Swiss watchmakers are gathering in Geneva this week for their first big industry event in three years, tackling the impact of sanctions on rich Russians arising from the war in Ukraine.
Russia was only the 17th largest market for Swiss watch exports last year, but how to manage business and client relations during such a sensitive time was high on the priority list, Reuters' conversations with executives at Watches & Wonders showed.
Sanctions against Russia and a ban on exports of luxury goods mean brands can no longer ship timepieces to Russia and all the big labels have closed directly operated stores.
Neither Richemont nor Ulysse Nardin, recently sold to its management by Kering and traditionally strong in Russia, wanted to comment on reports Russian authorities had seized millions of dollars worth of watches at rival brand Audemars Piguet's Russian subsidiary and what that could mean for their own business there. Audemars Piguet did not return requests for comment.
Ulysse Nardin's Patrick Pruniaux said the brand still had about 20 sales outlets, but was now much less dependent on Russia than in the past.
Russians account for about 2 per cent to 3 per cent of global luxury spending, or about €7 billion ($7.75bn), dwarfed by the US and China, said Claudia D'Arpizio, senior partner and head of fashion and luxury at consultancy firm Bain.
“These are loyal customers that buy every year and that I think have strong relationships with some of these brands on a personal level,” she noted.
Russian retailers were unable to attend the trade show, said Thierry Stern, head of independently owned Patek Philippe, which works with big Russian luxury retailer Mercury Group.
Mr Stern said he did not expect the sanctions to hit the brand's access to diamonds because it had stock for at least a year and there was sufficient supply elsewhere.
“If this lasts long, maybe prices will rise a bit,” he said.
Richemont said it had stopped buying Russian diamonds, but was confident it could source them elsewhere.
Oris, another independently owned brand, said it put plans to expand in Russia with a new retail partner on hold.
“But we shouldn't forget there's also people there, families whose existence is at risk,” co-chief executive Rolf Studer told Reuters on Thursday, saying many brands had long-standing relationships with Russian partners.
Several executives said they were seeing booming demand in Dubai as well as in Turkey.
Top financial tips for graduates
Araminta Robertson, of the Financially Mint blog, shares her financial advice for university leavers:
1. Build digital or technical skills: After graduation, people can find it extremely hard to find jobs. From programming to digital marketing, your early twenties are for building skills. Future employers will want people with tech skills.
2. Side hustle: At 16, I lived in a village and started teaching online, as well as doing work as a virtual assistant and marketer. There are six skills you can use online: translation; teaching; programming; digital marketing; design and writing. If you master two, you’ll always be able to make money.
3. Networking: Knowing how to make connections is extremely useful. Use LinkedIn to find people who have the job you want, connect and ask to meet for coffee. Ask how they did it and if they know anyone who can help you. I secured quite a few clients this way.
4. Pay yourself first: The minute you receive any income, put about 15 per cent aside into a savings account you won’t touch, to go towards your emergency fund or to start investing. I do 20 per cent. It helped me start saving immediately.
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more from Janine di Giovanni
Dhadak
Director: Shashank Khaitan
Starring: Janhvi Kapoor, Ishaan Khattar, Ashutosh Rana
Stars: 3
MATCH INFO
Uefa Champions League, semi-final result:
Liverpool 4-0 Barcelona
Liverpool win 4-3 on aggregate
Champions Legaue final: June 1, Madrid
The years Ramadan fell in May
THE DEALS
Hamilton $60m x 2 = $120m
Vettel $45m x 2 = $90m
Ricciardo $35m x 2 = $70m
Verstappen $55m x 3 = $165m
Leclerc $20m x 2 = $40m
TOTAL $485m
UAE currency: the story behind the money in your pockets
Married Malala
Malala Yousafzai is enjoying married life, her father said.
The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.
Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.
ABU%20DHABI'S%20KEY%20TOURISM%20GOALS%3A%20BY%20THE%20NUMBERS
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T20 World Cup Qualifier, Muscat
UAE FIXTURES
Friday February 18: v Ireland
Saturday February 19: v Germany
Monday February 21: v Philippines
Tuesday February 22: semi-finals
Thursday February 24: final
WITHIN%20SAND
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BIO
Favourite holiday destination: Turkey - because the government look after animals so well there.
Favourite film: I love scary movies. I have so many favourites but The Ring stands out.
Favourite book: The Lord of the Rings. I didn’t like the movies but I loved the books.
Favourite colour: Black.
Favourite music: Hard rock. I actually also perform as a rock DJ in Dubai.
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
'Operation Mincemeat'
Director: John Madden
Cast: Colin Firth, Matthew Macfayden, Kelly Macdonald and Penelope Wilton
Rating: 4/5
Honeymoonish
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