Business Arena Magazine nr. 82

E n j o y t h e Q u a l i t y ***** A d m i r e t h e V a l u e *****

No.82/2019 23lei

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UGUR YESIL

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CEO AND EXECUTIVE BOARD MEMBER KANAL D

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special section inside

LUXURY & LIFESTYLE

TOP BRAND pages 32-63

Aim beyond target!” pages 02-04

in partnership with

Business Arena Magazine is proud to announce the 19th edition of its annual event dedicated to the leaders in the financial market:

FINANCIAL LEADERS’ HALL OF FAME 2019

Some 200 persons from the financial and baking sectors, directors of investment funds and representatives of some of the largest companies in Romania, together with representatives of the local authorities, high government officials and diplomats will take part in this exclusive event.

Invited to give the opening remarks at last year's edition, Raiffeisen Bank Romania’s CEO Steven van Groningen emphasized that making predictions in the banking and financial industry was somewhat risky, but overall the trend was positive. “The banking system is profitable and we have seen a process of consolidation, which is good news for the system’s long-term sustainability and strength,” he said. He also indicated that investments in technology were important, as they allowed banks to spend more time analyzing customers’ needs.

However, the Government's move to approve Emergency Ordinance 114 late last year, introducing, among others, a new tax on bank assets, may change the outlook for the entire industry.

In this context, Business Arena Magazine is proud to recognize the achievements and successes of banks, financial institutions and business leaders that find the winning strategies in spite of the challenging economic background.

For more information please contact Cosmin Stangaciu at cosmin.stangaciu@business-arena.ro or phone 0755.274.125

Enjoy the Quality ***** A d m i r e t h e V a l u e *****

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USINESS ARENA m a g a z i n e

Business Arena Magazine is a monthly English-language business magazine published

by Business Arena Publishing Group SRL. The magazine was launched in October 2009, and, since then, it has gained reputation as a valuable source of information and analyses for business people and professionals, offering a wide range of exclusive interviews, feature stories and reports, market analyses and special columns.

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serving leading businesses and business leaders in Romania

BUSINESS ARENA AT A GLANCE Business Arena operates with a combination of permanent and freelance staff and has a wide network of writers, salespeople, conference moderators and digital experts with experience in many different markets which it calls upon when required. This allows Business Arena to respond quickly and appropriately to clients’ needs.

With over 15 years of experience in the business media segment, Business Arena Magazine’s team of dedicated journalists, graphic design artists, sales and marketing professionals count on innovation, responsibility and product quality as long-term strategies for development.

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business & luxury

BusinessArena

ISSN 2069 - 1807 COSMIN STÂNGACIU, GENERAL MANAGER

tel: 0755.274.125 - cosmin.stangaciu@business-arena.ro.

PUBLISHER: MADRIO PAUL }IC| & CONSTANTIN STÂNGACIU

w w w . b u s i n e s s - a r e n a . r o ECHIP| DE CONDUCERE {I COORDONATORI DEPARTAMENTE:

Reproducerea sau folosirea, f\r\ permisiune, a con]inutului grafic [i editorial sunt interzise.

Not\: Prestige Page = Advertorial / “Editorul Revistei BAM [i Colectivul redac]ional al acesteia, nu sunt r\spunz\tori pentru con]inutul articolelor redactate de catre jurnalisti independen]i CIRCULATION (free-lanceri) [i publicate `n spa]iul pus la dispozi]ie `n paginile revistei, `n aceste cazuri 10,000 r\spunderea revenind `n exclusivitate autorului articolului.” http://www.business-arena.ro

Cristian Cojanu, Copy-Editor, cristian.cojanu@business-arena.ro Claudia Ariton, News Director, claudia.ariton@business-arena.ro Simion Buia, photographer, buia@gmx.de news@business-arena.ro

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EDITORIAL

by Cristian Cojanu

ECONOMY FACES UNCERTAIN FUTURE While the populist political discourse intensifies, experts agree that Romania’s short-term economic outlook is dominated by uncertainty, amid deteriorating business sentiment. The European Commission’s Winter 2019 Economic Forecast sees Romania’s estimated 2019 GDP growth at 3.8 percent, well below the government’s 5.5 percent forecast, included in the 2019 budget.

“The composition of growth is expected to remain fairly stable, with private consumption still the main driver. The evolution of investment in 2019 will largely depend on the impact of policies introduced in December 2018 concerning the banking, energy and telecommunications sectors. The contribution of net exports is expected to remain negative but progressively less so in 2019 and 2020,” the European Commission’s report emphasizes, pointing out that “a further depreciation of the currency vis-à-vis the euro poses an upward risk to price levels.” It also notes that “risks to the forecast are clearly on the downside.

Besides a potential negative impact on credit, the impact of the government’s emergency ordinance in December could have a much broader effect. For example, significantly increased unpredictability of the business environment in Romania may have a negative knock-on effect on investment decisions.”

Meanwhile, National Statistics Board data showed that the annual consumer price inflation rose to 3.8 percent in February, from 3.3 percent the previous month, with food prices gaining 4.46 percent year-on-year, while non-food prices increased by 3.74 percent. In turn, services prices went up 3.08 percent in February. According to

media reports, the central bank (BNR) raised its 2019 annual inflation forecast to three percent from 2.9 percent.

In turn, experts with the AmCham Macroeconomics Task Force have recently released an analysis, focusing on the latest exchange rate trends.

According to AmCham, “the analysis identifies inflation, salaries increases and the trade deficit as the leading causes of the exchange rate fluctuations and calls for measures that limit macroeconomic imbalances and create a sustainable economic growth.”

In this context, reflecting the general mood in the business community, around 52 percent of local entrepreneurs believe that the domestic tax and regulatory environment worsened in 2018, according the 'Startup Barometer'

by EY Romania, Impact Hub Bucharest and Startarium. It also revealed that the fear of failure was among the main obstacles for those who want to start and develop businesses in Romania. Moreover, poor education, fiscal unpredictability and the current political situation were also listed as obstacles by most entrepreneurs.

Business Arena will continue to keep an eye on all the issues affecting the business community, reflecting its views, hopes and challenges.

FROM ALL OF US HERE AT BUSINESS ARENA, ENJOY THE QUALITY, ADMIRE THE VALUE!

INTERVIEW

KANAL D ENJOYS STRONG MARKET SHARE GAINS

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In an ever-competitive business environment, Kanal D relies on innovation and trendsetting content, as it seeks to consolidate its already strong position in the local market. In an interview with Business Arena, Ugur Yesil, CEO and Executive Board Member Kanal D, speaks about expansion plans, opportunities and challenges.

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How was 2018 in terms of business and how is this year shaping up?

2018 was definitely an excellent year for Kanal D, we had great results which came as a confirmation of our teamwork and our daily interest in providing people with a relevant, high-standard content. In 2018, Kanal D ranked second in the National and All Urban segments during Prime Time broadcast hours (20:00 -24:00). Kanal D had a huge 20 percent increase in market share on the commercial target (18-49 years) as compared to the previous year. This high level of viewership is a very good indicator of Kanal D’s popularity in the TV market, of its consolidated position as a top-three mainstream TV channel in Romania.

With regard to 2019, we have started the year in a strong way, we have consolidated the Day Time slot with fresh and highly successful programs such as “Puterea Dragostei” and “In cautarea adevarului”. The midday “Kanal D News” program and “Teo Show” have also enjoyed a very good audience. In Prime Time, we have launched new seasons of the highly successful “Exatlon” and “Bravo, ai stil!” shows.

Moreover, Dogan Media has expanded its business portfolio acquiring Radio Impuls, a strong radio network covering the main cities in Romania: Bucharest, Cluj, Timisoara, Sibiu, Constanta, Bacau, Craiova, Rasnov, Bistrita, Tulcea. This is a significant milestone in our business evolution, a challenge and an opportunity to consolidate our position and to become an even more powerful competitor in the media market. We are happy that we can now offer our viewers a complete top-level media package: television, digital, radio.

How is competition in Romania’s TV broadcasting market?

The broadcasting market in Romania has become increasingly tougher. The TV market is dominated by generalist TV channels, which heavily invest in content, therefore the battle at the top is very tight and we cannot speak about an exclusive leader anymore. Also, new niche TV channels are being launched periodically and they manage to gain and retain loyal audiences, even if they get a smaller share of the market.

What are your future development plans focusing on in this country?

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The main priorities are to consolidate our media properties. We do our best to keep up with the latest trends of the industry, to adapt to the needs of the public, but also to innovate and maintain our trendsetting content approach, as we have done up to now with programs such as "Bravo, ai stil!" or "Exatlon", shows that have changed not only TV consumption habits, but also people’s lifestyles. Exatlon has managed to convince the digital born generation to give up on computers and smartphones and to exercise outside their homes.

Now that we have added Radio Impuls

to our portfolio, we are working hard to build a successful strategy for its performance, in order to reach the top five most listened radio stations in the future. The digitization of content is an ongoing trend and we are also permanently working on figuring out the best ways to reach the online generation and to offer them exclusive or relevant content, mainly focusing on video. Our online portfolio includes four websites targeting different public segments and interests (kanald.ro, wowbiz.ro, Kfetele.ro, stirilekanald.ro) and more social media pages where we have built powerful communities around our brands.

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INTERVIEW

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What new investments have been earmarked for 2019?

We are constantly investing in technology, infrastructure and, most importantly, in content.

We are paying attention to the latest technology developments and trends as our aim is to offer people a 360-degree information and entertainment experience, to reach them 24 hours a day – seven days a week, on whatever device they might use. Moreover, we are also constantly evaluating other business opportunities, not only media related ones, and we are open to any business that can provide added value for Dogan Media in Romania.

What elements give Kanal D an edge against its competitors in this market?

Ever since entering the Romanian television industry, Kanal D has developed and consolidated powerful differentiators, we have always followed our content recipe and launched innovative formats that have become trendsetters in the market and have changed consumption habits. Kanal D has always positively surprised through its uniqueness, authenticity and valuable, relevant content.

Twelve years ago, Ugur Yesil laid the I am proud basis for Kanal D’s team, as the TV that we have station was making its debut on the managed to Romanian market. Between 2006 – implement our 2011, CEO and Executive Board own approach Member Kanal D, while from from the beginApril 2011 until October 2018 ning of our activihe held the position of General ty: Kanal D was the first commerManager. Now, Ugur Yesil is cial channel that CEO and Executive Board acquired the Member Kanal D. rights and broadcasted football matches from the top national competition; Turkish series were launched in Romania when the South American soap series were very popular in the market. “Exatlon” was the first sport reality show broadcasted on the Romanian market and has become, shortly after its launch, not only a phenomenon and a trendsetting show, but also a revolutionary television format, revealing the high emotions of the competitors and promoting real human values such as friendship, fair play, and self-discovery.

