The Hour Glass

[dydx]

Frankly, I will be totally surprised if THG's BOD would actually authorise and load up the company's B/S with $500.0m of new debts from the $500.0m Multicurrency Medium Term Note (MTM) Programme signed with and arranged by DBS Bank.....
http://infopub.sgx.com/FileOpen/MultiCur...eID=367967

The MTM is nothing more than a fancy programme agreement to facilitate an issuer to issue short-to-medium term notes to potential lenders/investors. The all-in borrowing cost to THG could be lower than traditional bank borrowings of comparable tenor if there are enough lenders/investors who are prepared to accept and take on a direct credit risk on THG at a competitive low rate through the help of DBS Bank in marketing, including issuing the notes in a foreign currency and swapping the proceeds into another desired currency or floating-rate basis. The additional risk to THG is that if the borrowed funds drawn under the MTM is invested in a wrong business project or acquisition, any default on the notes will mean that the management will have to face many hard-nosed investors wanting their money back, instead of negotiating with their friendly long-standing local bankers to come up with a mutually acceptable and workable repayment arrangement without hurting the group's core business.

[brattzz]

maybe it's in preparation for interest rate hikes?

The net proceeds arising from the issue of the Notes under the Programme (after deducting
issue expenses) will be used for,

1) general corporate purposes, including financing investments,
acquisitions and strategic expansions,

2) general working capital and capital expenditure
requirements of the Company or its subsidiaries,

3) as well as to refinance existing borrowings of
the Company and its subsidiaries or such other purposes as may be specified in the relevant
pricing supplement

[brattzz]

2x500 lots transacted today @ 70cts! gosh! that's a cool S$700K!
What is going on?!

[dydx]

2x500 lots transacted today @ 70cts! gosh! that's a cool S$700K!
What is going on?!

It only shows that as long as the underlying business is of high-quality, an illiquid stock can still attract big buyers even when the overall market is very depressed.

[pacyfiq]

The Hour Glass is listed on Apple website as an official retailer for the Hermes Apple Watch. I like it

[pacyfiq]

The Hour Glass is listed on Apple website as an official retailer for the Hermes Apple Watch. I like it

Seems that the Hermes Watch was sold out on the 1st day....

Yesterday i visit the new shop at Em Quartier Bangkok, a great new shopping Center. Very nice shop with Hublot, Rolex and Tudor, good service as always.

[Boon]

Will the Apple Watch call time on Swiss sales?

Jenny Cosgrave
CNBC Friday, Oct 23, 2015

The swathe of smart watches entering the market led by Apple's Watch has dented sales of Swiss-made timepieces and looks set to continue weighing on the sector.

Swiss watch exports slowed sharply in the year to September, data published this week showed, with their value sinking around 8 per cent compared to September 2014, with Asia and US shouldering the brunt of the decline.

Demand dropped off the most in the lower end of the market, with watches that export for below 500 Swiss francs ($520) being hit the hardest, data from the Federation of the Swiss Watch Industry showed.

Alternatives to the luxury watches, such as the Apple Watch, have made retailers nervous of stocking cheaper Swiss watches as technological advances are likely to make them "obsolete," luxury analysts warn.

September represents the sixth consecutive month of decline for Swiss watch exports which suggests "very little positive takeaways" for the industry, according to luxury analyst at RBC Capital Markets, Rogerio Fujimori. One of the biggest concerns, he added, is the softness illustrated in the US which recorded the steepest decline in the past five years in this market.

"The data points are interesting when you look at the last 12 months. The rolling average of the last 12 months shows a market of watches that is subdued. It is especially subdued in the cheaper quality," senior research analyst for luxury goods at Sanford Bernstein, Mario Ortelli told CNBC.

"Alternative products to the Swiss watch, the Apple watch as well as smart watches in general are making wholesalers more cautious of stocking these (cheaper) products, because technological advances can make these obsolete."

The Apple Watch is particularly to blame for the slowdown seen in US sales Ortelli added, combined with the strong dollar which has meant shoppers from emerging markets are no longer as keen to pick up a Swiss watch when travelling.

