o)
Le Figaro
While most Apple-watchers and media have been laser-focused on one or two “iWatches” from Apple itself, the Cupertino, Calif.-based electronics and media giant may actually be working a number of partners in the watch business.
Apple and its partners will offer a family of smartwatches to suit all tastes “from geek to chic,” our source says.
The tech giant is interested in pushing its iOS, iTunes, and Health Kit ecosystems to millions of wrists, our source says; and in this case it’s not particular about sharing the branding glory to do so.
The Swatch Group, it turns out, has come along way since selling us those goofy plastic wrist adornments in the 1980s. The Swiss conglomerate is the largest watchmaker in the world, with a market cap of more than $33.5 billion, and makes watches in many styles and price points under 18 different brand names.
This also suggests the possibility that Swatch could be building one or more Apple smartwatches that bear only the Apple brand.
Watches from Timex's existing Ironman line.
Above: Watches from Timex’s existing Ironman line.
Image Credit: Timex
Our source also said “he would be shocked” if Apple weren’t also working with Timex on one or more smartwatches. Timex already has an Ironman brand of fitness watches, which might be very compatible with a fitness watch that contains multiple biometric sensors in the band, which Apple appears to be developing, as VentureBeat reported earlier.
Like recent smartwatches from Samsung, LG, and Motorola, the smartwatches Apple is building with partners will contain no cellular radio and will rely heavily on smartphones for communications and content, our source says. The watches, our source believes, will rely on Bluetooth low-power to link with smartphones.
It isn’t the first time Apple has collaborated with a trusted partner, as Current Analysis analyst Avi Greengart points out. The company has built Nike fitness tracking technology into its iPods and iPhones, for example.
Not just tech, but fashion
Behind the partnership strategy is a realistic recognition of the market for wearable technology.
Smartwatches, Apple knows, aren’t just another tech gadget. They are fashion statements, jewelry. Consumers buy watches, smartwatches included, like they buy shoes or dresses — they expect to be able to choose from a wide range of products to find the one that suits their own personal style. One-size-fits all just won’t cut it.
Watches are also status symbols, like cars. People will often buy the blingiest thing they can afford.
Apple, of course, has virtually no experience with these issues. So it wisely is working with partners to build and market the devices.
“It makes sense that they would try to work with existing brands,” Greengart says. “And the fact that they have been getting people from luxury goods brands to work on the project would seem to back up the idea that they’re working with other brands.”
Indeed, Apple has hired a number of luxury goods executives over the past year. The most recent hire is Patrick Pruniaux, TAG Heuer’s former vice-president of sales and retail, whom Apple poached earlier in the summer.
Apple also hired mainstream fashion brand Burberry’s CEO Angela Ahrendts last October, ostensibly to work on Apple’s retail stores.
Greengart points out that these and other fashion industry people might have been hired to work on Apple’s own smartwatches, in addition to its retail plans. But notice that Pruniaux is a sales and marketing guy, not a designer or an engineer. Apple may have needed Pruniaux’s name to help advance the Apple brand in the retail fashion world.
Reaching mass adoption
Despite the partnerships, our source points out that Apple may also be developing a smartwatch or smartwatches that will have its own branding exclusively. So the iWatch may be real, after all.
As Gartner analyst Van Baker has pointed out, confining one’s efforts to building a single sensor-laden health and fitness device is no way to take the market by storm. Only a sliver of the marketplace would even consider buying a device like that.
Apple is increasingly concerned about reaching (and hanging on to) a mass-market audience, and to reach a broad range of consumers it will almost certainly need the help of some well entrenched watch brands.
So the iWatch, if it’s called that, might hit the market alongside watches from Swatch, Timex, or others that are compatible with Apple’s Health Kit and may even contain Apple’s technology.
Neither Apple, Timex, nor Swatch responded to requests for comment by noon Pacific Time Wednesday.
Italian Cos. Takeover Threshold May Be Lowered: Messaggero
2014-07-24 06:42:35.273 GMT
By Andrew Frye
July 24 (Bloomberg) -- Italian govt, senator considering
legislation to lower equity threshold at which a shareholder in
a public company could be required to make takeover bid,
Messaggero reports.