Another show that has marked the media market in Romania is "Bravo, ai stil!”, a competition about style and attitude, that is not only entertaining, but also inspiring for the public.

Both shows have created real online communi-

ties and brought to Kanal D a dynamic, very demanding public. These are some of the most valuable content projects representing milestones in Kanal D’s evolution and performance.

What are Kanal D’s most successful programs and what new shows are expected to be launched in 2019?

The public in Romania has become attached to strong brands such as “Asta-i Romania", "Teo Show" or "Exatlon", programs that meet Romanian people’s need for quality entertainment and relaxation. Also, viewers are very receptive to authentic reality shows such as "The Power of Love", with young people developing true social media communities where they are intensely discussing about this show.

Of course, we are also preparing other wonderful surprises for our viewers, we are constantly looking to offer them quality programs that all family members can emotionally connect to.

We will continue to maintain our editorial political impartiality, but we will follow the big social stories and the public agenda, through relevant news programs and reports broadcasted by Kanal D, not only in the News bulletins and but also in the show "Asta-i Romania".

What is the total expected value of television advertising in Romania and what is your market share target this year?

After two years with a growth of around eight percent per year, in 2019 we expect a lower growth rate of around five percent. This growth slowdown is mainly influenced by the political and socio-economic environment that generates less and less support for an accurate prediction. This has a negative influence on consumption with direct impact in ad spending. Even in this harsh situation, we are confident that we can reach a higher market share. This increase expectation is based on content performance increases together with the increase of both sales volume and revenue streams.

What are your main professional objectives in 2019?

We have recently added a new operation to the Romania portfolio – a radio business line.

Our aim is to integrate the new team in our family, that aspect being already underway, and to translate our TV and online success to our radio operations. I am very confident that, together with my excellent team, this will happen much sooner than expected.

OPINION

WHAT IS GOING ON? So, there you have it, the Finance Ministry has announced the 28 companies to be included in the wishfully called “The Sovereign Found for Development and Investment”. The last piece of the complicated puzzle named the Government Emergency Ordinance No. 114/2018 was revealed and, just by doing so, the Finance Ministry lost almost five billion lei in revenue for the state’s coffers.

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BY OVIDIU CONSTANTINESCU, FACE PR AND NEWS

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The list is long and mouth-watering: from Hidroelectrica, Electrica S.A., CONPET, ROMGAZ, Oil TERMINAL, ANTIBIOTICE SA to minority stakes controlled by the state in companies such as OMV-PETROM, ROMTELECOM, Enel, E-ON, CHIMCOMPLEX. The Fund is seen as a “public investment vehicle […] that will have a multiplication effect for the economy, ensuring sustainable development and acting as a catalyst in mobilizing and directing available financial resources towards the economy and profitable projects.”

Well, some may say that it may not be a good idea to bring together in one basket all the eggs that form (large chunks of) the country’s critical infrastructure. Others question the wisdom to create such a Fund after most of its assets have lost almost 25 percent of their market value precisely because someone expressed his intention to tax them heavily and cap gas prices for three years. Someone, inadvertently, opened the gates for someone else to buy cheaper into and control Romania’s energy sector.

Energy sector organizations and EU representatives came up in arms demanding the Ordinance to be scrapped altogether, arguing that the said piece of legislation fails even the very reasons for which it was created: i.e.

lowering the energy prices home users.

Everyone in the sector acknowledges that, in less than two months, the new piece of legislation managed to: a) breach the EU legislation on energy and competition, b) limit the energy companies’ ability to fulfill their investment plans, c) postpone any desire to invest in the incipient Romanian off-shore gas resources d) increase Russian gas imports; e) increase electricity prices f) increase petrol price; g) increase home gas bills. It is hard to find in recent history another law that managed in such a short time to bring such a perfect chaos to an industry known to be very sensitive to sudden moves.

The financial sector is not in a better position either. Faced with the real possibility of closing down operations and leaving Romania, private pension funds’ administrators bowed to the government’s request to fund PPP projects. It is unclear what kind of PPP projects may be eligible for money from the private pension funds, but it’s rather odd to use someone else’s private money to pay for projects picked and chosen by politicians. The latest PPP project showcased by politicians, the ill-fated Comarnic – Brasov motorway, has been deemed unbankable on three occasions, so I rest my case.

The banking sector is under siege, too. The onslaught is led by an (i)liberal Senator, whose brother – according to some press reports - had difficulties returning a bank loan, and by the Prime Minister’s adviser, a person who claims

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he doesn’t have a bank account or a credit card, but has been found stashing money and gold bars in cemeteries.

They both claim that taxing banks heavily will mean no harm to their customers, and that, by the end of the year, interest rates will be halved.

Amid all this, here comes the latest Government phony: “Bring home OUR gold deposited with the Bank of England! We should make it work for the Romanian people!”

Aside from the fact that just by being there the Romanian gold works for the Romanian people, let me ask you this: would you let a person that has been convicted (I know he can appeal the court’s decision) for hiding gold bars in graveyards to take care of the family’s jewels? What would one want to do with Romania’s international gold reserve here? I know! He wants to transfer the gold into “crypt-currency!”

OVIDIU CONSTANTINESCU

Hey, people, what the hell is going on? Are we preparing to isolate Romania from the rest of the world? Are we going to war? Are we preparing for international sanctions?

As many times before, the wake-up call comes from abroad, namely from the rating agencies. The prospect that S&P might downgrade Romania’s rating to “junk” had a sobering effect on some decision-makers in Bucharest. Let’s see if the fortnight’s respite they managed to buy will be enough for them to come up with wiser and economically sound ways of bringing-in more money for the state rather than straightforward fiscal robbery.

REAL ESTATE

REAL ESTATE SECTOR EXPECTS YEAR OF GROWTH The local real estate market has entered a new year of expansion in all its major segments, as investors plan to deliver industrial, retail and office spaces with a cumulated area of 1.2 million square meters, a new market record, according to Cushman & Wakefield Echinox data. In comparison, new spaces of around 850,000 square meters were delivered in 2018.

BY CLAUDIA ARITON The positive trend is supported by a sustained demand from tenants in the last three to four years, as pre-leasing contracts have been signed for more than half of the new spaces that will be delivered this year, real estate experts with the consultancy company say. The 2018 property investment volume in Romania is estimated at around 900 million euro, a value slightly below the one registered in 2017. However, several transactions in different stages of negotiations were postponed

and they are most likely to be concluded during the first half of 2019, as Jones Lang Lasalle analysts have pointed out. According to the same sources, the overall number of transactions decreased, although, the average deal size increased, standing at approximately 30 million euro. Bucharest accounted for almost 80 percent of the total investment volume, mainly due to two very large office transactions which were closed last year. Market volumes were dominated by office transactions, taking 50 percent, while retail accounted for some 35 percent.

Key Investment Transactions in 2018

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THE BRIDGE (office – phase 1&2) Market: Bucharest Price: 145 million euro Seller: Forte Partners Buyer: Dedeman

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OREGON PARK (office - phase 1&2) Market: Bucharest Price: 110 million euro Seller: Portland Trust Buyer: Lion’s Head Investment 50% OF PARKLAKE PLAZA (retail) Market: Bucharest Price: Confidential Seller: Caelum Development Buyer: Sonae Sierra MILITARI SHOPPING CENTER (retail) Market: Bucharest Price: 95 million euro

Seller: Atrium Real Estate Buyer: MAS Real Estate THE LANDMARK (office) Market: Bucharest Price: 62 million euro Seller: Piraeus Bank Buyer: Revetas&Cerberus CAMPUS 6.1 (office) Market: Bucharest Price: 53 million euro Seller: Skanska Buyer: CA Immo CRYSTAL TOWER (office) Market: Bucharest Price: 43 million euro Seller: Search Corporation Buyer: PPF Real Estate Source: Jones Lang Lasalle

2019 projects The total retail stock exceeded 3.7 million square meters at the end of 2018, almost similar to the office one, while the industrial and logistics stock was around 3.5 million square meters. Some 600,000 square meters of industrial and logistics space, over 400,000 square meters of office space and 200,000 square meters of retail space are expected to be delivered in 2019.

As for Bucharest, around 300,000 square meters of industrial space and 300,000 square meters of office space will be delivered, while the Colosseum and Veranda Mall projects will be extended with a cumulated area of around 25,000 square meters. The largest transaction registered in 2018 was the acquisition of The Bridge, a 52,000-sqm office park in Bucharest, by the Romanian group Dedeman, according to Jones Lang LaSalle. "Against the backdrop of declining results in Central and Western Europe, retailers have again turned their attention to Romania in 2018 by expanding their store networks. The positive evolution of sales over the last few years, coupled with the rise in average wages, has made most retailers increase their investment in new stores in both

BOGDAN MARCU primary and also in secondary and tertiary markets, and we expect their growth to be accelerated during the next period. Moreover, we also expect new retailers to enter the market this year,” said Bogdan Marcu, Partner, Retail Agency, Cushman & Wakefield Echinox.

In Bucharest, new office buildings with a combined area of around 500,000 square meters are currently under construction, while office projects with a cumulated gross leasable

area of 300,000 square meters are expected to be delivered by the end of 2019. The most active developers in terms of deliveries will be Portland Trust, with a total of 63,000 sqm in two projects, Expo Business Park and Oregon Park, Vastint, with 62,000 square meters in its Business Garden and Timpuri Noi Square projects, Globalworth, with 42,000 square meters in Renault Business Connected, and River Development, with 38,000 square meters in The Light and Sema Offices projects. “As far as developments are concerned, we will witness a series of consolidations or extensions of existing shopping centers to accommodate the new retail requirements and trends.

Developers pay close attention to secondary and tertiary cities that do not yet have modern shopping centers or are under-supplied in terms of retail stock. We also expect more and more office or residential projects to accommodate generous retail locations, with the purpose of providing more facilities and creating a community around the occupiers of these projects," added Bogdan Marcu. The office building sector is also developing in other major university centers, such as Timisoara, Cluj-Napoca, Brasov and Iasi, as new buildings with a total area of around 130,000 square meters will be delivered this year.

