The Transfer Window Opens

At Greubel Forsey.

Word reached the North Shore offices of Henki Time today that Antonio Calce (who you might remember from such ill-fated ventures as Corum / Eterna- the Twin Towers) has decided to step aside and hand over the reins to Michel Nydegger. A curious move to say the least, but if the reports of the success at GF are to be believed, then maybe Mr. Calce has finally hit the mark in terms of brand stewardship and is ready to enjoy life in the back office as an officer of the brand (Vice President).

Stay tuned - we'll see how this develops.

The Transfer Window Opens - Sometimes They Come Back...

Word reached the North Shore offices of Tempus Fugit this AM that not unlike the Ghost of Christmas Past, Antonio Calce has been appointed the CEO of Greubel Forsey.

You may remember Mr. Calce from his stint at Corum which spun into: "Corum/Eterna, The Twin Towers", then a brief coffee break at Girard-Perregaux: "Twin Towers Two: Electric Boogaloo". 

Mr. Calce has been given oversight of the Greubel Forsey brand, but not been given the keys to the Complitime Executive washroom. Complitime is Greubel Forsey's sister company for external movement production.

Fall of the House of Macaluso

Word has trickled out over the past few days that the last remaining active family connection to to the man that pretty much willed Girard Perregaux back from the dead, has had his last day, and is moving on.  Per various social media postings, it appears that Stefano Macaluso has opted to leave the party.

For many of us, the sight of Antonio Calce's rapidly disappearing backside was a sign that things might improve.  And me personally?  I had hoped that maybe, just maybe Mr. Macaluso the younger would step forward to take a more active role.  And if I am completely honest?  I don't know that he would have necessarily done any better than the fellow who recently received his walking papers from his superiors at Kering HQ.  GP is a company that has made its bones mostly on sentiment, passion, emotion - the sort of things that can't really be explained or accounted for in a ledger.

I can only draw one conclusion.  Girard-Perregaux seems to be cursed.  There is no other way to look at it.  It is not a money issue, because there have been several rounds of cash coming in.  It is not for want of creativity, because they have plenty of that.  It is not for want of technical know-how, because it is clear that they have that in abundance.  And in some ways it is not for passion, because there have been some passionate people (at least with Mr. Sofisti, and the Macaluso family).  But sometimes, you can have everything going for you, and God, the Universe, your financial backers, fate itself decides that it just isn't going to be your year, or your decade.

But in my opinion, curses are meant to be lifted.  If the Cubs can win the World Series, if LeBron James can carry an entire city (Hell, an entire state) on his back and bring a championship that nobody ever felt or dreamed they would live to see? 

So what's next for GP?  I am not having daily phone exchanges with the Pinaults.  But at least insofar as their watch divisions go, maybe we should be, because they (or at least the people they are entrusting these watch making entities to) are making some monumentally bad decisions.  To the extent that I have to go back to the idea of a curse.  But maybe they could try something simple:

1.  Identify someone with experience who is not simply looking for their next CEO pay-grade job.  Find someone who gets it.

2.  Stop all of the bullshit.  GP IS NOT Patek.  Sorry, but it's time to put on the big boy pants and start facing realities.  Start making collections that have decent design, decent technical detail, and that will actually be purchased by actual customers.  Stop trying to solve all of your problems with a ridiculously expensive, esoteric watch that may win an award presented once a year by a panel of "experts", experts who are never going to buy one of your watches, but who will certainly be there for you so long as the "bar is open".

3.  Punch your weight.  There is an emerging middle place where GP could not only exist, but thrive.  But that will only happen if calmer heads start to prevail.

And most important?  For the love of God and all that's holy - get f'ing passionate about what you are doing!  This is a brand that people love, but GP has become about as exciting as a greyhound bus trip from Cleveland to Pittsburgh.  Why?  Because if the people running the thing aren't passionate about the watches they make and sell, why in f's sake should we be?

It's hard not to be romantic about watches, it's harder still to watch a good brand continue to trip over itself like a drunken octopus.  

The Transfer Window has Opened - at Girard-Perregaux

Although obtaining official confirmation from Girard-Perregaux is about as easy as getting your cat to do what you tell it to do, word has leaked out that Antonio Calce has slung his hook and is pursuing other professional opportunities.  You may remember him from such roles as CEO of BOTH Corum and Eterna (at the same time).  And needless to say, that was such a bad idea that Corum and Eterna have tried it twice again and are having about the same degrees of success.   So much from learning from your mistakes...

