Pink diamond nets $28.55M in healthy stone market – Christie’s

GENEVA - A large diamond of a rare pink hue fetched 28.725 million Swiss francs ($28.55 million) on Tuesday, the star lot of Christie's semi-annual jewelry sale in Geneva, where designer eye candy drew strong prices.

A Chinese client based in Hong Kong bought the cushion-shaped pink diamond weighing 16.08 carats and graded vivid fancy pink, which is set in a platinum and gold ring surrounded by a double row of pave-set white diamonds, the auction house said. Its pre-sale estimate was $23 million to $28 million.

The seller was not identified and the buyer, who has named the pink diamond "The Sweet Josephine," wished to remain anonymous, Christie's said. The diamond's origin was not disclosed.


"It is absolutely a top price for a stone of this quality, because of its color. There are few pink-pink the way this one was," said Francois Curiel, chairman of Christie's Luxury Group and its veteran jewelry expert, who conducted part of the evening auction in a packed salesroom.

"It shows we are dealing with a very healthy stone market," he told reporters. "There is lots of cash in the world right now. At the moment, works of art, diamonds and jewels are a safe haven."

In almost 250 years of auction history, only three pure vivid pink diamonds of over 10 carats have appeared for sale, according to Christie's.

A pear-shaped flawless white diamond weighing 50.48 carats fetched 7.89 million Swiss francs in heated bidding, the evening's second-highest lot, selling to a dealer in the room.


Jewels by Harry Winston, Van Cleef & Arpels, Boucheron, Cartier and Bulgari soared above pre-sale estimates, including a Bulgari coral onyx and diamond bracelet-watch designed as a coiled serpent.

In all, some 80 percent of the 400 lots on offer sold for 110.26 million Swiss francs, Christie's said, eclipsing expectations.

Christie's, founded in 1776, is now owned by French retail magnate Francois Pinault's holding company Artemis SA.

A large blue diamond, one of the world's rarest, could fetch $35 million to $55 million at auction on Wednesday, rival Sotheby's said last week, as an industry group reported strong prices for color diamonds ahead of the holiday season.

A Modigliani nude painting was sold to an unnamed Chinese buyer at Christie's on Monday for $170.4 million, the second-highest price ever for a work of art at auction, as deep-pocketed collectors continue to pay, and pay big, for some rare masterpieces up for sale in this year's autumn auctions season.

"China has been very active yesterday in New York and tonight in Geneva," Curiel said. — Reuters

Balenciaga confirms departure of designer Alexander Wang

PARIS, France - French couture house Balenciaga on Friday confirmed it was parting ways with its American creative director Alexander Wang after nearly three years.

"Balenciaga and Alexander Wang today announce their joint decision not to renew their contract beyond its initial term," Balenciaga and its holding company Kering said in a statement, confirming a report in the Women's Wear Daily fashion publication.

"Alexander Wang will show his final collection for Spring/Summer 2016 womenswear on 2 October 2015 in Paris," Balenciaga said, adding a new creative director would be named "in due course".

Wang, 31, is considered one of the most successful American designers of his generation.

Born in California to Taiwanese parents he launched his own label -- a mix of relaxed chic and streetwise edge -- in 2007 when he was just 23.

His arrival at Balenciaga in late 2012 followed the departure of Nicolas Ghesquiere, who was considered to have made the label very much his own during his 15-year tenure.

Balenciaga chief executive Isabelle Guichot praised Wang's "important contribution" to the brand's style, history and growth.

"It's been an incredible experience to work with a couture house in Paris," Wang said, adding he was now "looking forward to taking my own brand to its next level of growth." — Agence France-Presse

source: gmanetwork.com

Indonesians snap up 'luxury' cows for Muslim Eid festival

DEPOK – Every year ahead of the Muslim feast of sacrifice, a showroom in Indonesia swaps cars for hulking cows costing up to $25,000 each, seeking to lure a wealthy elite increasingly keen on ploughing money into celebrating their religion.

Salesgirls in tight outfits and heavy make-up accompany customers as they view the prime livestock that will be slaughtered at the Eid al-Adha festival, which falls on Sunday in Indonesia, the world's most populous Muslim-majority country.

"They are the Lexus and Mercedes of the cattle world," said salesgirl Desnia Yoshie, clutching a Samsung tablet displaying an online catalogue with details of the animals for sale.

The emergence of places like the "Mall of Sacrificial Animals", as the showroom in Depok city on the outskirts of the capital Jakarta is known, comes against the backdrop of a sustained economic boom coupled with increasing piety among many of the country's Muslims in recent years.

Far from eschewing religion as they get richer, the rapidly emerging middle class and increasingly wealthy elite are seeking to outdo each other with spending on their faith – from pricey religious offerings at major festivals to designer headscarves for women, observers say.

The Depok showroom stops selling its mostly second-hand cars for about a month before Eid al-Adha every year to make way for cattle.

At the festival, Muslims with the financial means are obliged to buy an animal to be ritually sacrificed in honor of the Prophet Abraham's willingness to sacrifice his son on the order of God.

- Top-of-the-range beasts -

Most of the cows on offer cost from $1,000 to $1,600, but the top-of-the range beasts – the Santa Gertrudis and Brahman cross breeds – sell for as much as $25,000.