In 2018, the retail, office and industrial yields compressed by 25 bps over the year, with prime retail yields standing at 7.00 percent, prime office yields hovering at 7.25 percent and prime industrial yields reaching 8.25 percent, according to Jones Lang LaSalle. "A large part of the office spaces is absorbed during the construction phase, with demand coming from companies that rent 2,000-3,000 square meters. These tenants that come from existing projects plan to increase their number of employees and do not have enough space for expansion. If there were more coworking centers in areas such as Center, Center-North and West, the flexibility issue could be partially covered by these operators. As for the rental values, we believe that they will remain stable in semi-central areas. At the same time, we also notice that developers are increasingly paying attention to the duration of contracts, seeking to sign agreements over seven to 10 years, compared to the standard five-year term," said Mădălina Cojocaru, Partner, Office

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M|D|LINA COJOCARU

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Agency, Cushman & Wakefield Echinox.

Meanwhile, a new concept has started to gain ground. The retail and office mix brings services closer to employees. According to Colliers International Romania, for every 1,000 sqm of offices there are 35-40 sqm for the sale of various goods and services. In total, in the Floreasca/Barbu Vacarescu area there are around 10,000 sqm of such spaces at the ground floor of the office buildings, with the rents generated by these spaces accounting for four - five percent of the total cashed in by the landlords. “In the past, there were only simple retail concepts near office buildings: cafeterias and coffee corner type areas. In line with the new consumer requirements, a transition has been gradually made towards premium restaurants and cafes, as well as other categories of products. In turn, services have diversified – hairdressing areas, cleaning or medical services – so that employees can solve their everyday problems in the proximity of the workplace. We expect this diversification to continue through other concepts such as afterschool programs or kindergartens, in order to improve the lives of employees,” said Brindusa Grama, Associate Retail Agency at Colliers International Romania.

Developers are starting to experiment by expanding the retail component: some office

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BR~NDU{A GRAMA

owners are trying to create a lifestyle hub, while in other areas of the Capital there are already restaurants and bars that stay open well beyond the working hours of nearby offices. The trend is expanding at national level, with mixed projects - offices and retail and, possibly, residential - becoming a priority for many developers. “The extraordinary results of these retail schemes come as a consequence of the timely association between high employee incomes and a good location, sought by both HoReCa operators and residential developers. We see a real success of the retail space adjacent to office buildings, a success that we hope to be replicated in the rest of the country,” Brindusa Grama added.

2019 will bring a peak for industrial & logistics sector After a six-year stagnation, between 2009 - 2014, the industrial and logistics sector resumed its growth in 2015 and will reach a peak this year, when developers are planning to build new warehouses with a gross leasable

RODICA TÂRCAVU area of around 600,000 square meters. "It is a dynamic market where developers have realized its potential and have decided to expand their portfolios by acquiring new plots of land.

We are specifically referring to companies such as Global Vision, P3 or VGP, but also to Element Development and MLP, players that have recently entered the sector and have already announced deliveries for 2019. These decisions have been in direct correlation with the active demand for warehousing space from major retailers or logistics operators in Bucharest, Cluj and Timisoara, and from the automotive component manufacturers in Sibiu, Pitesti or Oradea, respectively," said Rodica Târcavu, Partner, Industrial Agency, Cushman & Wakefield Echinox.

RETAIL

A FRESH KIK-START ON THE CAPITAL’S MARKET Fashion lovers everywhere will be thrilled to learn that there is a new fashion venue in the city. KiK, a popular German discount retailer, has opened the 14th store in its Romanian network.

The new store is the company’s first outlet in Bucharest and it is located within the Bucur Retail Park.

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BY CLAUDIA ARITON

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KiK is one of the largest discount fashion retailers in Germany and it has a network of about 3,500 stores across Europe. Seventy percent of the company’s products are textiles; the rest are non-food articles like gifts, accessories, decorations and toys. “We are glad to start off the spring with our first large store in Bucharest, even though we do not intend to stop here. New launches will follow in the Capital on the short term,” said Raluca Hartmann, General Manager, KiK Romania.

With a built area of 630 square meters, the first KiK store in Bucharest opened its gate to customers on the first weekend of spring. The opening event brought a series of surprise for the visitors. Customers who came to see the store were offered a ten percent discount on all products and enjoyed a KiK mascot, a roulette with prizes, as well as some surprises dedicated entirely to children. The store also offered specialized advice to its customers. An interior design expert offered guests suggestions on how to better decorate their homes after the winter months and how to create a fresh decor while on a budget.

This year, the retailer is determined to continue its expansion on the local market, and it is committed to adding over 30 new stores to its Romanian portfolio. The company relies on Romanians’ confidence in German product quality, as well as on its own discount prices. “2018 proved to be a good year for us, with many achievements, challenges and objectives. The retail discount market in Romania has exceeded our

expectations. Since we opened, our stores have attracted a large number of visitors in all cities that we are present. Each KiK store offers good products in generous spaces, with competitive prices. They have attracted our Romanian customers, who are already familiar with the German quality,” the general manager explained.

KiK is already present in cities such as Oradea, Piatra Neamt, Botosani, Sighetu Marmatiei, Braila, Vaslui, Craiova and Ramnicu Valcea. “Though it might seem that this brand is mainly targeting small and medium-sized cities, the company is much more interested in customer profiles than the number of inhabitants in a certain location,” Raluca Hartmann explained. “KiK is a destination for the entire family. One can find various categories of products in our stores, starting from clothing for adults and children, footwear, accessories and cosmetics to toys, party decorations and various home and decoration products,” she added.

Now, the German discount retailer is planning to open its second Bucharest store at Liberty Center, managed by real estate consultancy company JLL. The new store is set to open at the end of the first quarter of 2019. The store will cover around 600 sqm on the ground floor of that Bucharest shopping center. “Liberty Center’s development strategy for 2018 involved the reorganization of the retail gallery and attracting new partners. We want to respond to our customers’ needs in the best way we can, offering them a relevant mix of retailers. With the help of KiK, we believe we will diversify our visitors’ shopping experience even more, especially

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with the novelty element the retailer brings to the Bucharest market,” said Corina Stamate, Center Manager, JLL Romania. The mall’s traffic climbed by 11 percent in 2018, compared to 2017, while sales also recorded significant growth, with the highest increase recorded by the food court area, at around 20 percent. The retail center reached an occupancy rate of 88 percent. Over 5,000 sqm are under construction and will be ready by the end of the year.

In 2016, KiK had sales of over two billion euro, which was the highest level since 1994. According to its management, the German discount retailer maintained the trend and announced sales of two billion euro last year.

Now, KiK operates nearly 3,500 stores in Europe, 2,600 of which are in Germany. The brand is also present in Austria, Poland,

Hungary, the Netherlands, Croatia, Slovenia, Italy, and, from 2018, in Romania. The company employs almost 27,000 people and it is planning to reach a number of 5,000 stores in Europe. “Kik is one of the companies with the highest expansion rates in Europe, with an annual growth of around 200 stores. At the moment, it is one of the main players when it comes to retail establishments in Germany.

The secret for this success lies in our quality textile products and our competitive prices. The offer is completed by our nonfood articles,” said Raluca Hartmann.

KiK Textilien was founded in 1994, in Bonen, Germany, by Stefan Heinig, who is the CEO of the main company. KiK is part of the Tenglemann Group, which, in 2010, sold its Plus stores in Romania to the German company Lidl.

in partnership with

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Commenting on the findings of the latest Gender Equality Index, Virginija Langbakk, Director of European Institute for Gender Equality (EIGE), said: "We are moving forward at a snail’s pace. We are still a long way off from reaching a gender-equal society and all countries in the European Union have room to improve. In some areas, the gaps are even bigger than ten years ago. Our Gender Equality Index clearly shows whether government policies are matching the specific needs of women and men and whether they are working or not." The updated Gender Equality Index shows that the EU’s score is just four points higher than ten years ago, now 66.2 out of 100. The top performing country is Sweden with a score of 82.6, while Greece moved to the bottom with 50 points. The award for the most improved country goes to Italy, which made a big leap and gained 12.9 points to place itself at rank 14 on the ladder.

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An increasing number of women manage industrial facilities, major companies and build their own successful businesses in Romania nowadays. They have achieved a high level of recognition. Therefore Business Arena Magazine proudly announces the upcoming special awards gala dedicated to the ladies that make a difference in business.

Experts agree that Romania has seen some improvement in gender equality in recent years, but efforts must still be made to ensure equal opportunities for men and women in the workplace.

In this context, Business Arena continues its tradition, celebrating women’s achievements and their vital contribution to the success of business and banking activities throughout Romania. On this note, our publication proudly announces the upcoming special awards gala dedicated to the ladies that make a difference in business.

The Most Admired Business Women Awards Gala 2019 will bring together entrepreneurs, investors, business leaders, diplomats, and professionals from a wide range of sectors to celebrate the successes of women in business.

For more information please contact Cosmin Stangaciu at cosmin.stangaciu@business-arena.ro or phone 0755.274.125

BANKING

RAIFFEISEN BANK ROMANIA DELIVERS ITS BEST RESULTS EVER

Raiffeisen Bank Romania enjoyed a 2018 net profit of 881 million lei (around 189 million euro), posting a 79 percent increase from the year before. The bank’s assets went up 11 percent to 40.04 billion lei, while its loans to customers increased by 19 per cent, to 26.73 billion lei. In turn, customer deposits advanced by 11 per cent, reaching 33.09 billion lei. The bank’s revenues amounted to 2,522 million lei at the end of last year, 23 per cent higher than 2017.

The bank said its results were based on a market share increase for loans and on a sustained and balanced organic growth for the main customer segments and products, emphasizing that these were the best financial results it had ever recorded in Romania. "I have always said that success does not come fast or suddenly.

The exceptional results of today have years of efforts, trials, failures and achievement behind them. 2018 marks the best results of the bank so far, and this translates into the following: we are a responsible supporter of the Romanian economy, the loans to customers are close to six billion euro, we have approximately 5,000 employees and we are one of the most important contributors to the state budget,” said Steven van Groningen, President & CEO of Raiffeisen Bank.

