Demand for Swiss watches fell 22% in August, when the pace of decline eased for the second month in a row, but appetite for timepieces remained weak in the key Hong Kong and US markets, the Swiss watch federation said.
The value of sales slipped to 843 million Swiss francs ($814 million) in August,falling below 2006 levels. Swiss watch exports have fallen 26% to 8.1 billion francs so far this year, the industry body said yesterday.
"August, which is traditionally a quieter month for the branch, saw 1.1 million watches exported from Switzerland, i.e. 590,000 less than in August 2008," the Federation of the Swiss Watch Industry said in a statement.
Exports to Hong Kong tumbled 26%,while US demand shrank by 37%. But appetite for watches rose 20% in China,making it the third most important market for Swiss exports in August.
"Swiss watch exports in August continued the trend with just a slight slowdown in the decline. It is in line with expectations. The positive surprises were China, up 20%, and Singapore, up 9.6%," said Vontobel analyst Rene Weber.
"This confirms our case for Swatch Group with highest exposure to Asia ex Japan," he said."We also expect a decline of 20% for September due to a high comparison base, but the fourth quarter of this year should get easier."
The industry, home to Swatch Group,the world's largest watchmaker, and luxury goods group Richemont, is facing its most severe drop in demand in 20 years as consumers spend less on luxury items due to worries about job losses and the shrinking value of their portfolios.
But some watchmakers, such as Swatch Group, have hit a more optimistic tone about the outlook in recent weeks.
Demand for watches costing 200-500 francs at export price remained the most resilient category, contracting 15%, while the fall in exports of watches priced over 500 francs posted a relative improvement on previous months, with their value 23% lower, the federation said.
"For the sixth consecutive month,the lower-priced segments performed better than the overall market," said Citi analyst Thomas Chauvet.
Thursday, September 24, 2009
Tuesday, September 22, 2009
La' Belle maker branches out into Swiss watches
After two decades of distributing La'Belle fashion products, Kaiserin Co is expanding its portfolio to younger consumers by introducing a Swiss watch brand.
The new business opportunity arose purely by chance when Kaiserin marketing director Chaluck Chivakasemsuk was stranded in the United States after the coup on Sept 19, 2006 while on a visit to promote the company's clothes.
"I met one watch distributor there and he introduced me to the Armand Nicolet brand. When I saw the watch, I liked it and finally became the distributor for the brand in Thailand," he said.
Mr Chaluck, 29, says he has loved watches since he was a child."The value of a watch doesn't mean only simple timekeeping but also its craftsmanship and aesthetic appeal. Its value rises every year as well, so I decided to run a watch business," he said.
Currently, Kaiserin sells two imported watch brands - Armand Nicolet, a classic luxury brand, and TechnoMarine, a luxury sports watch aimed at people who like sports and outdoor activities.
He plans to develop the watch business by adding one or two leading brands next year. However, the expansion will go step-by-step.
Armand Nicolet and TechnoMarine watches are currently available at six outlets - Central Chidlom, Lat Phrao,Pin Klao, Chaeng Watthana and Pattaya,and Siam Paragon - and will be sold at Central Bang Na from November.
The watches are also available at the 11th Central International Watch Fair at the Chidlom branch until Sept 27.The company is currently offering a 40-50% discount on Armand Nicolet watches and a free hotel room package for customers spending 90,000 baht on TechnoMarine watches.
Several new imported brands are entering Thailand, said Mr Chaluck."The prices of Swiss watches increase yearon-year when compared with other luxury items," he said.
Apart from watches, the company also plans to invest in developing serviced apartments in Sukhumvit Soi 103. Construction will start by year-end and finish in 2011. The building will have 160 units.
Kaiserin is also conducting a feasibility study to expand into skincare next year with a sun cream called Block 69.
The new business opportunity arose purely by chance when Kaiserin marketing director Chaluck Chivakasemsuk was stranded in the United States after the coup on Sept 19, 2006 while on a visit to promote the company's clothes.
"I met one watch distributor there and he introduced me to the Armand Nicolet brand. When I saw the watch, I liked it and finally became the distributor for the brand in Thailand," he said.
Mr Chaluck, 29, says he has loved watches since he was a child."The value of a watch doesn't mean only simple timekeeping but also its craftsmanship and aesthetic appeal. Its value rises every year as well, so I decided to run a watch business," he said.
