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."



Estee Lauder Beats Quarterly Sales Estimates, to Cut More Jobs

Estee Lauder beat Wall Street estimates for third-quarter sales on Friday. (Getty Images via AFP)
Estee Lauder beat Wall Street estimates for third-quarter sales on Friday. (Getty Images via AFP)
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Estee Lauder Beats Quarterly Sales Estimates, to Cut More Jobs

Estee Lauder beat Wall Street estimates for third-quarter sales on Friday. (Getty Images via AFP)
Estee Lauder beat Wall Street estimates for third-quarter sales on Friday. (Getty Images via AFP)

Cosmetics maker Estee Lauder beat Wall Street estimates for third-quarter sales on Friday, driven by improving sales in China ‌and Europe ‌as CEO ‌Stephane ⁠de La Faverie's turnaround ⁠plan takes hold, sending its shares up 16% premarket.

The company, which has ⁠been in talks ‌to ‌merge with Jean ‌Paul Gaultier-owner Puig, posted ‌quarterly sales of $3.71 billion, compared with analysts' estimates of $3.69 billion, according to ‌data compiled by LSEG.

The company ⁠also ⁠revised its job cut target to a range of 9,000 to 10,000 from the previously estimated range of 5,800 to 7,000.


Armani 2025 Revenue Fell 2.8%, CEO Hasn't Met Potential Buyers

FILE - Actress Cate Blanchett, from left, designer Giorgio Armani, and actress Julia Roberts pose for photographers upon arrival at the British Fashion Awards in central London, Dec. 2, 2019. (Photo by Joel C Ryan/Invision/AP)
FILE - Actress Cate Blanchett, from left, designer Giorgio Armani, and actress Julia Roberts pose for photographers upon arrival at the British Fashion Awards in central London, Dec. 2, 2019. (Photo by Joel C Ryan/Invision/AP)
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Armani 2025 Revenue Fell 2.8%, CEO Hasn't Met Potential Buyers

FILE - Actress Cate Blanchett, from left, designer Giorgio Armani, and actress Julia Roberts pose for photographers upon arrival at the British Fashion Awards in central London, Dec. 2, 2019. (Photo by Joel C Ryan/Invision/AP)
FILE - Actress Cate Blanchett, from left, designer Giorgio Armani, and actress Julia Roberts pose for photographers upon arrival at the British Fashion Awards in central London, Dec. 2, 2019. (Photo by Joel C Ryan/Invision/AP)

Italian fashion group Armani said on Wednesday its revenue fell 2.8% at constant exchange rates last year, weighed by a weak performance of its wholesale channel.

In 2025, the company's revenue totaled 2.2 billion euros ($2.57 billion), while total turnover, including direct licensee sales, was 4 billion euros.

"We face a possible structural change in the approach to luxury and fashion ⁠by current consumers ⁠and potential, which must be taken into account," Reuters quoted Armani group CEO Giuseppe Marsocci as saying in a statement.

Earnings before interest, taxes, depreciation and amortization (EBITDA) rose 3.2% year-on-year to 152.7 million euros, while operating ⁠profit increased 2% to 52.6 million euros.

Trends in the first months of 2026 were in line with the previous year, with unfavorable currency movements weighing on performance.

Giorgio Armani, the group's founder who died last September, instructed his heirs to sell an initial stake in the company to players such as L'Oreal, EssilorLuxottica and French ⁠luxury ⁠giant LVMH.

In an interview with Italy's Sole 24 Ore published on Wednesday, Marsocci said there was no update on the group's shareholding structure, adding that interest in the Armani group remained strong.

"We have not started meetings with the three potential buyers, and there are no tensions among the family members," Marsocci said in a separate interview with WWD magazine.


Ferragamo Expands Leather Mapping Efforts as EU Sustainability Rules Take Shape

James Ferragamo, a chief product officer for the Salvatore Ferragamo group, talks with journalists during an interview with the Associated Press, in Milan, Italy, Wednesday, April 22, 2026. (AP Photo/Antonio Calanni)
James Ferragamo, a chief product officer for the Salvatore Ferragamo group, talks with journalists during an interview with the Associated Press, in Milan, Italy, Wednesday, April 22, 2026. (AP Photo/Antonio Calanni)
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Ferragamo Expands Leather Mapping Efforts as EU Sustainability Rules Take Shape

James Ferragamo, a chief product officer for the Salvatore Ferragamo group, talks with journalists during an interview with the Associated Press, in Milan, Italy, Wednesday, April 22, 2026. (AP Photo/Antonio Calanni)
James Ferragamo, a chief product officer for the Salvatore Ferragamo group, talks with journalists during an interview with the Associated Press, in Milan, Italy, Wednesday, April 22, 2026. (AP Photo/Antonio Calanni)

Italian luxury brand Ferragamo said it can map the country of origin for much of the leather used to make its coveted footwear and handbags, a first step in traceability according to experts.