At the end of 2018, the bank's net loan volume increased by 20 per cent: the growth was 23 per cent for large and medium-sized companies, 13 per cent for SMEs and 10 per cent for individuals. At the same time, the cost of risk dropped by half in 2018 compared to 2017, based on the improvement in customers’ payment behavior. The rate of non-performing loans declined by two percentage points, to 4.1 per cent. The direct and indirect taxes and charges borne by the bank in 2018 amounted to more than 476 million lei. The bank also noted that 2018 marked a six percent increase in operating expenses compared to 2017, up to 1.28 billion lei, due to salary increases, inflationary pressures, as well as important investments in IT,

digitization and infrastructure. The year also brought two major changes to the bank's IT infrastructure, which will help the bank be more flexible and respond more quickly to customer requirements and all regulations. The central system of the bank was upgraded to a new solution, Signature, and the new mobile and online banking applications were launched to 5,000 Raiffeisen Bank employees in November 2018.

The applications will soon be available for use to all the bank’s individual customers, and they will integrate the PSD2 regulatory requirements. The digital client portfolio recorded new increases in 2018, and Raiffeisen Online and Smart Mobile users have used the apps 65 per cent more than the previous year. The number of digital active clients has reached 600,000, and the number of Smart Mobile users has increased by 47 per cent compared to 2017.

Raiffeisen Bank launched the "cashless" agencies (37 agencies) in 2018 and invested in the new generation of branches, with the first units already open in Bucharest (AFI Cotroceni Mall) and Oradea (Lotus Mall). Starting November 2018, Raiffeisen Bank is among the first banks in Romania able to instantly issue cards for individuals. The bank retains its first place on the credit card market in Romania, with 500,000 active cards. Raiffeisen Bank marked a record increase in terms of Premium customers of more than 16 per cent compared to 2017 and ranks first in customer preferences based on the quality of the experience offered by the personal banker and the dedicated benefits. The bank

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BANKING

also has one of the best private banking services on the market* and manages assets in excess of five billion lei for its clients who use advisory services, financial instruments and related services. In 2018, it continued to improve the quality of its private banking services by investing in digitization and the training of specialists.

TOP RESULTS FOR RAIFFEISEN BANK INTERNATIONAL (RBI)

the bank. It is particularly pleasing that all of our network banks are generating profits. The main driver behind the very good result was the development in risk costs. We not only benefited from the very good economic developments in Central and Eastern Europe but also worked actively to improve our risk profile. These measures are now bearing fruit. Our NPL ratio in 2018 declined markedly and is now at just 3.8 per cent – in 2015 the ratio stood at 12 per cent.

However, I am also satisfied with our revenues.

In a continuingly difficult interest rate environment, we managed to increase our operating income by four per cent compared to the previous year.”

Referring to the bank’s markets, Strobl noted that the Czech Republic, Slovakia, Serbia and Bulgaria were “particularly interesting”.

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©

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Photo by Business Arena Magazine

In 2018, Raiffeisen Bank International (RBI) generated a consolidated profit of 1,270 million euro. “We significantly exceeded the previous year's very good result and are very satisfied with the 2018 financial year. We markedly improved our capital ratios and lowered our NPL ratio further. We can therefore propose a significantly higher dividend to the Annual General Meeting than in the previous year,” said Johann Strobl, CEO of RBI. Operating income was up four per cent year-onyear, or 199 million euro, to 5,298 million euro. Net interest income rose four per cent to 3,362 million euro driven by lending growth, with group average interestbearing assets up three per cent.

General administrative expenses increased 37 million STEVEN VAN GRONINGEN, euro year-on year to PRESIDENT & CEO OF 3,048 million euro.

RAIFFEISEN BANK The cost/income ratio improved 1.5 percentage points to 57.5 per cent.

“Despite the sale of the Polish core banking “However, this does not mean that we do not business loans to customers rose by four per want to grow in other CEE countries as well. We cent. Lending increased in almost all markets, will need to reevaluate Romania.” Strobl’s most strongly in Austria, the Czech Republic, remark regarding Romania came as the newly Romania, and Slovakia,” Strobl said. introduced bank tax (Emergency Ordinance Speaking about RBI’s 2018 results, Strobl 114/2018) is expected to have a negative said: “With a consolidated profit of 1.27 billion impact on new loan business and the profitability euros, 2018 was the best year in the history of of the Romanian banking sector.

WELLNESS

WORLD CLASS ROMANIA INVITES YOU TO #BEHEALTHYWITHME! Let us be your inspiration for a better and healthier life and start your health & fitness journey with us!

When was the last time you thought about improving the quality of your life? We believe that if you play in the right team and choose the right place, you can achieve your greatest health & fitness goals. World Class Romania is the perfect place for that!

We have one big mission – to help more Romanians achieve a more active lifestyle.

It’s not just about the fitness experience, but about taking steps towards a healthier lifestyle that can lead to a better, stronger and happier self.

will serve both the interior and exterior spaces, where anyone can enjoy a good session of swimming or take a relaxing moment by the pool. We make continuous improvements and we always find ways to provide new and exciting design, in such a way that anyone can feel welcome in our environment.

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35 CLUBS AND MORE TO COME

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World Class wants to become a regular destination for its members, so our clubs are getting closer and more accessible to everyone. Our 35 clubs throughout the country are widely accessible, but we aim high and we won’t stop here. We plan to open more new and modern clubs, so we can contribute to a radical lifestyle transformation in Romania.

One of our newest clubs, Pure Fitness Tomis in Constanta, has become part of the World Class belief and invites more people to make a change in their life. Similar to other World Class clubs, Pure Fitness Tomis offers premium facilities, original Les Mills programs and the most varied group fitness classes for the ones who love the explosive energies created by the power of community. Located in the Tomis Mall, it has a privileged position and a clear mission to be closer to its members and to inspire them every day.

We want to be close to the people in Cluj too, so our expansion continues with the opening of World Class Record Park in June.

Surrounded by lush greenery, the club is the perfect place where our members can find the balance between nature and sport. This space will incorporate a modern design and will benefit from a spectacular retractable pool that

LES MILLS AND WORLD CLASS MAKE THE DREAM TEAM Together with our expansion strategy in the biggest cities in Romania, we also provide some of the most innovative fitness classes, developed by Les Mills, the world's largest provider of fitness concepts, and by World Class health & fitness experts. From cardio to strength group classes, all of our programs are challenging your endurance and power. You can find the group of people that can help you to push yourself beyond limits and that can create the atmosphere that motivates you.

World Class is a place for everyone, regardless of your fitness level. You can start your training slowly with Zumba, Pilates or stretching group classes and you can reach a higher fitness level with intense group classes, such as Body Pump, HIIT or Bag Boxing classes. Our fitness studios have the latest and most modern equipment, so brace yourself for the best health & fitness experience of your life.

YOU DON’T KNOW WHERE TO START? OUR PTS DO. We know that every member has specific needs, this is why everyone can choose personalized programs with our personal trainers,

always ready to motivate and inspire you to become the best version of yourself.

There are 400 experts at World Class, always there to advise, motivate and inspire you to take the decisions that can change your life. Our trainers have international expertise and certifications, and some of them are winners of national, regional or world sports competitions.

Moreover, they are constantly aware of the latest developments in the fitness world whether we are talking about courses, conferences or local events. Their mission is to build a partnership based on trust, will and empowerment that can only lead to good results and satisfied members.

WORK-LIFE BALANCE IS IMPORTANT FOR WORLD CLASS Because we care about the work-life balance, World Class wants you to have happier and healthier employees and has a corporate programme that will help them have a balanced lifestyle, more activity in their free time, higher resistance to stress and personalized programmes with professional trainers and a wellness programme at work.

World Class Romania believes in the power of the partnership between you and its trainers and knows that only together you can make the perfect team. Let them be your inspiration, your motivation and your mates and start the journey on the greatest health & fitness road towards the best version of yourself!

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BRANDING BUSINESS

THE BRANDOERS – SUCCESSFUL BUSINESS VISION Jean Cocteau once said “Celebrity: I picture myself as a marble bust with legs to run everywhere.” Nowadays we measure fame in terms of brand image.

A brand is a symbol and its significance links products to consumers, providing the framework for an interaction generating business success. Brands have the role of combining several characteristics defining a company and they outline product qualities.

“The Brandoers was born as a tool for us to help brands discover their true potential, create the image and the story they want to tell, based on strategies that focus on reaching pre-agreed targets. We like creative ideas and we love implementing them. These days, technology moves forward at great speed and, with it, we too have to evolve. The focus is changing every day, from one platform to the next. There is need for a full-time

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BOGDAN LADARU AND MARIANA DINICA

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commitment and constant presence on social media platforms so that we can create a loyal audience for our brand. We are aware of all that and we are passionate about building together with our partners,” said Bogdan Ladaru, Strategy Builder, The Brandoers.

Brands play a crucial role in business and in creating a company image, as they support sales and maintain the ties with existing customers.

The Brandoers was born to help companies create their own brands, to develop concepts and ideas, to support attitudes and trends through social media.

Brands generate consumer expectations.

When people are undecided about a product, they tend to choose a known brand, a make that will induce emotion and has a predictable behavior. Branding and rebranding are complex processes and The Brandoers aims to help companies find their place in their industry, promoting their image and product message in the media.

With a presentation website, the brand-creation process will help you individualize your business from other companies and products, will elicit emotions and reactions from customers and suppliers, will create the identity and significance of the product or services offered by the company.

The Brandoers tells the story of its team of brand creators and their natural evolution.

Being much more than just a media agency, The Brandoers builds the reputation of a company, develops and strengthens a brand, generates success for its customers’ products and services through media presence. The tight-knit, inspired team has reinvented itself in the shape of a young and solid media agency that creates brands and consolidates symbols and stories in a wide range of business sectors. From beauty to tourism, from coaching and personal development to various niche businesses, the companies using The Brandoers’ services witness a constant and natural development of their market presence. Building communities around brands leads to prestige, fame and success.

“The set of values is changing from a good commercial position, the lowest price and the biggest discount to an extraordinary story, the value added offered to customers, brand vulnerability and daily customer involvement. Today, we have a daily interaction and we need to set up a smart form of communication with the fans, so we can keep their attention focused on the brand,” said Mariana Dinica, Marketing Manager, The Brandoers.

The media tools are now at the team's finger-

tips. Social networks, blogger and influencer communities help on building brand awareness, and organic growth allows companies to achieve more prominent positions as a result of The Brandoers’ inspired and professional actions.

Their progress has been fast over the last year, and its own rebranding represented a step towards maturity and professional success.

Bogdan Ladaru and Mariana Dinica inspired The Brandoers team to position different companies on social networks, boosting reputation and fame for valued names such as Photohotel, Maria Pauna, Atelier Maquillage Paris, coach Paul Ardeleanu.

