He mentioned certain "Presbyterian features" of the course--the Valley of Sin, the Pulpit bunker, the bunker named Hell--pointing them out as we passed them. St. Andrews' pot bunkers are nothing tiffany the scalloped sands of other courses. The many dozens of them on the Old Course are small, cylindrical, scarcely wider than a golf swing, and of varying depth--four feet, six feet, but always enough to retain a few strokes. Their faces are vertical, layered, stratigraphic walls of ancestral turf. As you look down a fairway, they suggest the mouths of small caves, or, collectively, the sharp perforations of a kitchen grater. On the sixteenth, he called attention to a pair of them in mid-fairway, only a yard or two apart, with a mound between them that suggested cartilage. The name of this hazard is the Principal's Nose. Hamilton told a joke about a local man playing the course, who suffered a seizure at the Principal's Nose. His playing partner called 999, the U.K. version of 911, and was soon speaking with a person in Bangalore. The playing partner reported the seizure and said that the victim was at the Principal's Nose bunker on discount Tiffany Bangle sixteenth hole on the Old Course at St. Andrews, in Scotland; and Bangalore asked, "Which nostril?"As the Old Course expanded in the nineteenth century from a single track to a closely paralleled double track, seven of the new pairs of fairways ended in common greens, as they do today. These double greens, each sporting two flagsticks, are even weirder than the pot bunkers. Their cardinal feature is immensity. Putts on them are sometimes described in yards rather than feet. An approach shot blown off course can result in a putt with fifty yards to the hole. Standing beside the expanse shared by the fifth and thirteenth flags, David Hamilton said it was the largest. American football teams could play an exhibition game on this green.
While the greens are outsized, the Old Course, as a unit, is much the opposite. Championship golf courses in the United States typically occupy about a hundred and sixty acres. This ancient links course, with its contiguous fairways and longitudinal economy, fits into a hundred and twenty. It is like a printed circuit with its sibling courses on a linksland peninsula between the estuary of the River Eden and the North Sea. When I was twelve years old, I was so naive that I thought golf links must be called that because the game was played on a sort of chain of consecutive holes. Jimmy Kahny, also in the eighth grade, introduced me to the term as a result of my telling him that I needed money so I could buy an all-weather basketball and dribble my way to school. He said, "There's good money at the golf links, caddying." The good money was one discount Tiffany Bracelet for toting two players' bags, a service known as doubles eighteen. I got my basketball, but--in those caddying seasons--no hint that links were called links before golf was played. The word comes from Old English and refers to a coastal topography behind a beach, a somewhat dunal and undulating landscape, untillable, under bushes of prickly gorse, scattered heather, and a thin turf of marram and other grasses. Scotland is necklaced by these essentially treeless linkslands, brought up from the deep by the crustal rebounding of a region once depressed by glacial ice, links about as vulnerable to sea surges as Los Angeles is to earthquakes, common grazings good for little else but the invention of public games, where marine whirlwinds could blow out the turf and create ancestral bunkers--for example, Turnberry, Muirfield, Dornoch, Crail, Carnoustie, Prestwick, Royal Troon. Carnoustie, to the north of St. Andrews, was just past the Firth of Tay. "If you can't see Carnoustie, it's raining," David Hamilton said. "If you can see Carnoustie, it's going to rain." We could not see Carnoustie. David Hamilton--in moccasins, cotton trousers, a blue shirt, a maroon tie, a beige sweater-vest, and a billed cap that said "The Old Course, St. Andrews Links"--seemed unaware of rain, as befitted the author of "Golf--Scotland's Game" (Partick Press, 1998), an attractively written definitive history, amply and informatively illustrated.
Golf links are wherever you call them that. There's a difference between golf links and links golf. Linksland is where links golf is played. It differs substantially from landlocked, parkland, A to B to C to D golf in this way, among others: it is less linear, and there is greater freedom to select a line from tee to green. For example, on the Old Course players can aim anywhere on the mated fairways. Tiger Woods goes off the first tee to a strategic lie on the eighteenth fairway. Players we watched on the sixteenth were driving up the third to avoid the Principal's Nose. Never mind the discount Tiffany CuffLink high hedgerows of impenetrable gorse, the rippling hay, the patches of heather; most of this wide and treeless panoramic savannah is a carpet of smooth grass; you could all but use a putter from tee to green. It looks easy until you see John Daly hunting for his ball on the third fairway, which, typifying a links fairway, has the loved-in texture of a rumpled sheet. A ball lost in a fairway! A player has five minutes to locate a lost ball, and Daly and his entourage need it. The third fairway, like nearly every other Old Course fairway, has the pit-and-mound topography of a virgin forest, but it wasn't made by trees.