* Senator Mucchetti yday presented proposal for a sliding
scale for the threshold, the lowest level of which would be
set at 20%: Messaggero
* Treasury asked Mucchetti to set the lowest threshold at 25%:
Messaggero
* NOTE: Current threshold 30%
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Andrew Frye in Rome at +39-06-4520-6322 or
afrye@bloomberg.net
To contact the editor responsible for this story:
Dan Liefgreen at +39-02-8064-4204 or
dliefgreen@bloomberg.net
2014-07-24 06:42:35.273 GMT
By Andrew Frye
July 24 (Bloomberg) -- Italian govt, senator considering
legislation to lower equity threshold at which a shareholder in
a public company could be required to make takeover bid,
Messaggero reports.
* Senator Mucchetti yday presented proposal for a sliding
scale for the threshold, the lowest level of which would be
set at 20%: Messaggero
* Treasury asked Mucchetti to set the lowest threshold at 25%:
Messaggero
* NOTE: Current threshold 30%
For Related News and Information:
First Word scrolling panel: FIRST<GO>
First Word newswire: NH BFW<GO>
To contact the reporter on this story:
Andrew Frye in Rome at +39-06-4520-6322 or
afrye@bloomberg.net
To contact the editor responsible for this story:
Dan Liefgreen at +39-02-8064-4204 or
dliefgreen@bloomberg.net
US Market Closed mixed with S&P and Nasdaq slightly higher abd Dow lower, Healthcare spend most of the session leading the move on good numbers, Apple move (+2.61%) helped the tech sector even if AAPL quided Q4 lower, Energy (+0.6%) and materials (+0.4%) finished ahead of the broader market, while financials (+0.2%) kept pace with the S&P 500. The remaining two growth-sensitive sectors—consumer discretionary (-0.1%) and industrials (-0.4%)—could not make it into the green...weakest sector was Industrials after Boeing numbers (-2.3%)...volume were below average @ 570mil shares...VIX @ 11.52 -5.88%...US After Hours : SKX +8.9%, FTNT +8.2%, FB +5.1%, ANGI -17.5%, TRIP -11.4%, T -1.3% following earnings/guidance...China HSBC flash Manufacturing PMI hit an 18-month high of 52.0, well above 51.0 consensus, New Orders and Input Prices increased at a faster rate, while Employment decrease was slower...South Korea Ministry of Strategy and Finance released its biannual economic policy report, unveiling a KRW41T stimulus package in fiscal spending and financing. South Korea also lowered its 2014 GDP target to 3.7% from 4.1% as part of the announcement. Note that this follows Q2 prelim GDP of 3.6%, missing estimates of 3.7%....Economic data out of Japan remains worrisome. June merch trade deficit was wider than forecasted, and exports fell for the 2nd consecutive month against estimates
Nikkei -0.42% Hang Seng +0.50% Shanghai +1.13%
Eur$ 1.3460 S&P -0.10% EuroStoxx -0.125% FTSE -0.07% Dax -0.05% SMI +0.03%
Macro
- World’s Biggest Wealth Fund Reviews $8 Billion Russian Holdings
- HSBC China July Flash Manufacturing PMI 52; Est 51
Keep an eye on :
- ANA SM : Acciona May Bid for Leighton’s John Holland Unit: Australian
- ASMI NA : ASM International 2Q Rev., Adj. Net Beat Ests.
- BAS GY : BASF 2Q Ebit Ex-Items EU2.05b, Est. EU2.09b; Confirms Outlook in challenging environment
- BMW GY : 1114 HK +2.3%
- COM GY : Comdirect Expects 2014 Pretax Profit at 75 Million Euros
- DSY FP : Dassault Systemes 2Q EPS Rises, Confirms 2014 Outlook, 2Q Non-IFRS Sales Beat Own Target
- EDEN FP : Edenred 1H Ebit Misses Ests., Confirms Organic Growth Targets
- EURN BB : Euronav Posts 2Q Loss of $22.6m on Slump in Supertanker Rates
- F IM : Fiat Chrysler investors advised to vote against merger {http://reut.rs/1z5Pg3E}
- FDR FP : Fonciere Des Regions 1H Net EU51.7 Mln Vs EU205 Mln
- ICAD FP : Icade 1H Net EU5.6m vs EU44.7m Y/y
- IPS FP : Ipsos 1H Net EU10.1m Vs Loss EU60.2m Y/y
- ITP FP : Interparfums 2Q Sales Drop, Reiterates 2014 Sales Target
- KRN GY : Krones 2Q Results Beat Estimates, Confirms 2014 Forecast
- LOGN VX : Logitech Raises FY15 Op. Income Outlook to $170m; Affirms Sales
- LONN VX : Lonza 1H Sales In Line, Ebit Ahead, Reiterates FY Outlook
- TL5 SM : Mediaset Espana 1H Net EU21.4M Vs EU30.1M a Year Earlier
- MOBB BB : Mobistar 2Q Revenue In Line, Profit Beats; Sticks to Outlook
- NOK1V FH : Nokia 2Q Profit Beats, Boosts Networks
- NUO NA : Nutreco 1H Rev. Beats Ests., to Start EU100m Buyback Program
- PRADA (1913 HK) : Prada Cut at Goldman as Growth ‘No Longer Standout’; Shrs Fall (-1.4%)
- RECSOL NA : REC Solar 2Q Ebitda Climbs on High European Sales, Softer Japan
- ROG VX : Roche 1H Core Oper. Profit, EPS Beat Ests.; Keeps FY Forecast, 1H Diag. Rev. Up Y/y; Expects to Increase Div.
