Audio slideshow Scheherazade Daneshkhu watches Chanel create a necklace for the Paris WATCHES biennale FT.com/ chanel & JEWELLERY necklace FINANCIAL TIMES SPECIAL REPORT | Saturday September 13 2008 www.ft.com/watchessept2008 Watches gain sparkle with diamonds The boundary separately: it is all or noth- objects that are considerably late, with the former achiev- ing, and you get a custom- more visible than a watch ing considerable success between fine made cabinet to keep it all in and which act as a kind of with its Ballon Bleu collec- jewellery and haute as part of the deal. testimonial to our capacity tion launched last year, and Gem-set watches have and technical mastery.” the latter stepping-up its horlogerie is been included in the brand’s Mr Lambert is quick to watch range with intriguing, blurring, writes catalogue for decades, yet it point out, however, that often complicated pieces was not until last year’s although pieces similarly such as the “Fairee” for Simon de Burton Venice film festival that JLC elaborate to Le Lierre will be women and the men’s “Paris o say that the Italian decided to shine the spot- created each year, high jew- by Night”. model and actress light on its ability to create ellery will not become a Harry Winston’s horologi- Eva Riccobono high-jewellery timepieces by “brand extension”. cal heritage does not go back looked a million dol- unveiling a pair of watches “A high jewellery watch so far – but the long-estab- Tlars when she appeared at respectively inspired by a definitely looks best when it lished company famous for this month’s Venice Film rose and a tulip flower – and has the matching ‘extras’, creating exquisite jewellery Festival would be a dramatic this month’s arrival of the but we want to keep it from giant gems such as the understatement – at current one-off Le Lierre marks the exceptional by producing Lesotho diamond now exchange rates, a more accu- first time for around 70 one set per year, always on a regards its watch business rate figure would be around years that the company has different theme.” as being almost as signifi- $4.3m. The reason? She was created an elaborate ring, As Mr Lambert observes, cant as the diamond side. entwined in a unique set of necklace and pair of earrings there are now plenty of jew- ”Watches have now jewellery called Le Lierre to complement such a ellery houses cross-pollinat- become very important,” (ivy) that comprises 14,000 watch. ing with the watch world. explains global marketing gemstones and costs €3m. “Jewellery houses are Cartier has been doing so for director Beatrice Dequer- What might have sur- becoming more and more more than a century and can vain. “We have 18 salons prised onlookers, however, active in watchmaking, so be described as either a jew- around the world offering was the fact that the glitter- why shouldn’t a watch eller or a watchmaker with both jewellery and watches, ing assemblage of Tsa- brand become active in jew- equal justification, while but beyond that there are vorites, yellow sapphires and ellery?” reasons Jerome Van Cleef and Arpels has 150 wholesale partners sell- rare diamonds was not the Lambert, Jaeger-LeCoultre’s long been known as the ing only watches, something product of one of the long- chief executive. maker of “jewels that tell that gives the brand far established jewellery houses ”We regard pieces such as the time” – but the horologi- greater reach.” such as Cartier, Boucheron Le Lierre as being ambassa- cal offerings of both have Back in 2001, Harry Win- or Van Cleef and Arpels but dors for our company, become more prominent of ston set out to establish of Jaeger-LeCoultre which, itself as a maker of “serious” after building-up 175 years Inside this issue watches with the “Opus” worth of watchmaking project on which it works expertise, has used Le Lierre Focus The Indian market Interview Nick Foulkes on with a different, independent to make its mark in the for gold is struggling, writes the revival of the Minerva watchmaker each year to world of contemporary haute Amy Yee factory produce a limited edition, joaillerie. Page 4 Page 8 high complication piece. And, although the centre- Watch production is now at piece of the set is a dramatic Interview Haig Simonian an all-time high of around cuff bracelet concealing a talks to the chief executive MORE ON FT.COM 5,000 pieces per year with watch, the people at Jaeger- of Girard Perregaux demand outstripping supply. Online exclusive Vogue LeCoultre are clearly excited Page 6 “People still think of jewellery editor Carol to have entered a new field Harry Winston as the jewel- Woolton talks to Theo of non-horological creativity Fennell about his new ler for big stones, but the by matching it with a venture