Podcast Update!

Okay, thanks for your patience, my new podcast - Henki Time - is now available on several different pod platforms -

Radio Public:
https://radiopublic.com/henki-time-GMNEye

Pocket Casts:
https://www.pocketcasts.com/

Breaker:
https://www.breaker.audio/henki-time

Spotify:
https://open.spotify.com/show/1y29eLCH11UwnyG83JuxSt  

And - on iTunes!!!

Please check it out!

Inroducing The Henki Time Podcast

So a shameless bit of self-promotion, I have launched a podcast covering many of the same topics covered here in the blog.  Several brand owners and industry insiders have been lined up for interviews and chats, so it should be pretty cool!

For now you have to listen to it directly at the Anchor website:

 Henki Time Podcast

It is also available on PocketCasts: https://pca.st/6YOE
I will keep you posted as it becomes available in other distribution formats.

            

Something Different from Fortis

This is not a new release.  But owing to the less than terrific distribution of Fortis here in North America?  It might as well be for those of us living here.

Courtesy of Fortis

This is the Rolf Sachs 2.4 ml LE.  And if you read the outlets on the other side of the ocean, chances are good that this is not jumping out at you as a new release.  And for those who are seeking a more in-depth breakdown, I encourage you to check out Robin Nooy's piece over at Monochrome.  As always it is well-written and very informative.  You can find it here -
Substance matters - Fortis Rolf Sachs 2.4ml Limited Edition

Courtesy of Fortis

I, however, am going to strict strictly from an emotional perspective.  This watch sends me.  It hits me on a very visceral level and takes me back to the settimana junior that ochs und junior put out way back when that first caught my attention back in 2010.

Courtesy of ochs und junior

Now it's not just because they are both round and have orange accents.  For me it is where serious mechanical watch making meets up with whimsy. 

In a world where every manjack with an internet connection and smart phone adamantly follow the rest of the lemmings with a black faced diver or flieger, there are still some interesting things out there to be discovered (or in this case?  Rediscovered) for those willing to listen to their own drummer.  

Life is too short to follow the crowd ; )

Here are the pertinents -

Movement
Swiss automatic movement Eta 2836-2 / 38 h power reserve / 25 jewels

Case
40 mm Ø stainless steel, special amberized glass, water resistant to 3 ATM/BAR

Function
Hour, minute, central second

Dial
white dial, numerals, indeces & logos amberized into the glass 

Hands
Hour- and minute hand metal-style, second hand neon yellow

Packaging
Special packaging

Strap options
Orange Rubber Strap

 

Movements from America

Courtesy of FTS

Now before we take a deep dive here, in the interest of transparency, I did not attend the launch of the FTS facility, or the earlier announcement/press event, but a few of the "bigger" outlets did.  So I need to stress that my update here is based on materials provided by FTS, I have yet to visit, see the facilities or even the products in person.  Having said that, if all is as advertised, it is a very impressive enterprise underway in the Arizona desert, and I suspect that a very solid business will emerge.

Courtesy of FTS

Here is the info, straight from the source -

Fine Timepiece Solutions Launches American Watch & Movement Manufacturing Facility

Joined by the Mayor of Fountain Hills, two-time #1 bestselling author David Meltzer, technology partners, local dignitaries and a core group of American based watch brands, Fine Timepiece Solutions has formally launched the rebirth of American watch making.

After more than three years of planning and over a year of conceptualization and construction, Fine Timepiece Solutions (FTS) has formally launched the commercial watch manufacturing and supply business to bring American watch making back to life.

Under the technical direction of CMW21 accredited master watchmaker Manuel Yazijian, FTS technicians and watchmakers are hand crafting a catalog of 16 Ameriquartz watch movement calibers built to the most stringent standards in a state of the art facility. FTS builds, regulates, and tests Ameriquartz movements as well as produces and tests complete watches for client brands.

This first step in re-establishing an American source for critical components, as well as domestic assembly, will help the growing corps of American based watch brands realize their creations right here in the USA.

New Brand Announcement - REDACTED

A new brand has just been announced in advance of BaselWorld, and for once Tempus Fugit has managed to get the jump on the other outlets ; )

REDACTED

Have you ever wondered what happens to the guys and gals that name their brand after themselves, and then sell the brand, or lose it to an investor?  Or the folks who were using their own name legitimately, but then faced legal action from an aggrieved party who owned a brand similarly named and forced them to abandon their brand even after years of successfully doing business?