And having heard it from (now) more than three sources, I feel it is safe to say that it is pretty likely that Mr. Calce is, indeed, in Girard-Perregaux's rearview mirror.  This news first came to my attention via Business Montres, which is an indispensable source for those of you hoping to stay up to date and in the know.

Losing your job sucks.  It is one of life's unavoidable truths that the person who thought of themselves as the hammer will eventually encounter a nail that can't be driven and will break itself in the process. 

I have said it before, and people have called me melodramatic, but I will say it again now.  Girard-Perregaux, as a brand, seems to be cursed.  There is a dark, funky cloud hanging over them that they just don't seem to be able to get out from under.  

I think that Kering, for all of their many talents and successes, simply do not understand the watch business.  But in fairness to Kering, I think that very, very few people really do.  JEANRICHARD is, at its heart, a microcosm of what ails both GP, and now Ulysse Nardin (and plenty of other brands out there that aren't owned by Kering).  And the irony of all of it is that JR actually had a fighting chance before the decision was made to put it on the ice floe.  It was short-term thinking rather than taking in the bigger picture.  To be fair to Kering, they inherited a LOT of problems when they took over these brands, and for better or worse, whatever problems were solved got replaced by new ones.

I love GP, I love the brand, I have come to really appreciate the people who used to be there but are no longer, I love the 1945, I love the passion and I love the "recent history" that was the passion that the Macaluso family have instilled.  And I really get frustrated when I think about it as a fan.  But love is sometimes unrequited ; )

BUT -

I have an idea, and I think it is a good one -

Stefano Macaluso refers to himself as a "multi tasker" at Girard-Perregaux.  My idea?  It's time for him to come out of the shadows and take a more senior role.  And in fairness, if Kering were to balk at the idea of having a "family member" in charge, I would direct them to Arnault "the even younger" who is cutting his teeth at Rimowa as the CEO.  He is now 25 or 26 which I guess means he is old enough to buy his team a beer...  

My point is this - what made GP exciting was the passion that was instilled by Macaluso the elder, and I think that Macaluso the younger has spent more than enough time in the family business.  I have never personally met him, and in truth I do not suspect that if he were looking for a biographer that he would be calling me.  But I do think that he might just have the secret sauce that has been evading everyone else calling the shots at GP HQ.

Having said that, GP is not Rolex, nor Patek.  It is a brand that either calls to you or does not.  And the point is that it calls to enough people, on a virtually entirely emotional level, that it is time to start treating the brand as it is, rather than what people feel it should be.  A GP watch will be (for the foreseeable future) a personal, somewhat emotional choice for purchase.  And that's okay!

It's time to remember and embrace what made them what they were, and stop smacking their heads against the wall trying to be something that they never were.

The Latest Laureato, and the Importance of Punching Your Weight

Courtesy of Girard-Perregaux

So to begin, I want to be very clear that I like Girard-Perregaux.  I desperately want them to succeed. Unfortunately Girard-Perregaux continues to drift, and continue to fail to recognize the realities of the world where we are living.  And I could well be misinformed, but my understanding is that the demand for GP is not exactly robust, and the fact that you can continue to pick up discontinued models through the soft grey market and current models through the regular grey market doesn't lend a lot of confidence to the consumer purchasing a new GP from an authorized retail source.  These grey market watches have to come from somewhere, don't they?

I really do love the new Laureato!  I really enjoyed seeing the pictures on other sites - apparently the PR firm handling North America decided that the rest of us could wait a week for images and details, but I guess that is my "media cross to bear".  And unlike Brutus I came to praise GP, not to bury it.  But it seems that the shot callers at HQ can't seem to get their heads around some basic concepts.  According to other outlets (so apologies if their info. is incorrect), the price of the new Laureato is a "more affordable $11,000 +..."
And this is where the head-shaking starts.

Girard-Perregaux makes beautiful watches.  They have an amazing facility, fantastic watchmakers and a true heritage.  And when Sofisti was in charge, it actually seemed as if they might finally realize their potential.  But as has been the case so often, the parent company got the fidgets.  Mr. Calce was brought in, loyal (and competent) staff were eviscerated, and a merry-go-round of PR/Marketing staff spun around at GP HQ, and here in North America we are now on yet another transplanted person trying to understand the culture, language, rhythm and realities of the North American market.  Unless of course that person has also left.  It is getting to the point where you need a score card to keep track of it.