Currently, Kaiserin sells two imported watch brands - Armand Nicolet, a classic luxury brand, and TechnoMarine, a luxury sports watch aimed at people who like sports and outdoor activities.
He plans to develop the watch business by adding one or two leading brands next year. However, the expansion will go step-by-step.
Armand Nicolet and TechnoMarine watches are currently available at six outlets - Central Chidlom, Lat Phrao,Pin Klao, Chaeng Watthana and Pattaya,and Siam Paragon - and will be sold at Central Bang Na from November.
The watches are also available at the 11th Central International Watch Fair at the Chidlom branch until Sept 27.The company is currently offering a 40-50% discount on Armand Nicolet watches and a free hotel room package for customers spending 90,000 baht on TechnoMarine watches.
Several new imported brands are entering Thailand, said Mr Chaluck."The prices of Swiss watches increase yearon-year when compared with other luxury items," he said.
Apart from watches, the company also plans to invest in developing serviced apartments in Sukhumvit Soi 103. Construction will start by year-end and finish in 2011. The building will have 160 units.
Kaiserin is also conducting a feasibility study to expand into skincare next year with a sun cream called Block 69.
Saturday, September 19, 2009
THE LAST OF THE EASTERN PLAYBOYS
We were in quite a rush to make the appointment for a photo shoot of Thanop Eiamamornpan - more commonly known as Mark. He was wearing a magnificent timepiece that had to be flown back to Singapore urgently.
After the photo shoot the timepiece came right off his wrist and was placed inside a security case and put on a plane.
In between shots, the former man-about-town talked amiably about his new image.
The 34-year-old is less of a party animal these days. He is happily married to Navipa, 29, and has a 20-month-old daughter, Namon. She will soon have a younger sibling as Navida is four months pregnant.
Many people know Mark as the heir to the family-owned Frank's Jewelry, an upscale watch boutique which bears the name of his father.
"Now I help overlook the family business by giving advice. I help with the business plan for new brands and products. For instance, today before we did the photo shoot, I was helping to negotiate a product to market in the future."
The watch that Mark wore for the photo shoot was a famous upmarket Swiss brand he is negotiating to bring to Thailand.
Mark's transition into the family business wasn't all plain sailing. His father was forced to fire him when he returned from studying abroad. "I was too aggressive and my dad couldn't handle me," Mark explained.
His father gave him a dose of reality by finding him a blue-collar job, which he worked at for six months.
"My father sent me to be a trainee at ThaiNamthip Limited, where I delivered cases of Coca-Cola, because he wanted me to learn that in life nothing comes easy."
Mark says he learned the intended lesson - that he was indeed born fortunate and daily survival is a struggle for people in Thailand surviving on the minimum wage.
"This makes me want to live a better life. Imagine eating boat noodles at the Peninsula Plaza. It costs 250 baht per bowl, which is equal to the daily wages of many people."
After the delivery job, Mark landed a job at AJF Asset Management, a joint venture between the Bank of Ayudhya and JP Morgan, where he was involved in private and investment banking. He was a star performer and developed his own method to deal with clients.
"Within a year I pulled in about 2.5 billion baht and I was only 24 years old," said Mark.
Mark cemented his name in the financial field and the Stock Exchange of Thailand asked him to host a television programme called SET in the City, offering consumer-friendly advice on investment. He hosted the show, which has been on the air almost a decade, for four years.
Since then, he has been a TV spokesperson and a guest lecturer at schools, universities and financial institutions.
But his life may have turned out differently if not for the intervention of his father at a formative age. As a 12-year-old he was in trouble at Eagle Brooks, a junior high school in Massachusetts in the United States. "I was punching the teachers," Mark confessed.
His father sent him to the Institute Le Rosey in Switzerland, where he was mentored by a family friend and member of the famed Piaget family which makes the prestigious watch brand of the same name.
Mark next went to Florida to obtain his bachelor's degree at Lynn University with a major in marketing.
"My father wanted me to have exposure to different countries. In Florida, I got an 'A' in beach volleyball. I took a class in advanced golfing and did very well. Other than that, I rarely went to class.
