香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致之任何損失承擔任何責 任。 （於開曼群島註冊成立之有限公司） （股份代號：444） 更新公告 茲提述本公司日期為2025年5月30日、2025年8月29日 及2025年11月28日的公告 （「該等公告」），內 容 有 關 不 發 表 意 見 的 更 新。除 文 義 另 有 所 指 外，本 公 告 所 用 詞 彙 與 該 等 公 告 中 所 界 定 者 具 有 相 同 涵 義。 除本公司日期為2025年12月31日的季度更新公告及本公司日期為2026年2月3日 的 公 告 中 所 披 露 者 外，概 無 與 不 發 表 意 見 相 關 的 其 他 重 大 更 新。 就 本 集 團 的 手 錶 分 銷 業 務 而 言，華 貴 手 錶 業 持 續 面 臨 非 必 需 消 費 支 出 疲 弱 及 宏 觀 經 濟 不 確 定 性 的 挑 戰，導 致 消 費 需 求 持 續 疲 軟。預 ...

Core Viewpoint - Watches of Switzerland Group has raised its full-year revenue growth outlook to 9% to 11% at constant currency, up from the previous range of 6% to 10%, due to strong quarterly trading and contributions from recent investments and acquisitions [1][5]. Financial Performance - The company reported a strong third-quarter FY26 trading performance, with momentum continuing through the key Christmas holiday period [6]. - The EBIT margin percentage is expected to decline by 70 to 90 basis points for the full year compared to the prior year, attributed to brand margin adjustments, investment costs, and one-off items [7]. - The second-half margin profile is expected to improve compared to the first half, despite headwinds impacting the full-year view [8]. Market Environment - In the U.S., consumer sentiment is described as "very buoyant and positive," with strong spending observed, particularly in luxury jewelry and watches [2]. - The U.K. market is characterized as "stable," with improved sentiment noted during the Christmas season [3]. Product and Inventory Dynamics - The U.S. market has shown sustained broad-based growth across categories, with demand for key brands outstripping supply [5]. - Inventory levels are reported to be in "good shape," although there may be short-term supply issues for certain brands due to suppliers holding back shipments [11]. Customer Trends - There is a growing interest in luxury watches among younger consumers in the U.S., with a notable increase in self-purchases among women [12][13]. - Collectors represent about 25% of the company's business in the U.K., compared to nearly half in the U.S. [13]. Acquisition and Project Pipeline - The acquisition of Deutsch & Deutsch adds four Rolex-anchored showrooms in Texas, enhancing the company's presence in the state [14]. - The company is progressing with multiple initiatives, including moving e-commerce to a Shopify platform and advancing projects in both the U.K. and U.S. [16].

Zurich ups its bid for insurer Beazley, CityPoint tower might be sold, and there’s non-stop demand for luxury watches -- get briefed ahead of your morning calls with The London Rush https://t.co/Bw5CnHLupb ...

Core Insights - The article discusses consumer behavior driven by jealousy, highlighting common items purchased to impress peers, reflecting social status and identity. Group 1: Luxury Goods - Fancy cars serve as symbols of identity and status, influenced by peer pressure and marketing strategies [2][5] - Luxury watches from esteemed brands like Rolex and TAG Heuer signify sophistication and wealth [18][21] - Expensive designer clothes and handbags signal wealth and fashion sense, often driven by social circles [29][32] Group 2: Experiences and Lifestyle - Lavish vacations in trendy locations reflect a desire to showcase lifestyle and financial capability [6][9] - Buying a home in an affluent neighborhood indicates a wish to be part of a wealthy community [8][12] - Exclusive club or resort memberships provide networking opportunities and showcase social status [33][36] Group 3: Unique and Rare Items - Owning rare breed pets signifies uniqueness and exclusivity, providing bragging rights among peers [13][17] - A collection of rare or exotic wines showcases sophisticated taste and high social status [24] - Acquiring art by renowned artists demonstrates refined taste and cultural sophistication [37][41] Group 4: Technology and Entertainment - High-end headphones from brands like Apple and Sony are associated with superior sound experiences and status [42][45] - The latest smartphones are seen as status symbols, reflecting the need to stay current with technology trends [46][48] - Investing in high-end home entertainment systems displays a commitment to luxury and advanced technology [50][53] Group 5: Extravagant Displays of Wealth - Purchasing a private jet or yacht represents one of the most extravagant displays of wealth and exclusivity [55][59] - Rare or limited-edition collectibles showcase dedication to niche interests and individuality within enthusiast communities [60]

