Latest news with #FHS
Axios
5 days ago
- Politics
- Axios
Two 2025 Pulitzer winners trace roots to Fayetteville
Two winners of a prestigious prize for writers this year grew up in Fayetteville. One received Pulitzer recognition for her work on the first draft of history following the Dobbs decision, the other for a 1,000-year retrospective on Native Americans. Why it matters: Ziva Branstetter and Kathleen DuVal 's works highlight significant cultural and political issues in the U.S., bringing attention to people and events that might otherwise be lost to time. What they're saying:"Few, if any, school districts in the middle of America can lay claim to having two current Pulitzer Prize winners among their alumni," Fayetteville School District Superintendent John Mulford said in an email. "We are very proud of Dr. Duval and Ms. Branstetter, and we congratulate them on these prestigious honors." State of play: Though neither woman attended the University of Arkansas, it serves as a common denominator; both their fathers taught there and settled in Fayetteville. Branstetter, a senior investigative editor for ProPublica, worked with a team on " Life of the Mother," a series about how abortion bans have led to preventable deaths of women in Georgia and Texas. The series won for public service reporting. She graduated from Fayetteville High School (FHS) in 1982, then went to Oklahoma State University. Much of her career as an investigative reporter and editor was spent in Tulsa, Oklahoma, but she also did stints at Reveal and the Washington Post. "The reason we're doing this work is to point out to policy makers — and really the people who vote for them, the people who can apply pressure — that there are opportunities to save lives," she told Axios. Case in point:"Ziva had the vision that we should gather death records ourselves, reach out to families and ask experts to help us understand if and how abortion laws were impacting health care. ... Her passion, encouragement and support made it possible," ProPublica reporter Kavitha Surana told Axios. DuVal, a professor of history with the University of North Carolina at Chapel Hill, won the prize in history for her book " Native Nations: A Millennium in North America." It chronicles U.S. history through the lens of Indigenous nations. She graduated from FHS in 1988, then earned her bachelor's degree in history at Stanford and her Ph.D. at the University of California, Davis. Her research focuses on the influence of different cultures on early America. "I think for a long time it was important to most Americans to kind of believe that the United States had a right to the whole continent and that maybe Native Americans hadn't," she said. But in recent years, DuVal said, the public has become more interested in Native American history and that the communities "have always been here and are still really an important part of the United States." Case in point: DuVal was editor of the FHS literary magazine, named "Best High School Literary Magazine" in 1988 by the Columbia University School of Journalism, her father, John DuVal, told Axios.
Business of Fashion
23-05-2025
- Business
- Business of Fashion
Can Swiss Watches Compete on Value?
With the price of gold soaring, the Swiss franc still trading high and US tariffs looming, luxury watch companies are facing a growing problem: Watch prices keep rising. That consumers have become more price sensitive and value conscious amid a downturn in overall luxury spending and growing competition from rival luxury categories only compounds the issue. Can luxury watches still compete? 'People want to get something for their money,' said Karine Szegedi, a partner at Deloitte and author of its annual Swiss Watch Industry Insights reports. 'They don't only buy a watch because it's luxury: it has to be priced at the right level. Pricing has gone up so far, so what's the right price now?' The question is vexing brands, too. 'In more than 20 years in this industry, I've never experienced something like this,' said Edouard Meylan, chief executive of the independent watchmaker H. Moser & Cie, which has annual revenues of around 100 million Swiss francs, according to estimates by Morgan Stanley. 'Setting the right price has become more and more challenging. We believe in pricing that reflects the real value of what we create, not the noise around it.' If one thing seems certain, it's that buyers are buying fewer new watches. According to the Federation of the Swiss Watch Industry (FHS), export volumes continue to tumble, down 5.8 percent year-on-year to the end of March, following a slump of 9.4 percent last year. Over the past decade, total volumes have almost halved, decreasing from 28.1 million units in 2015 to 15.3 million last year. 'Consumers today are demonstrating a more value-conscious approach,' said Yves Bugmann, president of the FHS. 'The current environment reflects a more cautious and discerning mindset.' Since the launch of Apple's Watch a decade ago, luxury watch brands have aimed to create clean air between them and the smartwatch market. Today, while some direct-to-consumer microbrands sell mechanical watches marketed as accessible luxury for under $1,000, Swiss-made mid-market luxury mechanicals typically now start at around $2,000, with prices rising quickly from there. Brands are about to find out just how much price elasticity there is in their products. With gold prices hitting $3,500 an ounce in mid-May, a rise of around 40 percent in 12 months, and tariffs of 31 percent on Swiss watch exports to the US set to take effect from July 1, brands have already started pushing prices up. Independent research has shown that average prices of Swiss watches available online in the US spiked in April. Watches priced over $100,000 were most impacted, rising on average 17.5 percent, according to the Geneva-based agency Digital Luxury Group. The group's research showed price increases became more marginal the lower the price segment, with watches costing less than $10,000 increasing only 4.2 percent on average. But few watches in this price bracket contain gold. One watch retailer suggested that this trend was temporary, though, and that price increases would soon level out. 