Jessica Jung to Design Luxury Watches for The Coridel Group
Jessica Jung is one of the hottest names on the Korean fashion scene and now the Blanc & Eclare designer is moving into the area of luxury watches with an ultra-limited edition timepiece selling for $18,000.
Jung has entered into collaboration with The Coridel Group to create a series of watches and jewelry to be marketed through the global fashion brand Marvella. The first product of the partnership will be a limited edition watch that will be made in only 100 pieces.
“I am excited to take another step forward in fashion with this collaboration,” Jung said. “I look forward to this opportunity in the luxury watches and jewellery space, designing elegant pieces with Marvella.”
Pre-orders are already being taken on the $18,000 watch.
Richemont Chairman Warns Against Income Inequality
Jung will probably have no trouble finding buyers for those 100 limited edition watches this year, but that may not be true in the future. The CEO of one luxury conglomerate has warned of the dangers that the industry could face from global inequality.
In a speech to the Financial Times Business of Luxury Summit in Monaco, Johann Rupert, the chairman of Compagnie Financiere Richemont, expressed alarm over the changes brought about by technology. The billionaire pointed out how factors like artificial intelligence, robots and the new machine age are causing structural unemployment on a global scale. This could lead to a small class of “winners” who inspire “envy, hatred and social warfare” on the part of the masses.
“We can’t have the point 1 percent of the point 1 percent taking all the spoils,” Rupert said. “Now folks those are our clients. But it’s unfair and it’s not sustainable.”
“I don’t know what new social pact we’ll have,” he added. “But we’d better find one. Otherwise our clients will be targets. They’ll be hated, despised.”
Maybe they should avoid conspicuous instances of consumption like buying Apple Watches for their dogs.