"Once I took my economics professor out for lunch. My friends and I were 18, and the professor was in his 40s. We had some vodka shots. My friends and I came back to the exam room and waited, ready to take the exam. The professor couldn't come back to give the exam because he was too drunk."
Now Mark is in the process of writing his second book, after a successful first effort - Hai Ngern Tum Ngarn (Let Your Money Work for You). It's been on the bestseller list for a long time, with more than 170,000 copies printed. "The book is about asset allocation, basically about how to make your money work for you in different ways."
His second book, which doesn't have a title yet, will also be about financial advice. "It will be about the global economy and the meltdown, what caused it, the effect it has, how it affects you individually and new ways of doing businesses. It's going to be similar to the first one, and it's certainly going to be easy to understand."
Anyone who knows Mark knows his passion has always been motorcycles.
"I enjoy speed machines or anything that can go fast without supplying my own power or energy. Perhaps you can call me lazy. When I was young, I used to collect the allowance that my parents gave me, and when they were gone for one week to Singapore, I secretly bought my very first motorcycle, a Honda CBR 400."
On the first day he owned the motorcycle he took a nasty fall, but still managed to keep a hot date, albeit covered in blood.
"My date ended up cleaning the blood for me and we are best friends up to this day. After we ate she took me to the hospital. Well, the lady came first."
His favourite bike today is a 1963 BMW R27, and he's also very fond of his limited edition Ducati 996 SPS.
"It's a real racing bike that you only need to add a few things to make it street legal," said Mark.
His third bike is a gift from his wife, a Sachs 150CC, which he has modified with a nitrous oxide booster. "This bike is for city use," said Mark.
He acknowledged that married life has been very good for him. "I still party, but now that we've got a kid, I have to party with more responsibility. I go home no later than midnight. I also drive my family back home from their grandmother's house every evening after I finish work so that we all can go home together."
Instead of going out, most nights Mark watches movies with his wife. He calls it "their time" - every evening after his daughter goes to sleep.
"We watch movies together until we both fall asleep," said Mark, who added that he fell in love with Navipa at first sight, but she never gave him the time of day because of his playboy reputation. But later she saw how well he treated her and decided to give him a chance.
"After a few months, I asked her to marry me because I was ready to settle down.
"Whereas before I used to get drunk every night, now I hit the gym every day at the Polo Club," he said.
Relate Search: Thanop Eiamamornpan, Frank Jewelry, ThaiNamthip Limited, Peninsula Plaza, Institute Le Rosey, Ngern Tum Ngarn
After the photo shoot the timepiece came right off his wrist and was placed inside a security case and put on a plane.
In between shots, the former man-about-town talked amiably about his new image.
The 34-year-old is less of a party animal these days. He is happily married to Navipa, 29, and has a 20-month-old daughter, Namon. She will soon have a younger sibling as Navida is four months pregnant.
Many people know Mark as the heir to the family-owned Frank's Jewelry, an upscale watch boutique which bears the name of his father.
"Now I help overlook the family business by giving advice. I help with the business plan for new brands and products. For instance, today before we did the photo shoot, I was helping to negotiate a product to market in the future."
The watch that Mark wore for the photo shoot was a famous upmarket Swiss brand he is negotiating to bring to Thailand.
Mark's transition into the family business wasn't all plain sailing. His father was forced to fire him when he returned from studying abroad. "I was too aggressive and my dad couldn't handle me," Mark explained.
His father gave him a dose of reality by finding him a blue-collar job, which he worked at for six months.
"My father sent me to be a trainee at ThaiNamthip Limited, where I delivered cases of Coca-Cola, because he wanted me to learn that in life nothing comes easy."
Mark says he learned the intended lesson - that he was indeed born fortunate and daily survival is a struggle for people in Thailand surviving on the minimum wage.
"This makes me want to live a better life. Imagine eating boat noodles at the Peninsula Plaza. It costs 250 baht per bowl, which is equal to the daily wages of many people."
After the delivery job, Mark landed a job at AJF Asset Management, a joint venture between the Bank of Ayudhya and JP Morgan, where he was involved in private and investment banking. He was a star performer and developed his own method to deal with clients.
"Within a year I pulled in about 2.5 billion baht and I was only 24 years old," said Mark.