But not everyone is as confident. Banc of America Securities analyst Dana Cohen said that while the company has been able to diversify its business into growing markets, reduce nonperforming divisions, and Tiffany Key on sale core assortments, issues remain.With the anticipation of fewer international flight seats available in the second half, tourism will be an issue for Tiffany, according to Cohen. Advantageous currency translation, which has been boosting the retailer's earnings by about 5 percent, will also begin to moderate, she said, as the dollar continues to rally.Pali Capital retail analyst Stacey Widlitz was a bit more optimistic."There's consumer weakness, but the good news for Tiffany is that they're becoming a global brand," she said.Tiffany also had help from a greater concentration of high-end merchandise at higher price points, Widlitz said.Quarterly and first-half gross margin increased to 57.8 and 57.4 percent, respectively, from 56.1 percent in both periods, aided by favorable changes in a geographic and product sales mix, as well as sales leverage on fixed costs. Net inventories at the end of the quarter were up 10.1 percent, due in part to store expansion.First-half profits shot up 53.5 percent to $145.2 million, or $1.13 a diluted share, from $94.5 million, or 86 cents a share, a year ago. Net sales rose 11.3 percent to $1.4 billion from $1.26 billion.Tiffany Money Clip on sale increased its full-year earnings guidance slightly to a range of $2.82 to $2.92 a diluted share, versus its prior forecast of $2.80 to $2.90 a share. The company said this expectation includes worldwide sales growth of approximately 9 percent based on continued strong growth in Europe and Asia-Pacific, and a return to growth in U.S. same-store sales in the fourth quarter due to an easier year-over-year comparison. Full-year operating margin is also expected to increase slightly over last year, according to the company.nalysts are looking for earnings of $2.83 a share on revenues of $3.27 billion.
Tiffany & Co.'s fiscal-first-quarter profit rose 19% as higher demand in Europe and Asia helped make up for soft sales in the U.S.In addition, the New York jeweler raised its full-year earnings outlook while noting it maintains "a cautious outlook for U.S. sales" and doesn't expect an improvement until later this year.Tiffany also said it plans to introduce a "new, smaller store format" in the U.S. later this year, in addition to its plans to open about 24 new stores world-wide.Sales at stores open at least a year rose 21% in Europe and 15% in the Asia-Pacific region, driven by demand in areas from London and Italy to Hong Kong and China. Adjusted for currency effects, same- store sales rose 12% in Europe and 4% in the Asia-Pacific region.Overseas sales helped offset flat sales in the U.S., the company's largest market, where a slowing economy has Tiffany Necklace on sale spending on jewelry and other discretionary items.International shoppers taking advantage of the weak dollar also helped Tiffany's domestic sales. The company's New York flagship store saw a 16% jump in same-store sales, driven by demand from foreign tourists. Meanwhile, sales at branch stores declined 4% as the company experienced soft sales of items below $500.Sales in the quarter ended April 30 have been driven by engagement rings in the U.S., silver jewelry outside of the U.S. or designer collections such as Elsa Peretti jewelry.Chief Executive Michael J. Kowalski said strong sales growth despite "only modest growth in the U.S. due to challenging conditions reflects the benefit of globally diversified distribution."
"Tiffany is becoming a truly global brand," said Pali Research analyst Stacey Widlitz, who has a "buy" rating on the stock. "The strength in international and the size of it is enough to offset however long the U.S. consumer weakness is lasting. International consumers love this brand."World-wide sales so far in May have met the company's expectations, Tiffany said. While U.S. same-store sales for the year are expected to rise, the company said it expects second-quarter U.S. sales to decline, which will pressure profit in that period.Tiffany raised its full-year outlook it boosted in March an Tiffany Note on sale five cents and now expects earnings of $2.80 to $2.90 a share, maintaining its forecast for net sales growth of about 10%. The latest mean estimate of analysts surveyed by Thomson Reuters was for earnings of $2.73 a share on 10% sales growth to $3.23 billion.Tiffany & Co. said fiscal first-quarter profit rose 9.6% as sales increased in the U.S. and abroad. The New York jeweler and specialty retailer reported net income of $35.9 million, or 24 cents a share, for the period ended April 30, compared with $32.7 million, or 22 cents a share, a year earlier. Sales rose 14% to $395.8 million. International retail sales rose 12% to $165.5 million.
