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.

The Transfer Window Has Opened - and A Great Loss to Watch Time

I have known Roger Ruegger for more than a minute. Our paths first crossed when I was working for DOXA North America (Synchron) and we got to know each other a little better when I crossed the aisle and started Tempus Fugit working in both the Fourth and Fifth Estates. Roger was (and continues to be) a keen fan of diving watches, and was a friend and supporter of smaller, independent brands. His approach to dive watch coverage pre-Watch Time was extremely egalitarian, and merit based. The name on the dial was not necessarily as important as what went into the watch itself. Many now, more established brands owe a great debt to Roger's enthusiastic support of their efforts.

Word has reached the North Shore offices of the "Blog Formerly Known As Tempus Fugit" that Mr. Ruegger will be moving on from Watch Time. And this, for me, marks a bit of a turning point in Watch Town. Way back when (2011 - 2014) there was a bit more camaraderie amongst the media outlets (with a few notable exceptions). We all had day jobs and we all paid our own way to BaselWorld. While I wouldn't say we were all "besties", there was not the same need to "flex" as there seems to be now.  Some of the big dogs I remember when they were wee pups that still peed on the carpet. And this is what has set Roger apart. Even after landing what is considered one of the most coveted jobs in watch media, he still made a point of maintaining relationships, never tried to "dk" (don't know) people.

Obviously change is inevitable, and following a prolific 10 years at the helm of Watch Time, Roger is leaving the party while it is still full, so I say good for him!

Whoever the next person is to slot into the role, they will have some big swim fins (shoes) to fill ; )

Bravo Roger on a job very, very well done, and wishing you the best of success moving forward.

Talk Like A Watch Pro - The Big Comeback!

Okay, it's been a minute, but after putting on The HYPE a few months back, I am happy (and you are no-doubt relieved) to know that Watch Town still has the ability to generate its very own unique lexicon.

I will be providing a refresher, but first? Some new bon mots that will have you talking and feeling just like the big boys and girls in Watch Town -

"Deep South"

The direction retail prices go when your production exceeds your sales actuals by 500% or so. We all get these emails - "Last chance for huge savings!" A multitude of reasons are offered, but long story short? Someone over-spent their allowance and mom and dad aren't happy about it. As that other great commentator on the watch business (Michael Douglas as Gordon Gekko) would remind us - 

"The key to the game is capital reserves. If you don't have enough, you can't piss in the tall weeds with the big dogs."

"Nickeled for a dime" i.e. someone sold you a nickel for a dime

It's an expensive proposition to participate in a watch show, particularly in NYC. Approximately $8,000 USD will get you enough space to place a tray full of watches on a "modest" sized table while half of humanity lazily strolls past your booth. This, of course, is great news for alternative shows...

"New investment"

Someone's buying, someone else is selling. No more, no less.

"Nobody likes to hear that their baby is ugly"
Translation?  When you are asked - "What do you think of our novelties?"  You are really being asked - "Could you please offer an affirmation that this watch is great?"

"I'mGonna'stan"
A fictional country that is more a place of the imagination than an actual reality. I'mGonna'stan is a magical place where everything will happen soon, like tomorrow, and tomorrow never arrives.  

"Pick Your Poison"
Translation - you're screwed either way, and I don't really care.

"My friend"
Translation - You fucking asshole.

"You're just like the Tin-Man"
Translation - You've got no heart.  Usually reserved for sales managers just before they are "freed up to pursue new professional opportunities".

"We don't cover brands like that"
Translation - Pay me, and then maybe we'll cover you.

"Our writers are very busy, but a sure way to promote your brand is through a sponsored post!"

See above.

"We're a small, independent brand and can't afford advertising"
Translation - My best friend's spouse works for another media outlet and we already pay them. We're not going to pay you now, or ever, but you should still make time to cover us because, you never know ; )

"We don't make any decisions regarding marketing, sales or advertising during (insert BaselWorld, SIHH, JCK, etc.), but shoot me an email in a few weeks and we can follow-up then."
Translation - Of course we make decisions at BaselWorld, SIHH, JCK, etc., we just have no desire to listen to, consider or entertain any proposal that you might be offering.  But! Here's a nice paper tote bag and an outlandishly heavy catalog (filled with poor spelling and grammatical errors)!  Thanks for stopping by!

Fall Repeat - The Dunning - Kruger Effect

Like any crisis, COVID-19 has laid bare a lot of realities that were probably always there, but that could continue on until external events made it impossible for them to remain unacknowledged.