Well, it would seem that a group of watch lovers who also happen
to be attorneys felt that there was a very real window of opportunity to not only get these folks back to making watches, but to do it in a way that did not violate their non-compete and naming agreements.  
The founder of REDACTED had this to say -

"It's a funny thing, most of the sales and cease operations agreements specify that the former brand owner cannot use their name again, and that they cannot launch THEIR OWN brand.  But they don't say anything about working for someone else.  REDACTED is now actively partnering with several legendary watch makers who for legal reasons cannot use their own name for a brand, and cannot be "owners" of a competing brand.  My partners and I felt that it was one of the most inexcusable wastes of talent and potential to prevent some of these artists from working and creating their wonderful timepieces.  REDACTED now gives them their voices back." 


Yes, by now you've probably figured out that this is not a true story.  But wouldn't it be nice if it was? 

The HYPE

So in the interest of full disclosure, I am one of the people behind the event you will read about below.

BaselWorld is nearly upon us once again.  And as I am sure you know, watch brands will not be restricted to Hall 1. 

This year, something rather unusual happened.  10 independent brands all agreed to work together and support each other in an open format that will be more accessible to journalists, potential retail partners and collectors.  To make this possible, these brands wanted a location that would invite curiosity and discovery, and they felt that there was no better place to do that than the lobby of the Hyperion.  What they wanted was a way to show their watches and connect with people without all of the noise, signage and HYPE found in a typical trade show environment.  What they wanted was something different - an opportunity to simply show their watches, to speak with journalists, collectors and retail partners honestly and openly without all of the noise.  A simple meeting where you can simply come and see the watches, and talk about them.

They didn't want a show, they wanted a collaborative space to share their creations, to meet with people one at a time, and to do it in a more stripped down environment.

It started out with the two brands that I represent - Minase and Sartory-Billard.  And then a few other brands heard about our idea, and they wanted a similar opportunity.  And The HYPE now involves 10 brands who will be working together during five days of BaselWeek - Thursday - Monday.

More details below -                                                                                                                                                                    

February 5, 2019

I wanted to take a moment to let you know about a special collaboration of small, independent and micro brands who will be hiding in plain sight at the Hyperion hotel during BaselWeek this year.

10 brands have come together to support each other and share their products with journalists, retailers, distributors and collectors in a less formal, more inviting atmosphere.  Come by the Hyperion (Formerly the Ramada) Hotel’s ground floor (in a secret location to be revealed in March) and experience the HYPE of BaselWeek 2019!

The following brands will be participating –

Minase                                              

Sartory-Billard                                  

Holthinrichs Watches                      

Lundis Bleus                                      

Straton                                               

Muse Swiss Art Watches                 

ISOfrane / Tropic                              

Vortic                                                 

GoS                                                     

Ophion                                              

The format is open and brands, their owners and representatives will be on hand to show their watches and share their opinions and insights. 

                               

-->

Bankruptcy

For Anima (Kronaby) the plug was officially pulled yesterday when they were declared bankrupt.  I reached out to the company and received this statement from the CEO, my comments follow after -

It is with sadness that yesterday the 6^th of feb Anima AB who owns hybrid smartwatch brand Kronaby has been declared bankrupt. Our main focus is now to continue the positive ongoing dialogues we have with a number of investors, in order to secure the forthcoming growth of the company. Our main owner – Goertek, has changed their strategy going forward and therefore ended their investment with very short notice, which has resulted in lack of time onboarding new investors with high interest in the company. This has unfortunately significantly limited our chances of avoiding a bankruptcy. We see a considerable growth of the Sales of Kronaby hybrid watches and will work hard to secure a future for the brand.

For now the business sustains and the company operations continues. This also means that our app and watches are working 100% and there is no damage on the watches on our customers wrists nor the watches you and we have in stock and in stores. It is our belief that this, together with the strong interest from the market, indicates all the right conditions for the potential new investors. 
Okay, let's consider some basic points that are getting somewhat glossed over -

1.  Goertek is not just some other typical "Chinese fall guy" that the Swiss (and I guess in this instance) the Swedes like to blame for incompetence, lack of vision, etc.  In fact?  They are a pretty big TECHNOLOGY company.  They understand probably better than most that good things, sometimes, take time.  And the amounts that they have been investing in the Kronaby watch?  It's beer money to them.  I suspect that two things happened -
A.  They realized that the tech behind the Kronaby watch is already way, way behind the times.  Rather than recreate a wheel that is already rolling and working quite well in millions of other watches (for a shit-ton less money), they might as well become movement customers and simply buy stock from a company that can actually produce it consistently.  Wonder why the Alpina and Frederique Constant watches still haven't caught fire?  I don't.

