When the Whispers Refuse to Quiet...

I have driven through Grenchen more than a few times in transit back and forth to Biel/Bienne or Basel. And, I have gotten off the train in Grenchen exactly twice. Once to tour a mostly abandoned Eterna factory back in 2014 or so. The other time to visit the Fortis HQ.

Perhaps the biggest dog still lounging around Grenchen is Breitling. The HQ building is very, very visible from the train. And if you had any doubts as to how interwoven Breitling is to the local landscape, there was a fighter plane mounted in a roundabout until fairly recently -

Grenchen has seen some interesting brands come and go. While not a huge city, it is big enough to boast two railway stations. This was a constant frustration for yours truly, as it was often reminiscent of the old Maine expression-

"Ya cahn't get theah from heah..."

But back to the matter at hand. The whispers in Watch Town about Breitling have grown to open conversations. Breitling's actual performance can't really be ascertained for a number of reasons - it's privately held, and the sales volumes of standard retailers vs Breitling boutiques vs grey market will not necessarily align. Moreover, it is important to understand that the success of a particular Breitling retailer or boutique is more likely down to the quality and professionalism of the team operating them than just the product. A watch can't stand up and tell a customer about itself, no matter how much magic PR pixie dust we sprinkle on it. That is not a knock on Breitling's products - I personally am on the hunt for a Montbrillant Eclipse...

Breitling is perhaps in a weird place for reasons that existed even before Kern partially acquired it from the Schneider family in 2017. It was popular, but the price perception for new product vs pre-owned has always, at least in my 23 years in the game, been skewed. That goes all the way back in my origin story working at Tourneau back in 2002. The San Francisco store where I worked had gotten the exclusive San Francisco rights for Breitling and inevitably the pre-curser to tech bros (finance guys) would come in with their bonus wanting to buy something snazzy. I remember one time in particular, we had just gotten in - you guessed it, a Montbrilant Eclipse! A well-heeled finance guy came in, tried it on and wanted it. When he asked how much, I didn't blink. I quoted him the full retail price. And this is where negotiation met desire. At first he looked as if I had somehow betrayed a sacred trust. Tourneau San Francisco, back then, was referred to by some in the know as: "Deep South". Meaning that some of the assistant managers never met a discount they didn't like. But my point is that Breitling, even then, did not have the most solid identity in terms of "what it's worth". Needless to say, however, I made the sale without budging on the price. And that is where I come back to my earlier point - the hard work and professionalism of the retailer will validate the value of a purchase.

But with the age of Kern came a perceptible ratcheting of prices along with A LOT of product (both in terms of SKUs and the number of said SKUs being produced), and a communication program based more upon celebrity partners than what was going into the watches themselves. And now with the addition of Gallet watches into Breitling boutiques, the message gets a little more convoluted, with some folks referring to Gallet as "Breitling light". 

And finally, we get to the wooly mammoth in the room - the amount of debt that will need to be refinanced. For a deeper dive into the heroes and zeroes, I refer you to Rob Corder's piece in Watch Pro -

https://www.watchpro.com/breitlings-private-equity-owner-faces-e6-billion-debt-refinancing-deadline/

In fairness, 2028 is still on the horizon, but the thing about tomorrow is that it always comes. The trick is to be ready for it ; )

The Astoria

From Islander Watches -

Courtesy of Islander Watches

This one's a bit special. A good looking tonneau 
case, with a particularly nicely executed pink dial. 

Courtesy of Islander Watches

The movement is Miyota's 90S5 Hi-Beat Automatic which is self-winding, (can be hand wound) with hacking seconds.

Courtesy of Islander Watches

The solid case back displays a likeness of Steinway Manor, located in... Astoria ; )

Priced at $359, this is a very affordable, very good looking watch. Islander, you've got my attention!

Here are the pertinents, straight from Islander -

Technical Specs

Brand: Islander

SKU: ISL-369

Movement: Miyota 90S5 Hi-Beat Automatic (self-winding, hand wind, hacks)

Case: Stainless Steel

Case Diameter: 34mm

Case Height: 9.2mm

Case Lug to Lug: Stainless steel, 34mm x 37mm, 9.2mm thick, 44.2mm lug to lug

Case Back: Solid etched caseback held with screws

Crystal: Sapphire

Band: Leather backed fabric, quick release, 18mm

Band Width: 18mm

Water Resistance: 50 meters

Weight: 53 grams

Warranty: 1 year

"When I want your opinion I'll give it to you"

We live in REALLY goofy times. Watch Town and the members of the Fourth and Fifth Estates who "cover" it have a rather curious relationship. For those desirous of a more close relationship, the more salubrious path appears to be deference, oftentimes bordering on the sycophantic.