So, back to the Laureato - it is a beautiful watch.  And I hope that I am wrong about it being incorrectly priced.  The market will let us know.  But you don't need to be a mystic, reading tea leaves to know, simply keep an eye on the grey market web stores.  If you see the new Laureato for sale in the next month or at deep discounts...


Here are the pertinents -

Laureato 42 mm

Case

Material: steel, or titanium and 18K pink gold

Diameter: 42 mm

Thickness: 10.88 mm

Glass: glare proofed sapphire crystal

Case-back: sapphire

Dial: silver-toned, or slate grey, or blue, with “Clous de Paris” hobnail motif

Hands: baton-type, enhanced with luminescent substance

Water resistance: 100 metres (10 ATM, 10 bar)

Movement

Reference: GP01800-0008, mechanical self-winding

Diameter: 30 mm (13 ¼ ’’’) 

Thickness: 3.97 mm

Frequency: 28,800 vph (4 Hz)

Number of components: 191

Jewels: 28

Power reserve: 54 hours

Functions: hours, minutes, sweep-seconds hand, date

Straps/Bracelets

Leather strap:  black or anthracite grey alligator with topstitching

Metal bracelet: steel, or titanium and 18K pink gold, with alternating polished and satin-finished surfaces

Clasp: titanium triple folding clasp

References

Timepieces fitted with an alligator leather strap are delivered with an additional rubber strap.

Searching for Solutions

This is the 1966 Steel from Girard-Perregaux.  On the surface of it, this is a beautiful watch that offers a less expensive alternative to the current offerings which are primarily of gold.

Courtesy of Girard-Perregaux

As I said, on the surface.  But this watch is actually more of a symptom of the deep confusion that GP is struggling through right now.  In an interview some weeks back, the current CEO Antonio Calce enthused that THIS was clearly the price point that GP needed to cater to to make it somehow more accessible.  The price tag for this "entry point" watch?  $7,500.00 on a leather strap, and steel bracelet $8,200.00.

Add caption

So, let's talk about that "entry level" price point...

A new Fiat 500 hatchback will set you back $16,845,  so 2 GP steel watches, or transportation for that couple starting out...

I think, unfortunately, the brain trust at GP has lost touch with the reality of the current economic situation and their actual customer.  At the moment, at least from a degree of separation afforded by the fifth estate, they seem to be scrambling to find a solution to slumping sales.  The answer is in front of them if they are willing to open their eyes and accept it.  Yet they jump from one bold (and expensive) solution to the next not unlike the savant flinging poop at the wall hoping that something will stick.  When you jump from solution to solution it shows a degree of uncertainty that does not engender faith with your retail partners - or the buying public who have to ask themselves why on earth they would pay full price when they can get it for half-price already on the grey market and for 1/4 of that within a year's time.

And this is not limited to GP, but they are the working example here.

Dear Watch Brands -

Stop over-producing and then dumping the unsold stock on the grey market!

When someone can do a simple Google search and find the white gold version for, I dunno', LESS than what you are offering the steel version for, what does that do for the perceived value of these new steel models?

http://www.jomashop.com/girard-perregaux-watch-49525-53-131-bk6a.html

The solution is easier than one might think:

1.  Make fewer watches - create demand

2.  Clean up your grey-market dumping grounds

3.  Price your watches at realistic price levels so that your retail partners don't have to go "Deep South" to move them.

Punch your weight.

I love GP, but it's time for them to wake up and smell the espresso.

On the Bubble!

In the words of my favorite college basketball prognosticator Dick Vitale -

"It's serendipity, Baby!"

As March is (at least for US college basketball fans) a month for miracles, it seems that Cinderella has arrived at the big dance -

If you can forgive the "lush, bear-like" undergrowth, you will see a singularly wonderful horological bijoux. Yes, it would seem that Severin Wunderman is indeed having the last laugh!

Accompanied by some other pieces that will be revealed in a post to follow in the next few days. But having spent several days listening to the same dronings of "market share", etc. I nearly pooped my dungarees when I saw that the Bubble was making a comeback! But don't call it a comeback, because for me the Bubble had never really popped. And for Corum to show the common sense to bring this "neo-classic" back says to me that hopefully the "Antonio Calce hangover" is finally well and truly "slept off" and they are now ready to punch their weight.

I miss people like Mr. Wunderman.  Good, strong management is important.  But there are bean counters, and then there are visionaries - and Mr. Wunderman was certainly the latter - thank God!

Enjoy your watches!