2.  Leadership  - or in this case?  A lack thereof.  As continuing readers will note, I followed he build up and launch of the Kronaby watch.  I attended the launch in Malmo now two years ago.  And I came to learn that the four fellows heading up the efforts didn't really understand the watch business, and more importantly?  Had a very tough time recognizing, admitting and correcting some of their behaviors.  For a company that had no actual manufacturing overhead, and 60 or so employees, it is REALLY hard to understand how you could have an operating loss at the level that they did in 2017?  Per the article cited in yesterday's post, they had 37 million Krona in sales and managed a loss of 127 million Krona.  I'm sorry, but that is the kind of burn rate not disimilar to Internet companies just before the bubble burst.

Lastly, let's say you are the mom and pop retail store that bought in?  While it's all well and good to tell these folks that they shouldn't worry, that just isn't so.  They now have stock that may, and then again may not be worth anything in a few months time unless new, serious, deep pocketed investors are brought in.  And if you are the customer?  Well, let's hold a good thought.

Perhaps the greatest tragedy in all of this is the staff.  Good people doing their best in a ship piloted by people with out sized ambitions who were (and apparently still are) perhaps trying to punch above their weight.  Selling watches isn't easy.  If it were, BaselWorld would be growing, not shrinking.  

Kronaby is a beautiful name, the design is pleasing and the concept is a good one.  But sooner or later someone will have to step in who actually understands that it's all well and good to say that you are a lifestyle product, but ultimately that product is still a watch, and it might not be a bad idea to try and have a better understanding of that industry.   

And The Shit Gets Even Realer

Today started out with an email from a reader who is -
Finnish, living and working in the UK, with a Swedish ex-wife (who he is apparently on good terms with), who was visiting his kids this week (in Sweden) and forwarded me this link to a Swedish newspaper article -
Anima in Bankruptcy

For those of you not fluent in Swedish, Google Translate provides a pretty solid translation.

Long story short, after just over 2 years of the Kronaby watch, the company is now looking for a white night to ride to the rescue and this morning filed bankruptcy paperwork.

More on this in a few hours.
  

Novecento Meccanografiche

In fairness, you may likely have already heard of this "newish" brand from Italy.

Courtesy of Novecento Meccanografiche

Novecento Meccanografiche is based in CASTELFIORENTINO, a little less than an hour outside of Florence.  

Courtesy of Novecento Meccanografiche

Now the obvious conclusions we could (I think mistakenly) jump to is that this is a brand trying to ride on either Panerai or the more lamentable loss of Anonimo.  I think that would be wrong.  The folks at NM (sorry, that is one LOOOONG name) have established a fairly certain design grammar.  It is unabashedly rugged, a watch designed for use in some fairly rough environments.  But it also has those little touches that make it (to me at least) special.  

I quite like the crown configuration.  It is tactile, solid and not trying to be give the look and feel of something it is not.  The movement is handwound - the 6497 which makes me smile as it reminds me of my long-gone Panerai B series (yes, I had it and sold it, and have pretty much regretted it ever since).  The rotating bezel is a nice touch as well, it adds that little "whats' it". The straps are made by a local company and I might be wrong on this last point, but I heard a rumor that they may, indeed, offer a water resistant / Kodiak type of leather strap.  I have sent a request for further information, and promise to keep you posted.
 

Numbers

From Bereve -

Courtesy of Bereve

And just who is Bereve?  Well a fairly new effort coming out of Chiasso, and focused on offering something fairly different.  

Courtesy of Bereve

The dial is a pretty wild concoction, per Bereve -
Fine silver 999, Enamel Grand Feu – Champlevé, twenty colors with Ugo Nespolo’s opera “Numbers”.