Prep-school styles dominated the -runways, but there's a fine line between rocking a cool, classic vibe and -causing a bad L.L.Bean flashback. Here's how to put the naughty in naughty schoolgirl tiffany time.Duck-Boot PumpsWe never thought we'd call boat shoes sexy...until these retro kicks got a flirty update with super-high heels.Blouse, $248, pants, $248, belt, $128, and boots, $298, Tommy HilfigerOversize Rugby ShirtStep one: Push up sleeves.Step two: Put belt at waist.Step three: Take your pick of lab partners.(On her) dress, A.P.C, $225; belt, 213 Industry, $85; necklace, Kara by Kara Ross, $260; gold bracelets, Barbara D'Oro; leather cuff, CC Skye, $185. (On guys, from left) shirt, $115, and blazer, $498, GANT; pants, Brunello Cucinelli; sweatshirt, Relwen; shirt, GANT, $115; pants, DevelopmentPinstripe TrousersBalance out masculine pants with a sheer, girlie blouse for an effect that's as sensual as it is elegant.Blouse, $650, and pants, $695, Marc Jacobs; belt, $295, and bag, Gucci; necklace, Emily & Ashley; ring (on left hand), Jewels of Ocean; ring (on right hand), Helen Ficalora; journal, $82, Tiffany Bangle for sale diary, $89, and pen, $40, Graphic ImageMilitary JacketTo show off your curves, belt this trendy topper over a sleek pencil skirt.Blazer, GANT, $585; belt, Raoul, $90; skirt, Plastic Island, $115; bracelets (from top), CC Skye, $155; Rebecca Minkoff, $78; A.V. Max, $40BEAUTY TIP: Don't lose your beachy glow come fall. Illuminate with a tinted moisturizer, like Aveeno Positively Radiant SPF 30, $15.Boyfriend PoloPop the collar and undo the buttons and the prep-school staple suddenly exudes irresistible confidence.Jacket, $295, top, $195, and skirt, $175, Cynthia Steffe; belt, Forever 21, $4.50; necklace, Helen FicaloraSenior fashion editor: Heather PfaffHair: David Cruz for Redken/Cutler at raybrownpro.comMakeup: Susan Giordano for Dior Beauty at Kramer + Kramer
Photographed on the campus of Yale University, locations.yale.eduSee page 266 for shopping information.Shrunken VestWhen matched with an oxford, this look hits the perfect note of sophisticated yet sassy.(On her) vest, L'Agence, $290; shirt, American Eagle Outfitters, $39.50; shorts, Eryn Brinie, $100; socks, $12, Ilux; shoes, Louis Vuitton; gold bracelet, Gucci; leather cuff, CC Skye, $155. (On guys, from left) sweater, Tommy Hilfiger, $128; jeans, GANT by Michael Bastien, $195; belt, American Eagle Outfitters; shoes, Frye, $198; watch, Fossil, $115; cardigan, Tommy Hilfiger, $248; polo shirt, $88, button-down shirt, $141, and pants, $187, Caulfield Preparatory; shoes, Clarks; shirt, $98, and henley, $89, Polo Ralph Lauren; jeans, Tiffany Bracelet for sale Denim, $187; shoes, Red Wing Shoes, $260BEAUTY TIP: Attract a following (of seriously hot men) with a musky, head-turning scent, like Adidas Moves Pulse Her, $25.ShoppingTHE NEXT STEPCREDIBILITY BY THE TON, AND OTHER THINGS YOU'LL FIND IN STORES THIS FALLThe future of men's retail, says Tom Kalenderian, executive vice-president for men's wear at Barneys New York, began about five years ago. "Young American men started buying American clothes," he says. "There was suddenly this enthusiasm for Americana -- it was all about prep and trad, and we were there selling Thom Browne, Scott Sternberg [of Band of Outsiders], and a lot of smaller American labels." Then, Kalenderian says, "they started shopping for things like Woolrich buffalo jackets -- clothes with idiosyncratic concepts or great histories behind them."
