Luxury Swiss retail giant Richemont, owner of such brands as Cartier, Piaget and Jaeger-LeCoultre, is to open the world’s largest shop for luxury watches in Paris.

Business Montres quoted an internal memo saying a three-storey 2,200 square metre (24,000 square foot) shop would open early 2013.

The shop would take over the premises of the landmark Old England shop near the Place Vendome, famous for its luxury watch shops and hugely popular with Middle Eastern and Asian tourists, in particular Chinese.

The Swiss watch maker brand Jaquet Droz is celebrating the Chinese New Year with the Petite Heure Minute Dragon.

Clearly intended for the Chinese market, this is a limited edition of 88 pieces featuring a painted scene of two imperial dragons fighting over a pearl.

They are set against an ivory background of Grand Feu enamel. Subtle touches of red enhance the powerful imagery of the drawing.

Swiss luxury watchmaking brand Hublot announced at the Guangzhou International Auto Show that the brand has become the watchmaking partner of Ferrari.

Hublot took this occasion to unveil the Big Bang Chrono Tourbillon Ferrari; the first Hublot timepiece made with its partner.

There will only be 20 of the Big Bang Chrono Tourbillon Ferrari timepieces available, which also marks the 20th anniversary of the automaker’s presence in China.

The Swiss watch industry is in rude health with exports leaping once again last month and watchmakers set to notch up a record year thanks to Chinese consumers

Despite the the effect of the global debt crisis, the demand for Swiss watches hit a peak in October, putting smiles on the faces of the country’s 600 watchmakers.

Data from the Federation of the Swiss Watch Industry (FH) showed exports rose to 1.9 billion Swiss francs ($2.0 billion), up 18.6 percent on the same month last year.

Maximilian Busser and Friends (MB&F), an independent watchmaker known for its extreme designs, has taken the wraps off its new Legacy Machine 1 watch.

Jean-Francois Mojon developed the design of the model’s movement, while Kari Voutilainen took care of its impeccable finishing.

The Legacy Machine No 1 is based on the idea of what if MB&F designed a watch not in 2011, but 1911. The end result is a watch that is traditional in shape.

Beating inside the new MB&F watch is a hand-wound three-dimensional movement. It supplies a 45-hour power reserve.

The fourth edition with the biennial Only Watch charity auction, held Friday in the Hotel Hermitage in Monaco, raised more than €4.5 million ($6 million).

Exclusive timepieces by famous and less famous watch manufacturers are being auctioned off for the benefit of researching Duchenne Muscular Dystrophy.

Complete sale results and a reminder of the models are available after the jump.