So for those of you out there not fully dialed-in to the art world, Ugo Nespolo is, per Wikipedia -

Ugo Nespolo (born 29 August 1941 in Mosso, Biella) is an Italian painter and sculptor, particularly known for his experimental films, his applied arts works and his artistic collaborations in advertising, theatre and literature.

But this is more than just a nice looking dial.  Under the hood, the Vaucher 3002 keeps things moving on time, with a minimalist display of hours and minutes.  And I have to say, I dig it!

Here are the pertinents -

REFERENCE: A1.BV02.01.X.W1

DIAL: Fine silver 999, Enamel Grand Feu – Champlevé, twenty colors with Ugo Nespolo’s opera “Numbers”.

CASE: Stainless steel 316 LM, height 14.41 mm, sapphire crystal with anti-reflective coating.

DIAMETER: 42 (without crown).

WATER RESISTANCE: 5 ATM (50 meters).

MOVEMENT: Bereve BV02, Vaucher Manufacture 3002 based, self-winding mechanical movement, Adjusted in five positions, double barrel rapid rotation in series, two hands, Fitting of 11 ½”, Thickness of 3.7 mm, 189 components, Flat balance-spring, Tungsten oscillating weight, Ceramic ball-bearing, Incabloc Anti-shock.

JEWELLING: 28 jewels.

POWER RESERVE: 56h.

FREQUENCY: 4 Hz (28’800 A/h).

HAND: Feuille.

INDICATION: Hours and minute.

STRAPS: Handmade blue Louisiana alligator leather.

BUCKLE: Stainless steel 316 LM, custom buckle deployante three parts with buttons.

The Funny Thing About Numbers

Okay, it's time once again to play Bullshit Bingo with the latest numbers from the FH, or as it might be more gently put:
One person's success is another person's cause for concern.

Let's start with the big picture with the December results from the FH -

Courtesy of the FH

Now I am not a trained economist, and in the interest of transparency, I failed Macro Economics my first year at the University of Oregon.  Having said that, it does not take a Nobel laureate (or even a Sloan Research Fellow) to notice a somewhat worrying trend in the direction of the graph for the export numbers over the last quarter of the year.  Curious to relate, other pundits will crow about how much things are improving, particularly here in the (currently chilly) US.  Well, I'm calling bullshit.  

Talk to most retail partners and you do not exactly hear how good things are.  The big swinging dicks (i.e. the decision makers for several BIG retail sources) took a pass on SIHH.  Let that sink in. Now consider that BaselWorld is going to continue to compress and a lot of retailers will give it a miss as well.  No, this does not mean that we are entering "end times", it does mean that this recovery is not exactly what some outlets would have you believe.

So who is doing well right now?  The grey market.  When big brands are offloading directly to the grey market sources, that ensures a steady (albeit much smaller than hoped-for) outflow of watches from the 26 Cantons.  It also means that the price for "almost new' watches offered by your favorite online resources will continue to move downwards as supply will continue to outstrip demand.  Yes, I did retain that much from my failed class back in 1988.  Which means that more and more people will find themselves unwilling to pony-up the full sticker price to buy from an actual retail partner.

So let's think about a few basic facts -

1.  With the new Swiss regulations, there are likely to be fewer exports in the coming months as several brands are trying to "toe the line" on the rules.  Important side note, several brands can't be asked to comply and are still playing it fast and loose, so we shall wait and see what potential repercussions might be.

2.  The grey market isn't going anywhere, but just as Las Vegas and Times Square shed their lurid pasts, the grey market is now squeaky clean and presenting itself as a trusted source for previously owned watches.  A little inside baseball, what that really means is that the watch is being sold as pre-owned, but it is likely the most wear it ever saw was in a store where it didn't sell.  And again, there is nothing wrong with this, but it is not good in the long run for the brands.  And for you the buyer?  You're all excited about getting that "Like New in Box" watch for 40% off - until you decide you want to trade or sell it.  And then you come face to face with our old friend, the sunk cost trap.  And that goes double for the brand directors driving their products straight into the grey market hopper.

3.  Retail will not totally disappear, but we will see more retail stores go under.  Sorry, there is no way around it.

4.  Ditto for watch brands.


So here's hoping I am wrong, that all is well, sales are brisk, and the needle will tick up again.

The Sarek Sunset and Sarek Glacier

From GoS -

Courtesy of GoS

This is the latest offering from the dynamic duo at Gustafsson & Sjögren.