For those of you unfamiliar, the Dunning-Kruger effect, its name is derived from a study conducted by David Dunning and Justin Kruger back just before the turn of the century (1999). The study exposed a very interesting paradox - in several instances average performing people tended to place themselves in the upper echelons in terms of performance. Curious to relate? In many instances, high performing people tended to down-play their abilities, ranking themselves lower on the scale than their abilities justified.

For those of you who are more visual (and enjoy video over text) here is a fun look at the Dunning-Kruger effect courtesy of Trace Dominguez and After Skool -

Cognitive Bias exists everywhere, and we all struggle with it on many levels.  The recent devolution of BaselWorld into a full-blown 3-ring circus is a great example.  And I want to jump right out of the gate and make clear that BaselWorld is only one of the Ringleaders of this train wreck.  

In Tent Number 1:

Remember the bold words of one mayor of Watch Town who insisted that his brand was special, and didn't actually need a show?  And then like a carpet bagger tried to ease south to Geneva to announce (what in hindsight) was a pretty ham-fisted attempt to grab some press ink with some other like minded mayors for a "mini-show" of carefully curated brands?  (editor's note: along with the use of "my friend" and "timepiece" could we agree to ban the term "curated"?  It's complete and utter bullshit.)  

In Tent Number 2:

If Animal Farm were ever to be re-told with denizens of Watch Town as the protagonists, the advent of the FHH show would be familiar.

George Orwell Animal Farm

Here's the thing, you don't tug on Superman's cape.  It was pretty foolhardy of the BaselWorld organizers to assume that they could try to give Rolex and Patek an "Atomic Wedgie" -

Courtesy of the Simpsons

Now I cannot claim to know or understand every thought process or motivation that runs through the storied hallways of Big Green in Geneva.  I respect my place in the hierarchy ; )

But what I can say is this - while Rolex, Tudor, Patek and Chanel had every right to pick up their tents and move them south, let's not misconstrue that as a blow for the Proletariat of Watch Town.  The "letter of secession" makes it pretty clear that these four brands made their decision based on what would work for them.  Several other not-so-fancy brands may not be invited to join the party.

And ladies and gentlemen, train your eyes to the center ring here in the Big Top!:
BaselWorld was clearly living in a different reality than a lot of the larger brands that were willing to continue to pay the price to be there.  And truthfully?  These are some of the real victims in this three-ring shit-show.  If you are a Richemont brand?  You are safe, Watches and Wonders has you covered.  If you are viewed "luxurious and exclusive enough"?  Not a problem, FHH will certainly deem you worthy and you can join them.  But what about some of those other big, notable, and dare I say it - POPULAR brands that actually sell a LOT of watches?  Where do they get to go?  

You get the idea.

Now I still like my personal crack-pot theory that Hayek the Younger has been sitting back in his stronghold in the Biel/Bienne hinterlands, biding his time and waiting to come back to BaselWorld. But then again, I have frequently been guilty of the Dunning-Kruger Bias ; )

In Search of a Place and Time that Likely Never Existed

 “Here's the story they don't want to tell: eight companies make 95 percent of the whiskey in America...And all those different brand names are just that. Brands. Perhaps no word sums up the death of truth in America better than the word brand.”

― Wright Thompson, Pappyland: A Story of Family, Fine Bourbon, and the Things That Last

Regular readers will note that I have, over the years, tried in vain to reconnect with my father (who shuffled off his mortal coil some 16 years ago). These same regular readers will also note that I have held onto the idea of Mido as, I had hoped to be a communication device, a way to connect to him. And in truth this has probably been a fool's errand. Which, I suppose, makes me a fool on a fool's errand. With that said, I did something that - in truth? I will probably do again, and again in some variation. I tried to lay hands to a watch that would be like the Mido (if not identical, at least ring true in feeling) to the same Mido watch that he received the day before I made my grand appearance. That day was July 10. The watch pictured above is a "Franken" watch in the most craven of terms. It was, in fact, until recently not a watch at all. It was purchased some three years ago on Ebay (sorry, but their fawning and showering of money on "A Blog to Watch" does not even remotely guarantee you're getting what you paid for). In this happy instance? It arrived as advertised - a case, dial, crown and set of hands from a former watch maker. "Just add movement"! 

But alas, Betty Crocker was not a watch maker, and this attempt to reconnect to the old man was as fraught with misteps, misunderstandings, and frustration as my teens. 

