. Its simple and pure design further transforms the ivory dial and rich and dense The red gold case is meticulously combined, and it is natural.

  Turning the eternity of time into the second hand, and the agreement between lovers on the wrist, the beautiful memories of white Valentine’s Day have become even more precious under the embellishment of the 24-hour watch of the two places.

   

GRANDEHEUREGMT
J015233200
‘GrandFeu’ large ivory enamel dial
18K Red Gold Case
Self-winding movement
68-hour power reserve
Centralized display in two places
43 mm diameter
Market reference price: 225,500

  Geneva Stripe Large Seconds Sports Watch (GRANDESECONDESWCOTESDEGENEVE)

  In 2008, Jacques Dro launched the first large seconds sports watch (GrandeSecondeSW), adding a sports version to the legendary classic, enduring for many years. In 2014, a new member of the large seconds sports watch family was added, incorporating crocodile leather straps and Geneva stripes as new elements, making this series even more luxurious.

  The Geneva stripes are an orthodox example of Swiss dial finishes, and today this classic finish is a chic new look on this smoke-gray dial. Constantly appearing regular series models make reading more and more clear and convenient, and add an unprecedented sense of depth to the dial. At the same time, precious crocodile leather straps replace the rubber or metal straps used in large seconds sports watches, which are harmonious in color and dial tone, which is more beautiful, and also adds an unprecedented sense of depth.

Jacques de Loire Geneva Stripe Large Seconds Sports Watch is not just a expression of love for boys by white Valentine’s girls, it also symbolizes the expectation of a happy life in the future. Take time to keep promises and add infinite romance to love, which will surely become one of the tokens of the true emotions of White Valentine’s Day.

Geneva Stripe Large Seconds Sports Watch

GRANDESECONDESWCOTESDEGENEVE
J029030245
Dial with Geneva stripes
Stainless steel case and crown with rubber moulding
Rhodium-plated hands, smoky grey hand-rolled alligator strap
Self-winding movement
68-hour power reserve
45 mm diameter

  About Jacques Dro Watches
  Since the founder Pierre Jacques De Roy founded the first watch factory in La Chaux-de-Fonds in 1738, Jacques Rodriguez has stood the watch altar with unswerving enthusiasm, continuous creativity and top-notch craftsmanship. The typical Arabic numeral ‘8’ design on the dial is the symbol of Jacques de Loire, and the technique of the big fire enamel is the model of the brand’s ultimate craftsmanship. As early as the 18th century, Jacques Droo has created complex mechanical devices that are fascinating. Among them, the three most famous automatic dolls: writers, painters and musicians, have been displayed in Geneva and Paris in succession. Thumbs up by Queen Mary Antoinette. At that time, it was not only favored by the royal family in Europe and Russia, but Jacques Drault also gained the favor of the Emperor Qianlong of the Qing Dynasty in the distant China. At present, the Beijing Palace Museum also has a collection of Jacques Drault’s works. In 2000, Jacques Droux watch company joined the Swatch Group, and then committed to carry forward the expertise of the brand creator Pierre Jacques Dro, and continue to write the legendary history of the brand. Nowadays, the values ​​of pursuit of elegance and willingness to travel in the Enlightenment era are still the core philosophy of the brand: Jacques Dro watch always integrates design, materials and professional skills with its sophisticated watchmaking machinery. Just like the brand’s acclaimed purpose-to push the art of watchmaking to the extreme, in order to bring you more enjoyment.

Legend Reproduces The Jaeger-lecoultre Deepsea Series Vintage Diving Watch

As the legendary Jaeger-LeCoultre watch, the Memovox Deep Sea watch deserves it. Earlier watch models opened a new page for underwater diving. In 2012, Jaeger-LeCoultre found design inspiration from this diving watch and created a new model, the Jaeger-LeCoultre Deep Sea Vintage Chronograph.

Jaeger-LeCoultre Deep Sea Retro Chronograph
The line design of the Jaeger-LeCoultre Deep Sea series of vintage chronograph watches continues the brand’s usual style, highlighting the sporty style of outstanding prototype watches. With a case diameter of 40.5 mm, it has all the features that make every enthusiast excited. Its fixed bezel surrounds the black classic dial protected by a plexiglass mirror. The hour and minute and hour hands are coated with warm orange-yellow Superluminova coating, reminiscent of the fluorescent coating of the 1959 Memovox Deep Sea watch.