Now for my sins, I have been declared excommunicado by Richemont, LVMH, and a liquorice assortment of brands that seem to spend more time thinking about me than I do about them. And some of these brands are downright antipathetic. Almost as if I'd run over their dog and they won't forget it. 

With about 6,000 visitors a day, I accept that Henki Time is not a big fish. And that's okay. But I also have to wonder what loose screw is rattling around the collective PR/Marketing braintrusts in some of these brands that they feel that all reviews, stories, and coverage must be glowing? And no, I am not feeling personally persecuted as I am not alone in this semi-isolation. Astrid Wendlandt (Miss Tweed), Gregory Pons (Business Montres) and others more celebrated than yours truly never seem to get invited to the ball (or more specifically the rather lavish press junkets, etc.,.), or even Watches and Wonders in some cases...

So what's brought all this up? I'm glad you asked! One notable thing happened recently that underscores the problematic rift that exists between some brands and the people who would like to cover them. 

Miss Tweed has been on the outs with Richemont for some time. Curious to relate? She owns stock in Richemont (albeit 1 share) and was recently denied admission to the shareholders meeting. Now let's think about this for a minute, Richemont has already cut her out of any possibility of trying to cover them on a first hand basis by denying her admittance to Watches and Wonders (which is pretty douchey in and of itself). But this latest move shows a certain level of pettiness that is hard to fathom. Now this is just little me, but if I had the resources that Richemont does, I would actually reach out to this person, hear them out, maybe have an actual conversation? The worst that could happen is that the journalist will feel respected for taking the time to ask questions (albeit some of them uncomfortable) and it might just lead to a burgeoning detente. 

But then again, what the hell do I know?

When The Carpet Isn't Big Enough...

Watch Town is a funny place. 

Barry B. Kaplan, knows a thing or two about a thing or two. One of them is market research in the watch industry. And yesterday he dropped a truth bomb which laid bare a lot of the presumptions that many brands would be happy for you to maintain about the price stability of their wares and the true market value.

A brief synopsis:

BBK & Co. did a deep data dive through their access to a database of roughly 5 million new & "gently used" watches throughout the world. While a lot of facts and figures wouldn't surprise anyone or raise too many eyebrows, it's is at mid-table where some interesting questions come up.

Here is an excerpt:

"Mid-tier luxury watches have a price problem. Just look at all the unsold new/unworn inventory.

At BBK & Co., we have access to a database of approximately 5 million new and pre-owned watches worldwide.

Across the world's top timepiece brands, we ranked the relative concentration of new and unworn watches in the retail, wholesale, and parallel markets for every global region. We adjusted for each market’s tendency to carry new stock and for relative market weight.

The index below uses 100 as the benchmark. A score of 200 means twice the benchmark concentration after adjustment—not twice as many watches.

1. NOMOS — 202.5
2. Casio — 192.1
3. Frederique Constant — 158.4
4. Citizen — 156.7
5. Tissot — 156.5
6. Glashütte Original — 132.5
7. Bell & Ross — 131.5
8. Hamilton — 126.6
9. Longines — 126.5
10. Montblanc — 121.4
11. Maurice Lacroix — 117.9
12. Baume & Mercier — 111.9
13. Oris — 111.8
14. Rado — 109.0
15. Breitling — 104.9

These brands span very different price points. In my wholesale and retail experience, the mid-tier luxury names here have pushed prices beyond what many customers will pay. Too much unworn stock is competing for the same buyer, and dealers have to discount to move it.

Breitling deserves attention. Alongside the new and unworn Breitlings on the secondary market, I’m seeing many recently manufactured Universal Genève watches offered through private parallel channels, with more waiting in the wings. Universal Genève is a sister brand under the same ownership.

Swiss export figures put this in perspective. According to FH industry statistics, Switzerland exported 29.8 million watches in 2011 and 14.6 million in 2025—a 51% decline. Over that period, wristwatch export value rose from CHF18.1 billion to CHF24.4 billion.

Much of the lost volume was quartz, so those numbers alone don’t prove a collapse in mid-tier luxury. But in the first half of 2026, export value in the CHF500–3,000 segment fell another 5.7%. Those are export prices, before retail markups.