And now, he says, they've taken a leap toward European brands that are similarly idiosyncratic or offbeat. For Kalenderian that means Brits like Nigel Cabourn, Margaret Howell, and Oliver Spencer, and Italians like C. P. Company and Belstaff, and he and his team have overhauled the fourth floor of Barney's Madison Avenue flagship, once Tiffany CuffLink for sale terrain of tailored clothing, to shine a greater light on this authentic breed of men's sportswear. "These are brands that have credibility by the ton. It's not just about reviving vintage but reinventing items like a peacoat that have always belonged in a guy's wardrobe."It's a new direction for Barneys, or at least the next step for high-end men's stores, and you can see (and wear) it for yourself with these three brands. For more, visit barneys.com.NIGEL CABOURNWaterproof cotton-and-hand-stuffed-down parka with coyote-fur trim ($2,985), wool turtleneck ($315), and cotton-and-wool trousers with braces ($665) by Nigel Cabourn; leather boots ($435) by Alden.
Rebels in African countries mined diamonds to finance their insurgencies throughout the 1990s, but American jewelry companies didn't understand what the practice had to do with them until late 1998. Tiffany Earring on sale was when Global Witness, a London-based human rights organization, issued a report detailing the trade in "conflict diamonds" and the death and destruction it had caused in Angola."I was stunned," recalled Tiffany & Co. CEO Michael Kowalski. "We had a vague understanding that this was going on in some countries, but we never connected the dots."Kowalski grasped almost immediately that as nongovernmental organizations and the media spread the word, conflict diamonds could quickly become as controversial as fur clothing. He knew he had to react fast, before any consumer campaign got that far. "We're aware of our brand standing," Kowalski said. "If people are going to look to us for leadership, they are also going to hold us responsible as a target. It wasn't hard for us to imagine the NGO community focusing on us."Tiffany subsequently played a major role in establishing a system adhered to by trading countries and the jewelry industry to keep conflict diamonds out of the legitimate diamond supply. The company went further by instituting its own controls and in fact was recognized by Global Witness in April as having the most promising policy against Tiffany Key Ring on sale diamonds among 31 American jewelry retailers surveyed.How much it cost one of the world's best-known jewelers to take an aggressive stance toward conflict diamonds is unclear, but the alternative would almost certainly have been expensive. Even before human rights groups began to stage protests outside Tiffany stores in late 2000, Kowalski secured guarantees from his handful of suppliers that they were, to the best of their knowledge, selling him legitimate diamonds.
"We did some research with our customers and there was very little awareness," he recalled. "What we did find was that when people were educated about it, they did become concerned. In the absence of any sort of action on our part, we knew it had the potential to become catastrophic."In 2000, the World Diamond Council, an industry group, estimated that 4 percent of the world's diamonds came from conflict areas, but estimates are necessarily hazy. A diamond passes though so many hands as it is mined, cut, polished, turned into jewelry, and sold that it is virtually impossible, without scientific analysis, to trace a stone back to its source. Kowalski, who has been CEO since 1983, thought Tiffany was selling very few conflict diamonds in the first place, in large part because the company needed the sort of steady supply that he said only pit mines Tiffany Key on sale provide. Pit mines are expensive operations usually run by government-sanctioned companies, while conflict diamonds tend to come from riverbanks where wildcatters connected to rebel groups prospect.But given the complex nature of the trade and the virtual untraceability of individual diamonds, Kowalski, along with other jewelers, middlemen, and countries that trade in diamonds, knew they had to establish global controls. The result was the Kimberley Process (named after the South African city in which the accord was signed), which went into full effect in July 2003. Countries that export rough diamonds certify that each bag they ship derives from a legitimate source. The other countries in the accord can only import certified diamonds. A related agreement among diamond traders, polishers, and jewelers stipulates that each batch of diamonds must come with an invoice on which is stamped a guarantee of certification.