Jaeger-LeCoultre Deep Sea vintage diving watch
Previous watches have opened a new page for underwater diving.
The split time is measured by a chronograph equipped with two chronograph buttons and displayed by two hour and minute counters at 9 and 3 o’clock, respectively, and a central second hand. The stainless steel case back is engraved with a pattern of frogmen surrounded by bubbles on this classic watch. The leather strap made of embossed calfskin is no different from the original strap.
Although the design of the Jaeger-LeCoultre vintage chronograph case is inspired by the aesthetic characteristics of the brand’s classics, its 751G automatic winding movement incorporates the latest research results of Jaeger-LeCoultre, such as the variable inertia large balance wheel And ceramic ball bearings that can run for a long time without oil lubrication. Years of hardening have highlighted the outstanding performance, durability and reliability of Jaeger-LeCoultre watches, and the outstanding quality has further consolidated the historical position of Jaeger-LeCoultre 100 meters waterproof watches. Therefore, the latest work of this Vallée de Joux workshop will make fans of Jaeger-LeCoultre legendary watches, the new generation of Jaeger-LeCoultre movements equipped with watches have outstanding comfort and Reliability demonstrates Jaeger-LeCoultre’s long tradition of innovation in various fields.

Jaeger-LeCoultre Deep Sea vintage diving watch
的 The leather strap made of embossed calfskin is the same as the original strap.
Deep Sea series-legendary watch
In the 1950s, there were no specifications for diving watch standards. At that time, there were no problems with unidirectional rotating bezels, resistance to impact and magnetic fields, or water resistance to 100 meters. Everything in this area has yet to be implemented. The obvious consensus at the time was that both the time markers and hands should have a fluorescent coating made of radium to facilitate reading the time in the dark, but there was no regulation concerning the concept of a “diving watch”.

Jaeger-LeCoultre Deep Sea vintage diving watch
表 The watchmaker provides an additional safety measure for diving enthusiasts with an alarm to remind the divers to start gradually returning to the surface.
的 The lack of specifications means that there are many potential dangers, because in diving, a timepiece with excellent reliability is absolutely indispensable. Divers need to make sure that there is enough oxygen in their oxygen cylinders to allow them to decompress properly when returning to the surface. The readability of the information is therefore particularly important. The Memovox Deep Sea watch has a clear and easy-to-read dial and a clear layout to meet the demanding requirements of divers. However, when people roam in the marvelous underwater world, the perception of time is sometimes relative, so when the Jaeger-LeCoultre watchmaker made an initial exploration of diving watches, he considered equipping the Memovox Deep Sea watch with the iconic Memovox series. Alarm function. The watchmaker provides an additional safety measure for diving enthusiasts with an alarm to remind the divers when to start gradually returning to the surface. With this unique feature and outstanding reliability, the Memovox Deep Sea watch was so successful that its original models were sold out quickly. Since then, only a few collectors have had the privilege of seeing this legendary watch.
积 However, Jaeger-LeCoultre hoped that his works should not be kept in the museum, but presented these time-honored works to watch enthusiasts today, so he responded to those who wish to regenerate this classic watch. In 2008, Jaeger-LeCoultre launched a replica of the 1968 Memovox Polaris watch. Then in 2011, a replica of the first Memovox Deep Sea watch with alarm function (1959) was released, thus tracing the origin of the watch.
作品 This work interprets the simple beauty of classic watches with superb technology and incorporates contemporary technology, which complements the excellent technical performance of its movement. This watch has opened a new chapter for human adventure dedicated timepieces and has been unanimously sought after by watch enthusiasts since its launch last year.

The Wood Of Haihai Life Can Also Be Very Fashionable Hublot Hublot Big Bang Italia Independent Teak Watch

HUBLOT and ITALIA INDEPENDENT once again opened up a new field of watch design. The case made of teak’s usual material teak is combined with Hublot’s patented imperial gold, and the Big Bang Unico Italia Independent teak watch is launched. Innovative technology and special materials were published in the Hublot specialty store on the Cote d’Azur on the island of Capri, with a limit of 100 pieces worldwide.

Hublot and the fashionable tide brand ITALIA INDEPENDENT have jointly launched a limited edition watch again. This time, Hublot inspired the Stealth yacht, which is significant to the founder of ITALIA INDEPENDENT, Lapo Elkann, to create a new work with unique fashion design.