Facebook or Instagram, Twitter or Linkedin, any useful tool that can help build a brand's reputation is put to use by the talented team at The Brandoers, and the results speak for themselves.

Happy customers notice with satisfaction that media campaigns result in ever higher turnover figures, and their company’s reputation is growing with the natural evolution in the media.

Whether we are talking about building a strategy for promoting, implementing or creating relevant photo/ video content in keeping with the partner's needs, the team has always found complete solutions. Promotional campaigns are designed by The Brandoers specialists so they can maximize results, while the organic growth can accurately reflect the brand's evolution and improvement in the company's image. The Brandoers team has been able to build strong relationships with its customers through professionalism and direct involvement.

An inspired brand transmits emotion to consumers, generates reactions and changes moods.

Not everyone knows how to capture the essence of a product or service and sketch out a brand. It takes grace, flair and a sense of the market to capture exactly the message that needs to be delivered to consumers.

Social media has become more than ever an ideal marketing tool for companies that understand that their presence on the market actually depends on the value of their brand. The Brandoers team has already experienced the challenge of turning dull and basic companies into success stories, in which the newly created brands have generated value for the companies they represent. If you want to stand out, if you want to experience the feeling of fame and reputation in your area of activity, The Brandoers welcomes you to try and transform your company's image. Together you can turn the idea you have long dreamed of into reality.

SPHERA FRANCHISE GROUP APPOINTS NEW CFO Sphera Franchise Group has appointed Valentin-Ionu] Bude] as the company’s Chief Financial Officer (CFO), scheduled to start his four-year term on May 9, 2019.

“We welcome Mr. Bude] as Sphera Franchise Group’s new CFO, and we are confident that, as a highly experienced financial specialist, he will represent a great addition to the executive team in its pursuit of the company’s objectives. In line with our steadfast commitment to upholding the highest corporate governance principles, we are pleased to have selected as CFO a professional with more than 10 years of experience, of which most having been acquired in top management positions,” said Mark Hilton, CEO of Sphera Franchise Group.

Valentin Bude] has an extensive experience, of over 10 years, in Finance Management, accumulated while accessing constantly ascendant roles in accounting, auditing, controlling and finance management, in challenging industries such as healthcare, telco and consultancy. For the past four years, he has been holding CFO positions, being in charge of coordinating a various range of activities such as mergers & acquisitions, treasury optimization, internal controls, budget and planning, and profitability analysis.

“Mr. Bude] professional activity spreads over a broad variety of finance domains, in industry leading companies where he gained management experience and has proven solid performance in running complex, strategic, inter-departmental projects on top of relevant technical skills. We are looking forward to working with him. At the same time, I would like to thank Daniel Pali]\ for stepping up in taking the interim CFO position successfully. He will resume his role of Manager of Strategic Planning and Investor Relations,” added Mark Hilton.

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BANKING

EBRD NAMES NEW REGIONAL DIRECTOR FOR ROMANIA AND BULGARIA

Mark Davis has been appointed the new EBRD Regional Director for Romania and Bulgaria and will take over his new role in Bucharest on April 1, 2019. Davis follows Matteo Patrone who has become Managing Director for Eastern Europe and the Caucasus.

According to an EBRD news release, in his new position, Davis will lead EBRD operations in the two countries and help boost their economies through investment, advice and support for reforms.

“I am honored to take on this new task.

Romania and Bulgaria play increasingly prominent roles in south-eastern Europe and for EBRD business. We will keep the investment momentum in the two countries. The EBRD with its teams on the ground and its staff in London will work to strengthen the competitiveness of these economies and their regional and international integration. We want to help build economies

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MARK DAVIS

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that deliver for their people,” said Davis.

To date, the EBRD has invested over 8.3 billion euro in Romania and nearly 3.9 billion euro in Bulgaria. In 2018 alone, the Bank invested over 400 million euro in Romania and more than 185 million euro in Bulgaria.

Davis is currently Adviser to EBRD Vice President, Banking, Alain Pilloux, and is based in London. He joined the Bank in 2013 as Head of Armenia. During his tenure in Yerevan, he expanded EBRD’s investment in the country, made a major contribution to the creation of the Armenian Private Equity Fund, and helped deepen local capital markets.

Prior to joining the EBRD, Davis was an Executive Director at Goldman Sachs in Moscow (2010-2012) and Executive Director at Morgan Stanley in London (2007-2010). He began his

career at the World Bank in Washington D.C. where he was a senior country economist responsible for Moldova, Ukraine and Kazakhstan between 1996 and 2006. Mark Davis holds a PhD in economics from Tulane University.

FITCH AFFIRMS GARANTI BANK'S LONG-TERM IDR WITH STABLE OUTLOOK

Fitch Ratings affirmed Garanti Bank Romania’s long-term Issuer Default Rating (IDR) at ‘BB-’, with stable outlook, while the bank’s Viability Rating was also affirmed at ‘bb’, despite legislative uncertainties having already had an impact on the market and the financial system.

According to a Garanti Bank release, the stable outlook on its IDR reflects Fitch’s view that the bank is sufficiently independent from the parent bank. The funding of the bank is predominantly from customer deposits and the bank is not reliant on parent funding. GBR's liquidity position is adequate as reflected by

UFUK TANDOGAN cash, accounts at central bank and other liquid assets such as government bonds.

Fitch emphasized that their recent decision reflects Garanti Bank’s resilience, despite increased operating environment risks to the banking sector arisen from a series of proposed or adopted legislative measures.

Fitch affirmed the viability rating of the bank mentioning that “the bank's improving capital metrics and reasonable pre-provision profitability provide a cushion against the potentially significant impact of a punitive bank tax in the short to medium term.”

"We have always targeted a sustainable and healthy organic growth in the market. Fitch’s assertion of our ratings confirms our strength and our ability to carry out the ambitious longterm plans we have in Romania," said Ufuk Tandoğan, CEO of Garanti Bank Romania.

WHAT EVERY ENTREPRENEUR MUST KNOW ABOUT ARTIFICIAL INTELLIGENCE Boost efficiency and productivity. Reduce errors. Plus more cool stuff.

Artificial intelligence continues to be increasingly used throughout the general public and businesses to enhance consumer experiences. Research from Gartner predicts AI will generate a business value of $2.9 trillion by 2022. It's making doing business easier because it offers entrepreneurs several benefits that can help them grow their businesses. Here's how: 1. ARTIFICIAL INTELLIGENCE HELPS INCREASE EFFICIENCY. Being able to run your business efficiently is essential to maximizing your resources. It also helps you save time and money for your business in the long run. AI helps entrepreneurs increase operational efficiency. For example, you can create speech recognition software applications that help doctors of your medical practice take notes aloud. This removes the need to handle the transcription of notes that medical billers and coders need to effectively process invoices.

You can even use AI-powered voice assistants to help increase efficiency in the office and assist you with scheduling meetings, setting up reminders and recording points you need to discuss in a team meeting or client presentation.

2. ARTIFICIAL INTELLIGENCE ENHANCES PRODUCTIVITY. If you're looking for a way to increase your businesses performance and output, then AI offers some promising results. With AI, you can enhance productivity. For example, you can build software to speed up the process of tracking inventory for your warehouse or manufacturing facility. AI can also be helpful in improving the productivity of procuring leads for your business.

For instance, Harley Davidson employed an AIpowered marketing platform to increase its daily lead generation. This led the company to realize a 2,930 percent increase in leads over three months since its implementation. With increased productivity and speed, you can leverage the power AI to scale your business, too.

3. BUSINESSES CAN INCREASE AUTOMATION WITH ARTIFICIAL INTELLIGENCE. Automating manual tasks can help your business save time and money so you can continuously grow. With AI-powered software applications, businesses can expect to increase automation. For instance, you can create software applications to automate business processes and save time in manual labor.

Walmart used robot process automation (RPA) technology and automated a variety of business processes with the help of an estimated 500 bots, including retrieving relevant data from audit documents and answering questions from employees. This helps remove repetitive tasks from workers' responsibilities as well as enables the business to scale its automation intelligently for efficient operations.

4. YOU CAN ENHANCE CUSTOMER EXPERIENCE. Improving your customers' experiences means being available to assist them when they need you the most. However, humans cannot single-handedly be available around the clock.

It also can become increasingly expensive to run an operation that supports a workforce of employees with multiple shifts, especially if your business is just starting out.

However, chatbots can help amplify your workforce and enhance the customer experience. For example, you can use chatbots to improve customer service. These AI-powered software algorithms can be present to answer frequently asked questions and take care of tasks when human workers cannot.

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AI

ARTTIS ACADEMY SETS THE STAGE FOR CONTINUOUS LEARNING

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Arttis Academy is a concept that was born in London a few years ago, emerging from the experience of its founders with the multiculturality of the British culture.

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The fusion of values and traditions that Roxana and Nicholas had as part of their heritage together with the multiculturality of the British culture, united with the most inspiring ideas of the greatest international minds, has created a revolutionary learning concept focusing on a new way of seeing life and understanding things.

This idea evolved whilst the founders worked in various environments to the point they felt the need to bring it to Romania, thus creating a cultural bridge between London and Bucharest, bringing British artists, international speakers and professionals to Bucharest.

Arttis Academy is learning continuous learning which doesn’t stop once you finish a university. Learning evolves and takes on different forms throughout a person’s life.

The Academy’s mission is to open the path to self-development and personal evolution for an extra-ordinary life through revolutionary training programs and workshops which are so much more than acting and music courses, public speaking and corporate training presenting a unique way of understanding life.

For too long personal development has been perceived as a daunting and boring task. The Academy’s programs create a relaxing atmosphere and has the so called ’growth mindset’ at its core.

Designed to bring to life all of our hidden capacities, the programs are aimed at all those who seek a new way of thinking, one that is based on values and on a creative approach to life.

The research made by Harvard University, Carnegie Foundation and Stanford Research Centre has led to the conclusion that 85% of those who are successful at their job have developed people skills and soft skills (creativity, time management, motivation, self-confidence) and only 15% of those successful at their job have developed technical skills and knowledge.

Whether you work in a corporation, are a freelancer or work in any other field, Arttis Academy’s personal development courses offer you a space in which you can express who you are without being judged and where you can reinvent yourself with the help of music and acting games.