Human rights activists are not entirely convinced the Kimberley Process is effective, as its strongest controls apply only to rough diamonds. Dealers and jewelers are only supposed to buy cut and polished stones that are guaranteed Kimberley-certified, but no independent monitors check the veracity of those warranties or whether companies ever trade outside the system."We do want to see the industry go beyond self-regulation, which is what it comes down to right now, and have some sort of auditing procedure to make sure the system of warranties is working," said Corinna Gilfillan, a Tiffany Money Clip on sale for Global Witness. Still, Gilfillan applauded in July when the Democratic Republic of the Congo was suspended from membership after Kimberley Process inspectors found that the nation's exports far outstripped the number of diamonds it could have obtained through mining.A spokeswoman for Tiffany said the company believes that the Kimberley Process is still in the early stage, and should be evaluated by all stakeholders. "If it appears that certain changes are necessary, Tiffany & Co. will lend support," she said.Since the Kimberley Process applies to all jewelers equally, no one should have a competitive advantage. Tiffany's major costs, Kowalski said, stem from its efforts to acquire diamonds from Canada, which began before the controversy over conflict diamonds erupted but will help flush them out of the company's supply system.
TJX reported net of $30.1 million, or 33 cents a share, up from earnings from continuing operations of $9.5 million, or 11 cents a share. The company, which acquired Marshalls from Melville Tiffany Bracelet sale. last November, said sales climbed 93% to $1.6 billion, while same-store sales on a combined basis increased 6%. TJX said its T.J. Maxx and Marshalls units had higher-than-anticipated net and improved margins. In New York Stock Exchange composite trading, TJX shares rose $1.625 to $33.625.Tiffany said earnings rose to $5.1 million, or 30 cents a share. Sales at the luxury jewelry retailer rose 20% to $180.7 million. Domestic same-store sales jumped 20%, while same-store sales in Japan rose 16%. On the Big Board, its shares soared $7.125, or 11%, to $74.50.---Joseph Pereira and Jonathan Auerbach contributed to this article.Conspicuous consumption may be coming back in style.Sales of designer clothing and expensive jewelry are hot, retailers say, after several lukewarm years. Fueling the growth is a rise in international tourism. But marketers say it may also reflect baby boomers' renewed desire to stuff their closets with easily recognizable status symbols.At a time when sales at many department stores and Tiffany CuffLink sale chains are unimpressive, Swiss watch maker TAG Heuer SA says U.S. sales so far this year are up 25%, compared with last year. And at Tiffany & Co., sales at U.S. stores open at least a year rose 15% during its most recent fiscal quarter.Sales have been so strong at Ferragamo's U.S. boutiques that shoppers are limited to five handbags and 10 pairs of shoes each. Overall, Ferragamo's U.S. sales are running 35% ahead of last year's, according to Massimo Ferragamo, president of U.S. operations for Ferragamo Worldwide.
Marketers spent millions in the 1980s pitching their products as badges of affluence for unapologetic yuppies. But by the early 1990s, as baby boomers aged and had children of their own, marketing experts predicted, family values would replace the quest for self gratification. In an uncertain economic climate, overt materialism would become less fashionable: Even wealthy shoppers would choose Gap over Gucci and shun ostentatious brands like Rolex and Louis Vuitton.But it turns out some affluent consumers have tired of the simpler lifestyles. "Women are asking themselves, `What's Tiffany Earring sale with spending money on myself? How many more T-shirts do I need?'" says Michael Gould, chairman and chief executive of Federated Department Stores Inc.'s Bloomingdale's chain.Certainly, affluent consumers these days are simply more affluent. Analysts look at the 20% rise in the Dow Jones Industrial Average this year as an indication that the rich must be feeling a little richer. "There's a sense of wealth, and it's showing up in luxury goods," says Carl Steidtmann, director of research for Management Horizons, a unit of Price Waterhouse L.P.
Clifton Stone, associate general counsel at Smith Barney Inc., a unit of Travelers Group, says he will spend 50% more on apparel and accessories for himself this year, or about $3,000 on suits, shirts, ties and shoes. "Once you start treating yourself to certain quality items, you want to replace what you have with better stuff," he says. Among his favorites: ties from Milan designer Ermenegildo Zegna that cost $105.Retailers believe attitudes are somewhat Tiffany Key Ring sale now than in the '80s. This time, "it's not about having as much as you can," says Marion Davidson, director of marketing and communications for Hermes SA. "It's about having a few things that are exceptional. A Gap dress with a Hermes handbag and scarf are all you need."Retailers say today's designer-goods shoppers are thinking investment, not splurge, when they make big-ticket purchases. Robert DiNicola, chairman of Zale Corp., sees a higher "comfort level" this year among customers at the company's Bailey, Banks & Biddle jewelry stores. The most popular diamond tennis bracelets cost between $599 and $699, compared with a $299 average price last year, he says. Customers nowadays are happy to trade up as long as they feel like they're getting their money's worth, he says.