The design of Big Bang Unico Italia Independent teak watch is inspired by the brand ambassador and also the founder of fashion trend brand ITALIA INDEPENDENT Lapo Elkann’s passion and precious memories for the nautical world. Lapo Elkann said, ‘Since I have remembered, sailing has been a part of my life. I used to spend a lot of time sailing in the Mediterranean, such as the island of Capri where we are now, even as far away as Brazil. Because of my grandfather Gianni Agnelli The love of yachts has allowed me to participate in incredible sailing journeys from an early age. Every sailing boat has special memories, and the Stealth has more special meaning in my mind. Its outstanding special design, plus we used to ride it Win the Fastnet regatta. Therefore, I am proud to pay tribute to him with this new watch. Thanks to our partner Hublot’s professional watchmaking technology, through this watch, perfect reproduction The spirit of enthusiasm for sailing is perfectly reproduced. ‘

Lapo Elkann mentioned that sailing has always been an important part of his life, which led him to propose yachting as the core theme of this joint project

Lapo Elkann, his grandfather, Gianni Agnelli, a former director of the Fiat Group, loved sailing and founded Italy’s first sailing team, Azturra, to win the America’s Cup. In his wonderful life, he has built many yachts. In the mid-1990s, he asked the sailing designer German Frers to build a special-shaped sailboat with outstanding performance, the Stealth, to the US Air Force F-117 Nighthawk that can avoid radar tracking Tribute to stealth fighter. For the first time, this superyacht uses Kevlar carbon and a variety of composite resin materials, as well as black carbon fiber sails. These innovative technical designs have greatly influenced Lapo Elkann’s designer career.

The case is made of carbon fiber and teak, showing the brand spirit of Hublot’s fusion art

Hublot CEO Ricardo Guadalupe said: ‘This cooperation has brought us to the unprecedented connection between the watchmaking profession and the maritime field, combining innovative technology with traditional teak, echoing the art of fusion of the Hublot brand Art of Fusion.’

The strap is a black and yellow-orange rubber strap, with bold lines derived from the fashion attitude of ITALIA INDEPENDENT

Built on the basis of the Big Bang Unico chronograph, this new watch captures the design style of the late Gianni Agnelli yacht. The case shines with a warm golden luster. The case and chronograph handle are made of 18K imperial gold, which is exclusively researched and developed by Hublot, combining patented alloys of gold and platinum. The hour markers on the dial are yellow-orange and echo the teak bezel. This precious wood is often decorated on the decks of top yachts. The case diameter is 45mm, waterproof 100 meters, equipped with Hublot’s homemade UNICO HUB1242 chronograph movement, with a 72-hour power reserve. This masterpiece of cutting-edge technology and watchmaking is clearly visible through the sapphire crystal on the case back.

Big Bang Unico Italia Independent teak watch with teak sunglasses and case

Each Big Bang Unico Italia Independent teak watch comes with two straps. The first design is inspired by Kevlar composite carbon fiber made of sailing materials, combined with rubber materials. The second is a yellow-orange rubber strap with stripes. This watch uses Hublot’s revolutionary One Click quick-release strap system, and the two straps can be quickly and easily replaced. And with a pair of ITALIA INDEPENDENT sunglasses, the frame is just like the watch case is made of teak material.

Big Bang Unico Italia Independent Teak Watch

King gold material / HUB1242 UNICO automatic winding movement / hours, minutes, small seconds, date display / chronograph function / sapphire crystal surface / waterproof 100 meters / diameter 45mm / limited 100 pieces / reference price: 285,000 RMB– –

Elegant Sports Style Tasting Audemars Piguet Royal Oak Series 41mm Chronograph

SIHH 2016 Geneva International High-level Watch Salon has been opened, and Audemars Piguet has also shown its watch models to watch lovers in this watch salon. Let’s take a look at the blue dial of the Audemars Piguet Royal Oak Series 41mm chronograph in the SIHH Geneva Haute Horlogerie exhibition with the Watch House.

   Driven by Calibre 2385, the Royal Oak Chronograph with three sub-dials has been incorporated into Gérald Genta’s original designs since the early 1970s. The 41 mm diameter case is equipped with a ‘Grande Tapisserie’ large checkered dial. In addition to the date display at 4 o’clock and the small seconds at 6 o’clock, there are also distinctive three-dimensional gold hour markers and fluorescent Royal Oak hands.

