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Polo Ralph Lauren today announced the formation of a new watch and jewelry company. The company will design and create luxury watches and fine jewelry. The new company will develop, design, manufacture and distribute products through high-end independent jewelry and luxury watch retailers. Perhaps we’ll see some piece available in Bidz.com online jewelry auctions soon. Fashion giant Polo Ralph Lauren and the luxury retailer Richemont announced the formation of the Polo Ralph Lauren Watch and Jewelry Company, which will design and create luxury watches and fine jewelry. The new company will develop, design, manufacture and distribute the products through Ralph Lauren boutiques. Other outlets will be high-end independent jewelry and luxury watch retailers worldwide. The two companies will be equal partners and have committed themselves on a long-term basis. This is the first time that Richemont has entered a joint venture with a luxury fashion designer and it is Ralph Lauren's first entry into the precious jewelry and luxury watch business. The first products are expected to hit the market in the fall of 2008. Johann Rupert, Executive Chairman of Richemont, noted: "I have long admired Ralph Lauren. His impeccable taste, style and attention to detail are unique. These factors, combined with Richemont's expertise in jewelry and watches, will lead to a fascinating business venture." Ralph Lauren, Chairman and CEO of Polo Ralph Lauren, said: "I am confident that our unique design sensibility and luxury brand building tools, combined with Richemont's unique experience on a global basis create an opportune way for this partnership to succeed."