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Apr 12 2007 6:40AM EDT

Goldman Says Gucci Watches Going Down

The Goldman Sachs annual survey of watch retailers, distributed today, makes for interesting reading. Richemont, parent company of Cartier, is on their "conviction buy list" (whatever happened to plain old 'strong buy'?), due largely to the strength of the Cartier brand. According to the survey, in the last six months Cartier surpassed Rolex as the best-selling watch brand and the retailers said they think it will continue to go neck and neck with Rolex in the next six months.

Gucci brand watches ranked in 20th place and as also the brand most "expected to have the biggest decline in the next six months and as the brand most at risk of being discontinued by retailers." Yikes.

Which would explain why Mark Lee, Gucci's CEO, and Frida Giannini, the brand's creative director, gave an interview to Women's Wear Daily explaining how long it takes to design and produce a watch. Giannini told WWD "It's a drawn-out process and quite different from designing a shoe." Which means that even though Gucci watches were taken out of the Gucci Group watch division and given to Giannini in 2006, her efforts -- so successful in shoes and leather goods -- have not been visible before now. The first of her styles will debut at the Baselworld watch fair today.

Here's hoping she's as good with time pieces as she is with bags.

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