'Recent years have seen extraordinary trends of price increases, which has adversely impacted volumes,' said Brian Duffy, chief executive of Watches of Switzerland Group, which operates a network of watch stores across the US and UK and last week reported revenues for its most recent financial year of £1.65 billion, an 8 percent year-on-year increase. 'We believe that this period is largely over.' Even then, brands have been left battling to shore up their value propositions. Many have settled on a path to the low-volume, high-value category, where it's thought consumer price sensitivity is lower. According to Bugmann, export figures suggest this might be a smart play. 'Despite prevailing economic headwinds, demand among affluent consumers remains comparatively robust,' he said. 'In 2024, the segment of watches with an export price above 3,000 Swiss francs recorded a slight increase of 1.0 percent, further underscoring the sustained strength of this market tier.' One critic said brands had only themselves to blame for their current predicament. 'Brands are caught in an economic trap, exacerbated by their own short-term thinking during the pandemic,' said Chris Hall, author of a weekly watch industry newsletter called The Fourth Wheel. 'When demand was running out of control, they hiked prices just because they could. Now, having budgeted for a 'new normal' that could never have been sustained, they have been hit by more legitimate reasons to raise prices: the cost of raw materials, currency fluctuations, tariffs and so on. So customers have seen watches that are completely or substantially unchanged rise more than 40 percent in some cases.' Many brands are resorting to smaller watches or more affordable materials so they can offer watches at prices that appear to offer a stronger value proposition. In April, Rolex introduced a new line called Land-Dweller with a new-generation time-and-date movement and a mix of steel and white gold in its case and bracelet that it calls Rolesor. The two materials are all but indistinguishable, but the 36mm watch retails from $14,450, considerably less than the $40,200 list price of the solid gold version of Rolex's Day-Date 36. 'Brands are responding to value and affordability issues through product innovation and increasing focus on value through a move to steel from gold, and simpler functionality,' said Duffy. Also in April, TAG Heuer reintroduced the Formula 1, a collection of colourful 38mm watches based on a design that helped grow the brand in the mid-1980s after Heuer was acquired by the Saudi group Techniques d'Avant Garde and renamed. The contemporary collection starts from $1,800 with a watch with a solar-powered movement and a case made of a bio-polymer the brand is calling TH-Polylight. 'Value doesn't mean a cheap watch,' said Nicholas Biebuyck, TAG Heuer's Heritage Director. 'The case material in the Formula 1 is a robust material tested in our laboratory, the movement has 10 months of autonomy and long service intervals, and the watch comes with five years of warranty. This is something of great quality.' Some brands, including TAG Heuer, have been criticised for investing heavily in marketing. Antoine Pin, the company's chief executive, told The Business of Fashion earlier this year the brand spent almost 20 percent of its revenues on marketing. TAG Heuer is part of LVMH, which is spending a reported $1 billion over 10 years on a Formula 1 sponsorship deal that has made TAG Heuer the sport's official timekeeper. But Biebuyck is unrepentant. 'I've lost count of the number of disruptors in this industry who sell watches for under $1,000 and don't advertise or sponsor,' he said. 'Either they die a death very quickly, or they end up going down the traditional marketing route and putting stickers on a rally car or something, because you have to elevate the prestige of your brand in the mind of the consumer.' Some Swiss watch brands are betting big on value. Oris, an independent company that sells 40,000 watches a year with an average retail price of around 2,100 Swiss francs, according to Morgan Stanley estimates, introduced a steel sports watch with a mechanical movement called the Big Crown Pointer Date last month, priced from $2,300. 'We have tried to bring watches that are more at the entry-level of what we do and make sure we have a very attractive and interesting offer there,' said Rolf Studer, the company's co-chief executive, noting that in some countries the strength of the Swiss franc accounted for as much as two thirds of recent price rises. 'It is a problem for our industry that our currency keeps getting stronger, and it's a problem for the middle class and entry-level luxury buyer, because an offering that was in reach only a short time ago may have gotten out of reach.' Duffy recognised the sentiment. 'Luxury watches are a low-frequency category and we experienced some purchase deferrals, impacted by high price increases,' he said. 'But we have seen a normalisation of consumer behaviour in 2025 and consumer sentiment towards the luxury watch category remains strong.' Others said they expected volumes to remain low and that this would heat up the battle. 'We are past the period of absolute expansion in luxury,' said Biebuyck. 'Gone are the days when people wanted 50, 100 watches; now they want 10 or 20 great watches. And that means brands are now fighting for dollars and having to take clients from competitors. It's tooth and nail out there.' While global economic and political uncertainty persists, few expected the value challenge would ease off. 'In the current economic context, marked by fluctuating exchange rates, increased tariffs and rising raw material costs, it is likely that some watch companies will need to further adjust their pricing strategies in order to protect margins,' said Bugmann.