- ROG VX : Roche Says Too Early to Say Whether Crenezumab Will Go Forward
- SGL GY : SGL Increases Volume of Cost Cuts to About EU200m: Handelsblatt
- SIE GY : Siemens Paid SNCB 1.7 Million-Euro Penalty in 2013, L’Echo Says
- SOW GY : Software AG Reiterates Preliminary 2Q Numbers, 2014 Outlook
- TEC FP : Technip 2Q Net EU158m Beats Est. EU154m; Raises 2014-15 Outlook,CEO Says Existing Russia Sanctions Not Hindering Yamal
- TIT IM : Telecom Italia CEO Vows to Increase Investments in Brazil
- TKA AV : Telekom Austria Nominates America Movil CFO to Board
- TOM2 NA : TomTom 2Q Net Rises 13%; Raises 2014 Outlook
- FP FP : Total Sells Units in Switzerland to Varo, Rubis, Les Echos Says
- UBSN VX : Paris Prosecutors Charge UBS With Covering Up Tax Fraud, UBS Says Will Appeal French Court’s EU1.1b Demand in Tax Case
- UL FP : Unibail-Rodamco 1H Recurring Net EU539m vs EU499m Y/y
- VOD LN : Vodafone Cut to Baa1 From A3 by Moody’s
- WFT SW : Weatherford 2Q Rev. $3.71b, Est. $3.78b; Non-GAAP EPS 24c
- YTY1V FH : YIT 2Q Profit Matches Ests.; Lowers Top Range of FY Outlook
>>> Up
*AFREN RAISED TO OVERWEIGHT VS UNDERWEIGHT AT JPMORGAN
*IBERDROLA RAISED TO EQUALWEIGHT VS UNDERWEIGHT: MORGAN STANLEY
*PETROPAVLOVSK RAISED TO NEUTRAL VS SELL AT CITI
*SSAB RAISED TO BUY VS NEUTRAL AT CITI
*VICAT RAISED TO BUY VS HOLD AT SOCGEN
>>> Down
*DNO CUT TO UNDERWEIGHT VS NEUTRAL AT JPMORGAN
*OPHIR ENERGY CUT TO NEUTRAL VS OVERWEIGHT AT JPMORGAN
*PRADA CUT TO NEUTRAL VS BUY AT GOLDMAN, PT HK$63.4
*ROYAL MAIL CUT TO SECTOR PERFORM VS OUTPERFORM AT RBC
*SYMRISE AG CUT TO HOLD VS BUY AT BANKHAUS LAMPE
>>> PT Change
>>> Initiation
>>> Call
>> Stock
*ARCELORMITTAL EXITS UBS EU METALS & MINING LEAST PREFERRED LIST
*PRADA REMOVED FROM GOLDMAN PAN-EUROPE BUY LIST
*SSAB ADDED TO UBS EU METALS & MINING LEAST PREFERRED LIST
Asian Market Update: RBNZ talks down the kiwi dollar; China flash Manuf PMI hits 18-month high; South Korea announces major stimulus
***Economic Data*** - (CN) CHINA JULY HSBC/MARKIT FLASH MANUFACTURING PMI: 52.0 V 51.0E (18-month high) - (NZ) NEW ZEALAND CENTRAL BANK (RBNZ) RAISES OFFICIAL CASH RATE BY 25BPS TO 3.50%, AS EXPECTED - (NZ) NEW ZEALAND JUN TRADE BALANCE (NZ$): 247M V 100ME (8th consecutive trade surplus) - (KR) SOUTH KOREA Q2 PRELIM GDP Q/Q: 0.6% V 0.7%E; Y/Y: 3.6% V 3.7%E - (JP) JAPAN JULY MARKIT/JMMA MANUFACTURING PMI: 50.8 V 51.5 PRIOR - (JP) JAPAN JUN MERCHANDISE TRADE BALANCE: -¥822.2B V -¥642.9BE; ADJ TRADE BALANCE: -¥1.08T V -¥1.12TE
***Index Snapshot (as of 02:30 GMT)*** - Nikkei225 +0.1%, S&P/ASX +0.1%, Kospi +0.2%, Shanghai Composite %, Hang Seng +0.2%, Sept S&P500 flat at 1,980
***Commodities/Fixed Income/Currencies*** - Aug gold -0.4% at $1,302, Sept crude oil flat at $103.11/brl, Sept Copper +0.8% at $3.23/lb - GLD: SPDR Gold Trust ETF daily holdings rise 0.6 tonnes to 805.4 tonnes - (CN) PBoC won't conduct open market operations (OMO) in today's session (2nd consecutive halt); Injects net CNY18B this week v injected 17B prior (11th consecutive