Jeweler's Eye-popping Watch is Love Letter to Albania

The timepiece, worth roughly $1.4 million, is set to face off against the best watches from across the world at the Geneva Watchmaking Grand Prix in November. ADNAN BECI / AFP
The timepiece, worth roughly $1.4 million, is set to face off against the best watches from across the world at the Geneva Watchmaking Grand Prix in November. ADNAN BECI / AFP
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Jeweler's Eye-popping Watch is Love Letter to Albania

The timepiece, worth roughly $1.4 million, is set to face off against the best watches from across the world at the Geneva Watchmaking Grand Prix in November. ADNAN BECI / AFP
The timepiece, worth roughly $1.4 million, is set to face off against the best watches from across the world at the Geneva Watchmaking Grand Prix in November. ADNAN BECI / AFP

Albanian jeweler Pirro Ruco labored day and night for five years to capture the essence of his country in a spectacular luxury watch.
Now the timepiece, worth roughly $1.4 million, is set to face off against the best watches from across the world at the Geneva Watchmaking Grand Prix in November, AFP said.
Set under a sapphire dome, the hours are marked by 12 golden folk dancers -- each in different regional dress -- set on Murano glass, the minute and hour hands adorned with eagle talons in homage to Albania's national symbol.
Ruco's rollercoaster rise mirrors that of Albania, from poverty and isolation as the most closed communist regime in Europe, to rollicking capitalism.
Along the way the jeweler overcame jealousy, the secret police and being sent into internal exile to rise to the pinnacle of his profession.
It all began for Pirro -- as he is known in his homeland -- in 1985 when he was asked to make a medal in red and gold bearing the head of Enver Hoxha, the paranoid dictator who ruled the small Balkan nation with an iron fist for more than four decades.
"That saved me," he told AFP from his workshop tucked away in an alley in the capital Tirana.
The medals were awarded to the regime's most loyal supporters and later caught the eye of Hoxha's wife.
The turn of fortune saw thousands more produced and worn by communist cadres across Albania.
"All the congressional delegates had to wear it. I made a name for myself with it," he said. It also saved him from the textile mills where he had been sent because his family had been deemed "rebellious".
'Priceless'
All this, however, was nearly derailed by an anonymous letter sent to authorities accusing Pirro of working with foreign agents.
He was questioned by intelligence agents and his workshop raided.
Down but not out, he was able to bounce back after crafting a ring bearing the image of the late husband of a member of the communist politburo and in July 1990 won a prize for a piece featuring Albania's 15th-century national hero Skanderberg.
But the very next day history intervened. The regime began to crumble and the collapse of Albania's communist rule in 1991 was followed by years of violent tumult as the country transitioned to a free-market economy.
Amid the ups and downs, Pirro stayed busy designing pieces for officials and celebrities.
During a trip to Basel in Switzerland in 2016, something new caught his eye.
"I wanted to make a watch. It was my new dream," he told AFP.
For the next five years, Pirro said he focused on "doing something special, Albanian, and at the same time completely new and never before seen in the watch industry."
The new timepiece which he calls Primordial Passion was designed in collaboration with the Swiss watchmaker Agenhor.
"I never wanted to make jewelry, but art," the jeweler said.
"Sculptures, images of the country, pieces of culture... This watch is the culmination of all that, of this love for Albania," he added.
"It is more than just a watch. It combines the rich heritage of ancient Albanian culture with the notion of chronometry."
Pirro refuses to divulge the methods used to craft the watch, but remains hopeful the painstaking details will be recognized by the judges at the Grand Prix in Geneva.
Several collectors have already contacted him about buying the timepiece, he said, though it would be difficult to part with his creation.
"I set a price because I had to. But for me, it is priceless."



Nike Shares Rise as Apple’s Cook Doubles His Bet on CEO Hill’s Overhaul Effort

A jogger wearing Nike shoes runs along the Charles River in Cambridge, Massachusetts, US, March 18, 2019. (Reuters)
A jogger wearing Nike shoes runs along the Charles River in Cambridge, Massachusetts, US, March 18, 2019. (Reuters)
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Nike Shares Rise as Apple’s Cook Doubles His Bet on CEO Hill’s Overhaul Effort

A jogger wearing Nike shoes runs along the Charles River in Cambridge, Massachusetts, US, March 18, 2019. (Reuters)
A jogger wearing Nike shoes runs along the Charles River in Cambridge, Massachusetts, US, March 18, 2019. (Reuters)

Nike shares rose 5% in early trading on Wednesday after Apple CEO Tim Cook doubled his personal stake in the sportswear maker, raising his bets on the margin-pinching turnaround efforts led by CEO Elliott Hill.

Cook, who has been on Nike's board since 2005, bought 50,000 shares at $58.97 ‌each, according to ‌a regulatory filing. As of December ‌22, ⁠he holds about ‌105,000 shares, which is now worth nearly $6 million.