Group 1: Wealth Growth in India - The number of wealthy households in India has nearly doubled since 2021, reaching 871,700, representing 0.31% of all households [1] - Confidence in India's economic growth is high, with 83% of wealthy households optimistic about the next three years [1] - The increase in wealth is attributed to GDP growth, stock market gains, the emergence of new billionaires, and rising gold prices [1] Group 2: Regional Wealth Distribution - Maharashtra leads with 178,600 millionaire households, driven by Mumbai's 142,000 [2] - Delhi has 68,200 millionaire households, while Bengaluru has 31,600 [2] Group 3: Investment Preferences - Stocks, real estate, and gold are the primary investment choices for wealthy households [2] - Digital payments are dominated by UPI [2] Group 4: Spending Habits - Approximately 60% of wealthy households spend under ₹1 crore annually, primarily on tourism, education, and entertainment [3] - Paying taxes is viewed as the top social responsibility by 30% of respondents [3] Group 5: Luxury Spending - In jewelry, 75% of wealthy individuals prefer natural diamonds, with Tanishq leading in India [4] - Rolex is the dominant brand in luxury watches, while Gucci and Louis Vuitton are the top accessory brands [4] - Emirates is the preferred airline, and Taj Hotels are favored for luxury stays [4] Group 6: Vehicle Ownership - Over half of India's millionaires own more than one car, with many upgrading within three to six years [5] - Approximately 40% keep their cars for more than six years [5] Group 7: Lifestyle Preferences - Travel is the top hobby for the ultra-rich at 45%, followed by reading and cooking [5] - Yoga is the most preferred fitness activity at 27% [5] Group 8: Education and Travel - The USA is the most popular destination for education abroad, chosen by 19% of respondents, followed by the UK at 14% [5] - However, 42% prefer to keep their children in India for education [5] Group 9: Media Consumption - Social media has surpassed traditional media as the primary source of news for wealthy households [6] - Over 60% of respondents rate their happiness and well-being at 8 or above [6]

Brand Partnership - Hublot luxury watches has a new face: Chiefs Star Patrick Mahomes [1] Marketing & Endorsement - Patrick Mahomes is the new face of Hublot [1]

Luxury Goods & Sports - High-dollar luxury watches and custom diamond jewelry are being sported by top tennis players at the US Open [1] - The jewelry is worth tens of thousands of dollars [1]

Market Overview - America is considered an emerging market for luxury watches [1] Industry Impact - Tariffs could negatively impact Swiss watch companies, affecting a rare positive area [1]

Group 1 - Top Win International Limited has partnered with Simon Gerovich and KCGI for a planned investment in SGA Co., Ltd, which has received board approval for a third-party share issuance to this consortium [1][2] - Upon completion of the investment, the consortium will become the largest shareholder of SGA Co., Ltd, with proceeds aimed at strategic asset acquisitions and general corporate purposes [2] - SGA Co., Ltd plans to leverage the consortium's global network and expertise to pursue new initiatives in the digital asset space while maintaining its core business operations [2] Group 2 - Top Win International Limited specializes in the trading, distribution, and retail of luxury watches and has recently ventured into the Web3 ecosystem and digital assets as part of its future business direction [3]

Market Trends & Tariff Impact - US watch purchases surged in April and May due to tariff concerns [1] - Primary brands are throttling supply to the US market due to tariffs, leading to price increases [1] - The market is in an uncertain state as prices adjust to the speculative tariff environment [2] - A pricing correction occurred after June 2022, with watches previously valued 40% higher [3] - The market is seeing prices creep back up due to the current tariff environment [4] Valuation & Demand - Demand for watches remains strong [2] - Many Rolex watches are still trading at double retail prices [3] - Watch valuations, while still high, have decreased from the post-pandemic boom [3][4] - The market remains frothy with massive multiples [4]