The announcement comes during a wave of European Union sustainability rules that are increasing pressure on fashion brands to account for materials in their supply chains.

The family-run and publicly traded fashion house has been issuing sustainability reports for over a decade, but the 2025 report released March 31 is the first that contains figures on material traceability — notably for leather, which experts say is harder to trace than textile fibers such as cotton.

“We have been using leather in a more sustainable way,’’ James Ferragamo, the brand’s chief product officer and grandson of founder Salvatore Ferragamo, told The Associated Press in an interview last week. “I think it is one of the more sustainable materials in my point of view.”

Most of the tanneries working with the brand “control their water, have fair treatment of the workforce, monitor their supply chain ensuring that they’re buying leather from those who are not deforesting, and taking the right approach also in terms of breeding and animal welfare,” he said.

Traceability in fashion sustainability Traceability of materials is considered a first and necessary step for the fashion industry, which is facing a new EU framework that will require brands and their suppliers to ensure the items they produce are sustainable from the drawing board to end-of-life disposal. Precise terms are still being defined and compliance will be phased in over the coming years.

“Traceability is an essential factor, but it’s not sufficient,’’ said Francesca Romana Rinaldi, a sustainability expert and director of the Monitor for Circular Fashion at SDA Bocconi School of Management. “It enables the implementation of sustainability and circularity.”

She said that any company that is not tracing their materials “doesn’t know their supply chain” and “could be also criticized for greenwashing.”

EU regulations and directives are moving toward full circularity of materials to include measures extending the life cycle of garments, accessories and footwear through repairs and end-of-life management, including recycling and upcycling, she said.

The EU is also phasing in restrictions on destroying unsold apparel, accessories and footwear produced by companies with more than 250 employees and more than 40 million euros ($46.8 million) in annual revenues.

From breeding to assembly The family-run fashion house was founded in 1927 by Salvatore Ferragamo in Florence, after his return from Hollywood, where he had established himself as shoemaker to the stars with clients including Marilyn Monroe and Judy Garland. Material scarcity during World War II pushed Ferragamo to experiment with alternatives, substituting wicker for leather and using cork for soles, the younger Ferragamo said.

In keeping with its origins, Ferragamo remains primarily a footwear and leather goods maker. Together, they comprised 86% of 2025 sales of 976.5 million euros ($1.1 billion).

Ferragamo launched its initiative on leather traceability with the calf leather used for its Fiamma bag, tracing it from breeding to assembly, the group announced in its 2024 annual report.

In 2025, Ferragamo enlisted tanneries supplying 80% of the hides it buys in a project to identify the country of origin of raw materials through supplier declarations. When including textiles such as cotton, silk and nylon, the company says 81% of its materials are certified under third-party sustainability standards.

“Today there is not one single solution, one single technological solution to trace the leather to the birth farm of the cows,’’ said Davide Triacca, Ferragamo’s sustainability director. “We got to that result through a very dedicated and consistent approach and today we are able to trace more than 80% of the entire leather that we supply and the vast majority of which comes from Europe.”

The EU does not require leather to be traceable. Sustainability experts underscore that approaches based on country-level mapping and supplier declarations do not establish a full chain of custody and instead reflect an early stage of traceability.

Ferragamo previously included a capsule collection with silky textiles made from orange fibers in 2017, one of its first research investments. More recently it used nylon from castor oil instead of fossil oil for a men’s tote bag, and its Back to Earth collection featured the brand’s trademark Hug handbag treated with vegetable dyes.

“Research keeps on going. It’s something that we’re doing all the time,'' Ferragamo said.

“We’re trying to find different ways of creating different materials. And sometimes the materials that we produce are not ready for market. But it doesn’t mean that we don’t experiment.”