Thyssenkrupp Plans to Cut 1,800 Jobs at Weakened Auto Tech Unit
Thyssenkrupp TKA 4.65%increase; green up pointing triangle said it would cut around 1,800 jobs as part of an effort to reduce costs at its automotive technology business, which posted a slump in sales and orders for the final three months of last year.
The German industrial group said its package of measures, aimed at cutting more than 150 million euros ($161.8 million), would also include a temporary hiring freeze at the unit, which employed around 31,600 workers as of the end of September.
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Yahoo
an hour ago
- Yahoo
Fabrizio Romano Confirms Florian Wirtz to Liverpool is ‘100% Done'
Liverpool Beat Rivals to Sign Florian Wirtz in Stunning Transfer Coup Liverpool have pulled off a sensational coup in the transfer market, with the signing of Florian Wirtz now '100% done,' according to transfer expert Fabrizio Romano. The Bayer Leverkusen star, widely regarded as one of the brightest attacking midfielders in Europe, has chosen Anfield as his next destination, turning down strong interest from Bayern Munich, Real Madrid and Manchester City. Advertisement Romano confirmed on Tuesday that 'Liverpool verbally agree deal in principle with Bayer Leverkusen for package reaching €150m add-ons included,' adding that the 'player side already agreed two weeks ago with move now imminent' and that 'Wirtz set for medical and contract signing.' The 22-year-old German international, currently on holiday, is expected to complete his move following a medical once the transfer window reopens on 16 June. This delay is due to FIFA Club World Cup regulations. Behind the Deal: Slot's Role and Player Decision This wasn't a transfer engineered overnight. Initial speculation linked Wirtz with Manchester City, especially after he was spotted in England with his parents, who also serve as his representatives. However, those assumptions were quickly flipped on their head. German reports suggested that the Wirtz entourage travelled not to Manchester, but to Merseyside. Advertisement Arne Slot, fresh off a Premier League-winning debut campaign, is believed to have played a pivotal role in securing the player's decision. During his UK visit, Wirtz reportedly held a direct conversation with the Liverpool manager. That meeting appears to have been decisive. The report explains that 'a conversation with the Liverpool boss convinced him to choose a move to Anfield over going to Bayern Munich.' Slot's project, vision and playing style are said to have swayed the attacking midfielder, who has long been touted as the spiritual successor to Mesut Özil in the German national team setup. Photo: IMAGO Mixed Reports but Deal Remains on Track Despite Romano's strong declarations, some sources remain slightly more cautious. A contradictory update came from another senior journalist, who stated there was 'no agreement yet' between the clubs. However, even that statement confirmed that Liverpool and Leverkusen were in the 'final stages' of negotiations. Advertisement Romano doubled down on his position, clarifying that 'I told you two days ago (Tuesday) that the agreement is done. I can confirm that the agreement is done. You can consider Wirtz as a Liverpool player.' The delay in any official confirmation is, according to Romano, entirely due to Wirtz being on holiday. Once he returns, the medical and contract signing are set to follow swiftly. Photo: IMAGO Strategic Timing Ahead of Window Opening With the summer transfer window closed until 16 June, Liverpool and Bayer Leverkusen have time to finalise the structure of the deal, which is said to be complex due to the size of the package involved. Advertisement This breathing room could prove beneficial, as clubs look to iron out technicalities and payment schedules before the move is rubber-stamped. The final valuation, reportedly reaching €150 million including add-ons, represents a record-breaking commitment from Liverpool. But if Wirtz can translate his Bundesliga brilliance to the Premier League, it may well be a bargain in the long run. Our View – Anfield Index Analysis This is seismic. The sort of signing Liverpool fans used to dream about but rarely saw happen unless a star was being sold. To beat Bayern, Real Madrid and Man City to Florian Wirtz speaks volumes not just about Liverpool's pulling power, but also about the Slot effect. Arne Slot hasn't just won the league, he's clearly winning hearts and minds off the pitch too. Advertisement Wirtz is a generational talent. His ability to glide past players, his intelligence between the lines and his fearless creativity are exactly what this team needs to evolve again. While fans are rightly still emotional after the Klopp era, Slot seems to be building something both sustainable and exciting. There's a buzz growing. The thought of Wirtz linking up with Salah, Szoboszlai and Diaz in a fluid front four will have fans counting down the days until pre-season. The fee might be huge, but so was the statement. This is not a rebuild, it's a reload. Credit to Fabrizio Romano for staying consistent on this story. His updates have been the most confident throughout and, once again, he appears to have been proven right.
