Salvatore Ferragamo Shows Its Heart With New Watch

It is simply named, Cuore, the Italian word for heart, and this particular heart has a beat. 

The distinguishing feature of the Cuore Ferragamo timepiece is a heart on the dial above 6 o’clock. The heart beats by opening and closing once per second, powered by a Swiss quartz movement. The user controls the patented function by pressing the crown. The time is set with a button at 2 o’clock using a special heart-shaped tool. The off-centre hours and minutes indicator is embellished by a circle of diamonds or an engraved Clou de Paris motif, a guilloché pattern of hollowed lines that intersect to form tiny pyramidal shapes. The “Ferragamo” logo appears on the dial at 3 o’clock.

The other feature of the dial and the silver 39mm case is the subtle appearance of the iconic Ferragamo Gancino, the shape of a hook used as the symbol of the fashion brand. 

The watch was introduced in March at the Baselworld watch and jewelry show and was available since June. However, events were held in cities around the world to formally introduce the product. Wednesday was the U.S.’s turn as the watch was introduced during an event held at the Hotel Eventi in New York.

The watch is available with a bi-color gold plated bracelet or a crocodile print calfskin strap in yellow, black, red, purple, pink and grey. It can be purchased at Salvatore Ferragamo boutiques, authorized retailers or online from the Ferragamo website. The price runs from $1,595 to $2,995.

Paolo Marai, president and CEO of the Timex Group Swiss Luxury Division—which manages the watch business for luxury brands Salvatore Ferragamo and other luxury fashion brands, through licensing agreements—says the watch is designed to be presented a gift, which is in line with the trends for fashion watches, in which more than than 50 percent are purchased as gifts.

It also is in line with the trend to wear watches as an accessory, he says.

“Brands such as ours, fashion brands, the design is more relevant than the movement inside,” he said. 

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Salvatore Ferragamo, Versace, Versus And Nautica To Leave Baselworld

Paolo Marai, president and CEO of Timex Group Swiss Luxury Division

The prestigious Hall 1 of Baselworld may have more empty space than originally planned as four fashion watch brands are the latest to pull out of the 2017 edition of the world’s largest watch and jewelry show.

The Timex Group Swiss Luxury Division—which manages the watch business for luxury brands Salvatore Ferragamo, Versace, Versus and Nautica through licensing agreements—is the latest to announce that it is leaving the annual fair held in Basel, Switzerland. 

Paolo Marai, president and CEO of the division of the Timex Group, in an exclusive interview, said the $3 million investment into the show could be better spent in other areas of its global business. The four brands occupied Hall 1.1, the second floor of the hall dedicated to “global” watch and jewelry brands. 

“I think that Baselworld is a huge investment for everybody and is in my opinion losing some effectiveness,” he said. “It used to be very important in different levels. First, it was a good opportunity to meet journalists but they’re coming less and less to Baselworld. And even those who come are reducing the time they are staying—running from one appointment to the next.”

He continued, “Second, in the past we used to meet a lot of retailers. This year not one single country sent retailers. So what you meet in Baselworld are distributors. But we know the distributors. I don’t need to go to Baselworld for that.”

Baselworld Hall. 1.1 (Photo Courtesy of Baselworld)

Marai says the changing luxury business demands that luxury brands, particularly fashion brands, need to be closer to the consumer. He argues Baselworld isn’t an efficient way to do this.

“Baselworld is becoming more of a place to show off. I’m there because I want to show that I’m at Basel rather than doing something that is really effective toward the end consumer,” said Marai, a native of Milan who now lives in Lugano, Switzerland, where the Timex Group Swiss Luxury Division is located. “We need to move the needle and be close to the end consumer…. I can put in the same amount of money to be closer to the end consumer and be more effective…. It is a cost I do not believe we can afford anymore. 

He added, “I’m not the only one (leaving) Baselworld. Plenty of brands have decided to step out of there. When the market is suffering I think you need to try something new. It is worth it for us to do something different.”