It was the largest open market stock purchase for a Nike director or executive and possibly the largest in more than a decade, said Jonathan Komp, analyst at Baird Equity Research.

"(We see) Cook's move as a positive signal for the progress under CEO Elliott Hill and Nike's 'Win ⁠Now' actions," Komp said.

The purchase comes days after Nike reported weaker quarterly margins and weak ‌sales in China even as CEO ‍Hill tries to revive demand ‍through fresh marketing plans and innovation focused on running and sports, ‍while phasing out lagging lifestyle brands.

He has also attempted to mend Nike's ties with wholesalers such as Dicks Sporting Goods to increase visibility among shoppers amid stiff competition from newer brands.

However, the strategy has strained Nike's margins, which have been declining for over a year, while its efforts to win back its ⁠premier position in discount-friendly China appears to be faltering.

Nike's shares have slumped nearly 13% since it reported results on December 18 and are on track for the fourth straight year of declines. They were trading at $60.19 on Wednesday.

Cook has been a lead independent director of Nike since 2016 when co-founder Phil Knight stepped down as its chairman.

The Apple CEO "remains extremely close" with Knight, Komp said, adding that he has advised Nike through key strategic decisions including Hill's appointment last year.

Board director and former Intel CEO ‌Robert Swan also bought about 8,700 shares for about $500,000 this week.


Etro Founding Family Exits Group as New Investors Including Türkiye's RAMS Global Join

L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters
L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters
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Etro Founding Family Exits Group as New Investors Including Türkiye's RAMS Global Join

L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters
L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner. Reuters

The founding family of Italian fashion house Etro has sold the minority stake it still owned in the brand to a group of investors including Turkish group RAMS Global, the company said on Friday.

L Catterton, a private equity firm backed by French luxury giant LVMH, will remain Etro's majority owner and "will continue to actively support the brand's long-term growth strategy," Etro added, according to Reuters.

The new investors comprise also Italian fashion group Swinger International and small private equity firm ⁠RSI.

In addition to buying the stake, they all subscribed to a capital increase that will lower L Catterton's holding in Etro to between 51% and 55% from around 65%.

When including both the acquisition and the capital increase, the deal is worth around 70 ⁠million euros ($82 million), two sources close to the matter said. Etro did not disclose financial details.

Chief Executive Fabrizio Cardinali will remain at the helm, while Faruk Bülbül, representing RAMS Global, will become chairman of the board.

L Catterton bought a 60% stake in the brand known for its paisley motif four years ago, and it slightly increased the holding over the years.

The company, founded by Gimmo Etro in 1968, has ⁠been struggling with its turnaround. Last year it posted a net loss of 23 million euros with net revenues declining to 245 million euros from 261 million euros, according to filings with the local chambers of commerce reviewed by Reuters.

Rothschild advised L Catterton and the Etro family on the deal.

Rothschild had been hired in 2024 to look for a new investor who could buy all or part of the Etro fashion group, sources had previously told Reuters.


Paris Court Rejects Bid to Suspend Shein Platform in France

A customer holds shopping bags with a Shein logo in the first physical space of Chinese online fast-fashion retailer Shein on the day of its opening inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo
A customer holds shopping bags with a Shein logo in the first physical space of Chinese online fast-fashion retailer Shein on the day of its opening inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo
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Paris Court Rejects Bid to Suspend Shein Platform in France

A customer holds shopping bags with a Shein logo in the first physical space of Chinese online fast-fashion retailer Shein on the day of its opening inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo
A customer holds shopping bags with a Shein logo in the first physical space of Chinese online fast-fashion retailer Shein on the day of its opening inside the Le BHV Marais department store, the Bazar de l'Hotel de Ville, in Paris, France, November 5, 2025. REUTERS/Sarah Meyssonnier/File Photo

A Paris court on Friday rejected a government request to suspend Chinese fast-fashion platform Shein in France after authorities found illegal weapons and child-like sex dolls for sale on the fast-fashion giant’s website.

Shein welcomed the decision, saying it remains committed to strengthening its control processes in cooperation with French authorities.

“Our priority remains protecting French consumers and ensuring compliance with local laws and regulations," the company said in an emailed statement to The Associated Press.

The controversy dates to early November, when France’s consumer watchdog and Finance Ministry moved toward suspending Shein’s online marketplace after authorities said they had found childlike sex dolls and prohibited “Class A” weapons listed for sale, even as the company opened its first permanent store in Paris.

French authorities gave Shein hours to remove the items. The company responded by banning the products and largely shutting down third-party marketplace listings in France.

French officials have also asked the European Commission to examine how illegal products were able to appear on the platform under EU rules governing large online intermediaries.