The Transfer Window Opens at Kering

Stepping into some very big shoes, it was announced today that Antonio Calce will take the helm at Sowind.

Courtesy of Kering

Here is the announcement, straight from the source -


Antonio Calce is appointed Chief Executive Officer of Sowind Group
Kering today announces the appointment of Antonio Calce as Chief Executive Officer of Sowind
Group, effective immediately. He will report to Albert Bensoussan, CEO of Kering’s ‘Luxury –
Watches & Jewelry’ division.

As part of his new role, Antonio Calce will supervise the management of the brands Girard-Perregaux and JEANRICHARD, both parts of the Sowind Group, as well as its manufacturing
activities.

Albert Bensoussan, CEO of Kering’s ‘Luxury – Watches & Jewellery’ division, declared: “I am
delighted to welcome Antonio at Sowind and within the Kering group today. His extensive
experience in the Haute Horlogerie and in the luxury watches sector and his deep knowledge of
its industrial and commercial stakes, will allow him to fully support the brands’ growth on
international markets”.

About Antonio Calce
Antonio Calce, an Italian national, started his career within the Richemont group in 1994 as head of the technical department of Manufacture Piaget, before moving to product management responsibilities. In 2001, he was appointed director of operations and product development for Panerai. In 2005, Calce  moved on to Montres Corum, where he was successively appointed Vice President of Operations and Chief Executive Officer. Antonio Calce holds degrees in microtechnology and management studies.

Facing Some Difficult Facts

With the recent disclosure that Antonio Calce is no longer at the helm of Corum, I was truly shocked, saddened and frankly disappointed by the commentary from some of the "alleged" watch press - and yes, you know who you are. 

To give you some background, Mr. Calce was hired as the CEO for Corum, and with the takeover of ETERNA by Haidian Group he was also asked to head up ETERNA as well.  Without getting into too much detail, the basics are that his "Eterna sojourn" was fairly short-lived, and he went back to being in charge solely of Corum.  And as of a few days ago word leaked out that he was, in fact, no longer at the helm of Corum. 

And now to get back to what I find troubling - "REAL JOURNALISTS" instead of, I don't know, doing some "journalist stuff" immediately hit social media with comments like:

"well what do you expect from the Chinese?"  or  "It was bound to happen with the Chinese who don't know ANYTHING about the Swiss watch business" or other even more xenophobic comments.

I CALL BULLSHIT!

That is the dumbest, most ill-informed, and frankly pathetic "fair and balanced reporting" that I have ever read.    If these are the "journalists"… well, let's just say that they are drinking too much of their own bath water.  

Let's face some facts:

1.  Neither Corum or Eterna for that matter were exactly being fought over by Richemont, SWATCH or LVMH.  That doesn't mean that Corum and Eterna aren't valuable, because they are.  But if we focus strictly on the reality here - they needed more than just money, they needed help.  And frankly, Haidian was there for them.

2.  What NOBODY is actually willing to consider, that maybe, just maybe Haidian actually DOES know something about the Swiss watch industry.

3.  And lastly - let's ask the most awkward question - is it at all possible that maybe, just maybe Mr. Cacle just wasn't successful?  Maybe he was not able to meet the goals that were set?  And let's really be honest, it is NOT like Haidian took over and immediately cleaned house.  Swiss companies have "cut bait" much faster than this.  Swiss companies, with Swiss boards of directors have "shit-canned" Swiss CEOs within DAYS of takeover, and frankly, nobody batted an eye.  But then again, I guess they were the "right" nationality...

So gentle readers, with all the trouble in the world today with misunderstanding and mistrust, perhaps we could dispense with all of the "armchair expert" opinions from "journalists" who have never even worked in the industry - people very good at going to expensive events, getting hotels, flights and meals comped (all the while complaining about the inconvenience), and frankly should know better.  The fact that the owners are not Swiss has absolutely NO bearing on this, or other terminations due to "misadventure".  The truth is sometimes not so sexy, but sometimes people fail.  And frankly, there is no shame in failure.  

But there is shame in chucking up slow, fat pitches without doing the research to back it up.  People say I'm not a "journalist" but a "blogger".   I can live with that.

The Watch Industry and the Transfer Window - Eterna... Again

News arrived in my in box from Corum's North American PR office earlier this afternoon -

Courtesy of Corum



Vincent Calabrese and Corum Join Forces!

