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
TT

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."



Puma Narrows FY Core Profit Outlook

The logo of German sports goods firm Puma is seen on a shoe after the company's annual news conference in Herzogenaurach February 20, 2014. (Reuters)
The logo of German sports goods firm Puma is seen on a shoe after the company's annual news conference in Herzogenaurach February 20, 2014. (Reuters)
TT

Puma Narrows FY Core Profit Outlook

The logo of German sports goods firm Puma is seen on a shoe after the company's annual news conference in Herzogenaurach February 20, 2014. (Reuters)
The logo of German sports goods firm Puma is seen on a shoe after the company's annual news conference in Herzogenaurach February 20, 2014. (Reuters)

German sportswear maker Puma on Wednesday narrowed its outlook for full-year core profit as it reported its second-quarter results, citing expected currency headwinds, higher freight costs and continued muted consumer sentiment.

Puma, which has recently launched new marketing initiatives in an effort to compete better with bigger rivals like Adidas and Nike, has been grappling with weaker consumer demand and excess stocks at the sportswear retailers through which it makes most of its sales.

It now expects operating profit (EBIT) to come in a range between 620 million and 670 million euros ($676-$731 million) compared to between 620 million to 700 million euros previously.

Puma's shares were down 3.5% in early Frankfurt trade.

It confirmed its full-year outlook for currency adjusted revenue in mid-single-digit percentage, based on a strong order book for the second half of the year.

The company said it expected net income to change in 2024 in line with the operating result. It reported a net income of 304.9 million euros in 2023.

Currency-adjusted sales rose 2.1% to 2.12 billion euros in the quarter, in line with the 2.15 billion expected by analysts, according to LSEG data, driven by 9% growth in the Americas region.

In the Europe/Middle East and Africa region, currency-adjusted sales dropped by 4.3% to 817.9 million euros. A return to growth in Europe was offset by a decline in Eastern Europe, the Middle East, and Africa after a strong quarter in the previous year.

The Asia/Pacific region recorded sales growth of 1.9%, Puma said, boosted by growth in Greater China.

Quarterly EBIT was up by 1.6% to 117 million euros despite negative currency effects.