Tiffany Reports 19% Net Gain, Lifted By Asia-Pacific, EuropeTiffany & Co. reported a 19 percent jump in first-quarter earnings, buoyed by strength in the Asia-Pacific and in Europe, which offset Tiffany Earring on sale in the U.S.For the three months ended April 30, earnings reached $64.4 million, or 50 cents a diluted share, from $54.1 million, or 39 cents, in last year's quarter. The results were 25 percent above analysts' expectations of earnings of 40 cents a share.Total sales rose 12.2 percent to $668.1 million from $595.7 million, while same-store sales grew 3 percent.Sales in the Americas region, which includes North and South America, rose 6 percent to $373.6 million, while comparable-store sales remained constant. Boosted by tourists taking advantage of the weak dollar against foreign currencies, the New York flagship saw a 16 percent increase in same-store sales.In the Asia-Pacific region, which includes Japan and Asia-Pacific countries outside Japan and the Middle East, sales soared 21 percent to $222 million, while comps increased 4 percent. European sales rose 38 percent to $60.1 million and comps spiked 12 percent."While we have always said that Tiffany's business is not recession-proof, the increasingly global nature of our business is demonstrating the mitigating effect that it can have on an economic weakness in one particular region," said Mark Aaron, vice president of Tiffany Key Ring on sale relations, in a call to Wall Street.Michael J. Kowalski, chairman and chief executive officer, said the company is pursuing expansion opportunities this year and plans to open about 24 stores across the U.S., Asia-Pacific and Europe. The company also will introduce a new smaller store format in the U.S. later this year. Tiffany operated 192 units at the end of the first quarter.
Looking forward, Tiffany remains cautious and does not expect improvement in U.S. sales until later this year. The company said it remains on track to achieve full-year expectations, and raised full-year earnings guidance in the range of $2.80 to $2.90 a diluted share, from previous guidance of $2.75 to $2.85 a share. Sales are expected to be up 10 percent.Shares of the company increased 2.7 percent to close at $49.03 on Friday.Credit: By Jeanine PoggiTiffany & Cmark.aaron@tiffany.comorLinda Buckley, 212-277-5900linda.buckley@tiffany.comTiffany & Co. (NYSE: TIF), the Tiffany Key on sale renowned jeweler, today announced plans for a Fall 2008 opening of a store in Westfield London, a new retail and leisure complex due to open in White City, West London.The approximately 2,800-square-foot store will feature a modern glass facade that showcases the store's welcoming and gracious interior with custom furnishings and brushed stainless steel showcases arrayed with exclusive TIFFANY & CO. collections. Among them are the jeweler's exquisite diamonds in engagement rings; fine and sterling silver jewelry; the celebrated designs of Elsa Peretti, Paloma Picasso, Jean Schlumberger and Frank Gehry; watches; gifts and accessories. Customers may further peruse the collections in the comfort of an elegant private sales salon.
"We look forward to opening our store in Westfield London, which is being positioned to become a premier destination for luxury shopping in the area," said Melvyn Kirtley, Group Vice President Tiffany & Co. Europe. "Our prominent location in the center provides us with the ideal environment for introducing customers to Tiffany's heritage of design and outstanding service for which it is known worldwide."Tiffany & Co. operates jewelry and specialty Tiffany Money Clip on sale stores and manufactures products through its subsidiary corporations. Its principal subsidiary is Tiffany and Company. The Company operates TIFFANY & CO. retail stores and boutiques in the Americas, Asia-Pacific and Europe and engages in direct selling through Internet, catalog and business gift operations. Other operations include consolidated results from ventures operated under trademarks or trade names other than TIFFANY & CO. For additional information, please visit tiffany.com.TIFFANY & CO., TIFFANY, ATLAS and TIFFANY 1837 are trademarks of Tiffany and Company.Tiffany is taking a $20 million pretax charge to discontinue some watch lines and related inventory, to prepare for the new business. Kowalski denied a press suggestion that the pact with Swatch is a "poison pill" to ward off possible hostile takeovers by other major luxury goods groups.Nicolas Hayek Sr. said Swatch Group is spending almost $400 million to boost capacity at its 160 facilities in Switzerlan