Okay - this is EXCITING! Here's the scoop, straight from Corum -

Corum joins forces with Mr. Vincent Calabrese -

The watch company from La Chaux-de-Fonds signs a partnership with Mr. Vincent Calabrese, initiator of Corum’s iconic Golden Bridge movement.


1977 – An encounter between two creative geniuses
Mr. Vincent Calabrese is a self-taught, non-conformist individual who has been inventing and making watches that have repeatedly challenged watchmaking conventions and certainties since 1975. In the 1980s, he conceived the idea of creating a movement with linear gear trains, mounted within a transparent exterior and isolated in space without any visible connection. Calabrese achieved this tour de force and his patented creation was rewarded at the 1977 edition of the Geneva International Inventors’ Show. The patent covered the ingenious winding and time-setting system via the barrel arbor, a device that avoided the need to fit two crowns.
René Bannwart, founder of Corum and himself a creative talent with a passionate interest in watchmaking, identified the very real potential of this idea and acquired the patent. This proved a master-stroke for the brand, which drew and subsequently developed the plans of all components before proceeding to build the movement.


1980 – Launch of a world first
The year 1980 witnessed the introduction of the first Golden Bridge with its delicately hand-engraved baguette movement. This prodigiously slender world-famous revolution was an immediate hit with connoisseurs and collectors of fine watches and earned Corum the title of an authentic watch manufacture. Thirty years later, this now legendary movement remains a concentrated blend of Fine Watchmaking and a unique expression of the art of horology.

The artisan behind the partnership
For Antonio Calce, CEO and partner of the brand, it would have been inconceivable not to capitalize, by means of new product developments, on the only watch movement built in a straight line: the Golden Bridge. This determination led to the creation of a complete product line with four movement functions, to the point of extending the concept to a contemporary version presented in 2009, the Ti-Bridge. Speaking of the partnership, Antonio Calce said: “The Golden Bridge is an emblematic model for the brand and a fundamental pillar of our collection. This is an incredible opportunity to renew ties with the inventor of an idea that enabled Corum to create and develop this iconic movement, which continues to appeal to devotees and connoisseurs of Fine Watchmaking over 30 years after its creation.” The partnership will also serve as a platform for the worldwide promotion of the Golden Bridge through a very special spokesperson and as a legitimate means of conveying the historical message of this creation. Moreover, Mr. Vincent Calabrese will contribute his creative ideas to Corum’s movement Research & Development department headed by Laurent Besse.


Corum Bridges – a unique collection in the watch market
The Golden Bridge model and its exceptional baguette movement made an indelible imprint on watchmaking history. Based on a principle of linearity and requiring extraordinary horological expertise, the Golden Bridge movement – an exclusive Corum feature – has since revealed the full strength of its potential by giving rise to some of the brand’s most fabulous timepieces united within the Bridges collection. In 2009, the Golden Bridge baguette movement inspired the creation of the contemporary and sophisticated Ti-Bridge, while 2010 saw the emergence of the first Golden Bridge tourbillon movement. This fantastic lineage undoubtedly entered a whole new era in 2011 with the arrival of the automatic-winding Golden Bridge movement equipped with a linear oscillating weight. Over thirty years since the introduction of the Golden Bridge movement, the Bridges collection now featuring various evolved versions of the original calibre is still without equal in the watchmaking world.


Vincent Calabrese
The story of a man that nothing predestined for watchmaking Mr. Vincent Calabrese was born in Naples in 1944. After been expelled from school at the age of 12, he was hired by a watchmaker’s shop on the spur of the moment to replace an absent apprentice, who nonetheless returned three weeks later. Having acquired a few basic watchmaking skills and tools, Mr. Vincent Calabrese began working as a street watchmaker. Upon turning 17, he decided to leave Italy for Switzerland, where he was taken on by various watch companies in the Jura region and developed a solid range of watchmaking skills. It was in 1975 that this exceptional watchmaker launched his own business. He has consistently set himself new challenges in order to fulfil impossible dreams – the kind that have resulted in creations such as the “Spatiales” watches. In 1985 he inaugurated the Horological Academy of Independent Creators (AHCI) as a co-founder. It was within this innovation-friendly context that he created the world’s first “flying” or cantilevered wristwatch tourbillon that is still the thinnest in the world. As the artisan behind a wide range of technical and aesthetic feats, Mr. Vincent Calabrese has many achievements to his credit. In 2012, he took over the activities of the Kazès clock making company, with the challenge of industrialising production and ensuring the continuity of this historical brand – a mission he is still pursuing.

 www.corum.ch