Mark cemented his name in the financial field and the Stock Exchange of Thailand asked him to host a television programme called SET in the City, offering consumer-friendly advice on investment. He hosted the show, which has been on the air almost a decade, for four years.
Since then, he has been a TV spokesperson and a guest lecturer at schools, universities and financial institutions.
But his life may have turned out differently if not for the intervention of his father at a formative age. As a 12-year-old he was in trouble at Eagle Brooks, a junior high school in Massachusetts in the United States. "I was punching the teachers," Mark confessed.
His father sent him to the Institute Le Rosey in Switzerland, where he was mentored by a family friend and member of the famed Piaget family which makes the prestigious watch brand of the same name.
Mark next went to Florida to obtain his bachelor's degree at Lynn University with a major in marketing.
"My father wanted me to have exposure to different countries. In Florida, I got an 'A' in beach volleyball. I took a class in advanced golfing and did very well. Other than that, I rarely went to class.
"Once I took my economics professor out for lunch. My friends and I were 18, and the professor was in his 40s. We had some vodka shots. My friends and I came back to the exam room and waited, ready to take the exam. The professor couldn't come back to give the exam because he was too drunk."
Now Mark is in the process of writing his second book, after a successful first effort - Hai Ngern Tum Ngarn (Let Your Money Work for You). It's been on the bestseller list for a long time, with more than 170,000 copies printed. "The book is about asset allocation, basically about how to make your money work for you in different ways."
His second book, which doesn't have a title yet, will also be about financial advice. "It will be about the global economy and the meltdown, what caused it, the effect it has, how it affects you individually and new ways of doing businesses. It's going to be similar to the first one, and it's certainly going to be easy to understand."
Anyone who knows Mark knows his passion has always been motorcycles.
"I enjoy speed machines or anything that can go fast without supplying my own power or energy. Perhaps you can call me lazy. When I was young, I used to collect the allowance that my parents gave me, and when they were gone for one week to Singapore, I secretly bought my very first motorcycle, a Honda CBR 400."
On the first day he owned the motorcycle he took a nasty fall, but still managed to keep a hot date, albeit covered in blood.
"My date ended up cleaning the blood for me and we are best friends up to this day. After we ate she took me to the hospital. Well, the lady came first."
His favourite bike today is a 1963 BMW R27, and he's also very fond of his limited edition Ducati 996 SPS.
"It's a real racing bike that you only need to add a few things to make it street legal," said Mark.
His third bike is a gift from his wife, a Sachs 150CC, which he has modified with a nitrous oxide booster. "This bike is for city use," said Mark.
He acknowledged that married life has been very good for him. "I still party, but now that we've got a kid, I have to party with more responsibility. I go home no later than midnight. I also drive my family back home from their grandmother's house every evening after I finish work so that we all can go home together."
Instead of going out, most nights Mark watches movies with his wife. He calls it "their time" - every evening after his daughter goes to sleep.
"We watch movies together until we both fall asleep," said Mark, who added that he fell in love with Navipa at first sight, but she never gave him the time of day because of his playboy reputation. But later she saw how well he treated her and decided to give him a chance.
"After a few months, I asked her to marry me because I was ready to settle down.
"Whereas before I used to get drunk every night, now I hit the gym every day at the Polo Club," he said.
Relate Search: Thanop Eiamamornpan, Frank Jewelry, ThaiNamthip Limited, Peninsula Plaza, Institute Le Rosey, Ngern Tum Ngarn
AUSTRALIAN ARRESTED OVER GOLD SCAM
A 64-year-old Australian accused of swindling investors in Pattaya out of millions of baht was arrested last week at Suvarnabhumi Airport by immigration officials while trying to re-enter the country.
A warrant for the arrest of Lance Frederick Shaw was issued by Pattaya police in July last year for his alleged involvement in a Ponzi investment scheme, which fraudulently promises to pay returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned.
Mr Shaw is being held at Nong Palai prison on fraud charges and will not be granted bail due to the seriousness and number of charges, Pattaya police said. A police official estimated Mr Shaw allegedly defrauded investors of 10 million baht.
Six cases have been filed against the Australian, though the number has continued to increase since his arrest. The Bangkok Post's Spectrum magazine reported on the allegations against Mr Shaw in an Aug 16 article "Gold fever sinks a posse of investors".