   The above is a detailed display of the 2016 SIHH Geneva Fine Watch Salon Audemars Piguet prepared by the staff in front of the Watch House. In the future, we will continue to provide you with more and more intuitive watch salon related reports, so please pay attention.

Richemont Richemont Group Announces Sales Performance For The First Five Months Of The Year Before The Annual Shareholders’ Meeting

Prior to the annual shareholder meeting to be held later, Richemont Group announced today in Geneva, Switzerland, that the group will be open for the first five months of August 31 The amount rose by 35% at a fixed exchange rate and increased by 29% at a floating exchange rate.
By region, sales growth in Europe is strong, which benefits both local residents and foreign tourists.
The Asia-Pacific region continues its very strong sales growth trend, which is due to the continued increase in consumer confidence in the region, further driving the Group’s investment in the region’s distribution network.
Sales in the United States have also grown significantly. Despite Japan’s natural disaster in March, sales in Japan continued to increase.
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Richemont
www.richemont.com

Inheritance Of The Long Teacher Road Mido Midi Watch Tribute To Teachers’ Day

are elaborate and elegant decorations on the wrist. They have been baptized by time and settled into eternal classics. Behind the scenes are the full-hearted commitment of generations of craftsmen and the passing of the fire, integrating tradition The soul of every watch. The same goes for Swiss Mido. From 1918 to 2012, since George Salon founded the ‘Mido’ brand in Zurich, Switzerland, nearly a century has passed, and today’s watchmakers are as polished and assembled as every one of them. When their strong hearts began to beat, today’s respect for their predecessors also quietly flowed out with the sound of ‘tickling’, applauding the civilization passed on by fire and fire, and forging eternal time together.
    Teachers are like water, and good is like water. Water is good for everything without dispute. The teacher is as imminent as the sea, he can live and breathe, regardless of gains and losses, the only thing he wants is his disciples. The Mido Helmsman Diamond Women’s Watch is inspired by the Sydney Harbour Bridge, exuding a strong maritime atmosphere, making people wonder about the world as broad as the teacher’s mind. To complement the slender beauty of women, the diameter of this watch’s dial is designed to be 31 mm, but the smooth and elegant curves and the fresh silver stainless steel have widened the reading field of vision, although small but open; the swirling Geneva wave is decorated on the dial As if the propellers are spinning quickly, it awakens the cool white water splashes, awakens the tranquil sea, and increases the depth of the watch; the transparent bottom cover also adds a translucent texture, as clear as the sea water.
    The finishing touch is the eight diamonds on the dial. These eight diamonds are exquisite and clear, and they hold the quite dynamic swirling ripples on the dial. There is stillness and relaxation in the movement. As a teacher, the spring wind and rain, but they have a solemn spirit; the polished hands are perfectly natural. , Firm, capable and stern. Scratch-resistant sapphire mirror and 50-meter water resistance increase the durability of this watch.
    Teaching teachers and scholars with rigor and conscientiousness can only be regarded as an example. The Mido Belem Sairee Observatory Ladies Watch uses a Swiss Observatory-certified mechanical movement to accurately record every minute and every second. The Swiss Observatory certification has strict requirements on the chamfering of the edges of the parts, the material of the balance spring and balance wheel, and the daily error. This is like the meticulous research spirit of the teacher before the case. The inspiration source of watch design-Milan Emmanuel II Arcade, inherits the elegance of classical architecture, and is also the originator of modern sealed glass shopping center. Inheritance and innovation, the perfect combination of the two makes the arcade The glass dome still shines under the blue sky, exuding charming charm. The women’s dial of the Belem Sairee Observatory is surrounded by atmospheric Roman numerals, and the gingival pattern creates a sense of layering and extension, which is an inheritance of the classic spirit; the bevel-cut diamond hands are sharp and unstoppable. The thirst for fresh ideas and inspiration. Mentoring scholars also pay attention to innovation, standing on the shoulders of giants, and going out of their own way. The all-steel strap is made of high-grade 316L stainless steel, which blends naturally with the bezel, exuding solemn silver light throughout. The double-sided anti-glare sapphire mirror and 50 meters of water resistance enhance the practicality of this series of watches.