Yahoo
an hour ago
- Yahoo
🚨 Wirtz set to cost much less, reports: Bayer and LFC agree on fee
The transfer poker for Florian Wirtz has been going on for weeks, but now the clubs are said to have clarified the last details. According to current consistent media reports from England and Germany, only the medical check is still standing in the way of the deal. However, the well-known transfer experts in the scene have now raised a much bigger puzzle with the details. The 'kicker' and 'Sky' reporter Florian Plettenberg report consistently that Liverpool will pay a fixed transfer fee of 130-135 million euros for Wirtz, and the sum could increase to up to 150 million euros through various bonuses. Advertisement In contrast, there are the reports from England's transfer guru David Ornstein from 'The Athletic' and the also well-informed Andy Hunter from 'The Guardian'. The two Englishmen estimate the transfer fee at "only" 100 million pounds and 16 million pounds in bonuses, which is equivalent to approximately 117.5 million euros and almost 19 million euros in bonuses. With a possible total sum of a maximum of 136.5 million euros, the Englishmen thus locate the transfer fee significantly lower than their German colleagues. If not all bonuses are achieved, the transfer could ultimately not even go through as the most expensive Bundesliga sale in history. Ousmane Dembélé currently holds this status, who switched from Dortmund to Barcelona in 2017 for 135 million euros. So, is Wirtz significantly cheaper than thought? If you believe the reports from England, Liverpool FC has managed to negotiate down the transfer fee originally demanded by Bayer Leverkusen after all. This article was translated into English by Artificial Intelligence. You can read the original version in 🇩🇪 here. 📸 Alex Grimm - 2025 Getty Images
Business of Fashion
an hour ago
- Business of Fashion
Is the Secondary Watch Market Turning a Corner?
Amid the doom and gloom of luxury watch sales, a bright spot? After three years of continuous decline, prices of pre-owned watches appear to have bottomed out. And with prices of new watches still rising, second-hand retailers are now eyeing an uptick in sales. It may already be happening. In its annual report, published last month, Richemont cited 'double-digit growth' at its specialist pre-owned watch retailer WatchFinder. The group doesn't report on the individual performance of its units, but revenues in its 'Other' category, which includes WatchFinder, were said to be up 7 percent year-on-year. 'We've had a very good year,' said Arjen van de Vall, WatchFinder's chief executive, noting that increased revenues had been driven by volumes rather than values. 'You need to sell more watches than before because average prices have been going down,' he said. 'We have seen volumes higher than before, with very significant double-digit growth.' The pre-owned luxury watch market has fluctuated wildly over the past five years. During the pandemic, prices skyrocketed as consumers with few spending outlets speculated on watch values. By the spring of 2022, secondary market values of some of the most desirable models from brands such as Rolex and Audemars Piguet had more than doubled as demand outstripped supply. But since then, the global economy has hit serious turbulence, taking with it buyer confidence and costing some speculators huge sums as prices tumbled. Data gathered by WatchCharts and Morgan Stanley shows 12 consecutive quarters of price declines through the first quarter of 2025. And yet, in the latest numbers, there are some signs of stabilisation. In their most recent market report, published in April, WatchCharts and Morgan Stanley's price tracker recorded a drop of just 0.4 percent in the first quarter of this year, the smallest decline in three years. Pricing consistency appears to have returned some consumer confidence, while frustration at price increases of new watches is accelerating a shift towards pre-owned. 'We have already seen an increase in sales volume for many brands in the secondary market, particularly those that trade at a significant discount to retail,' said Charles Tian, founder and chief executive of WatchCharts. 'We believe this is in part caused by a displacement of retail demand, as consumers are becoming more aware of residual value and choosing to buy pre-owned for the value proposition.' Carsten Keller, chief executive of the German online watch marketplace Chrono24 said the current climate could play into the hands of secondary sellers. 'If new tariffs kick in, we expect price hikes in new watches to ripple directly into the pre-owned market,' he said. Independent data indicated growing interest in pre-owned luxury watches. In December, Deloitte's pre-owned market report suggested global consumer interest in buying pre-owned has doubled since 2020, with a record 49 percent of buyers saying they were motivated by finding watches more cheaply. Research by the Geneva-based Digital Luxury Group showed global searches for pre-owned luxury, across all categories, increased 21 percent year-on-year to 19.6 million in 2024, with watch and jewellery searches outperforming fashion, recording a 26.3 percent increase in interest to fashion's 11.5 percent. Renewed focus could mark the beginning of another new chapter for the pre-owned market. Two decades ago, 'secondhand' was a dirty word and brands and retailers gave the secondary market short shrift. Fast forward to today and with many of those same brands and retailers now heavily invested in the sector, analysts forecast the secondary market could soon catch up to the primary market in terms of sales. According to a report published by Cognitive Market Research in March, sales of secondary market watches in 2024 rose around 10 percent year-on-year to $26.8 billion, a figure expected to increase to $43.7 billion by 2031, representing a compound annual growth rate of 7.2 percent over the period. Calculations vary, but Custom Market Insights valued the primary luxury watch market at $46.3 billion in 2024. Some analysts believe the current downturn in luxury demand will be good for the pre-owned watch market. 