In May, luxury watch brands, Ulysse Nardin and Girard-Perregaux, announced that they were exiting Baselworld to exhibit at the Salon International de Haute Horlogerie (SIHH), which is held January in Geneva. Both brands—owned by Kering, the French luxury goods holding company—occupied the most prestigious space at Baselworld, Hall 1.0, the first floor of the Global Hall where the most prestigious independent and corporate-owned watch brands are located. 

Watch, jewelry and gem companies have been leaving Baselworld since the trade show unveiled its $454.5 million upgrade to the Messe Basel fair complex in 2013. The new renovations came with hefty price increases for exhibition space as the trade show began positioning itself as a luxury event. In response, in 2013 there were 355 fewer exhibitors, primarily smaller players and those who provide products and services within the trade. However, a few large brands also balked at the new asking price. International jewelry brand, David Yurman, was perhaps the most high-profile company to leave the fair in 2013. 

The change did attract some luxury brands, most notably Graff Diamonds, which began exhibiting at Baselworld in 2014 at Hall 1.1.

Baselworld Hall 1.0 (Photo Courtesy of Baselworld)

Meanwhile, UBM Asia established “Jewellery & Gem Fair – Europe” in 2014 in Freiburg, Germany. The dates and location line up nicely with Baselworld. Freiburg is less than an hour away from Basel, Switzerland. Many of the jewelry, gem and watch trade companies that used to exhibit at Baselworld now exhibit at the new show.

Despite the issues, Baselworld remains the world’s largest watch and jewelry fair. It is also the most important watch and jewelry show in the world for new product introductions and for international exposure. Show officials said in 2016 attracted 145,000 attendees—who include representatives from exhibiting companies, buyers and other visitors—a 3 percent decline from 2015. There were approximately 1,500 exhibitors. The number of journalists covering the event increased 3 percent to about 4,400 from 70 countries. 

It’s not just Baselworld. Large and small jewelry and watch trade shows throughout the world have been struggling to find their footing. The September Hong Kong Jewellery & Gem Fair, the world’s largest fine jewelry trade fair, reported attendance declines for two consecutive years. In the U.S., JCK Las Vegas (the largest jewelry trade show in North America and at one time the largest in the world) has never fully recovered from the 2008-2009 global recession. SIHH, known for its exclusivity, has opened its doors to more watch exhibitors and buyers.

Marai says driving this move is a change in the way that consumers relate to brands. This has prompted his push to find new ways for his company to get closer to its customers through its marketing practices and sales. The search for these new practices is further complicated by the various economic and geopolitical issues throughout the world that are affecting distribution and sales. This ranges from the steep decline in sales from the once booming China and Hong Kong marketplace, to the ongoing conflicts in the Middle East, the Western economic sanctions imposed on Russia and the surprise victory of Donald Trump as U.S. president.

He says the brands he manages through the Timex luxury division are doing better than most because they are a smaller and newer to the industry. The Versace and Versus part of the business was founded in 2004 and the Ferragamo and Nautica business three years later. However, he says it’s necessary to be proactive.

“In tough moments you have to be more active. The market is suffering, the economy is not perfect everywhere. We are still very satisfied with what’s happening this year but I have to admit the market is not doing well,” he said. “We’re still showing growth because we are relatively small. We can still grow but in general the market is not performing well.”

Part of being active is embracing what Marai calls the “new digital revolution” with a “shop now, buy now” mentality.

“Everything is going digital at this moment and we’ve been struggling the past two years trying to embrace it. Because we work under license so we have some constraints. The brands cannot go in that direction just for watches. But more and more all luxury brands need to understand this digital revolution and need to manage it.” 

This requires a more direct relationship by brands with consumers through social media and through the availability of their products. This approach, in and of itself, is not new to those in the luxury market. However, achieving this relationship has been difficult for established luxury and fashion brands.