week of net injection) (JP) BOJ offers to buy ¥400B in 5-10yr JGB, ¥100B in 10-25yr JGB, ¥30B in JGB with maturity over 25yr - USD/CNY: (CN) PBoC sets yuan mid point at 6.1579 v 6.1572 prior setting (weakest setting since July 8th)
***Market Focal Points/Key Themes*** - As widely expected, RBNZ raised its official cash rate for the 4th consecutive time to 3.50% and also signalled a resounding pause to its tightening campaign for a "period of assessment before interest rates adjust further towards a more-neutral level." NZD/USD is down over 100pips below $0.86, as Gov Wheeler noted "exchange rate level is unjustified and unsustainable and there is potential for a significant fall." Economist with ASB said this type of sentiment would give the central bank "carte blanche" to intervene. RBNZ also noted 2014 GDP is now seen at 3.7% (previously said GDP growing "by around 4% in year to June") and added wage inflation is subdued (previously said "moderate"). Also out of New Zealand, the trade balance was wider than expected, but exports to China fell 1.5% y/y - a break from consistent pattern of double-digit increases.
- China HSBC flash Manufacturing PMI hit an 18-month high of 52.0, well above 51.0 consensus, helping send Shanghai Composite to 3-month highs around 2,100 level. Among notable components, New Orders and Input Prices increased at a faster rate, while Employment decrease was slower. HSBC chief economist said improvement in activity is driven by the cumulative impact of mini-stimulus measures, forecasting "policy makers to maintain their accommodative stance over the next few months to consolidate the recovery." Note that the PBoC has once again deferred on open market operations, allowing for an overall weekly injection of CNY18B. AUD/USD hit 3-week highs on the release near $0.9470
- South Korea Ministry of Strategy and Finance released its biannual economic policy report, unveiling a KRW41T stimulus package in fiscal spending and financing. South Korea also lowered its 2014 GDP target to 3.7% from 4.1% as part of the announcement. Note that this follows Q2 prelim GDP of 3.6%, missing estimates of 3.7%.
- Economic data out of Japan remains worrisome. June merch trade deficit was wider than forecasted, and exports fell for the 2nd consecutive month against estimates. Imports of crude oil once again rose, weighing on the trade balance. Later in the day, JULY manuf PMI slowed to 50.8 from 51.5, although Markit economist said the rise in new exports is not enough to prevent output stagnating.
- South Korea's Hynix reported Q2 results, missing profit estimates as prices for DRAM and NAND fell sequentially, sending shares down nearly 3%. Out of Australia, Macquarie statement on Q1 saw operating groups' contribution and capital markets divisions down pcp and q/q. Newcrest Mining fell sharply after announcing a writedown of up to A$2.5B as part of its quarterly production numbers even though FY output of both gold and copper topped prior forecast.