'The more uncertain the market evolution is on the sales of new watches, the more the secondary market will be attractive for clients in search of immediate availability and potentially also discounts,' said Oliver Müller, founder of the specialist luxury watch consultancy LuxeConsult. One US outlet with booming second-hand sales figures said his customers were mainly driven by primary market pricing fatigue. Douglas Kaplan, chief commercial officer of Bob's Watches, which has been specialising in pre-owned Rolex since 1999 and claims to have revenues of more than $100 million a year, said his company's year-to-date sales receipts were up 25 percent. 'Brands are raising prices [of new watches], but buyers are not sure what value they're getting for the increase,' he said. Soaring gold prices could stimulate pre-owned market growth, too. 'Exploding gold prices are sending the prices [of new gold watches] to crazy high levels,' said Müller. 'Prices for gold watches will keep climbing in the foreseeable future, and so the secondary market might offer attractive alternatives.' But Keller of Chrono24 said he had not yet observed a shift. 'We see no impact of soaring gold prices on the demand for pre-owned gold watches,' he said. 'Buyer interest and listings for gold models on our platform are stable, underlining that brand appeal and market sentiment matter way more than raw material costs.' Van de Vall of WatchFinder agreed. 'We haven't seen a dramatic uplift,' he said. 'People bringing purchases forward would be on new, so the impact for us will be downstream.' But Keller did suggest there would be long-term benefits. 'Rising gold prices will further reinforce the perception of gold watches as a desirable asset with lasting value,' he said. Heat in the pre-owned market is likely to drive brands into the sector as they look to claim back revenues lost in the primary market. Rolex and some of its largest retail partners launched the Rolex Certified Pre-Owned (RCPO) programme in late 2022. Estimates by WatchCharts and Morgan Stanley point to Q1 2025 RCPO sales of $100 million. 'This was a fundamental change to the market,' said Brian Duffy, chief executive of the Watches of Switzerland Group, which recently opened a Rolex boutique on Bond Street that gives over a whole floor to RCPO. 'Quite rightly, people were concerned about shopping online and about authenticity — might a watch have been stolen, or was it a fake. But now you can get a Rolex from an authorised retailer that's been certified and guaranteed by Rolex, and this has introduced a new clientele, which has been very positive.' Richard Mille, one of the most in-demand watch brands, has also entered the secondary market and has been selling pre-owned models through its Ninety concept stores in London and Geneva, while other smaller independents such as H. Moser & Cie. and Linde Werdelin have also dabbled in certified pre-owned. Audemars Piguet is understood to be preparing to launch its own pre-owned channel later this year, too, but declined to confirm this. Duffy said Rolex's programme had helped build buyer trust, while also giving access to either so-called 'grail watches,' that is highly desirable discontinued models, or unavailable watches from the current Rolex collection that are sold at a premium. 'Our plan 18 months ago was that Rolex CPO would be 20 percent of Rolex new in the US and 10 percent in the UK,' he said. 'We're on track for that and we've upped our UK target to 15 percent,' Duffy added. Duffy said he expected more brands to enter the secondary market as its importance increased. 'We know brands are advanced on developing their own programmes,' he said. 'There was a lot of discomfort with an unregulated secondary market. Brands have spent a lot of time improving credibility, but they were seeing it diluted by pre-owned, so I understand the motivation.' The challenge for brands could become cannibalisation. 'For some, pre-owned is becoming competition for their own brands at new,' said van de Vall. But Kaplan said brand certification added cost some buyers weren't prepared to pay. 'People focus on the product,' he said, noting that the average price of a watch sold on Bob's Watches was around $11,000 to $12,000. 'They're more sensitive on price, value and trust than they are on official certification.' For a fee, Bob's Watches offers an additional level of certification if buyers want it. One of the appeals of the pre-owned market is that prices are more likely to be driven by consumer sentiment rather than brands. 'There's pricing transparency that makes pricing more democratic,' said van de Vall. 'People decide what's for them.' For now, sellers' forecasts remained cautious. 'We have to follow the market,' said Kaplan. 'In general, milk and break haven't gotten cheaper. There's room for growth again in pricing, but not as rapidly.' Van de Vall said there would be few fluctuations in the pre-owned market this year. 'Stability and predictability are good,' he said. 'I don't believe there's going to be another big spike.' And for buyers, once bitten, twice shy. 'Much of the market bubble until 2022 was caused by dealers hoarding inventory, and consumers being sold on the idea that watches were an appreciating asset and smart investment,' said Tian of WatchCharts. 'But now, consumer appetite for market speculation is extremely low. Many people have lost a lot of money the past few years.'