“Those who have the money in the next 10 years need to be reached in a completely different way,” he said. “Traditional communication is over. Those with the capacity to understand and to translate this into the market will be more effective.”

Marai is interested in using the Internet as a tool to communicate directly with consumers and present their products and brand. As an eCommerce tool, he still says traditional retail will still be primary source of sales, noting the data indicates that that eCommerce will account for 20 percent of total luxury sales in 2025. 

“There is a long way to go still. I’m pretty sure traditional distribution is frightened by the Internet and they should not be because it is used more as an information tool rather than just a purchasing tool. (However) it’s the best way to present your products. You can have your best show, your best shop where you can present all of your products exactly as you want them to be presented.”

Marai also is aware that online shopping is a fast and convenient way for consumers to buy products. 

“Through digital you can supply your customer with whatever he wants so when he comes to us for a different dial or different strap it is very simple (to fulfill that order). We have to try to create a bridge between the traditional distribution and the new tools that are offered through eCommerce in order to be more effective with the end consumer.”

Often overlooked Marai says is that more than 50 percent of watches are purchased as a gift. “This means the presentation needs to be more luxurious, more than the product itself sometimes.”

In addition, he says watches from fashion brands are considered an accessory and a vehicle of self expression and should be further addressed by luxury watch brands. 

“Brands such as ours, fashion brands, the design is more relevant than the movement inside. We have a good opportunity at the moment. Who cares today what is inside? The new generation they do not consider watches high-end technology.”

One piece of technology that muddled the watch market was the smart watch, Marai says, which after their initial success have failed keep the interest of consumers. However, it did cause damage by creating confusion with consumers and within the industry. He said the rush by traditional watch manufacturers to create their own digital watches was a mistake. 

“Apple was a huge success in the initial phase but people that bought it don’t use it,” he said. “It has created confusion for the end consumer and the distribution channels. Everybody wanted to be the first to produce the product and I think it was a mistake. It was a little bit too early.”

Marai says the luxury watch industry is still a “relatively rich market,” meaning that compared to other industries the margins are high. But he hinted that this may change down the road as brands continue to market and sell directly to consumers. 

“The distributor buys the product from the industry and then sells it to the retailer. (This) is not something that will last forever. The industry has to come closer to the distribution and become more direct and more effective, reducing a lot of the costs in distribution and (thus) making a more effective proposition to the end consumer.”

He added, “Some activities would have to possibly disappear.”

These are just some of the reasons Marai and others are reconsidering their commitment Baselworld. 

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Ferragamo Taps Hollywood Glamour For Signature Watch Line

Salvatore Ferragamo, the iconic Italian luxury brand, unveiled a new watch collection during an anniversary celebration of its long history with the movie industry.

The Salvatore Ferragamo Signature Collection is a colorful line of ladies timepieces with the central design feature based on the “gancio,” the brand’s iconic Florentine symbol. The watches are paired with bold colorful sunglasses in the same style as the watch.

From left: Michelle Monaghan, Ferragamo Creative Director Massimiliano Giornetti, and  Julianne Moore at Ferragamo’s celebration of its 100-year relationship with the movie industry where The Signature Collection of watches and sunglasses was unveiled. used its 100-year anniversary celebration in New York.

The collection debuted in New York December 9 during a star-studded celebration of its 100-year relationship with the movie industry. Julianne Moore, Michelle Monaghan and Russell Simmons were among the celebrities attending the event in a space converted into the fantasy world of “Gancio Studios.” with movie sets representing the century-long partnership.

The multimedia installations featured movie sets from the past 100 years that included baby pink bedroom scenes, a virtual ride in a real vintage Ferrari and classic outdoor Mediterranean settings. A screening room premiered “Ferragamo Signature,” a contemporary film celebrating the Ferragamo Gancio, and starring Elettra Wiedemann and Ethan Peck, the heirs of, Salvatore Ferragamo’s friends and customers, Ingrid Bergman and Gregory Peck.

