Uncategorized
Swatch Ends Calvin Klein Swiss Watch License as Contract Expires
(Bloomberg) –Swiss watchmaker Swatch Group AG said it will let a licensing agreement with Calvin Klein expire after more than two decades.
Recent “turbulence” at Calvin Klein’s management led to the decision to end the alliance, which covered watches and jewelry, the Swiss maker of Omega timepieces said in a statement Tuesday.
PVH Corp., the owner of Calvin Klein, named Cheryl Abel-Hodges as the new chief executive officer of the brand earlier this year. Swatch’s decision probably also stemmed from the weakness in the market for low-end watches, Rene Weber, an analyst at Bank Vontobel AG, wrote in a note. He estimates the brand had sales of about $160 million last year, without contributing to earnings.
Read: Investing in Watches
Calvin Klein watches sell for 150 francs to 300 francs, Weber said. Lower-priced timepieces have suffered lately with competition from smartwatches and fashion watches from brands like Michael Kors or Fossil. Many traditional retail channels are disappearing as shopping malls struggle.
-
OER Magazines1 month ago
OER, September 2024
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, September 24
-
Uncategorized4 weeks ago
Oman Oil Marketing Company partners with Ihsaan Association to support its activities
-
Commodities1 month ago
Gold Rangebound as Investors Brace for Key US Economic Data
-
Banking & Finance1 month ago
Apple Pay Officially Launched in Oman
-
Oil & Gas1 month ago
OQEP Appoints United Securities as Liquidity Provider Ahead of Landmark MSX Listing
-
Investment1 month ago
With Over RO600M in Foreign Investments, Future Fund Oman Unveils the First Batch of Investment Projects with an Overall Value of RO830M+
-
Lifestyle1 month ago
Royal Opera House Muscat Welcomes First Shows of its 2024/25 Season