FLORENCE — Salvatore Ferragamo has signed a 13-year license with Timex Group to launch a luxury collection of timepieces.
The line will bow in April at Baselworld, but an initial flash of two or three models will be available in about 80 stores in November. "This is a restyling of existing models and is not yet the full collection, but shows the new speed of the company," said Michele Norsa, Ferragamo's chief executive officer, at the company headquarters here during the men's wear trade exhibition Pitti Uomo.
"This is a good opportunity to present our most important project of the year," noted Norsa.
The executive said the company will target 500 stores in 60 countries, including 200 Ferragamo boutiques, and expects retail sales of 150 million euros, or $195 million at the current exchange rate, in five years. "This is a very important business, with great potential; it only depends on us. Watches are an iconic category for most luxury markets and even more so in Asia," said Norsa, underscoring that 50 percent of the company's customers are Asian. "And they will be even more numerous in the future, if we consider Asia as the countries from Istanbul to Siberia," he added.
Paolo Marai, president and ceo of Vertime, based in Manno, Switzerland, and controlled by Timex, said the Middle and Far East "are more fashion-oriented in their choice of watches and balance Europe, which is more traditional." Marai is in charge of the Timex luxury division worldwide.
This is the first watch license for Ferragamo, although there was a previous production agreement with Roventa, which had a very limited distribution. The only other license the company has is with Luxottica Group SpA for eyewear.
"We are not experts on licenses, all is made in Italy, under our control, but the license with Timex will help expand and improve the awareness of the brand," said Ferruccio Ferragamo, chairman of the company. "Watches are a fantastic competitive tool."
Ferragamo said the license with Timex was part of the new course of the family-owned firm, which has "evolved and entered into its third phase, with an IPO in the cards, probably next year, when we are ready. There is no rush, we want to reinforce the company and give freedom to the 60 family members to stay or leave."The watches will retail for between 1,000 and 5,000 euros, or $1,300 and $6,500, with limited edition models with diamonds priced up to 30,000 euros, or $39,000. One of the models shown at the presentation was a round travel clock in a stainless steel case, with a gold-plated guilloche bezel covered with transparent or red enamel and a red lizard travel case, retailing at 600 euros, or $780.
Timex has headquarters in Middlebury, Conn., and has been expanding its luxury segment over the past three years, with the addition of timepieces for Versace in 2004, Vincent Bérard in 2006 and Valentino in January.
"For Timex, it's a wonderful opportunity to further develop the luxury segment," said Anette Olsen, chairman of Timex. "This is a long-term relationship, we are going to make very beautiful watches together, joining wonderful innovative Italian design and Swiss quality."
Norsa revealed that Ferragamo is on track with its retail strategy, with 30 boutiques planned to open this year, including seven in the U.S., six in China and three in Russia.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews