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Cie. Financiere Richemont SA, the maker of Cartier jewelry and Montblanc pens, said full-year profit dropped about 36 percent after the euro’s plunge triggered writedowns to the value of cash deposits held in that currency.
Non-cash losses were recorded reflecting changes in the market value on money and hedging instruments in the 12 months through March, the Geneva-based company said Wednesday. The stock traded 1.2 percent lower at 11:09 a.m. local time.
The losses are the latest fallout from the Swiss National Bank’s surprise decision to unleash the franc. The owner of the Vacheron Constantin and IWC brands is in the crossfire of currency swings as it produces high-end timepieces in Switzerland, gets a large part of its revenue in dollars and reports results in euros.
The losses had no material impact on a net cash position that expanded to 5.4 billion euros ($5.8 billion) from 4.3 billion euros six months earlier, the luxury-goods maker said. Operating profit for the year rose about 10 percent, helped by a capital gain from selling real estate on New York’s Fifth Avenue for $700 million, almost double the purchase price three years ago.
“The market reaction is negative because next to the mark-to-market loss, which is the bulk of the profit warning, the underlying performance is also 4 percent to 5 percent lower than expected,” Luca Solca, an analyst at Exane BNP Paribas, said by phone. “It’s an underlying miss.”
Richemont has been enduring a slowdown in China, previously the strongest motor for the luxury industry. Revenue stagnated for the first time in six years in the key October-December period as the government in that country discourages extravagant consumption and tries to eliminate bribery and corruption, the company said previously.
The largest part of the losses are from euro deposits from Richemont subsidiaries that report in francs, according to a company spokesman. The euro has slumped 15 percent against the franc since the SNB’s January policy shift.
The shares, which had dropped as much as 2.8 percent in early trading, erased some of that decline. They’ve dropped 7.4 percent in the past 12 months.
“At first glance, people might think it looks really bad,” Patrik Schwendimann, an analyst at Zuercher Kantonalbank AG, said by phone. “But if you look at it more closely, you’ll see it’s the usual story with the euro conversion and the strong dollar. Revenue and operating profit look better than expected, and those are the important numbers to look at.”
Sales rose 5 percent, including online fashion retailer Net-a-Porter, which Richemont agreed to merge with Italian rival Yoox SpA last month. Analysts had expected a 4 percent increase in revenue. Excluding Net-a-Porter, sales rose 4 percent.
Richemont said it has to announce any significant profit swings expected under Swiss stock exchange rules. The full-year results report is scheduled May 22.
The company had a 239 million-euro mark-to-market loss in the first half of the year, the company said in November.
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The Resource Foundation (TRF) is pleased to announce a $1 million grant from The Tiffany & Co. Foundation in support of the rehabilitation of Mexico City’s Chapultepec Forest Park. The project is expected to benefit over 4.5 million park visitors annually through strategic actions geared toward preserving and enhancing the park, celebrating Mexico’s rich culture and history, and improving access to the park’s natural wealth.
The Tiffany & Co. Foundation’s contribution will enable TRF local partner Fideicomiso Probosque de Chapultepec (Chapultepec Forest Trust) to continue its ongoing work since 2004 to restore the city’s urban park. Stretching 686 hectares, Chapultepec Forest Park is the largest and oldest park in the Americas, and it boasts invaluable cultural, monumental, architectural and environmental heritage. The Tiffany & Co. Foundation grant supports the restoration of two integral components of the park’s second section: the Xochipilli Fountain, a city landmark and symbol of Mexico’s pre-Columbian heritage, and the Composer’s Passage, the section’s main pedestrian thoroughfare.
The project aligns with the The Tiffany & Co. Foundation’s philanthropic goal of supporting efforts to safeguard and enhance natural resources, including urban parks. By bringing new life to the Xochipilli Fountain and the Composer’s Passage, the grant is helping bring social, environmental and health benefits to park visitors and to Mexico City as a whole.
“The Tiffany & Co. Foundation is pleased to work with TRF on our first Urban Parks grant in Latin America and we are honored to play a role in preserving such an important cultural and historic treasure as Chapultepec Forest Park,” said Anisa Kamadoli Costa, The Tiffany & Co. Foundation’s Chairman & President. “We are enthusiastic that our grant will reinforce TRF’s great efforts to protect this wonderful sanctuary so that it can be cherished and enjoyed for generations to come.”