The cows are from Australian stock – Australian cattle is sought after in Indonesia – and weigh up to 1.7 tons, about the same as a Ferrari 550 sports car.

The showroom attracts the elite, from government ministers to wealthy Indonesians who come back from overseas for Eid, according to owner Ramdoni Hussainor. He said that this year he has so far sold 5,000 cows, up from 4,750 in 2013.

For wealthy Indonesians used to shopping in the comfort of glitzy malls, the showroom also offers a clean, organized environment to buy cattle, a contrast to the many sellers who set up shop on roadsides ahead of Eid.

In Jakarta, cows and goats appear on street corners, sidewalks and in parks in the weeks leading up to the festival.

David Wiryanto, a manager at Samsung Electronics, who was shopping at the Depok showroom for a cow on behalf of his company, praised the set-up: "They have health certificates from the government, we can pay by credit card so we don't have to carry a lot of cash."

Observers say that increased spending on expressions of faith shows that many Muslims in Indonesia, who make up more than 90 percent of the country's 250 million population, want to match their improved economic fortunes with a stronger commitment to Islam.

"Their economic status improves but at the same time they do not want to let go of their religious identity," Noorhaidi Hasan, a lecturer on Islam and politics at the Islamic University of Sunan Kalidjaga in Yogyakarta on Java island, told AFP.

"If others buy a two-million rupiah ($165) goat, it's not a problem for them to buy one costing three to four million."

As for the showroom's staff, switching from selling cars to cows for a month each year is a unique experience – but not one that is always pleasant.

"I smell like cow and have to shampoo my hair three times every day. I have told my boss that he owes us all a visit to the spa after Eid," joked salesgirl Yoshie. – Agence France-Presse

source: gmanetwork.com

Apple poaches another luxury executive as iWatch nears

PARIS - Apple has poached a senior executive from Swiss luxury watch brand Tag Heuer, which could be to help it with the launch of its iWatch expected this autumn.

Tag Heuer, part of luxury goods group LVMH, said on Friday its vice president for sales, Patrick Pruniaux, who had been with the brand for seven years, was leaving on Monday to join Apple. It did not say what his new job would be.

Apple declined to comment.

The iWatch will be the closest the U.S. company has come to selling a fashion accessory and marks its first foray into the personal luxury goods market.

It is in a race against Samsung Electronics and Google to turn computers into wearable fashion and must-have items as smartphones, increasingly becoming commoditized items, start loosing their appeal.

Apple has plucked several executives from the luxury sector in recent months. Burberry ex-Chief Executive Angela Ahrendts started as its new head of retail and online sales in May, and former head of French fashion brand Yves Saint Laurent Paul Deneve was hired last year to work on special projects.

"I think he was probably head-hunted," a Tag Heuer spokeswoman said of Pruniaux, adding a replacement had already been found.

Analysts and industry executives say the jury is still out on whether smart watches will disrupt the luxury Swiss watch industry.

"I don’t believe that an iWatch will be a threat to luxury Swiss watches," said Jon Cox, analyst at Kepler Cheuvreux in Zurich.

"But where I do see some potential impact is at lower, for example below $1,000, price points where there could be a temporary dislocation if there is super high demand for iWatches."

Jean-Claude Biver, head of watch brands at LVMH and chairman of watch brand Hublot, said he believed the threat of smart watches had to be taken seriously by the Swiss watch industry.

"The iWatch will have the same status symbol power as many other Apple products, especially at the beginning," he said. "I personally believe it has the potential to be a threat for the industry, and it should not stay with its arms crossed."

Apple applied for a trademark for the "iWatch" in Japan, a patent official said earlier this week, signaling the iPhone maker could be moving ahead with plans to launch a watch-like device soon.

Speculation has been mounting that Apple was preparing to launch an iWatch which would include multiple health and fitness sensors and access to features such as messages and notifications through integration with the iPhone and iPad.  — Reuters

source: gmanetwork.com

Mulberry launches Cara Delevingne bag range

LONDON - Luxury fashion group Mulberry has unveiled a new collection of bags in collaboration with British model Cara Delevingne, hoping to improve its fortunes after a profit warning and problems overseas.

The made-in-England Cara Delevingne Collection, which features three sizes in three different finishes, was launched by Mulberry in London on Sunday.








Delevingne, who has "Made in England" tattooed on her foot, has shot to fame modeling for luxury brands such as Burberry and Chanel and is a regular face in fashion magazines and on advertising billboards.

She has also been the face of two recent Mulberry campaigns.

Under its boss Bruno Guillon, Mulberry has increased prices to take its brand more upmarket from a traditional position of "affordable luxury" and moved to raise the company's profile overseas, targeting affluent Asian shoppers with new stores in key tourist spots.

Those efforts were undone over the key Christmas period as Mulberry suffered from fierce discounting by rivals and weaker demand in South Korea, forcing it to issue a profit warning that sent its shares tumbling.

The firm, which made around 65 percent of its sales in the UK in 2013, has focused on improving the quality of its products and committed to making half of its handbags in England as it seeks a higher-end position for the brand.

Prices of the new range, Mulberry's first celebrity collaboration since it teamed up with US singer Lana Del Rey in May 2012, will start at £890 ($1,500) and go up to £2,500, the firm said. — Reuters

source: gmanetwork.com