Benjamin Franklin said that ’an investment in knowledge always pays the best interest’. A good team is everything and, with it, a company evolves and moves forward. In the field of Corporate Training, the Academy’s Programs are specially designed for the development of each team member and focuses on higher productivity, employee engagement, stress-reduction, creativity, better team dynamic, mental flexibility and adaptability, providing employees with a sense of being valued.

In a recent 2017 Dale Carnegie study, the companies where employees feel valued have a higher performance, by up to 202%, in comparison with companies where employees don’t feel valued. To coach your employees and to give them career growth opportunities is a sure way to make them feel appreciated inside the company.

Arttis Academy’s most popular Corporate Training Programs include ‘Creative problem solving and play’, ‘Acting techniques applied in Business’, ’Public speaking’, ‘Understand body language’, ‘How perfectionism is holding you back’, ’Becoming indistractable’ and many more.

Team Building is very popular among our corporate clients. And because of that, we work closely with managers and CEO’s of companies in their desire to give their team a break from the routine or, as we like to call it, ’a corporate pick me up’. The Academy’s trainers are skilled actors and musicians with a vast experience in the corporate world, having inside knowledge of this particular work environment, creating a personalised programme specially designed for

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the personality of your organisation, focusing on individual progress, positive communication, dealing with change, problem solving and productive team work.

ARTTIS ACADEMY WAS FOUNDED BY ROXANA LUPU AND NICHOLAS LUPU. Roxana Lupu is an actress, with a PhD in Drama Teaching from the National University of Theatre and Film in Bucharest, and a trainer with over 10 years’ experience in theatre, feature-films, commercials and voice-overs. She lives in London and has regular projects in Romania.

Among Roxana’s acting roles there is Queen Marie in the feature film ‘Marie, Queen of Romania’, premiering in May 2019, the theatre play ‘BU21’ at West End’s Trafalgar Studios, the mini-series ‘Inside Buckingham Palace’ and ‘Inside Windsor Castle’ on Channel 5, as Queen Elizabeth II, ‘Royal Murder Mysteries’, as Princess Tatiana Romanov, and the recent miniseries ‘Private Lives’, as Princess Margaret.

In the corporate world Roxana has worked in London as a Business Developer for Angsana, as a Senior Sales Advisor for Ralph Lauren and Nespresso, also as a workshop presenter in the creative learning and life skill field for Learning Performance U.K. She has facilitated workshops on personal development, public speaking and body language for companies such as Capgemini, Rotaract U.K., Nespresso and many more.

Nicholas Lupu is an actor, professional singer and trainer, with experience in various artistic mediums ranging from opera productions, musicals, pop opera to feature films, short movies and documentaries. He is also a choir conductor, founding and conducting vari-

ous choirs for more than 10 years. He lives in London and has regular projects in Romania.

Among Nicholas’s acting roles there is Boris Moscovici in the feature-film ‘Queen Marie of Romania’, ‘Mission Impossible - Rogue Nation’, as the Choir Conductor, ‘Mars 1001’, as Anatoly Nikolaev, ‘Fright Night 2’, the miniseries ‘The Riddle of the Romanovs’, as Yakov Yurovsky , ‘War of the Worlds’ for Discovery Channel, the educational film ‘Richard III’, as Vincent Tetulior, among other short films internationally awarded.

He has played the role of Khogatal in the musical ‘Marco Polo, An Untold Love Story’ at the Shaw Theatre in London and many other musicals, opera and operetta shows in collaboration with theatres in Bucharest and in Romania. Among those we mention ‘The Barber of Seville’ , ‘Rebecca’ , ‘Romeo and Juliet’ , ‘Die Fledermaus’ , ‘The Merry widow’ and ‘Silvia’ to name a few.

Also, a special place is held by his project #popoperarevolution, in which a very diverse array of styles and songs are presented in explosive shows with daring choreography.

Arttis Academy takes personal development to a whole new level in an artistic and dynamic way through acting and music - singing courses with the purpose of bring art into our life. When taking part in our programs you don’t just take part in a workshop, you enter a community of the most inspiring ideas and people of our generation such as Marisa Peer, Jordan Peterson, Srikumar Rao and Lisa Nichols.

We believe in people and in their capacity to be extra-ordinary.

A new way of learning. A new way of seeing life. Arttis Academy, We bring value because we care! www.arttisacademy.com

special section

L

U X U R Y

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LIFESTYLE

TOP BRAND

pages 32 - 63

LEGACY MACHINE FLYINGT Presenting Legacy Machine FlyingT, the first of MB&F’s three-dimensional horological art pieces dedicated to women.

The 14th year of MB&F unveils a new avenue of horological exploration, an evolution of creative horizons for founder and company alike.

The 14th year of MB&F unveils a new avenue of horological exploration, an evolution of creative horizons for founder and company alike. The tourbillon projects high above the rest of the engine, a kinetic, dynamic column that stops just short of the apex of the sapphire crystal dome. An asymmetric ventricular opening in the dial plate frames the heart of the LM FlyingT engine – a cinematic flying tourbillon that beats at a serene rate of 2.5Hz (18,000vph).

At the 7 o’clock position – another reference to the numeric theme that runs throughout LM FlyingT – is a dial of black or white lacquer that displays the hours and minutes with a pair of elegant serpentine hands in blued gold. The dial is inclined at a 50° tilt so that the time can be read only by the wearer, an intimate communication that highlights the personal nature of LM FlyingT. On the reverse, the automatic winding rotor takes the shape of a three-dimensional red gold sun with sculpted rays, providing LM FlyingT with four days of power reserve.

The design of Legacy Machine FlyingT is replete with associations drawn from the feminine and maternal influences in Maximilian Büsser’s life. Says Büsser, “I wanted LM FlyingT to possess the epitome of femininity as reflected by the women in my life, particularly my mother. It had to combine supreme elegance with tremendous vitality. The column-like structure of the flying tourbillon was very important to me as I felt very strongly that women form the pillar of humanity. At the same time, there is another layer of meaning coming in from the sun-shaped rotor, which incorporates the element of life-giving, a source of sustenance which we gravitate towards and around.”

Legacy Machine FlyingT launches in three editions, all in white gold and set with diamonds: - black lacquer dial plate with case set with brilliant-cut diamonds; - dial plate and case both fully set with brilliant-cut diamonds;

- dial plate and case both fully set with baguette-cut diamonds.

ABOUT THE ENGINE The mechanical antecedents of Legacy Machine FlyingT lie mostly in the Horological Machine collection, namely with the HM6 series and HM7 Aquapod.

In a departure from most modern watch movements, which take a radial and co-planar approach to movement construction, the LM FlyingT engine utilises a vertical and co-axial approach. The cinematic flying tourbillon, which boldly projects beyond the dial-plate of LM FlyingT, is a visually stunning example of the rotating escapement and stands in stark contrast to other flying tourbillons, which usually do not venture past the confines of their surrounding watch dials.

Flying tourbillons, as their name suggests, are anchored only at their base, with no stabilising bridge to restrict lateral motion at the top. This increased need for overall rigidity is what causes the conservative placement of most flying tourbillons within their movements. Legacy Machine FlyingT breaks free

of this limiting need for movement security and confidently displays its flying tourbillon in all its glory.

An additional distinct challenge which arose in the construction of LM FlyingT was the shape of the upper tourbillon cage, which creates more mass on one side of the tourbillon than the other. In order to compensate and ensure that the mechanism remains balanced, a counterweight was hidden under the tourbillon carriage, on the opposite side of the upper tourbillon cage.

In order to display the time as precisely as possible on the 50° inclined dial, conical gears were employed to optimally transmit torque from one plane to another, a solution first used in HM6 and subsequently in HM9 Flow.

The 280-component engine of Legacy Machine FlyingT has a power reserve of four days (100 hours), which is among the highest within MB&F, a testament to the growth of in-house expertise and experience.

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LUXURY & LIFESTYLE - TOP BRAND

A CLOSER LOOK AT THE WATCHES REDEFINING GIRARD-PERREGAUX IN 2019

GIRARD-PERREGAUX BRIDGES COSMOS

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POWER RESERVE: 60 HOURS NUMBER OF COMPONENTS: 362 INCLUDING 52 JEWELS DIAMETER: 37.85 MM TOURBILLON, HOURS, MINUTES, SECOND TIME ZONE WITH DAY/NIGHT INDICATOR, CONSTELLATIONS INDICATOR

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Established in 1791, GirardPerregaux holds a special place in the hearts of fine watchmaking lovers. The manufacture from La Chaux-deFonds is regaining their position within horology houses.

Within the galaxy of new GirardPerregaux launches, Cosmos vibrates on a separate wavelength. Stemming from the Bridges collection, the piece highlighted by the brand in 2019 is anything but nebulous.

Girard-Perregaux’ 2019 collections presented at this year’s SIHH re-introduce the brand’s modernity and savoir-faire. The newly appointed CEO (also at the helm of Ulysse Nardin), Patrick Pruniaux explained the brand’s approach: "Girard-Perregaux benefits from an incredible level of love from collectors. The name alone evokes classical high horology finishings, but also chronometric precision and innovation. Today, we stand firmly on four pillars (Laureato, Bridges, 1966, and Cat's Eye) and our mission is to insist on the legitimate aspects which will strengthen our name while differentiating us at the same time.”

The tourbillon at 6 o'clock embodies the manufacture's horological mastery nestled below its characteristic bridge, realized in black titanium for this edition. The brushed and beveled finishing provides texture which is echoed by the beadblasted titanium case. The hours and minutes dial, off-centered at 12 o’clock, perfects the balance of the timekeeper. The final touch is revealed when the light goes out: the metalized sapphire of the dial lights up under a shooting stars’ shower of luminescent hydro-ceramic. Unheard of and poetic. A masterpiece of high horology powered by a brand new manually wounded manufacture caliber GP09320.

LUXURY & LIFESTYLE - TOP BRAND

THE MOST COMPLICATED WATCH EVER MADE The Aeternitas Mega – the most complicated wristwatch in the world - is the pinnacle of success in the art of watchmaking in terms of complexity and complications. With 36 complications and 1’483 components, the Aeternitas Mega is a wonder of micro-mechanic and watchmaking know-how.

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Aeternitas MegaTM

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The Aeternitas MegaTM is the pinnacle of success in the art of watch-making in terms of complexity and complications. A grandiose work of art culminating in the design of the most complex wrist watch ever made in the world thanks to the multifaceted skills of our watch- makers and constructors. Each of the 1,483 components was designed to give the watch an elegant design in the pure traditions of the old “cadraturiers” (the mechanisms located under the dial) of the Vallée de Joux, Switzerland. This watch

inspires countless emotions as an exceptional time piece and simply unique in the eyes of lovers in the art of fine mechanics and luxury watch making.