Baek Philippe’s First Correction Table

Patek Philippe made a major announcement: From now on, every Patek Philippe movement will include silicon components. If this is not enough to attract enough attention from the watchmaking industry, then the brand’s new watch released in Geneva stores on Wednesday night must not be ignored.
At the Geneva boutique, Patek Philippe’s latest calendar correction table Ref 5235 is on display. © Worldtempus / Louis Nardin
    The brand put three firsts into this watch. On Wednesday night, Thierry Stern and his wife, Sandrine, who is also the head of the creative department, proudly displayed the brand’s song three-pin one-line watch at the Geneva store. As Stern mentioned in an exclusive interview, Ref 5235-which also includes an annual calendar-was inspired by a clock in his father’s Philippe Stern office.
Thierry and Sandrine Stern personally introduce the Patek Philippe’s first three-hand, one-line watch Ref 5235. © Worldtempus / Elizabeth Doerr
    Secondly, this timepiece represents Patek Philippe’s first watch with a stopwatch function. ‘No support is needed now,’ explains Thierry Stern. ‘Technology is mature.’ Here, the frequency of this movement is unheard of 3.2 Hz (23,040 vibrations per hour). ‘For accuracy and power reserve, this is the best frequency we aspire to,’ he continued. Finally, the Caliber 31-260 REG QA was fortunate to be Patek Philippe’s first movement designed with three silicon components: an escape wheel, a lever and a hairspring.
Caliber 31-260 REG QA is a self-winding movement with a pearl tourbillon. This watch with a diameter of 40.5 mm is 10.65 mm thick. © Worldtempus / Elizabeth Doerr

    ‘We didn’t make such improvements for ourselves,’ Stern emphasized. ‘The new trait is the satisfaction of our customers.’
Another brand new element is the Patek Philippe emblem engraved on the gray face plate, which brings endless elegance. © Worldtempus / Elizabeth Doerr

Vacheron Constantin Metiers D’ Art Series “Fabuleux Ornements Legend Decoration” Creates A New Horizon

Vacheron Constantin Metiers d’ Art master ‘Fabuleux Ornements’ series invites you to embark on a trip to the world of decorative arts, bringing you the unique charm of decorative arts in different cultures. Two years after the first release of the series, Vacheron Constantin has launched four new watches, continuing the series with a variety of arts and crafts carved into the art, and engraved with the characteristics of the new works of the Geneva mark.

 Ten master craftsmen reinterpreted the artistic charm of Ottoman architecture, Chinese embroidery, Indian manuscripts and French lace with superb skills. These pieces are equipped with exquisite hand-carved movements: 18K gold 1003 ultra-thin movement. The decoration on the front of the movement is extremely exquisite, the finest point is only about one tenth of a millimeter, and the reverse side uses Vacheron Constantin’s unique chamfering and hand-carving technology, retaining its pure and unique appearance.

 Traditional art blends with different cultures. The ‘Indian Manuscript’ timepiece uses a large flame filled enamel and hand-carved crafts, highlighting its excellent skills. The ‘Ottoman Architecture’ timepiece is hand-chamfered, and the gold pane is set with semi-pearl grains and placed on a purple mother-of-pearl substrate. The ‘French Lace’ timepiece uses a translucent machine-engraved big fire enamel dial, and the gold chassis is decorated with an organic engraving pattern, which makes the transparent enamel show a delicate layering and is inlaid with rubies and diamonds. The fourth timepiece is ‘Chinese embroidery’. The dial is outlined with platinum reeling and emerald inlaid. This dial is carved from mother-of-pearl, decorated with pink opal cut and carved by gem carving, and is embellished with delicate gold leaves and stamens.

 For more than 260 years, Vacheron Constantin has persistently used arts and crafts to add the beauty of timepieces, and has been used to produce the most exquisite works since the brand was founded. Hand engraving is this challenging process that requires the patience and skill of the craftsman. The first timepiece manufactured by Jean-Marc Vacheron in 1755 was already equipped with a carved balance plate. As an expert in this extremely complex field, Vacheron Constantin has shown endless creativity and used the engraving process on various complicated movements, while skillfully combining with other art processes.

Hermes Everything Under Control

From the upstream raw material supply to the downstream retail stores, Hermès has been adhering to an endogenous growth strategy for many years. More than 75% of its products are produced in-house, which can be described as the entire luxury goods industry. The most ‘independent’ brand. While continuously increasing the overall scale, this also fully explained the continuous improvement of Hermès’ profitability. Its net profit margin not only increased by about 14 percentage points from the beginning of listing, but also significantly better than LVMH, even with higher profitability. Coach, a light luxury brand, is not its rival.