The investors, mostly from the UK and Australia, alleged they lost amounts between US$10,000 (341,000 baht) and $250,000 each investing in an online gold investment vehicle known as Hiperfinance.com which advertised monthly profits of 10-20%.
Mr Shaw denied any wrongdoing, saying he was was merely an investor who lost $20 million himself.
He said that while he promoted the scheme to others, he was not behind the operation. Allegations against Mr Shaw will feature in an upcoming episode of Big Trouble In Tourist Thailand, a television series airing on the UK's Bravo Channel.
A warrant for the arrest of Lance Frederick Shaw was issued by Pattaya police in July last year for his alleged involvement in a Ponzi investment scheme, which fraudulently promises to pay returns to separate investors from their own money or money paid by subsequent investors, rather than from any actual profit earned.
Mr Shaw is being held at Nong Palai prison on fraud charges and will not be granted bail due to the seriousness and number of charges, Pattaya police said. A police official estimated Mr Shaw allegedly defrauded investors of 10 million baht.
Six cases have been filed against the Australian, though the number has continued to increase since his arrest. The Bangkok Post's Spectrum magazine reported on the allegations against Mr Shaw in an Aug 16 article "Gold fever sinks a posse of investors".
The investors, mostly from the UK and Australia, alleged they lost amounts between US$10,000 (341,000 baht) and $250,000 each investing in an online gold investment vehicle known as Hiperfinance.com which advertised monthly profits of 10-20%.
Mr Shaw denied any wrongdoing, saying he was was merely an investor who lost $20 million himself.
He said that while he promoted the scheme to others, he was not behind the operation. Allegations against Mr Shaw will feature in an upcoming episode of Big Trouble In Tourist Thailand, a television series airing on the UK's Bravo Channel.
When nature calls!
A meeting at any given fashion magazine to decide upon the trendiest must-haves of the moment.]Editor:Alright writers, in June we had 10 Best Hairstyles to Suit Your Face .In July it was Nine Hairstyles to Flatter Your Visage... Plus One More . And of course, we saved the best until August with You Don't Have to Hate Your Face With These 10 Hairstyles .Minion:We're still so creative after all these years!The Only Sane Person in the Room:Aren't those the same stories? I feel like I'm taking yaa that makes me baa !Minion:Gawwwd , you don't appreciate fashion. So we're going to knock the split ends off our readers with hairstyles for September?Editor:Well, that's what they would expect [evil smirk]. But let's give the fashion industry a trend they've never seen before! It's so maniacal, I'm scared to even say it! I'll give you a clue - animal print!The Only Sane Person in the Room:It's not a clue if you just told us what it is. And animal print has been in style since the 1980s.Editor:Like anybody remembers what happened in the 80s! Animal print is the trend of the moment, and you will write about it. Or I'll get a top-notch designer to carefully duplicate your skin's silky smooth texture and use that print on clothes and accessories.The Only Sane Person in the Room:Err, that actually sounds more like a compliment than a threat.Minion:Ooh, I can't wait to start writing this piece! It'll be so fun! I already have the opening sentence -"Animal print fashion is so in style right now."[End of meeting.]
Animal print fashion is so in style right now. Blasted #@!!!$%!!. The tyrannical trend totalitarian trumps again. But there's no one we can blame for the longevity of animal print in the fashion world but ourselves.Unless someone can prove that leopards, cheetahs and zebras secretly control every move made by designers and consumers (note to self: create Wikipedia page dedicated to this blatant fallacy).
While Sheikh Hot Kotture is actually a fan of animal print for both daring women and flamboyant daring men, it doesn't excuse the fact that no other pattern has enjoyed as much time in the fashion limelight.Perhaps we should blame the media? Oh, right,we are the media , I forgot!In that case, treat your other printed items like an unwanted child.Devote your love to animal patterns this season. The unanimous favourite,leopard print, is still alive and strong, but don't dismiss the funkiness of tiger, zebra, crocodile, snakeskin, and even cow designs - in the faux variety of course.
It's easier to speculate whether there will be a coup when our beloved PM goes to New York from September 21-27 (stay tuned!), than it is to conjecture why in the world so many people can still get animal print wrong, since it's been in fashion forever.