My view: parts of mid-tier luxury are collapsing under their own pricing. The inventory ranking is a signal; the wholesale offers and discounts are where I see the pressure becoming real.

There are also scores of start up watch brands willing to fill the pricing gap for the current crop of watch buyers who don't really care whether the brand's provenance is Swiss or otherwise."

Now in fairness to you, gentle reader, I do not have nearly the analytical data on hand to match Mr. Kaplan. But as I shared with him, I am very appreciative of the work he put in as it validates the anecdotal data I've been leaning on for years. Because what I could see with my own eyes was a flood of product available at eye-watering discounts, and retailers who would often feel like they were getting spanked with a cricket bat. And I will go a few steps beyond this analysis and point to the bigger issue - over production with the ongoing practice of offloading surplus product on the grey and light-grey market.

I am, without a doubt, a skipped record on Watch Town's turntable. But it is also clear that a flock of canaries will die in Watch Town's coal mines if some of these brands can't adjust their operating practices to more closely reflect the reality that they are living in. Because as Mr. Kaplan has much more succinctly made clear to us - when you try to sweep too many watches under the rug, you'll need to invest in wall to wall-to-wall carpeting ; )

The Space Explorer

From Canuck Timepieces -

Courtesy of Canuck Timepieces

So this is piping-hot, right out of the oven from Canuck Timepieces. Canuck Timepieces is headed by James Williams out of Simcoe, Ontario. For those of you in the lower 48 unfamiliar, Simcoe is a stone's throw from Lake Erie, and north by northeast of my hometown of Oberlin (Ohio). The Space Explorer is made up of three different color ways.First is the Nebula Velvet Purple (above). For those less daring, there is the Deep Orbit Black (below) -

Courtesy of Canuck Timepieces

And rounding out the intergalactic trio is the Cathode Ray Green -

Courtesy of Canuck Timepieces

This is a limited release of 75 pieces total (25 in each flavor) with each piece being individually numbered. This is currently a pre-order item, and my understanding is that very few pieces are left, so if you are interested you should reach out to Canuck Timepieces rather sharpish.

Retail is $480 - not sure if that's Yankee Greenbacks or Toonies & Loonies, but either way represents a great price.

Here are the pertinents -

Limited to 25 Pieces of Each Colour, Individually Numbered

75 Pieces in Total

Case Size: 39mm

Case Material: 316L Stainless Steel

Crystal: Sapphire with AR Coating

Lug to Lug: 42.5mm

Case Thickness: 9.7mm (Including Crystal)

Lug Width: 20mm

Movement: Manual Wind, Seagull
ST1700

H20 Resistance Rating: 100M

Lume: BGW9 Super-LumiNova

Strap: Signed FKM Material with, digitalized texture

Bracelet: Elastic Metal Bracelet with, Easy Link Removal (no tools required!), in collaboration with Vario.

BOTH STRAP AND BRACELET ARE INCLUDED WITH WATCH!

The HYPE - NYC 2026! The Countdown is On!

                                                     The HYPE - NYC 2026

  Friday October 16, Saturday October 17, and Sunday October 18

9:00 AM - 4:00 PM

   

Come see us at The Draper New York -         

4-6 West 37th Street, New York, New York

Friday                                    Saturday & Sunday

1776 Atelier (Friday only)                     5280
5280                                                     Carl Suchy & Söhne
Carl Suchy & Söhne                             Elka
DLoke (Friday only)                              GoS   
Elka                                                      ISOTOPE   
GoS                                                      Kneijnsberg
Hager (Friday only)                              Minase
ISOTOPE                                             Moriarty
Minase                                                 Nepro
Nepro                                                   Ollech & Wajs    
Ollech & Wajs                                      Sartory Billard
Sartory Billard                                      Schaefer & Companions
Statera                                                 Sherpa

                                                                            Statera

                                                            Tesse

                                                            Version

Mixed Emotions

About the reconstituted Gallet -

Courtesy of Gallet

So here's the thing, I'd like to be as excited as everyone else I'm wondering if Mr. Kern's reach might have exceeded his grasp on this one. 

On the one hand, the previous custodian of Gallet would have been reported to the Watch Town authorities for child neglect if such a thing existed, so it is nice that someone with money and conviction has rescued it. That's good.

People might recall that Gallet had a rather janky business model under the prior caregiver. Prices were enough to make your eyes water, and there were only two very similar models available. An abortive pop-up at BaselWorld many years before the fair's collapse was one of the very few forays made.