Throughout the venue there were displays of The Signature Collection of watches and sunglasses, including a display of watches suspended on strings.

Photo credit: Anthony DeMarco

The gancio (the Italian word for hook) is the most recognizable symbol of Ferragamo. For the timepieces, the symbol crafted into the watch lugs (which connects the strap to the case of a watch), folding over the top and bottom of the dial.

“The ornament becomes an organic and intrinsic symbol of quality and craftsmanship in the collection,” said Paolo Marai, president and CEO of the Timex Group Swiss Luxury Division, a division of Timex Group.

The 38mm watches are available in stainless steel ion plated gold or two-tone metal finishes and are powered by a Swiss quartz movement.

The other main design feature for this watch collection is the variety of colors on its guilloché sunray dials and its leather straps that includes fuchsia, grey and orange.

The watches will sell within the $1,000 to $2,000 range, not including a handful of limited edition pieces, Marai said. They are now available at Ferragamo boutiques around the world just in time for Christmas. Wholesale distribution will begin in January

While the watches carry the Ferragamo brand, the design, manufacture and worldwide distribution of the watches are handled by the Timex Group Swiss Luxury Division, Lugano, Switzerland, under a 15-year licensing agreement with Ferragamo, Marai said. Timex pays Ferragamo royalties on each watch sold and consults with the luxury brand on the designs of products to ensure they are “on brand.”

The partnership began in 2007 and watch sales have experienced solid growth since then, Marai said. He expects 10 percent increase in sales in 2015.

Marai, whose division has similar arrangements with fashion brands Versace and Nautica, says surprisingly men make up more than half of Ferragamo’s watch sales. Normally fashion watches are far more popular among women.

“Ferragamo is quite amazing because we have been mostly successful for men,” said Marai, an Italian native who now lives in Lugano. “It’s quite surprising for us considering the brand’s positioning and considering that a fashion watch for us is mostly popular for women than for men.”

Another unusual aspect of Ferragamo customers is they prefer classic, conservative timepieces over more fashion oriented watches. “Our watch collection is quite strong but not very much fashion driven, so our pieces were very classic conservative pieces. We want to embrace more of the fashion sectors.”

So the newest version of The Signature Collection is being paired with matching women’s sunglasses as an attempt to boost fashion watch sales among women.

The main markets for this watch collection are in Asia, the Middle East, other emerging markets and the US, Marai said. He describes the emerging markets as being good for fashion brands. The US, on the other hand, is a huge, wealthy market that is more diverse with demand for classic and fashion watches. He sees very little opportunity for sales in Europe.

“In the emerging markets there’s a stronger sensitivity toward fashion brands. This is unlike Europe and the United States where the consumer has a long tradition with watches. Emerging markets don’t have this kind of culture. People were not even capable of buying a watch 10 years ago, he said. “So a brand like Ferragamo can easily to compete with the traditional watchmakers.”

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Ferragamo Launches Jewelry Line with Gianni Bulgari

Two of the great names in fashion are teaming up to launch a jewelry line that will be available in markets throughout the world.

Luxury shoe and leather goods brand, Salvatore Ferragamo, will create its first jewelry collection in a collaboration with Gianni Bulgari, according to published reports.  The second name is synonymous with the  Italian luxury jewelry house, Bulgari. However, Gianni set off on his own some time ago and created Enigma, a luxury watch and jewelry brand based in Geneva.

The two brands made the announcement during Paris Haute Couture Fashion Week, which will run through Thursday.

According to published reports, the jewelry will be crafted in silver and gold with precious and semi-precious stones and will be recognizable to those who know the Ferragamo brand.

The collection will launch in October and will be available in selected stores in the Ferragamo network in Europe, the United States, Japan and Asia, according to reports.

Hopefully, more details and images will be available soon.