Available in a version for men (above), and a ladies version (below)

Courtesy of GoS

While GoS is known far and wide for their pioneering work in Damascus steel, they have also done quite impressive things with mother of pearl as well, as hardcore GoS fans will well remember the Stockholm -

Courtesy of GoS

With this new collection, it is clear that GoS has continued to grow and evolve with an extremely pleasing set of dial variations.

So why "go back" to mother of pearl?  Well, the folks at GoS put it pretty succinctly like this:

GoS tempered damascus steel dials have deep and dynamic colors, but one limitation is that they do not emit any light. Mother-of-pearl is translucent and let both color and light through the material. GoS is the first watch brand to use this property and present mother-of-pearl dials that glows in colors. 

So there you have it!  Here are the pertinents -

 

Specification - GoS Sarek Glacier and Sunset

• ●  Case: 43.0mmx10.5mm (5ATM)
  
• ●  Lug width: 22mm
  
• ●  Glass: Domed sapphire glass with double sided AR coating, extra hard on outside
  
• ●  Movement: Soprod A10 with GoS triskele rotor, dark satinized and additional counter weight with
  model engraving “Glacier” or “Sunset”.
  
• ●  Dial: Multi-layered dial with premium white mother-of-pearl and Swiss Super-LumiNova for the
  best available afterglow and colored luminescence. The dials are manufactured and assembled by
  hand in the GoS workshop.
  
• ●  Bezel: Stainless damascus steel from the masters at Damasteel in Söderfors Sweden. The bezel is
  manufactured and finished in the GoS workshop.
  
• ●  Index ring/rehaut: Two layers combining previous GoS design with inspiration from viking bracelets. The
  hour markings are opened to show the color and light from the dial.
  
• ●  Hands: GoS spear shape in high gloss polished Rhodinated finish
  
• ●  Crown: GoS design in highgloss polished with satinized grooves. 7mm in diameter and with double
  gaskets.
  
• ●  Case finishing: Stainless steel, worked and finished with inspiration from viking bracelets.
  
• ●  Strap: Handcrafted and tapered 22-20mm strap in premium Moose leather, fitted with premium GoS
  20mm Swiss made folding buckle in stainless steel.
  
• ●  Every watch engraved with “Sarek 1/1” to indicate that every watch is a unique piece in addition to a serial number.
  
• ●  Five year guarantee
  
• ●  Delivered in handcrafted presentation box in Swedish crystal, made by Vas Vitreum glass artists in
  Vadstena, Sweden
  Specification - Ladies ́ GoS Sarek Glacier and Sunset
  

• ●  Case: 31.5 x 40 x 9mm (5ATM)
  
• ●  Lug width: Single lug, 16mm strap
  
• ●  Glass: Flat sapphire glass with double sided AR coating, extra hard on outside
  
• ●  Movement: Soprod A10 with GoS triskele rotor, dark satinized and additional counter weight with
  model engraving “Glacier” or “Sunset”.
  
• ●  Dial: Multi-layered dial with premium white mother-of-pearl and Swiss Super-LumiNova for the
  best available afterglow and colored luminescence. The dials are manufactured and assembled by
  hand in the GoS workshop.
  
• ●  Bezel: Stainless damascus steel from the masters at Damasteel in Söderfors Sweden. The bezel is
  manufactured and finished in the GoS workshop.
  
• ●  Index ring/rehaut: Two layers combining previous GoS design with inspiration from viking bracelets. The
  hour markings are opened to show the color and light from the dial. All elements have polished bevels
  and satinized top surface.
  
• ●  Hands: GoS spear shape in high gloss polished Rhodinated finish.
  
• ●  Crown: GoS design in highgloss polished with satinized grooves. It is 6.5mm in diameter and has double
  gaskets.
  
• ●  Case finishing: Stainless steel worked with inspiration from viking rings and then highgloss polished to
  provide lustre.
  
• ●  Strap: Handcrafted and tapered 16-14mm in either black moose leather or pastel colored premium leather
  with Swiss made stainless steel GoS deployant buckle.
  
• ●  Every watch engraved with “Unique piece 1/1” and a serial number.
  
• ●  Five year guarantee
  
• ●  Individually handcrafted presentation box in Swedish crystal, made by Vas Vitreum glass artists in
  Vadstena, Sweden