On the other hand, it seems like a heavy lift for what it is - if I have read the press releases correctly, it seems that Breitling is assembling the Gallet collection. Now while that isn't exactly defacto white label assembly, it would seem that there is capacity to do this work in addition to the work required for Breitling, which given the downturn in Breitling's results this past year it is actually a sensible deployment of resources. So consider this my consultant's "atta-boy" ; )

But back to the pricing - and is the juice worth the squeeze? 

Gallet has four different model families, almost exclusively chronographs, with the least expensive model weighing in at a robust $2,900 for a time & date model. The chronographs start at $4,400 US, with the Gallet Classics setting you back $6,700 US. One would assume the price gap between the two is down to the use of Breitling's manufacture movement - the hand winding Breitling B09. Which begs the question - is the B09 a + $1,500 movement? Well, maybe yes, maybe no. But the $4,400 pieces sport what Gallet is calling the Gallet 23. The Gallet 23 also goes by the title Sellita SW510. This movement will fetch between $430 - $500 from independent parts suppliers. Meaning if you are buying in bulk you are certainly paying less. So this then begs the further question, is the B09 a $2,000 movement? In truth, I'm not saying that it is, and I'm not saying that it isn't. Watch brands are not charities - nor should they be. They take the risks, they create the product, market and sell them. It is a business. We all expect to be paid for our work ; )

So the question remains - at $4,400 is the market going to have the appetite for this?

Don't get me wrong - I would love to see Gallet do very well. It is a brand that was pretty much treated like a red-headed stepchild, and certainly derserved better than it got. So we will watch, and we will wait.

Rehoisting the Northflag

With Tudor -

Courtesy of Tudor

Yes, gentle reader, I was there when the first Northflag hit the Tudor stand at BaselWorld in 2015 (if memory serves). The great and the good of Watch Town's Fourth and Fifth Estate had been treated to some sort of overnight camping trip "experience" by Tudor the night before the start of the fair proper. I guess the working logic was that you couldn't really write about a watch unless you sat around a campfire making s'mores and drinking beer...

But I digress... the Northflag represented, in many ways, a failure to launch. It was, in the words of that other great commentator on watches, Sean Connery describing Antonio Cabrini's missed penalty against West Germany in the 1982 World Cup final: "a damp squib".

I think more than anything else, nobody really knew what to make of it. But like Ikepod back in the 90s, the original Northflag was misunderstood at first, but now is living its best life. Which brings us to Tudor's latest curiosity - a relaunch of that original failure to launch.

Like the original, Northflag 2.0 has opted to go with a display case back -

Courtesy of Tudor

Keeping time under the hood is Calibre MT5652-U which is COSC certified. But wait, there's more! It's METAS certified as well...

But in fairness to Tudor, the read out on some key indicators is impressive.

Per Tudor:

• Anti-magnetism

  Smooth functioning when exposed to a magnetic field of 15,000 gauss and precision following exposure

When compared to IWC's Ingenieur which weighs in at more than double the price, it is an impressive achievement - even with the display back ; )

Finally Tudor has the perfect celebrity partner with Electro - because if he wasn't "born to dare" who the hell was?

The bracelet is integrated and micro adjustable.

Power reserve is rated to 65 hours.

I am still a bit more a fan of version 1.0, but for all you New Jacks out there, this might be the scratch to your itch. But at $5,525 I am not feeling it. In this instance, at least pour moi:
"le jeu n'en vaut pas la chandelle". Or as we say in the lower 48, the juice isn't worth the squeeze.

It's Still a Mad, Mad, Mad World!

Just ask Vincent Calabrese and the folks at M.A.D. Editions ; )

Courtesy of M.A.D. Editions

So, I am bewitched. I have always been intrigued by the M.A.D. Editions, but this latest one, featuring the work of one of my watch making heroes. So I'll come back to this very, very exciting drop, but I wanted to take a quick moment to hop in the wayback machine to re-tell the time I drove 6 + hours roundtrip to meet the man behind this watch.

It's hard to believe that it's been nearly 13 years now, but Tempus really does 

Fugit ; )

This post from "the blog formerly known as Tempus Fugit originally ran in November of 2013. I was working at a university in California, and would jump at every chance I had when a watchmaker came to the Los Angeles area.

A Few Words About the Joy of Failure with Vincent Calabrese

The author (read shameless fan) getting an autograph

So yesterday:
Up at 5:00 am for Skype calls with 2 different clients in Switzerland, write blog post, feed the cat, get cleaned up, off to the U for a 9:00 AM start.