9In September 2013, the French financial regulator AMF finally ruled that LVMH Group was fined 8 million euros for the private acquisition of Hermes shares before 2010. LVMH Group said it would not appeal. In the eyes of its head Arnold, Hermes’ 23.1% equity and 8 million euros, the two are important and obvious. As one of the few brands in the luxury industry still controlled by families, Hermès has enough capital to make this luxury crocodile pay patience and money. Although no one can predict, what will happen in the end.

Starting from the ‘Horse Workshop’ in 1837, Hermès has now become a top luxury brand with annual revenue of about 3.5 billion euros. Its sales have tripled since its launch in 1993. Not only does its subsidiary Birkin and Kelly have a long ‘customer waiting list’, it is obviously its profitability that makes Arnott covet. In 2012, Hermes stated in its annual report that the operating profit margin reached a record high, and the operating profit margin of 35% in the first half of 2013 showed that it had once again surpassed; the net profit attributable to the parent company experienced a ‘bottleneck period’ after many years After that, it also reached a new high, not only an increase of about 14 percentage points from the beginning of the listing, but also has certain advantages compared to 12.19% of LVMH or 20.39% of Coach, which represents light luxury (Figure 1).

All this is thanks to the endogenous growth strategy Hermes has been adhering to for many years. To a certain extent, it may also be the most ‘independent’ brand in the luxury industry, because more than 75% of its products come from its 45 workshops. Not only do all the leather goods be arranged by themselves, but they also have several leather factories. At the downstream end of the industry chain, the policy of ’emphasizing direct sales and selling lightly’ has been implemented for decades. Although it has slowed down the pace of opening stores in recent years, both the revenue scale and profitability have risen. For Hermès, it is a natural and gradual process to continue to extend the industrial chain and gradually strengthen the control in all aspects, until finally everything is under control and it becomes the true ‘maker’ of luxury goods.

Vertical integration

1In January 2013, Hermès acquired Annonay, a French cowhide manufacturer, to strengthen its control in the upstream of the leather goods industry chain. Prior to this, it had owned 3 factories for processing rare leather. This not only guarantees the quality of leather produced by Hermès, but also makes it play a middleman role in the leather industry chain-selling raw leather to other luxury brands in 2012 generated 69 million euros in revenue. In recent years, the major groups have been increasingly competing for leather materials, Hermès has undoubtedly established its own advantages.

Today, Hermes leather products are produced by more than 2,000 highly trained artisans located throughout France. In order to cope with the growing consumer demand for leather products, based on the acquisition of three leather workshops in the first 10 years, it added two more workshops and more than 200 artisans in 2012.

Although the average price of 300 euros of scarves and 6000 euros of Birkin handbags are not at all on the order of magnitude, for the silk scarves that need to be completed through seven sessions and lasted 18 months, Hermes also grabbed the source and controlled it. From the purchase of silk raw materials, spinning, weaving, printing and dyeing to the final manual crimping. In order to ensure quality, Hermès also has a textile company that specializes in the development of various technologies related to fabric design, coloring and weaving. This textile company also owns 39.5% of Perrins & Fils, a leader in the knitting industry. , And gradually enhance their professional skills through cooperation with them. In 2012, Hermès acquired a new dyeing factory.

Even for the tableware sector with revenue of 60 million euros, which only contributed 2% of the group’s revenue, Hermès has spared no effort in its vertical integration. As early as the 1980s, it became a famous French glassware manufacturer Saint-Louis and silverware manufacturer Puiforcat. Major shareholder. And in 2011, he set up a joint venture with Italian fabric expert Dedar and began to study related interior design and decoration skills, including wallpaper.

From the perspective of the company’s structure, in addition to perfume, the remaining five departments of Hermès currently introduce foreign aid to strengthen their own strength or extend upstream to increase control over the supply chain. Benefit maximization has helped Hermès reduce costs to a certain extent and achieved continuous improvement in profitability. ‘Make a line, drill a line, make a line, refine a line’, although simple, it is not easy to do, and Hermès has always done it. In the silk business, the vertical integration process has been up to 75 years ago, and it is still continued. Now, it has started to do the same in the field of watches.

