Audemars Piguet’s New 2024 Releases

Welcome to the 40th edition of Maximalist! Dive into the ultimate guide, filled with insider insights into the world of fashion, art, real estate, travel, jewelry, and horology.

The world of luxury is never boring, and this week is no exception. Let’s dive in!

Markets

On this week’s agenda:

1. Audemars Piguet’s New 2024 Releases

2. Aman Unveils Its First Standalone Branded Residences in Tokyo

3. Richard Mille Unveils New Rafael Nadal RM 27-05

4. Capri Faces Decline in Annual Revenue

5. Range Rover Joins Wimbledon as Official Partner

6. "David Hockney: Paper Trails" Exhibition to Premiere at MAM Shanghai

Audemars Piguet’s New 2024 Releases

We’re starting the 40th edition of Maximalist with a bang. Audemars Piguet has once again captured the spotlight in the luxury watch market with its latest unveiling, which includes some of the most striking watches released this year. The 2024 collection, themed "Shaping Materials," showcases Audemars Piguet's commitment to innovation through a variety of designs featuring bling, textures, colors, and unique shapes. Notably, Ilaria Resta, the new CEO, and her team have introduced an array of eye-catching models that blend traditional craftsmanship with modern flair.

Among the standout pieces is the [RE]Master02 Selfwinding. This watch is a nod to an asymmetrical design from 1960, now reimagined with a 41mm case in the brand's newly developed 18-carat sand gold alloy and a striking midnight blue dial. Yuu Sekiguchi, editor-in-chief of Hodinkee Japan, praised the watch's historical homage and its meticulous adaptation to contemporary manufacturing standards.

The Royal Oak line also sees exciting additions with the Selfwinding Full Gemset models, which boast a camouflage pattern made from 861 baguette-cut gemstones in two color schemes: shades of blue and a mix of green, brown, and black. This design choice reflects a playful yet luxurious reinterpretation of the classic luxury sports watch, echoing themes from Pharrell's debut LV collection.

The Code 11.59 by Audemars Piguet series isn't left behind, now featuring two new 38mm models adorned with brilliant-cut diamonds and colored sapphires set in an intricate kaleidoscopic pattern, available in 18-carat white or pink gold.

Additionally, Audemars Piguet introduced the tiny Royal Oak Mini quartz model, measuring just 23mm in diameter and available in yellow, white, or pink gold. This model targets a trend towards smaller watches and is seen as a versatile piece that could be styled with various fashion looks and even worn stacked for multi-time zone functionality.

Other notable releases include the 37mm Royal Oak Double Balance Wheel, admired for its open-worked design and subtle color play, and the 34mm Royal Oak Frosted Gold Selfwinding, which features a dazzling 3D dial handcrafted to create a textured, sparkling effect.

With these releases, Audemars Piguet continues to push the boundaries of design and craftsmanship, respecting its heritage while embracing modernity. This collection not only strengthens the brand's portfolio but also confirms its place at the forefront of the luxury watch industry.

Aman Unveils Its First Standalone Branded Residences in Tokyo

Aman, the luxury hospitality brand, is set to broaden its portfolio with its first standalone residential project, Aman Residences, Tokyo. This exclusive development will not feature a hotel component, a first for the brand, and is located atop the Mori JP Tower in the upscale Azabudai Hills area. This project marks a significant shift for Aman, traditionally known for integrating hotels with their residences.

The Aman Residences Tokyo will occupy the top 11 floors of the Mori JP Tower, the tallest skyscraper in Tokyo, offering sweeping views of the city. Despite the high demand leading to most homes being sold in the initial phase, select units remain available. The development is poised to set a new standard for luxury living, not only in Japan but globally.

Vlad Doronin, chairman, CEO, and owner of Aman Group, emphasized the project's meticulous execution and its significance in enhancing the Aman lifestyle within the urban context. The residences promise an unparalleled experience of serenity and luxury, featuring interiors designed by the renowned firm Yabu Pushelberg. Each apartment boasts private entrances and dedicated elevators, blending traditional Japanese design elements, such as a tranquil reflection pond in the lobby, with modern luxury.