From the very beginning, the Mega was incorporated in to the Aeternitas project and is, indeed, the culmination of this project. The basis was always the same, an automatic Tourbillon, but, with two motors. The plate has been hollowed out on the dial side to hold the striking mechanism.

In comparison to the Aeternitas versions, the four Aeternitas Mega versions only have a thickness of 0.2mm as it had to accommodate the striking mechanism of the “Chime of Westminster”.

The Mega sets itself apart thanks to its “Grande Sonnerie” Chime of Westminster striking mechanism sounding on the hours and quarter hours. In the “Petite Sonnerie” version, the strike on the hour is removed, and it only sounds on the quarter hours.

The programming of the large and small striking mechanisms is done through simple pressure on a waterproof push-button placed at the 10.30 mark on the watchcase. This push-button programmable function enables the movement of the striking mechanism to be stopped. The minute repeater enables the “Chime of Westminster” to be activated at any time, and so giving the complete strike of the hours, the Westminster quarters and the minutes.

The “Grand Sonnerie” is the only watch in which the Tourbillon is visible on the dial side, which limits the space available for the “Grand Sonnerie” mechanism and thus makes the design even more complicated.

The glass sapphire case back enables the harmoniously chiselled and decorated pieces that

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LADY TOURBILLON

overlap to be admired in a stunning combination as a dazzling ballet. This masterpiece of complications and know how was entirely designed and manufactured by the Franck Muller group and once again demonstrates their vast array of skills and ability in the Art of Haute Horlogerie.

Case: 18K white gold. / Width: 42 mm, Length: 61 mm, Height: 19.15 mm Hours, Minutes, Tourbillon, Westminster Grande sonnerie, Split-seconds Chronograph, 24- Hour Time Zone, 2 Time Zones, Moon Phase, Equation of time, Secular perpetual calendar (Days, Months, Years, Regrograde Date, Leap Years), Nonleap year Secular (100 year cycle), Secular leap year (400 year cycle), on/off ring indicator, Power reserve indicator, Power reserve indicator Grande sonnerie and petite sonnerie Automatic self- winding mechnanism for the movement and the Westminster carillon. Mechanic Tourbillon, Carillon Westminster on 4 hammers and 4 gongs Movement: 3 days power reserve Sonnerie: 24 Hours power reserve 18'000 vibration/ hour Width: 34.40,Length: 41.40 mm,Height: 13.65mm 1483 components, 99 jewels, 91 wheels CôtesdeGenève, diamond polishing,hand-bevelling,circulargraining,bicolour rhodium- plating andhand-engraving.

The Franck Muller Group, renown for innovation in terms of mechanical development and creative design, presents a sophisticated collection that marries new technological solutions to a simple and refined shape.

The Tourbillon Lady reveals through a dynamic curved case, the smallest Tourbillon in the world, whose diameter only measures 11.60 mm.

The Lady Tourbillon exclusive Haute Horlogerie movement is matched by striking contemporary styling, offering a traditional example of never-ending elegance expressed through subtle and graceful lines. This collection pays homage to women who can’t resist the charm of complications and Franck Muller’s sense of originality.

Thanks to its curved case and gently rounded sides, the Tourbillon Lady fits perfectly the contours of the feminine wrist; the sun-stamped dial with colored numerals highlights today’s fashion forward trends; the “small” Tourbillon unveiled at 6’o clock accentuates the grace of this perfectly balanced timepiece.

The Franck Muller Group, renown for innovation in terms of mechanical development and creative design, presents a sophisticated collection that marries new technological solutions to a simple and refined shape. The Lady Tourbillon reveals through a dynamic curved case, the smallest Tourbillon in the world, whose diameter measures 11.60 mm Case: 18K white gold Width: 30.3 mm x Length: 42.25 mm x Height: 10.45 mm Water resistant up to 30 meters Functions: Hours and minutes and optional second on the tourbillon Visible flying tourbillon on a ball bearing with ceramic balls Winding crown in 2 positions Movement: Manually wound mechanical movement Width 26 mm x Length 31.25 mm x Height: 4.70 mm 18’000 vibrations / hour / 80 hours power reserve 171 components / 21 jewels Hand- engraving , circular graining, hand-bevelling and rhodium plating

HOROLOGICAL MACHINE N°6 FINAL EDITION When the hottest-burning stars come to the end of their existence, they take one last stand in the form of a massive supernova. Horological Machine N°6 has only been around since 2014, but its audacious construction and design make it one of the brightest stars in the MB&F constellation, and it has entered supernova phase just four years after its debut. Horological Machine N°6 Final Edition comes in steel, and is available in a limited edition of 8 pieces.

Following the case-material precedent set by in single-headed form for the rotor, and doubleLegacy Machine N°1 Final Edition, HM6 Final Edition headed for the upper tourbillon cage. is presented in stainless steel, a fittingly robust and There are 50 titanium and 18 red gold pieces of durable material to memorialise the last outing HM6 Space Pirate, 10 pieces of HM6-SV in of this series. Any machine that has platinum and 10 pieces in red gold, and four experienced four years of unique pieces in the Alien Nation intergalactic exploration – edition. With the 8 pieces of HM6 transitioning from cosmic Final Edition, the number of pirate ship to futuristic pieces made in the alien vessel – is bound Horological Machine N°6 to bear the marks of series comes to a total of adventure (or exactly 100. misadventure); the The otherworldly body of HM6 engine of Horological Final Edition is Machine N°6 was deeply grooved created over three with polished years of research lines that and development. It stretch from was the second the turbine tourbillon movement pods to the to come out of hour and MB&F and the first minute spheres, flying tourbillon to do contrasting so. sharply with the A space-worthy satin-drawn main craft would not be surfaces. complete without Every aspect of multiple security features the HM6 engine is and guards, and the PRICE $230,000 constructed to intersect automatic winding system of neatly with this retrothe HM6 engine is equipped modernist take on space with turbines that act as a winding travel and technology, from the buffer. Two sets of curved fins provide sleek whirling turbines with curved fins the necessary air resistance to keep the to the cinematic flying tourbillon with its winding rotor within a safety zone of oscillation manually operable shutters. The signature MB&F speed, further enhancing the longevity of this complex battle-axe appears in two places in the HM6 engine: 475-component engine.

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FASHION GUIDE FOR A STYLISH SPRING

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As the seasons change, so does our wardrobe.

However, it doesn’t mean that we should ditch the entire content of our wardrobes and head out shopping to rebuild our entire collection of clothes from scratch. Here are a few tips on how to make the transition from one season to the next, and the key clothing items for this spring.

PRINTED SHIRTS In addition to the classic, plain shirts, in white, grey, light blue or navy blue, if your office dress code is not very strict, you should add a bit of color to your work outfit with a checked shirt, which together with flower-print and polka-dot patterns, are the highlight of the season. They are versatile and easy to integrate in any outfit if you follow the most basic rules of good taste. Don't forget that quality is the main factor in choosing a shirt. A shirt made from poor quality fabrics will soon lose its crisp, sharp look. That’s why I advise you to invest in a shirt made by a brand that follows not only the latest trends, but also the highest quality standards. One of these brands is Sand of Denmark, which is on sale in Romania exclusively in the Trends by Adina Buzatu store.

LIGHT BLAZERS Spring fashion trends bring into the spotlight a true color statement. It’s not about overdoing it and about outfits in vivid colors from top to bottom. It’s enough, however, to choose one item and make it the star of your outfit. You could wear unfinished blazers, made

from natural fabrics (linen, hemp, wool) that are equally versatile and comfortable, like the ones in the collection of Italian brand Messagerie. Make sure you choose the right size, as the blazer should not be a loose fit, but it should follow your body line under the arm and down the side. Also, don’t forget about fine check blazers, as they are still fashionable this season.

ACCESSORIES CAN MAKE A DIFFERENCE Accessories such as cufflinks, pocket squares, and even hats add a bit of style to your outfit as well as a bit of color. However, be careful how you accessorize your outfits, because an over-accessorized outfit is not necessarily stylish. The way you match the colors is also very important. Choosing the right clothes for the occasion is often a real challenge, and so is making the right outfit choice based on our physical appearance, skin color, profession and personality.

Items to keep Fine wool sweaters? Leather jackets? If you already have them in your wardrobe, keep them there. No matter how high outside temperatures may get, there will always be chilly mornings or evenings, and a fine sweater or a leather jacket will be more than welcome. In fact, leather is a musthave this spring, whether we talk about jackets, clothing or shoes.

Enjoy your shopping, my dears!

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AUTO

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2018 PININFARINA HK GT ITALIAN STYLING ON TOP, CHINESE EV TECH UNDERNEATH

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While Pininfarina is best known as the pen behind such head-turners as the ’67 275 GTB/4, the ’72 Dino 246 GTS, the modern Sergio, and a slew of other models from Alfa Romeo, Peugeot, and Maserati, lately the legendary Italian design house has focused more on wild and futuristic concepts, with recent examples including the H600 luxury sedan that debuted at the 2017 Geneva International Motor Show, as well as the five-seat K550 SUV and seven-seat K750 SUV at the 2017 Shanghai Motor Show. Each of the three concepts listed is the product of a partnership between Pininfarina and the Chinese-based tech firm Hybrid Kinetic Group, and now, there’s a fourth model on offer. It’s called the HK GT, and it’s framed as an “elegant and ecosustainable Gran Turismo with two souls,” offering both racing excitement, and comfortable ecoconscious cruising.

Pininfarina teased the HK GT about a month out from its debut at the 2018 Geneva International Motor Show by showing us a pair of shadowy teaser images, but now we’ve got the entire thing captured in crystal-clear images.

While certainly futuristic and sleek, the HK GT is also proportioned in such a way as to give a nod to the past, rocking a traditional gran turismo body style and attitude. Pininfarina calls it “a classic architecture

of the Italian automobile school,” of which other examples might include the Ferrari 275 GTB/4.

Standout features include a long hood line, curving character lines leading into a broad rear end, a cockpit that’s set towards the rear of the car, and a wide stance.

This is the sort of shape that just oozes speed and presence, and Pininfarina is a master of it. The automaker says the HK GT offers “compact and voluptuous volumes and surfaces with soft transitions, finely structured by subtle sharp lines.”