This second phase of the park restoration plan follows Fideicomiso’s successful rehabilitation of the first section, concluded in 2008. The progress to date has formed part of a broader movement within Mexico City to restore green spaces, compelling other monument rehabilitation and space reutilization initiatives that had not previously been considered. The plan for the park’s second section encompasses a variety of projects to protect Chapultepec Forest’s environmental sustainability, functionality, beauty and history. Importantly, it includes plans to improve water management within the park as well as a civic education strategy.
“This exciting new initiative embodies TRF’s mission to enhance the quality of life of people in Latin America and the Caribbean,” said TRF Executive Director Marcela Lopez-Macedonio. “We’re confident that it will engender significant impacts in environmental sustainability, cultural preservation and social inclusion, which are key aspects of sustainable development in the region. We are pleased to work with The Tiffany & Co. Foundation to advance this work given their strong track record of supporting enhancements and beautification of major urban parks worldwide.”
TRF has over 27 years’ experience empowering U.S. donors to advance their philanthropic goals in Latin America and the Caribbean by providing tailored investment and advisory services to support programs in environmental conservation and many other areas, such as education, healthcare, financial inclusion, disaster relief and women’s empowerment.
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Cartier Love Bracelet, 18k Yellow Gold With Paved Diamonds.
A child of 1970s New York, the LOVE collection remains today an iconic symbol of love that transgresses convention. The screw motifs, ideal oval shape and undeniable elegance establish the piece as a timeless tribute to passionate romance. Studded with diamonds, yellow gold or rose gold: how far would you go for love?
This Cartier LOVE Bracelet also can finished with 18k white gold or 18k pink gold plated.
Paris. The Eiffel Tower. Violins. Love is all around and nowhere more so than in The Proposal, the new short film from Cartier. Directed by British film director Sean Ellis, it follows three different love stories in the City of Light.
There’s “Proposal in the elevator,” with a hapless (and late) romantic chasing his dream date up flights of stairs; “Proposal at the museum” in which a love-struck young couple embark on a romantic treasure hunt at the Musée Rodin; and, perhaps most poignantly, “Proposal at the airport,” which sees an already-married couple renew their love on the cusp of being separated for six months.
What do these three love stories have in common? A recognisable red box. For while the romantic gestures may tug at the heartstrings, it’s the three dazzling diamond engagement rings that are the stars – a Cartier Destinee, a Trinity Ruban and a baguette-cut diamond wedding band adorn the fingers of the three brides-to-be.
A sugary-sweet antidote to the 50 Shades… blockbuster set to hit cinemas on February 14, Cartier’s romantic mini-film could be all the inspiration you need for the perfect proposal this Valentine’s Day.
The Cartier Tank might just be the most recognizable wristwatch of all time. Rudolph Valentino wore his on screen (rather anachronistically) in "The Son of the Sheik," and Andy Warhol used to wear them unwound and unset like bracelets. The first Tanks date to 1917 and are predictably small -- men's watches at the time were smaller than most women's watches are today. However, this early example from the 1940s is an oversize "Super Tank," one of a small production run that retained the design and proportions of the Tanke Normale but at almost double the size, making it perfect for today.
The key to the Tank's design is simplicity. Over the years Cartier has released versions in different square and rectangular proportions, some with curved cases, and editions with nearly every dial configuration possible. But when looking at them side by side, it's the simple rectangular Tank with blued sword hands and flat sides that rises to the top. There's so little there that it's tough to find fault with anything; the Tank is a study in restraint.
This 18-carat yellow gold Super Tank measures 35mm on the long side and 25mm across, making it nearly twice the size of most Tank Normale watches produced in the '40s. By comparison, today's standard Tank Solo is slightly wider but the same length, though this watch is typically sold to women; an Extra Large version intended for men comes in at slightly under 41mm. While I love a more diminutive vintage watch, the look isn't for everyone, and this Super Tank gives you all the upsides of a 1940s Tank but at a more approachable scale.
Inside and Out
Today high-end watch collectors are most focused on Cartier's in-house complications. Watchmaker Carole Forestier-Kasapi, a rare female powerhouse in the watch industry, has taken Cartier's products from the realm of the fashion watch to being true haute horology. An in-house movement is even now available in the Tank MC, though the curvy case and proportions don't do justice to the original design.
When this Super Tank was made, Cartier was not making any of its own movements. It was purchasing them from various suppliers depending on the application. Inside this watch is a ticker from the European Watch and Clock company, which, while it doesn't carry the same immediate cache as, say, a Jaeger-LeCoultre movement (another Cartier supplier of the era), it is actually a much more rare caliber.
This Cartier Super Tank is available from Matthew Bain and is priced at $26,500.
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