The property extends various hotel-like amenities to its residents, including a lounge, bar, private dining room, tearoom, library, and media room. The crown jewel of the development is the signature Aman Spa, which spans approximately 15,000 square feet and includes an 82-foot indoor swimming pool, sauna, steam room, and gym. These facilities underscore Aman's commitment to providing a living experience that embodies the tranquility and exclusivity associated with its brand.

Doronin also hinted at future projects, with plans to introduce similar branded residences in Bangkok, Beverly Hills, Miami Beach, and Niseko, further expanding Aman's footprint in the luxury residential market.

Richard Mille Unveils New Rafael Nadal RM 27-05

Richard Mille debuted the new RM 27-05 Flying Tourbillon Rafael Nadal at Roland Garros 2024. This watch is a stunning demonstration of innovation in watchmaking that continues the legacy begun with the RM 027 Tourbillon in 2010. Known for setting benchmarks for creating lightweight yet high-performance watches, this latest iteration is no exception. The RM 27-05 weighs just 11.5 grams (excluding the strap) and boasts the ability to endure accelerations over 14,000 g, marking a record-setting advancement in the field of manual-winding tourbillon watches.

This project, which started in 2019, draws inspiration from the longstanding collaboration between the watchmaker and tennis icon Rafael Nadal, who has worn Richard Mille's timepieces during numerous matches. The RM 27-05 not only highlights the brand's relentless pursuit of reducing weight without compromising durability but also reflects the deepening bond between the athlete and the brand.

The remarkable lightness of the RM 27-05 is achieved through the use of Carbon TPT® B.4, a revolutionary composite material created in partnership with North Thin Ply Technology (NTPT™). This material is not only denser and more robust than its predecessors but also allows for significantly thinner cross-sections, thereby enhancing the watch's structural integrity.

One of the standout features of the RM 27-05 is its extraordinary resilience, withstanding forces exceeding 14,000 g—a critical trait for a watch worn in the high-intensity environment of professional tennis. The design integrates a monobloc back/caseband unit that uses no screws, ensuring that the movement is securely encased even under extreme conditions.

The watch's internal mechanics are equally impressive, featuring a flying tourbillon and a barrel within a skeletonized and hand-finished movement. The baseplate is made of PVD-treated titanium, and the bridges are crafted from grade 5 titanium and Carbon TPT®, contributing to the overall lightness of the caliber, which itself weighs merely 3.79 grams. Additionally, it offers a 55-hour power reserve and operates at a high frequency of 3 Hz, ensuring sustained performance.

Visually, the RM 27-05 is a work of art. It features an X-shaped ridge on the caseback, resulting from the unique weave of the Carbon TPT® B.4, which adds both aesthetic appeal and enhanced structural strength. Adding a touch of sporty elegance, the watch had a skeletonized oscillating weight, inspired by the steering wheel of the Ferrari 250 GTO.

With only 80 pieces available, the RM 27-05 Flying Tourbillon Rafael Nadal is a rare gem in the world of luxury watches, representing over 4,000 hours of meticulous design and engineering. This watch is not just a tool for keeping time but a symbol of horological mastery and a testament to Richard Mille’s dedication to pushing the boundaries of watchmaking.

Capri Faces Decline in Annual Revenue

Capri has reported a notable decline in its full-year revenues, which fell 8.4% to $5.17 billion from $5.6 billion in 2023, amid weakening global demand for luxury fashion goods. John D. Idol, Chairman and CEO of Capri, expressed disappointment over the company's performance, particularly highlighting the fourth quarter's continuing downtrend. According to Idol, while sales showed sequential improvement in the Americas and EMEA regions, they slowed in Asia. The wholesale channel also struggled, reflecting broader challenges in the market.

Revenue breakdowns by brand revealed Michael Kors dropped to $3.5 billion from $3.88 billion in 2023, Versace dropped to $1 billion from about $1.1 billion, and Jimmy Choo dropped to $618 million from $633 million. These declines were accentuated by a year-on-year fourth-quarter revenue drop of 8.4%.