But maybe animal print keeps coming back to give people another chance to learn how to wear it correctly if they didn't get it right the first time. The most important thing isn't to transform your entire wardrobe into a melange of the African savannah, but to infuse animal prints based on your current style.
If you're a conservative dresser, wear animal print accessories such as headbands, shoes, and purses. If you're a bit wilder, you can get away with an entire animal print shirt, blazer, dress or skirt. But one at a time, please. Sticking to traditional colours such as brown,black and white is the safest choice, while animal prints paired with neon hues will immediately take you from classy to trashy.
Sheikh Hot Kotture would also advise women to avoid wearing animal printed corsets, mini dresses, or any clothing that could be deemed "too sexy". Animal print is already sexy in itself, and if you're wearing a tight, cleavage-baring dress with a high split up the side,other women might mistake you for being an insecure, attentionseeking coquette.
It is true that animal print will make you stand out, and if you exercise caution you will definitely draw attention in a good way and look way hotter than your friends. And now it's easier than ever to do that because when something comes back "in fashion" you can get it cheap.
Although animal print has been around for ages, you'll still be able to find traditional colour schemes, accessories with wild styles, and the occasional print that utilises shades not found in nature.
So no more ravaging high-end stores paying ridiculous sums for a pattern that designers didn't even come up with themselves.However, props to the person who initially sat down with a leopard and traced his spots. Your bravery has ensured that the fashion industry will always have "animal print" as a fallback when they draw a piece of paper out of a hat to decide upon the next "trend".
Animal print fashion is so in style right now. Blasted #@!!!$%!!. The tyrannical trend totalitarian trumps again. But there's no one we can blame for the longevity of animal print in the fashion world but ourselves.Unless someone can prove that leopards, cheetahs and zebras secretly control every move made by designers and consumers (note to self: create Wikipedia page dedicated to this blatant fallacy).
While Sheikh Hot Kotture is actually a fan of animal print for both daring women and flamboyant daring men, it doesn't excuse the fact that no other pattern has enjoyed as much time in the fashion limelight.Perhaps we should blame the media? Oh, right,we are the media , I forgot!In that case, treat your other printed items like an unwanted child.Devote your love to animal patterns this season. The unanimous favourite,leopard print, is still alive and strong, but don't dismiss the funkiness of tiger, zebra, crocodile, snakeskin, and even cow designs - in the faux variety of course.
It's easier to speculate whether there will be a coup when our beloved PM goes to New York from September 21-27 (stay tuned!), than it is to conjecture why in the world so many people can still get animal print wrong, since it's been in fashion forever.
But maybe animal print keeps coming back to give people another chance to learn how to wear it correctly if they didn't get it right the first time. The most important thing isn't to transform your entire wardrobe into a melange of the African savannah, but to infuse animal prints based on your current style.
If you're a conservative dresser, wear animal print accessories such as headbands, shoes, and purses. If you're a bit wilder, you can get away with an entire animal print shirt, blazer, dress or skirt. But one at a time, please. Sticking to traditional colours such as brown,black and white is the safest choice, while animal prints paired with neon hues will immediately take you from classy to trashy.
Sheikh Hot Kotture would also advise women to avoid wearing animal printed corsets, mini dresses, or any clothing that could be deemed "too sexy". Animal print is already sexy in itself, and if you're wearing a tight, cleavage-baring dress with a high split up the side,other women might mistake you for being an insecure, attentionseeking coquette.
It is true that animal print will make you stand out, and if you exercise caution you will definitely draw attention in a good way and look way hotter than your friends. And now it's easier than ever to do that because when something comes back "in fashion" you can get it cheap.
Although animal print has been around for ages, you'll still be able to find traditional colour schemes, accessories with wild styles, and the occasional print that utilises shades not found in nature.
So no more ravaging high-end stores paying ridiculous sums for a pattern that designers didn't even come up with themselves.However, props to the person who initially sat down with a leopard and traced his spots. Your bravery has ensured that the fashion industry will always have "animal print" as a fallback when they draw a piece of paper out of a hat to decide upon the next "trend".
Wednesday, September 16, 2009
Globlex continues gold expansion
Globlex Holding Management Plc (GBX)will continue to expand its presence in the gold market to help diversify its revenues ahead of plans to list its securities arm on the Stock Exchange of Thailand.