Swiss watch maker Tag Heuer recently revealed plans to launch its $1,800 Android powered smartwatch next month in its attempt to take on the Apple Watch, which offers a mid-level range that costs a maximum amount of $1,099.

The president of LVMH's watch division and CEO of Tag Heuer, Jean-Claude Biver, told CNBC earlier this month that Apple is "big competition."

Samsung also unveiled its latest smartwatch - the Gear S2 in September as it looks to find a winning product to take on Apple in the rapidly growing wearables market.

"There is no a clear single data that shows us that the consumption of Swiss watches will bounce back and the wholesaler will start an aggressive re-stocking policy. So at the moment, we have a (Swiss watch) market where we can expect to growth in low single digits," Ortelli said.
[Image: CNBC_resized.jpg]

http://business.asiaone.com/news/will-th...wiss-sales
_____________________________________________________________________________________________________________________________________

[dydx]

Can the Apple Watch replace the beauty, diversity, long-term collection value, etc. of the many very well-established brands of Swiss and other European luxury watches like Rolex and Patek Philippe? Unlikely, I suppose. Perhaps an easy way to appreciate this point is to visit THG's blog which showcases and tracks the evolution of the many famous and great brands of watches that the chain distributes/retails.....
http://www.thehourglass.com

[Boon]

Can the Swiss Watchmaker Survive the Digital Age?

Masters of one of the world’s most revered forms of analog craftsmanship take on the smartwatch.
By CLIVE THOMPSON
JUNE 3, 2015

http://www.nytimes.com/2015/06/07/magazi....html?_r=0
______________________________________________________________________________________________________

[Art or Science]

TAG Heuer to launch US$15,000 smartwatch next week

The titanium Carrera Connected watch is expected to hit stores in New York on Monday, and is targeted at a more high-end clientele than the average Apple Watch buyer. 

[Image: tag-heuer.jpg] TAG Heuer Connected (Photo: TAG Heuer/Twitter)

GENEVA: Luxury Swiss watchmaker TAG Heuer will next week launch a smartwatch aimed at taking on the Apple Watch, but with an asking price of US$15,000, the company chief said in an interview published Sunday (Nov 8).
Jean-Claude Biver told the Le Matin Dimanche weekly that the titanium Carrera Connected watch would hit stores in New York at noon (1700 GMT) on Monday. Three days later, the new watch will go to Europe.
"Our watch will have almost the same functions as an Apple Watch, but I don't want to divulge too much," he said.
TAG Heuer has joined forces with technology behemoths Google and Intel to develop a connected watch able to claw back some market share from Apple, which has shipped millions of its smartwatches since launching six months ago. TAG Heuer's new watch will meanwhile target a more high-end clientele than the average Apple Watch buyer.
It had been rumoured to go for US$18,000, but Biver said in Sunday's interview it would carry a price tag of US$15,000.
"The Carrera Connected is an exclusive, luxury watch," he said.
In comparison, it is possible to acquire an Apple Watch for under US$400, although more exclusive models can cost around US$17,500, he pointed out. Biver, an industry legend who also leads the watch division of TAG Heuer's owners LVMH, insisted that he does not consider Apple a direct competitor.
"We are not Apple. We are a watch brand. I forbid my colleagues to say Apple is our competitor," he told the paper.
He acknowledged that the two companies were engaging in "similar work", but stressed TAG Heuer had no interest in selling millions of connected watches. For its New York launch on Monday, the brand will make nearly 1,000 of the connected timepieces available, he said.
The new TAG Heuer watch is based on the brand's Carrera classic model, Biver said, insisting that at a distance the two could not be told apart. But like the Apple Watch, the Carrera Connected is able to connect wirelessly to a user's mobile phone to provide a range of functions, Biver said.
"It does not just count your steps or take your pulse," he added.
Buyers will be able to choose between six brightly coloured wristbands, and the appearance of the face of the watch can be modified just like the screen on a mobile phone, he said.

- AFP/yt