Neil Saunders, Managing Director and Retail Analyst at Globaldata, pointed out that the revenue decline was particularly disappointing given the already low base year, marking an 18% fall over two years. Saunders criticized the company's management, suggesting that Capri’s issues extend beyond mere market conditions and hint at deeper internal management and discipline problems.

Despite the downturn, Capri reported a 14% increase in consumer acquisitions across its brands. Idol remains optimistic about the future, focusing on strategic initiatives aimed at fostering long-term growth for each of the company’s luxury houses.

The future of Capri is also shaped by its pending merger with Tapestry, currently stalled due to an FTC suit that argues the merger would significantly reduce competition in the accessible luxury handbag market. Idol defended the merger vigorously, arguing that the global fashion luxury market is extremely competitive and fragmented, suggesting that the merger would not hinder competition but rather enhance the capabilities and global reach of Capri's brands.

As the legal proceedings continue, Idol and Capri are preparing to defend their position vigorously, with no clear timeline for the merger's conclusion. If successful, the merger with Tapestry is seen as potentially beneficial, providing Capri with more disciplined management and better resources for growth.

Range Rover Joins Wimbledon as Official Partner

Range Rover has been announced as the new Official Vehicle Partner for Wimbledon, marking the first collaboration between these two prestigious British icons. The partnership, commencing in 2024, will feature a fleet of luxury plug-in electric hybrid vehicles, such as the new Range Rover and Range Rover Sport, tasked with transporting players, their entourages, and event officials throughout the tournament.

This significant transition from Jaguar to Range Rover not only renews but also extends Jaguar Land Rover's (JLR) support of The Championships beyond a decade. The new fleet will utilize the All England Lawn Tennis Club's charging stations, which are supplied by 100% renewable electricity, allowing vehicles to operate nearly silently within the tournament grounds.

This partnership aligns with Wimbledon's environmental goals, notably its ambitious target to achieve net-zero operational emissions by 2030. The newly built Indoor Tennis Centre's charging infrastructure is part of this initiative, supporting a growing number of hybrid and electric vehicles at the venue.

Geraldine Ingham, Managing Director at Range Rover, expressed enthusiasm about the partnership, highlighting it as a prime opportunity for Range Rover to showcase its sophisticated vehicles and to celebrate the shared heritage and modern luxury of both brands.

Deborah Jevans, CBE, Chair of the All England Club, also voiced her satisfaction with the continuation of their long-term relationship with JLR through Range Rover. She praised the significant inclusion of lower-emission vehicles in the fleet, emphasizing the commitment to making most journeys emission-free, in line with Wimbledon’s environmental commitments.

The Championships are scheduled to run from July 1 to July 14, 2024, at the All England Lawn Tennis Club, promising to be a key summer event with millions of viewers worldwide. This partnership reflects both organizations' commitment to combining tradition with innovation and luxury with sustainability.

"David Hockney: Paper Trails" Exhibition to Premiere at MAM Shanghai

The Modern Art Museum (MAM) Shanghai is gearing up to present "David Hockney: Paper Trails," a significant exhibition that will feature 110 of Hockney's works on paper. This exhibition, curated by Shai Baitel and Russell Tovey, marks the largest showcase of Hockney’s paper works to date. It provides an extensive look at the British artist's prolific career through pieces ranging from his acclaimed Pool Series to his intimate portraits and recent digital creations made on an iPad.

"Paper Trails" is designed to offer an immersive exploration of Hockney’s unique artistic talents and his ability to evoke various emotions and moods through his art. The exhibit will present works in thematic sections that explore contrasts between playfulness and solemnity, intimacy and remoteness, along with coherent and fragmented views.

David Hockney, celebrated as one of the most pivotal contemporary visual artists, continues to engage and inspire with his innovative approach and emotional depth. This exhibition underscores his pioneering influence in the world of contemporary art.

The event is scheduled to take place at the Modern Art Museum Shanghai, located at 4777 Binjiang Avenue in the Pudong New Area, from June 18 to September 10, 2024.

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