GBX is the parent holding company of Globlex Securities.
The brokerage currently contributes around 40% to 50% of revenues for the parent, with gold trading accounting for the rest.
Securities regulators have raised concerns about the listing plans for Globlex Securities and the impact it might have on GBX.
GBX reported first-half net profits of 13.5 million baht, up 86.1% from the same period last year. Second-quarter profits rose 367.2% year-on-year to 41.8 million baht. Gains were attributed to an 12.8% year-on-year increase in brokerage income for the second quarter, trading gains in gold futures contracts and higher gains on securities trading.
Parkpoon Pakvisal, the GBX managing director, said Globlex Securities began posting a profit in the first quarter, with gains extended in the second by the overall recovery in the equities market.
Gold trading, meanwhile, generated revenues of some some billion baht for the company in the first half. Globlex expects gold trading to generate revenues of 2.3 billion baht and profits of at least 10 million for the group for the full year.
"We expect to see very clear growth in gold trading in the fourth quarter. We will continue to develop our products and sales campaigns to support growth,"said Mr Parkpoon.
He said the company also saw growth prospects for its 18% shareholding in the software developer Cyber Planet.The games developer plans to list on the Market for Alternative investment within the next one to two months.
Shares of Globlex Holding closed yesterday on the Stock Exchange of Thailand at 0.92 baht, up two satang, in trade worth 4.38 million baht.
GBX is the parent holding company of Globlex Securities.
The brokerage currently contributes around 40% to 50% of revenues for the parent, with gold trading accounting for the rest.
Securities regulators have raised concerns about the listing plans for Globlex Securities and the impact it might have on GBX.
GBX reported first-half net profits of 13.5 million baht, up 86.1% from the same period last year. Second-quarter profits rose 367.2% year-on-year to 41.8 million baht. Gains were attributed to an 12.8% year-on-year increase in brokerage income for the second quarter, trading gains in gold futures contracts and higher gains on securities trading.
Parkpoon Pakvisal, the GBX managing director, said Globlex Securities began posting a profit in the first quarter, with gains extended in the second by the overall recovery in the equities market.
Gold trading, meanwhile, generated revenues of some some billion baht for the company in the first half. Globlex expects gold trading to generate revenues of 2.3 billion baht and profits of at least 10 million for the group for the full year.
"We expect to see very clear growth in gold trading in the fourth quarter. We will continue to develop our products and sales campaigns to support growth,"said Mr Parkpoon.
He said the company also saw growth prospects for its 18% shareholding in the software developer Cyber Planet.The games developer plans to list on the Market for Alternative investment within the next one to two months.
Shares of Globlex Holding closed yesterday on the Stock Exchange of Thailand at 0.92 baht, up two satang, in trade worth 4.38 million baht.
Sunday, September 13, 2009
Faberge is back after 90 years
Faberge', the jeweller to the last Russian czar and creator of the legendary Imperial Easter eggs, made a comeback of sorts on Wednesday when it presented its first jewellery collection in more than 90 years.
The collection is the result of a twoyear effort by Faberge"s owners, a group of investors led by the British private equity firm Pallinghurst Resources, to revive the brand by reuniting it with two heirs of the Faberge' family.
The firm also assembled a management and design team that includes Mark Dunhill, former president of Alfred Dunhill, a leather and accessories maker owned by the Swiss luxury goods company Richemont.
Faberge' said it would not sell the colourful gemstone earrings, rings and brooches through retail outlets, but through its website and 15 sales representatives.
"Rather than replicating inventory and investing capital in bricks and mortar,we can invest in making unique jewellery," Dunhill said.
The retail strategy is likely to be watched closely by competitors like Cartier and Chaumet, who are vying for the same wealthy customers.
The economic downturn did not spare luxury goods, and many high-end jewellers have reported a decline in sales. But a recent increase in the price of oil has given rise to some optimism that customers from resource-rich places like Russia and the Middle East would return.
John Guy, an analyst at MF Global in London, said Faberge' had the advantage of being a well-known name, especially in Russia."The Faberge' brand is still highly desirable," he said.
In an effort to enhance the shopping experience online, Faberge' hired IBM to create a technology that would allow customers to enlarge the image of the product on the screen, look at it from different angles and contact the sales team, which speaks 12 languages, at any time.