Syyaha
14-05-2025
- Business
- Syyaha
ASFAR and Minor Hotels Sign MoU to Blend Thai Hospitality with Saudi Heritage Across New Tourism Destinations in the Kingdom
• Strategic alliance champions sustainable tourism through the fusion of Thai hospitality excellence and authentic Saudi cultural experiences • Collaboration supports Saudi Arabia's Vision 2030 by accelerating economic diversification and unlocking the full potential of the tourism sector ASFAR, the Saudi tourism investment company and a PIF company, today announced the signing of a strategic Memorandum of Understanding (MoU) with Minor Hotels, a leading international hotel owner, operator, and investor with a strong footprint in Asia, the Middle East, and Europe, during the Future Hospitality Summit (FHS) in Saudi Arabia. This milestone builds on ASFAR's growing portfolio of hospitality investments and reinforces its commitment to shaping vibrant tourism destinations across the Kingdom. The signing ceremony was presided over by Dr. Fahad Bin Mushayt, CEO of ASFAR, and Amir Golbarg, Senior Vice President, Minor Hotels Middle East & Africa. This agreement marks another pivotal step in ASFAR's strategic drive to transform promising Saudi cities into vibrant tourism destinations. The MoU sets the foundation for introducing Minor Hotels' distinctive international brands into several high-potential locations across the Kingdom. The collaboration aims to deliver hospitality experiences that seamlessly fuse Thai service excellence with the richness of Saudi culture—enhancing guest journeys while reinforcing ASFAR's commitment to culturally grounded, globally competitive destinations. Dr. Fahad Bin Mushayt, CEO of ASFAR, said: 'This agreement with Minor Hotels is a strategic leap forward in our mission to unlock the full tourism potential of Saudi Arabia. By bringing globally respected hospitality brands into promising destinations, we're not only enriching our investment portfolio — we're also introducing unique guest experiences that blend the warmth of Thai hospitality with the depth and authenticity of Saudi culture. Together, we are shaping destinations that deliver on the promise of Vision 2030 and leave a lasting impact on communities, visitors, and the tourism landscape at large.' Amir Golbarg, Senior Vice President, Minor Hotels Middle East & Africa, commented: 'Saudi Arabia is rapidly emerging as a key global destination for tourism, and we are proud to partner with ASFAR to support the Kingdom's bold vision for the future. With more than five decades of hospitality expertise and a portfolio of distinctive brands, Minor Hotels is committed to crafting culturally rich, immersive experiences that reflect the unique heritage and dynamic ambitions of each destination. This partnership marks an exciting opportunity to contribute meaningfully to the Kingdom's evolving tourism landscape.' This MoU emphasizes a shared commitment to local content and community empowerment, with plans to integrate locally inspired designs, products, and experiences throughout the properties. This approach ensures that each destination will offer authentic experiences while creating sustainable economic opportunities for local communities. In alignment with Vision 2030's goals of economic diversification and sustainable tourism transformation, ASFAR and Minor Hotels will work together to establish hospitality offerings that enhance Saudi Arabia's appeal as a global tourism destination while preserving the unique character of each region. The agreement will focus on developing lifestyle-oriented properties that cater to evolving traveler preferences, with several projects planned across the Kingdom's most promising tourism destinations.