***Equities*** US markets: - SKX: Reports Q2 $0.68 v $0.41e, R$587M v $505Me; +8.5% afterhours - FB: Reports Q2 $0.42 v $0.33e, R$2.91B v $2.80Be; CEO: Users spend about 40 min each day on average on Facebook - conf call comments; +5.5% afterhours - CTXS: Reports Q2 $0.83 v $0.61e, R$782M v $774Me; +1.3% afterhours - FFIV: Reports Q3 $1.39 v $1.35e, R$440M v $434Me; +0.5% afterhours
- GILD: Reports Q2 $2.36 v $1.80e, R$6.53B v $5.78Be; guides FY14 product sales $21.0-23.0B v $22.5Be; -0.4% afterhours - T: Reports Q2 $0.62 adj v $0.63e, R$32.6B v $33.2Be; -1.1% afterhours - CAKE: Reports Q2 $0.59 v $0.61e, R$496M v $502Me; Guides Q3 $0.55-0.58 v $0.60e, SSS +1-2%; Lowers FY14 $2.19-2.25 v $2.28e (prior $2.24-2.33) - conf call; -1.3% afterhours - QCOM: Reports Q3 $1.31 v $1.22e, R$6.81B v $6.57Be; guides Q4 $1.20-1.35 v $1.39e; -4.0% afterhours - INCY: Top-Line Results from RELIEF Trial of Ruxolitinib in Patients with Polycythemia Vera did not achieve statistical significance for the primary endpoint; -8.1% afterhours - TRIP: Reports Q2 $0.55 v $0.61e, R$323M v $320Me; -11.1% afterhours - ANGI: Reports Q2 -$0.31 v -$0.23e, R$78.9M v $80.3Me; -18.1% afterhours
Notable movers by sector: - Consumer Discretionary: TransAsia Airways 6702.TW -5.1% (plane crash); SAIC Corp 600104.CN +1.0% (strategic alliance with Alibaba) - Financials: China Vanke 000002.CN +3.1%, Poly Real Estate 600048.CN +3.6%, Xinhu Zhongbao 600208.CN +9.9% (HSBC China flash PMI); Macquarie Group Limited MQG.AU -2.1% (comments from CEO); Insurance Australia IAG.AU +2.2% (FY14 guidance) - Materials: Newcrest Mining Ltd NCM.AU -3.9% (Q4 results/comments, Q1 production guidance); Atlas Iron AGO.AU +2.6% (Q4 shipment results) - Energy: S-Oil Corp 010950.KR +3.3% (Q2 results, returns to profit) - Industrials: Zhengzhou Yutong Bus 600066.CN +2.6% (MOU with Venezuela govt) - Technology: Hynix Semiconductor 000660.KR -2.8% (Q2 results); Quickflix Ltd QFX.AU +19.2% (press reports on stake sale to Netflix); FujiFilm Holdings Corp 4901.JP +2.0% (press speculation on Q1 results)
After Hours Summary: SKX +8.9%, FTNT +8.2%, FB +5.1%, ANGI -17.5%, TRIP -11.4%, T -1.3% following earnings/guidance
After Hours Gainers: Companies trading higher in after hours in reaction to earnings: SKX +8.9%, FTNT +8.2%, DWCH +6%, EGHT +5.1%, FB +5.1%, HBI +5%, RCKY +4.8%, ORLY +4.4%, RJF +4%, INFN +3.8%, SUSQ +0.9%, ALSN +0.8%, AF +0.7%, ILMN +0.6%, FFIV +0.5%, CTXS +0.2%
Companies trading higher in after hours in reaction to news: SPNC +6.9% (announced FDA clearance of peripheral laser atherectomy devices for in-stent restenosis), APP +4.6% (disclosed details of new Board of Directors), JMBA +3.8% (Engaged Capital disclosed 7.0% stake in SC 13D filing; believe the Issuer possesses multiple paths to value creation, expects to continue to have discussions with the Issuer's management), LL +0.9% (responded to lawsuit allegations, stating, "The allegations in this lawsuit concerning our product are simply flat-out false"), FLR +0.1% (U.S. Department of Energy awarded Fluor $420 mln 3-year contract for Paducah deactivation and shutdown)
After Hours Losers:
Companies trading lower in after hours in reaction to earnings: ANGI -17.5%, TRIP -11.4%, TIS -7.4%, CRUS -6.1%, QCOM -4.4%, TER -3.8%, VAR -2.9%, TQNT -2.8%, PLCM -2.4%, CLF -2.2%, CAKE -1.5%, TEX -1.4%, ETFC -1.4%, T -1.3%, GILD -1.1%, SGMO -1%, DMRC -0.8%, IIN -0.7%, KALU -0.3%, TSCO -0.3%, RE -0.1%
Companies trading lower in after hours in reaction to news: GPRC -13.2% (reported receipt of notice from DTC of plans to impose 'global lock' on its securities; company says DTC plans are 'unfair and unnecessarily damaging to current shareholders and is reviewing options'), INCY -8.1% (announced top-line results from RELIEF trial of ruxolitinib in patients with polycythemia vera; statistical significance not achieved for the primary endpoint of symptom control; positive trends in favor of ruxolitinib versus hydroxyurea observed), MHFI -7.6% (received Wells Notice from SEC regarding S&P's rating of six commercial mortgage backed securities transactions in 2011), CALI -5.3% (co said it will vigorously oppose 'grossly unfair and damaging' plan by Depository Trust Company to impose 'global lock' on its securities), INO -4.% (filed for $175 mln mixed securities shelf offering), GOV -3.5% (announced proposed public offering of 12 mln common shares)