Potential customers could then either visit Faberge"s flagship store in Geneva to buy the jewels or get a representative to meet them.
Created in St Petersburg in 1842,Faberge' grew to become one of Russia's largest and most successful producers of jewellery and artworks. When Czar Alexander III commissioned Peter Carl Faberge' to make an Easter present for his wife, he created the first Faberge'egg;49 more followed.
The company was nationalised during the Russian Revolution and the founding family fled, scattering to France, Germany and Switzerland. The family sold the brand name in 1951 in a legal settlement with an American perfume retailer, Sam Rubin, who had used the name for a decade without the family's consent.His Faberge' perfume, toiletries and shampoo business was bought by Unilever.
In 2007, Pallinghurst joined with the South African financial services firm Investec and other investors to buy the name with a plan to revive its Russian heritage. They invited Tatiana and Sarah Faberge', Peter Carl Faberge"s two surviving great-granddaughters, to form a Faberge' heritage council to advise the management on preserving the family's legacy.
The new collection does not include any eggs, but it is strikingly colourful and based on motifs, like flowers and animals, from collections created a century ago. Prices range from $40,000 for a ring to $7 million for a bracelet inspired by Monet's "Water Lilies."
The company said it expected to turn a profit within five years.
Dunhill said there were no immediate plans to start producing Faberge' eggs again, but he did not rule it out."Eggs remain the most potent symbol of the house of Faberge'," he said."Sooner or later, we'll embrace that opportunity."
The collection is the result of a twoyear effort by Faberge"s owners, a group of investors led by the British private equity firm Pallinghurst Resources, to revive the brand by reuniting it with two heirs of the Faberge' family.
The firm also assembled a management and design team that includes Mark Dunhill, former president of Alfred Dunhill, a leather and accessories maker owned by the Swiss luxury goods company Richemont.
Faberge' said it would not sell the colourful gemstone earrings, rings and brooches through retail outlets, but through its website and 15 sales representatives.
"Rather than replicating inventory and investing capital in bricks and mortar,we can invest in making unique jewellery," Dunhill said.
The retail strategy is likely to be watched closely by competitors like Cartier and Chaumet, who are vying for the same wealthy customers.
The economic downturn did not spare luxury goods, and many high-end jewellers have reported a decline in sales. But a recent increase in the price of oil has given rise to some optimism that customers from resource-rich places like Russia and the Middle East would return.
John Guy, an analyst at MF Global in London, said Faberge' had the advantage of being a well-known name, especially in Russia."The Faberge' brand is still highly desirable," he said.
In an effort to enhance the shopping experience online, Faberge' hired IBM to create a technology that would allow customers to enlarge the image of the product on the screen, look at it from different angles and contact the sales team, which speaks 12 languages, at any time.
Potential customers could then either visit Faberge"s flagship store in Geneva to buy the jewels or get a representative to meet them.
Created in St Petersburg in 1842,Faberge' grew to become one of Russia's largest and most successful producers of jewellery and artworks. When Czar Alexander III commissioned Peter Carl Faberge' to make an Easter present for his wife, he created the first Faberge'egg;49 more followed.
The company was nationalised during the Russian Revolution and the founding family fled, scattering to France, Germany and Switzerland. The family sold the brand name in 1951 in a legal settlement with an American perfume retailer, Sam Rubin, who had used the name for a decade without the family's consent.His Faberge' perfume, toiletries and shampoo business was bought by Unilever.
In 2007, Pallinghurst joined with the South African financial services firm Investec and other investors to buy the name with a plan to revive its Russian heritage. They invited Tatiana and Sarah Faberge', Peter Carl Faberge"s two surviving great-granddaughters, to form a Faberge' heritage council to advise the management on preserving the family's legacy.
The new collection does not include any eggs, but it is strikingly colourful and based on motifs, like flowers and animals, from collections created a century ago. Prices range from $40,000 for a ring to $7 million for a bracelet inspired by Monet's "Water Lilies."
The company said it expected to turn a profit within five years.
Dunhill said there were no immediate plans to start producing Faberge' eggs again, but he did not rule it out."Eggs remain the most potent symbol of the house of Faberge'," he said."Sooner or later, we'll embrace that opportunity."
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