'Majestic' Tiaras of Josephine Bonaparte Sold in UK

The elaborate jewel-encrusted tiaras are thought to have belonged to the French empress Josephine Bonaparte. Daniel LEAL AFP
The elaborate jewel-encrusted tiaras are thought to have belonged to the French empress Josephine Bonaparte. Daniel LEAL AFP
TT

'Majestic' Tiaras of Josephine Bonaparte Sold in UK

The elaborate jewel-encrusted tiaras are thought to have belonged to the French empress Josephine Bonaparte. Daniel LEAL AFP
The elaborate jewel-encrusted tiaras are thought to have belonged to the French empress Josephine Bonaparte. Daniel LEAL AFP

A pair of "highly rare" centuries-old headpieces encrusted with jewels and believed to have belonged to the French empress Josephine Bonaparte sold at auction in London Tuesday for nearly £600,000 ($795,000, 710,000 euros).

The two tiaras -- offered from a private British collection dating back at least 150 years -- are thought to have been given to Napoleon Bonaparte's wife by his sister Caroline early in the 19th century, according to Sotheby's.

Both headpieces, each part of a parure -- a set of matching jewelry designed to be worn together -- are set with gemstones engraved with classical heads, several of which are possibly ancient, the auction house said.

The more ornate of the duo -- comprising carnelian, enamel and gold -- fetched £450,600, while the other sold for £126,000, as part of a "Treasures" sale of various valuable and rare items.

"These majestic jewels mounted with cameos and intaglios certainly evoke the style of the grand Empress Josephine -- her rank as wife of Napoleon Bonaparte, her impeccable taste and her interest in the classical world," said Kristian Spofforth, of Sotheby's.

"The jewels offered here demonstrate the finest delicate work by the finest French workshops, and, today, there are hardly any comparable pieces in the world.

"When fashions changed, jewelry was broken up and re-modelled, making their survival a truly exceptional one."

Josephine Bonaparte was likely given just the engraved gems, which Sotheby's said were a possible combination of Roman examples dating back to as early as 100 BC as well as more contemporary Italian engravings.

The auctioneers believe the jewels were then mounted for her in the French capital in around 1808 in the neo-classical style, citing marks on the crowns pointing to Paris and its famed goldsmiths of the age.

They were believed to endow the wearer with their various depicted qualities such as heroism, faithfulness and love, all while blazing a trail in the fashion world of the day.

"By being the first to incorporate these cameos and intaglios into her dress, wearing them side by side with pearls and diamonds, she created an entire new fashion that swept Paris and the world, based on neo-classical forms," explained Spofforth.

No details were immediately released Tuesday on the identity of the buyers.

Sotheby's said the tiaras were possibly acquired from Josephine or her estate by British landowner, art collector and politician Edward Lascelles, and then passed on to his descendants.



Nike's New CEO Plans to Go Back to Basics in Brand Overhaul Effort

The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
TT

Nike's New CEO Plans to Go Back to Basics in Brand Overhaul Effort

The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)
The Nike swoosh logo is seen outside the store on 5th Ave in New York, New York, US, March 19, 2019. (Reuters)

Nike's new CEO Elliott Hill warned of a long road to sales recovery for the sportswear giant, but the veteran executive's plan to turn the spotlight on sports like basketball and running, allayed some investor worries.

The company said on Thursday it was expecting third-quarter revenue to drop to low double digits after the embattled sportswear seller's quarterly results beat market estimates.

Hill, in his first public address as CEO on the post-earnings call, said Nike had "lost its obsession with sport" and vowed to put it back on track by refocusing on sport and selling more items at premium prices, Reuters reported.

"The recovery is going to be a multi-year process, but he(Hill) seems to be going back to the roots, back to Nike being Nike," said John Nagle, chief investment officer at Kavar Capital Partners, which owns Nike shares.

"(Hill plans to shift focus) away from some of the streetwear and fashion that had taken over the brand, the heavy discounting and the neglect of retailers. Just taking it back to what worked," Nagle said.

Hill, who was with Nike for more than three decades, returned as CEO in October to revive demand at the firm that has been struggling with strategy missteps that soured its relations with retailers such as Foot Locker.

Earlier this month, Foot Locker CEO Mary Dillon said Hill was "taking the right actions for the brand" and the retailer was "working closely" with Nike to emphasize newer sportswear styles, including Vomero and Air DT Max.

"(The retailers) they want us to get back to being Nike, and they want us to have the unrelenting flow of innovative products... and they want us to get back to delivering bold brand statements that help drive traffic," Hill said.

The company's market share dwindled as rival brands, including Roger Federer-backed On and Deckers' Hoka , lured consumers with fresher and more innovative styles.

Hill also highlighted that a lack of newness led Nike to become too promotional and said he plans to shift to selling more at full price on its website and app.

"With another half year of franchise management coupled with investment to reinvigorate the brand, we believe the next four quarters could be the worst of the margin erosion and earnings per share reductions," Barclays analyst Adrienne Yih said.

At least seven brokerages cut price targets on the stock with some analysts pointing to the lack of a clear timeline for Nike to return to growth.

Shares of Nike, which have lost about half of its value in the last three years, were down nearly about 2% in early trading on Friday.

Nike's forward price-to-earnings ratio for the next 12 months, a benchmark for valuing stocks, was 27.53, compared with 33.47 for Deckers and 32.32 for Adidas.

"A rudderless ship now has a rudder, and a sailor who knows how to drive it," said Eric Clark, portfolio manager at the Rational Dynamic Brands fund that owns Nike shares.