Unlike other departments stationed in France, Hermès’s watch department (La Montre Hermès) was built in the watch kingdom Switzerland from the beginning. The consideration of “the moon is near the water tower” shows Hermès’ determination. In the beginning, brands such as Jaeger LeCoultre, Vacheron Constantin and Audemars Piguet produced watches for them. From these collaborators, Hermès learned the original skills of watchmaking. It was not until 1978 that its watch department was formally established, and Hermès began to move towards becoming a true watchmaker.

In 2006, in order to master the core technology of watches and clocks, Hermès invested 25 million Swiss francs to buy a 25% stake in Swiss high-end movement maker Vaucher. Prior to this, Vaucher had been the supplier of its movements for 3 years. . In the production of watch cases and dials, Hermès has repeated the tricks, cooperating and then investing in shares, and has successively become the watch case manufacturer Joseph Erard (32.5%, 2011) and the watchmaker Natéber (100%, 2012 ) Shareholders. According to the person in charge of its watch department, 95% of Hermès watches currently starting at 3,000 euros have been produced in-house, and in some models, this proportion is even as high as 98%. You know, Hermès is also the only watchmaking company in the world that produces its own straps. Its first intimate contact with watches began in 1912 with leather straps.

After infiltration in the industrial chain in recent years, in addition to the surface of outsourcing, in the production of watches, Hermes is the only pointer that has not been touched. Obviously, this product that requires large-scale industrial production to achieve economies of scale and Hermes Not very tuned. In fiscal 2012, against the background of the overall slowdown in the growth of Swiss watch production, the Hermès watch department still submitted a transcript of 173 million euros in revenue, contributing 5% to the group’s revenue (Figure 2).

Emphasis on direct management, not authorization

进一步 In order to further expand the watch business, in addition to cooperating with dealers, since 2009, Hermès has begun to build specialized direct watch stores. At present, there have been 20 stores ranging from 50 to 120 square meters. The practice of opening a direct-operated store not only conforms to the trend of watchmaking companies to gather together to build their own channels in recent years, but more importantly, it is in the same vein as Hermès has always insisted on “focusing on direct sales and neglecting authorization”.

Authorized stores were once the main way for Hermès to explore overseas markets. Since the 1980s, Hermès has widely distributed authorized marketing points in the United States, Japan, other Asian countries and Pacific Rim countries, and has successfully stepped out of France and Europe. By the early 1990s, its authorized marketing points distributed around the world had exceeded 225 In 1994, the revenue from overseas markets accounted for almost half of the total revenue.

此 But since then, Hermès has adjusted its strategy, gradually replacing authorization with direct management, and tightened its control over the channel. From 1999 to 2012, it opened an average of 7.6 directly-operated stores each year, while authorized stores only increased by 1.5 each year. Under this pace of shop opening, by the turn of the century, the number of directly operated stores and authorized stores was almost the same. At the moment, the former is close to twice that of the latter, accounting for more than 63% of the overall channel (Figure 3). . In 2011, after cooperating with local agents for 10 years, two authorized dealerships originally operating in Moscow were also included by Hermès. The Chinese brand “Xia Shang”, which was founded in 2008, previously only opened two directly-operated stores in Shanghai and Beijing. In September 2013, its third store finally appeared in Paris, France, and was exclusively sold by Hermès. The shop is adjacent.

On the whole, Hermès’s store opening speed is not fast. No matter whether it is compared with LVMH or Coach, it is a model of steadiness. In the period of unprecedented prosperity of the luxury goods industry from 2003 to 2007, the total increase of Hermès directly-operated stores + authorized dealerships was only 42, and LVMH and Coach expanded at a rate of more than 20 and 50 each year, respectively. In the past two years, although it has continued to enter new markets, Hermès’s store opening speed has slowed significantly, and it has focused on increasing single-store sales. In 2012, it only opened two new stores in Wuhan and Taichung, and they are all concentrated in the Chinese market.

Obviously, the Asia-Pacific region, and especially China, has become a major town for Hermès formation. In 2012, sales in the Asia-Pacific region (excluding Japan) not only led other markets with a growth rate of 14%, but also contributed significantly to the Group’s overall sales by 4 percentage points to 32% over the previous year (Figure 4). In the first half of 2013, although the Chinese market was facing multiple adverse effects, the entire Asia-Pacific region (excluding Japan) continued to grow with the American market with a 17% increase as the main driving force for the Group’s business growth.