1:10 P.M. - car fueled-up, on the road
2 hours and 40 minutes later, arrive at Chong Hing to meet with Florence Delorme of Corum and one of my all time favorite watch makers - Vincent Calabrese.  And it dawned on me during the 3 + hour return trip home how lucky I felt to be delayed with so much time in the car to reflect....   but I'm getting ahead of myself.

When I first started working for DOXA it was in many ways a bit of a dream come true.  Every day working with watches - getting paid to talk about my hobby!  But of course that is what we think it is going to be like when reading all of the glitzy & glossy magazines.  The watch industry had to be this amazing place were everyone looked great, made a lot of money and was endlessly interesting.

Two of the greatest lessons that I learned during my time at DOXA and since then are  that:

A.  As much as the magazines and forums would have you believe, the watch world is like every professional "world" - as much as you'd like it to be, it is NOT always a meritocracy.  And that is true at every level of the industry.

B.  For better or worse, it often comes down to money.  Money can (and sadly does) apparently forgive a great many sins.  And some of the most talented people are often left out in the cold, in the "other" spaces.  This was how I often felt working for a smaller brand.  You struggle, fight and endlessly campaign for publicity and market share.  And the frustration of seeing some truly indifferent folks make pots of money while doing very little could sour you pretty quickly.

So what happens when you are passionate?  When you want to do more than just "punch the clock"?  What happens when  you are already a bit of an outsider?  People more concerned about your nationality and paper qualifications than with your actual abilities?  Pretty easy to consider that unlucky.  Pretty easy to consider your life's work a failure.

But then again, not everyone is Vincent Calabrese.

Many other, better writers have covered him, but what you may not know or understand is that the Golden Bridge is (at least according to Mr. Calabrese) a child born of several fortunate failures.

Failure #1 - Vincent Calabrese leaves school somewhat prematurely, forced to find work.  Fortunate result #1 - Vincent Calabrese gets an apprenticeship to learn watch repair.  Buys tools, starts work.

Failure #2 - Original apprentice returns, Vincent Calabrese is forced to go out on his own.
Fortunate result #2 - He starts repairing watches around town.

Failure #3 - No "formal" training.  Fortunate result #3 - without a teacher to tell him how to do something, or that something is not possible.  So he must learn to do everything himself, and never works in fear of the impossible.

Failure # 4 - Goes to Switzerland to avoid military conscription. Fortunate result #4 - moves in with an uncle who then introduces him to Tissot.

Failure #5 - After several spells at different brands has had enough.  Fortunate result #5 - works at a small store, making creative customizations for customers.  And it is here that the Golden Bridge is born.

Failure #6 - No money.  Fortunate result #6 - must learn to do everything himself!

Failure #7 - Needs to find financial backing for the Golden Bridge and hits the street to "sell" his baby. Patek and others say thanks, but no thanks.  Fortunate result #7 - Corum says yes!

Now granted, this has been a very long journey starting in the early 70s and in some ways only coming full circle now, but to see the hard work and dedication finally and truly rewarded with Corum's new focus on the Golden Bridge is the real reason why I like to write about people in the industry.

So well done Vincent Calabrese and Corum - and may all of your failures be fortunate ones!

And back to the present and this beguiling new time machine - the M.A.D.3 Vincent Calabrese. This particular (blue) version will have the usual lottery system allowing you to register your intention to purchase should you get one of the lucky tickets.

It is priced at CHF 2,900 excluding VAT.

Courtesy of M.A.D. Editions

Limited to 1,500 peices - perhaps Henki will finally get lucky ; )

Here are the pertinents -

Case
Stainless steel 316L
Dimensions: diameter 40mm x height 12.7mm
Lug-to-lug: 43.7mm / lug width: 21mm
Water resistance: 30m / 3ATM / 90 feet
Top sapphire crystal treated with anti-reflective coating on both faces
Bottom sapphire crystal treated with anti-reflective coating on inside face

Movement
Base movement: Swiss made Manufacture La Joux-Perret calibre G111
Bi-directional jumping hour and trailing minutes module developed by MB&F
Case fitting diameter: 25.6mm / 11 ½’’
Height: 4.45mm
Balance/Frequency: 4Hz / 28’800
Jewels: 24
Power reserve: 55 Hours
Automatic winding

Strap & Buckle
Leather strap with stainless steel folding buckle