Hospitality Net
14-05-2025
- Business
- Hospitality Net
IHG Hotels & Resorts Launches Middle East's First EVEN Hotel with a Signing in Saudi Arabia
IHG Hotels & Resorts, one of the world's leading hospitality companies, has announced the signing of EVEN Hotel Dammam, bringing its lifestyle wellness-focused brand to the Middle East for the first time. The agreement was signed on the sidelines of Future Hospitality Summit (FHS) in Riyadh. As one of the only brands in its segment, EVEN Hotels' launch in the Middle East will redefine what it means to "travel well". Tailored through in-depth market research in the region and adapted to how today's traveller integrates well-being into their lifestyle, the brand reimagines wellness to be fulfilling, inclusive, and effortlessly personal. Whether guests want to energise, unwind, or reset, EVEN Hotels will offer the freedom to do it their way—from in-room wellness zones and craveable food and drink, to state-of-the-art fitness, recreation, and vibrant social spaces. Designed for travellers who want to live a full and rewarding life, even when on the move, EVEN Hotel Dammam will be the "third space" —a lifestyle destination featuring harmonious blend of adaptive spaces that evolve with guests' needs, seamlessly balancing productivity, relaxation, and connection. Each room will feature a signature wellness zone—offering a choice between in-room fitness gear or calming corners to unwind. Guests can enjoy a high-performance workout at Athletic Studio with zones for strength, cardio, and recovery, the Soul Studio for yoga and mindful movement, and rejuvenating rituals at the spa. Dining options will range from nutritious to indulgent, while social areas will flow seamlessly between connection and calm—creating space to work, relax, or reset. Inspired by biophilic design, EVEN Hotel Dammam will deliver a fresh take on wellness with lifestyle-led stays for guests who want to stay in sync with their rhythm. In partnership with Marassi Al Bahr Development Company; a subsidiary of Al Khaldi Holding group of companies, the 300-key hotel is set to open in January 2029. The hotel, conveniently located in the King Abdullah Civic Center in Dammam, will give guests direct access to government buildings, cultural institutions, and commercial zones, reinforcing the area's status as a growing civic and business hub. Dammam, the Eastern Province's commercial heart, offers immense potential for business and leisure travellers. With this signing, IHG continues to strengthen its presence in the Eastern region and align with Saudi Arabia's Vision 2030 tourism and lifestyle ambitions. EVEN Hotel Dammam signing marks the launch of the brand in the Middle East and paves the way for further regional growth. IHG currently operates 45 hotels across six brands in Saudi Arabia, including: InterContinental, Crowne Plaza, Holiday Inn, Staybridge Suites, and voco, with 47 hotels in the development pipeline set to open within the next three to five years. Hotel website
Syyaha
14-05-2025
- Business
- Syyaha
Sommet Education recognises emerging talent in Saudi Arabia's hospitality sector in Partnership with Future Leader Award
Sommet Education, is a global leader in higher education for the hospitality and service industries providing world-class education through its prestigious institutions, including Les Roches, École Ducasse, and Glion Institute of Higher Education. Earlier today, on stage at the Future Hospitality Summit Saudi Arabia (FHS) taking place at the Mandarin Oriental Al Faisaliah in Riyadh this week, the winner of the 2025 FHS Future Leader Awards was year's Future Leader Award winner is Lama AlQawasmi, Co-Founder & COO of Hospitality talents, Vice President of Hospitality at Moqam Urban Development Co. Lama AlQawasmi stands as a remarkable example of young woman leadership in Saudi Arabia's hospitality Future Leader Award is an initiative from FHS organizer The Bench, powered by the Sommet Education Foundation, the non-for-profit organization of Sommet Education aiming at fostering inclusivity in the Hospitality Future Leader Award was open to individuals aged 18 to 35 who have demonstrated leadership, innovation, and impact in the hospitality field. The jury included leaders from renowned hospitality and education institutions such as Carlos Díez de la Lastra, Chief Executive Officer of Les Roches, Anouck Weiss, Chief Communication Officer of Sommet Education, Co-founder & Executive Vice President of Sommet Education Foundation; Luis Nicolas Barrios, Regional Manager of Innovation Education and Investment at UN Tourism, and Jonathan Worsley, Chairman & CEO of The Bench.'Saudi Arabia's hospitality industry is undergoing a dynamic shift, and we believe the Future Leader Award is an important step in recognizing the young leaders who are driving that change. Through this award, we are proud to support the Kingdom's Vision 2030 by fostering talent and offering opportunities for growth and development to the next generation of hospitality leaders.' said Carlos Díez de la Lastra, CEO of Les has led strategic initiatives across multiple organizations—including founding a consultancy division, championing sustainability and innovation, and mentoring young professionals in the sector. She has already held influential roles at Moqam Urban Development, and the Elaf Group, where she's driven operational excellence and talent development. Lama's focus on collaboration, education, and social impact makes her not just a rising star—but a guiding light for the next generation of hospitality shared: 'Thank you so much I'm truly honoured to receive this award. This award isn't just about me, it's about the belief that talent exists everywhere and opportunities do as well. My mission is to fill this gap through hospitality, through education, and through purpose.''Lama AlQawasmi embodies the empowering, people-centric leadership, entrepreneurial mindset, and deep passion for hospitality that we strive to nurture at Sommet Education. She represents exactly the kind of leader the hospitality world needs – driven by purpose, committed to others, and unafraid to shape the future,' said Anouck Weiss, Chief Communication Officer of Sommet Education, and Co-founder & Executive Vice President of Sommet Education Foundation. As part of Lama's prize, she will get access to an exclusive scholarship opportunity within Sommet Education's portfolio of Master's, Executive Master's or part-time education at Glion Institute of Higher Education or Les Roches Global Hospitality in the UK, Switzerland, and Spain as well as access to Sommet Education's alumni networks, internships, and job placement opportunities.