Up front, we find thin headlights with individual LED projectors. The thin shape is also repeated in the rear with the taillights. The intake in front offers a “new interpretation of the HK grille,” with the chrome slats opening up

2018 PININFARINA HK GT DRIVETRAIN High-Powered Battery Pack Over 1,000 Horsepower 0 To 62 Mph In 2.7 Seconds Torque Vectoring Handling Several Range Extender Options For 600+ Miles Even Weight Distribution Front To Back Four Electric Motors For AWD Two-Speed Transmission Top Speed Of 217 Mph Only 99 Miles Per Charge Aluminum Chassis Construction

to frame the headlights, all of which gets a techheavy look with copious lighting signatures.

Probably the most attractive angle is from the side, where we get a look at the HK GT’s gorgeous profile. More tech cues are found with the rearfacing camera stocks, which replace the traditional side-view mirrors and help to increase the car’s aero efficiency - exactly what you want for a battery-powered electric vehicle. Extra drama is added thanks to the gullwing doors for ingress and egress, which pop up to allow easy access to the back seats.

Inside the HK GT, Pininfarina gave the two-door a luxurious, yet rather futuristic layout. The steering wheel gets an odd hexagonal shape to it with twinspokes cutting across the middle, offering thumblength controls. The dash appears to float, while the shape of the dash and various features gets an organic look to them.

Pininfarina says the layout is, once again, suggestive of the Gran Turismo tradition, but to us, it looks almost sci-fi in its approach. This thing is definitely modern.

Standout features include seating for four in a 2+2 arrangement. The dashboard gets a white cream finish, while the upholstery uses orange contrast stitching. Pininfarina says it gets “minimalist equipment,” but we’re guessing it still has all the usual infotainment goodies and comfort features you’d expect from a top-shelf tourer machine.

The center console stretches back into the rear seats as well, where we find sitters that contrast with those in front thanks to their grey leather upholstery.

Meanwhile, the front seats appear to be styled as through they are suspended from the central tunnel, while the rear was styled to make it feel larger when sitting back there.

Spec-wise, the HK GT is a bit like the H600, with loads of power in tap and high speed potential. It all starts with an 38-kWh battery pack, which provides electrons to as many as four integrated permanent magnet electric motors, one per wheel.

All together, these components create more than 800 kW of power (1,073 horsepower), which runs through a twospeed transmission before it hits the ground. Top speed is rated at 450 km/h (217 mph), with the sprint to 62 mph taking about 2.7 seconds.

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AUTO

NISSAN IMQ CONCEPT

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Nissan unveiled the all-new IMQ concept vehicle, an advanced technology and design showcase that signals the direction of the next generation of crossovers.

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Unveiled at the 2019 Geneva International Motor Show, the IMQ seamlessly blends Japanese heritage with state-of-the-art, humancentric technology. It incorporates the latest innovations that bring to life Nissan Intelligent Mobility, the brand's vision for the future of automotive transportation. Its styling reflects Nissan's role as a pioneer and leader in crossovers, with a striking look that pushes the boundaries of what a European crossover can be.

At the heart of the IMQ is the next generation of e-POWER, a 100% electric motor drive system that delivers instant, linear acceleration. It has been further developed from the e-POWER technology currently available in the best-selling Nissan Note and Serena models in Japan. In the IMQ, it delivers a total output of 250 kilowatts and 700 Nm of torque.

This high output is channeled through a new multi-motor all-wheel-drive system, delivering precise and independent control of each wheel.

The combination of e-POWER and AWD is ideal for low-grip conditions, such as the snowy alpine roads outside Geneva.

The Nissan IMQ offers additional insights into Nissan's technology vision. It's equipped with an advanced prototype version of Nissan's ProPILOT* driving assistance system which can offer enhanced autonomous driving capability.

The model also features Nissan's Invisible-toVisible technology, unveiled in January 2019 at the CES trade show.

The Nissan IMQ's dimensions place it at the

center of the European C-crossover segment. It demonstrates a clean and effortless design, with the exterior and interior merging as one. This is most striking in the lines of the greenhouse, designed to give the impression of a single continuous surface.

The IMQ marks a bold new direction in Nissan's design language. It builds on the Nissan badge, integrated into the V-motion grille, which has been given a deliberately more subtle execution. The grille blends vertically into the hood and horizontally with the front bumper to create strong corners at the outer edges. The hood features striking chrome-edged cuts as the fender rises from the wheel arches and tucks under the central section.

Closer inspection reveals extensive use of three-dimensional ridges on the darkened lower sections of the exterior. These detailed layers known as lamellas - are evocative of Japanese traditional design and extend all around the car.

The exterior is completed by 22-inch alloy wheels with bespoke Bridgestone Connect tires.

These "smart" tires communicate information to the driver via the graphical user interface. Data transmitted includes tire load, pressure, temperature, grip level, wear and tire health. This helps the IMQ automatically calibrate its in-car control systems to work optimally.

The Japanese design themes, blended with contemporary technology, continue inside. The IMQ's doors are hinged at their outer edges and open to reveal a futuristic, spacious interior,

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A TECHNOLOGY SHOWCASE The Nissan IMQ is equipped with Nissan's Invisible-to-Visible (I2V) technology, a 3-D interface where the "real world" converges with the virtual world. Developed by Nissan, I2V helps vehicle occupants see what may otherwise be invisible, adding confidence and excitement to the driving experience.

The opportunity to "see the invisible" is made possible with Nissan's Omni-Sensing technology which connects the IMQ to real-world sensing featuring four individual seats that rise seamlessly from the lamella-covered floor, which provides a visual link to the exterior.

Nissan's familiar "gliding wing" instrument panel dominates the front of the cabin, with a center console emerging from beneath and stretching back between the front seats into the rear.

Each sculpted seat is finished in a two-tone 3D technical fabric, laser-cut in a geometric design inspired by Japanese kumiko woodwork. The pattern is replicated on the instrument panel, door trim and parcel shelf, as well as the rich metallic finish of the seat back..

FUTURISTIC CONTROL FOR THE ULTIMATE DRIVE Everything about the IMQ's interior is focused on the driver. This is demonstrated by the graphical user interface, dominated by an 840millimeter screen embedded in the instrument panel. It's completely black - like a smartphone when powered down, but when powered up, it comes to life to provide e-POWER status and other vehicle information. Further use of the black lamellas is always visible behind the screen.

A smaller, secondary screen above the center console hosts the IMQ's Virtual Personal Assistant. It enhances the driving experience by controlling vehicle functions, such as navigation, in response to input from the driver.

The steering wheel is ergonomically shaped to put the driver in a relaxed position and to maximize the visibility of the instrument panel.

Advanced, "soft-touch" paddle shift-style functionality is built into the back of the wheel.

information inside and outside the vehicle's cabin, combined with information from the virtual world, displayed before the driver and passenger for a rich mixed-reality experience.

The technology can help drivers see around corners, visualize precise information about traffic jams - including causes - and determine alternative routes for a stress-free journey. Drivers may even enjoy the company of a virtual passenger, in the form of a 3D augmented-reality avatar inside the car.

Nissan's commitment to an autonomous future, as laid out in the Nissan Intelligent Mobility vision, is also reflected in the IMQ. The car is equipped with an advanced prototype ProPILOT driver assistance system, assisting drivers on urban streets and suburban highways. This is possible due to an array of advanced sensors, radars and cameras located throughout the car that can interpret road, traffic and information signals for a smooth and confident ride.

LUXURY YACHT

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SLIPSTREAM

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Famed for her show-stopping looks, the stunning, multi-award winning SLIPSTREAM is one of the most stylish charter yachts on the water.

An eye-catching black hull and silver superstructure offers a hint at this superyacht's striking interior. Rich notes of red, black and ochre work in harmony with the luxury yacht's native Australian and Canadian artwork to create spectacular living and entertainment areas.

Linking these decks, a hand-carved trio of totem poles stand guard over the glistening black fossil marble stairwell.

Guests can enjoy the full cinema experience at the touch of a button in the sky lounge as black-out blinds fall and a screen unfurls from its hiding place in an elegant chaise longue. An air conditioned gym is available for the restless, with both exercise machines and a selection of free weights. Also on the bridge deck, a circular al fresco dining area is shielded by sliding glass doors, allowing guests to absorb the views on all sides while remaining sheltered from the breeze.

SLIPSTREAM's vast sun deck was designed with every comfort in mind; giant sun pads sit both forward and aft, a glass windbreak fits around the jacuzzi, and an open-air shower and glass-topped bar complete the six-star experience.

With sumptuous accommodation for 12 guests in seven cabins, spread across three decks, guests are spoilt for choice. The rich red and black master suite includes an office, his and her bathrooms, walk-in wardrobe, and a beautiful raised observation lounge that allows direct access to the foredeck.

The VIP cabin on the bridge deck has some of the best views on board, with

The 197-foot nomadic yacht Slipstream is ready to cruise the globe at a moment’s notice—with plenty of toys in tow.

natural light spilling from a sliding glass door leading onto the private balcony. Four stylish double cabins are located on the lower deck, two of which can be converted into twin cabins upon request. The gym also converts to a seventh cabin with two pullman berths and en suite bathroom, if required.

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SUMMER CRUISING Mediterranean WINTER RATES (HIGH/LOW) USD 448,000/USD 385,000 per week WINTER CRUISING Caribbean BEAM: 11.2m (36.7ft) DRAFT: 3.5m (11.3ft) CRUISING SPEED: 14.5 knots ENGINES: 2 x 2,201hp Caterpillar NOTE Not for charter to US residents while in US waters LENGTH: 60m (196.9ft) GUESTS: 12 WATERSPORTS 7m Novurania tender with 220hp engine, 6.7m Nautica tender with 260hp engine, Laser sailing dinghy, 2 x Sea-

Doo GTX waverunners each with 215hp engine (2/3 man), 2 x kayaks (2 man), 2 x wake surf boards, 2 x SeaBobs, 2 x stand up paddle boards, waterskis, wakeboards & tows, fishing gear, snorkelling gear, inflatable climbing pyramid/slide, approved RYA training centre for personal watercraft COMMUNICATION & ENTERTAINMENT State-of-the-art audio-visual systems, satellite television,, Nintendo Wii, Sony X-Box, sky lounge projector and cinema screen. Satcom & cellular communications facilities, Fleet 77, Wi-Fi internet access.

KEY FEATURES Outdoor cinema on sun deck, waterslide, karaoke machine, smoke machine, bubble machine. Jacuzzi, Gymnasium, Zero speed stabilisers.