+------------------------------------------------------------------------------+
ASM International 2Q Rev., Adj. Net Beat Ests. 2014-07-23 22:05:40.580 GMT
By Elco van Groningen July 25 (Bloomberg) -- 2Q rev. EU148.4m vs est. EU144.8m. * 2Q adj. net EU40.1m vs est. EU34.7m * 2Q net income EU34.6m vs est. EU27.2m * Co. sees “strong double digit sales decrease” in 3Q vs 2Q at constant currencies * Sees 3Q order intake “around the same level” as 2Q at constant currencies * Conf. call at 3pm CET, +44-20-3427-1911, +1-212-444-0412, pw 8866280 * Statement
For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>
To contact the reporter on this story: Elco van Groningen in Amsterdam at +31-20-589-8517 or vangroningen@bloomberg.net To contact the editor responsible for this story: Simon Thiel at +44-20-7673-2814 or sthiel1@bloomberg.net
Inter Parfums reports revs in-line; lowers top end of FY14 EPS below consensus, reaffirms FY14 revenue guidance
Reports Q2 revenues rose 19.6% year/year to $118.2 mln vs the $117.89 mln consensus.
Co issues downside guidance for FY14, lowers top end of EPS to $0.93-0.95 from $0.93-0.98 vs. $1.05 Capital IQ Consensus Estimate; reaffirms FY14 revs of $495 mln vs. $510.98 mln Capital IQ Consensus Estimate.
"U.S.-based sales declined modestly due to a challenging comparison with the prior year period when we took over the manufacture and distribution of Dunhill legacy fragrances. However, we are growing that brand and the others that we added in late 2012 and 2013 by launching new products and pursuing expanded distribution. In that regard, we will begin shipping our first all new Dunhill fragrance called Icon during the fourth quarter of 2014, and will be in selective distribution until early 2015. Our early spring launches, Fatale and Fatale Pink for Agent Provocateur, have been well received in international markets, and we expect momentum to continue with the commencement of U.S. sales in the fall. Initial distribution of La Nuit de Bohème for Anna Sui began in June, and will culminate late this year with its debut in China. We also plan to launch our inaugural fragrance collection for Shanghai Tang in China later this year, followed by a select international roll-out in 2015."
Total company revenue rose 22% YoY to $118.2 mln, which was driven completely by Europe.
Note: Europe makes up about 82% of IPAR's total revenue, while U.S makes up 18%.
European-based product sales rose 31.2% YoY to $94.7 mln, while U.S.-based product sales fell 4.7% YoY to $23.5 mln.
Discussing European-based operations Jean Madar, Chairman & CEO of Inter Parfums noted, "New product launches helped drive the 31.2% increase in second quarter ongoing brand sales. Montblanc brand sales were up 88% with the spring launch of the second men's line, Emblem, in addition to the steady gains from the brand's Legend fragrances."
"Also in the spring, our first Karl Lagerfeld fragrances were introduced; these signature scents for men and women delivered ~$4 mln in incremental sales during the second quarter of 2014."
"Our top line also benefitted from solid performances by Repetto's signature scent, along with improving sales of existing collections from S.T. Dupont and Paul Smith. In last year's Q2, Jimmy Choo brand sales rose more than 40% driven by the launch of Flash, which helps to explain why Jimmy Choo sales declined 6% in the current Q2 when no new products were introduced."
"However, based on a higher than expected backorder log for Jimmy Choo Man to be launched in the fall, more robust sales are anticipated for the second half. Lanvin also faced a difficult comparison against the launch of Lanvin Me in the prior year period; however, a strong performance by the Eclat d'Arpège enabled the brand to slightly exceed its 2013 Q2 sales."