two sides of the business are remarkable sculpted neck- www.ft.com/fennell now more or less equal part- lace depicting interlaced ivy ners and our Rare Diamonds leaves, a pair of earrings Slideshow Simon de and Rare Movements plat- based on tendrils and a ring Burton picks his top 10 fine forms have started to over- topped with a rare, oval- jewellery watches lap,” adds Mrs. Dequervain. shaped yellow diamond. And www.ft.com/jewelwatches Looking a million dollars - and more: Eva Riccobono sparkles at the Venice Film Festival Rex Features no, they cannot be bought Continued on Page 2 2 ★ FINANCIAL TIMES SATURDAY SEPTEMBER 13 2008 Watches and Jewellery | Boucheron Removing the fashion from fine jewellery INTERVIEW understanding of the evolving It is this sociological change role of jewellery as a luxury that Mr Bédos is attempting to Vanessa Friedman product. leverage to Boucheron’s advan- talks to the head Mr Bédos became chief execu- tage, emphasising the brand’s tive of Boucheron in May 2004, historic roots (it was founded in of Boucheron, the after four years of losses since 1858 by Frederic Boucheron), the historic jeweller that the company was brought into golden age of the 1920s and ’30s, the Gucci Group by Tom Ford and its aesthetic heritage in the is making a comeback and Domenico de Sole in 2000. oriental and organic traditions. They had bought the fine jew- “This makes the brand he 20th century was eller and tried to turn it into a extremely relevant today, not such a comfort- fashionable brand. because of its concern for nature, able century for The following July, Gucci’s that you see in the designs, and Boucheron – but owner, French conglomerate regard for China and the coun- ªTthe 21st: that’s a fantastic oppor- Pinault-Printemps-Redoute, tries of the east, all of which is tunity.” appointed Robert Polet chief very much at the forefront of It is a funny statement for the executive of the group. people’s minds,” he says. chief executive of a fine jewellery Mr Polet’s directive to Mr It is also why, during the tech- house to make, given that the Bédos, as announced at an open nological revolution, the brand 20th century saw the blossoming presentation to analysts in went into an extended decline, of the modern luxury industry November 2004, was simple: “Fix culminating in the losses of the and the fact that the biggest Boucheron.” early millennium, a trend that jewellery markets in the world – Mr Bédos’s response was finally ended in 2006 when the including the United States and equally straightforward: forget jeweller returned to profit a year the United Kingdom – are facing fashion. before Mr Polet’s deadline. the prospect of recession, but “Fashion and jewellery work Now Mr Bédos is opening that is the opinion of Jean- on very different dynamics,” he stores at a rate of six or seven a Christophe Bédos, the chief exec- says. “Fashion is all about re- year (Boucheron will have 50 utive of Boucheron. inventing yourself two to four stores by the end of 2008), and Mr Bédos goes even further, times a year; jewellery is much re-introducing Boucheron to the saying that missing the luxury slower, and more personal. The US – the company pulled out boom was in fact “an immense market couldn’t absorb that during the depression of 1929. gift” for Boucheron. much novelty, and the result was Judging by the recent growth too much stock and inventory” – of the French fine jeweller, which at, it should be mentioned, `Fashion is all about extremely high prices. re-inventing yourself Mr Bédos replaced the creative Contributors director, Solange Azagury- two to four times Partridge, who had been brought a year; jewellery is Simon de Burton in by Ford, with an anonymous FT Watches Contributor “team” and reduced the number much slower, and of new high-jewellery collections Vanessa Friedman to one or two a year. more personal' Fashion Editor The idea, he says, was to place Scheherazade Daneshkhu the emphasis on individuality, In line with Mr Bédos’s more Paris Correspondent and allow customers to discover emotional approach to consum- pieces of jewellery that spoke to ers, Boucheron will not enter the Haig Simonian them, as opposed to dictating to market with the bells and whis- Zurich Correspondent customers what they should like. tles and giant real estate costs of “In the last four or five years, I a flagship store, but rather by Amy Yee have noticed that consumers partnering with a Cirque de Delhi Correspondent interpret the value of an item in Soleil-like adult circus known as Lucie Muir terms not just of its price, but in Spiegelworld, which has created Deputy Fashion Editor terms of an added element, an entire show based on the whether it be spiritual, artistic or Boucheron archive.