I am by no stretch the most gifted watch writer out there. Ben Clymer, when he actually takes the time to write someting? Is beyond eloquent. Wei Koh - if he could pause on the name checking / dropping and stop looking for the $10,000 word?  A wonderful story teller. If and when The Rake can solve their distribution challenges? I'm all in.

But there is something that I maybe know a bit about. And that's longing. I have sat at the table, sharing stories about what led me here. Robert-Jan Broer coined a phrase (albeit trying to explain my blunt speech at a "recruitment event" held by Ebner to get ahold of large amounts of watch journalism content at bargain basement prices. A friendly note to Ebner about 10 years overdue - next time serve actual food, not stale bread with dubious smelling sandwich spread and tap water. This was during BaselWorld some years back. And I had looked around the room, looking for the person that didn't belong, and realized it was me. And I asked the question - "Why do we write about watches? Is it money? Presents from brands? Comped travel to fun destinations? Is that really why we got started in this?"

My point was - and continues to be - it had evolved into a business that traded on ego and appearance.

And in fact? Only Robert Jan and I gave actual answers!

He asked me -
"Do you mean, what was the trigger?"
In essence? What had gotten all of us interested in watches in the first place.

Now in fairness, I don't remember his answer as I was getting the "stink eye" from another now well-known and well established Dutch watch media mogul. But my answer was - "Mido".

So we're going to dive into my latest dive down the Mido rabbit hole over the coming week - so stay tuned.

Perhaps Just Under the Radar - Piccola & Jofrette

So one of my very happy discoveries in Geneva was this -

This is a "newish" brand headed up by Stephan Lack. And for those of you just tuning in, Stephan was one of the very first people I met at my first BaselWorld as a journalist. He just so happened to be presenting his new brand two booths down from where I was working at the Time to Watches show last week. And I must say, the PJ1 is a fantastic debut.

There are four different dial versions: blue, silver, eggshell, and anthracite. And yes, gentle reader, the anthracite is my favorite.

Piccola & Jofrette

Available with three different strap options: 

Courtesy of Piccola & Jofrette

Sturgeon (above)

Piccola & Jofrette

Light Brown Deer (above)

Courtesy of Piccola & Jofrette

Black Deer (above)

Priced at CHF  2,500.00

Here are the pertinents -

Case

Stainless steel

Finishing

Brushed and polished

Diameter

39mm

Height

9.6mm

Lug width

20mm

Crystal

Sapphire, multi-coated anti-reflective

Water Resistance

10 ATM

Manufactured in

Switzerland

Dial & Hands

Dial

polished stainless steel

Color

anthracite

Indices / Numbers

Indexes, Arabic numerals on 1/2, 4/5, 7/8, 10/11

Hour/minute hand

Rhodium-plated, in silver

Small second

Rhodium-plated, in bronze, at 6h

Manufacturing and tools

Switzerland

Movement & Functions

Factory

Automatic movement

caliber

PJ1

Functions

Hours, minutes, small seconds at 6H

frequency

28,800 semi-oscillations / hour

stones

27

Power reserve

42 hours

Manufactured in

Switzerland

Watch strap (sturgeon)

Sturgeon (origin Switzerland)

Naturally tanned, hand-stitched in Switzerland

Colors

Natural brown / silver stitching

Buckle

Stainless steel pin buckle

Easy Change Clip System

The Rebirth of BaselWorld?

So... before we go too far down the rabbit hole, a simple statement - 

Watches and Wonders? You can have it. No interest, no desire on my part to participate. It is a towering testament to greed and hubris. And curious enough, in reviewing some of the conversations I had with some of my more well-heeled colleagues in the Fourth and Fifth Estates, it seems that the policies and enforcement tactics governing the press (and their access to covering Watches and Wonders) are not entirely dissimilar to those utilized by the Trump White House...

Okay, so we've got that out of the way ; )

Let's move on to Time To Watches. I had the opportunity to experience both sides of the table this year assisting at a booth, as well as making the rounds to some of the other brand's set-ups. Now I have gone on record as saying that this is perhaps one of the worst-ever names for a watch show. I stand by that statement. But this year I got to see something that gave me hope for watch events in Switzerland.

The location was quite good - just behind the Palexpo center. This meant that it was easily accessible to both enthusiasts and journalists. Well, enthusiasts anyway. It would seem that Watches and Wonders subsidizes the travel of several journalists (airfare, hotel, etc.) and therefore they (Watches and Wonders) govern what these journalists can, and can't "attend" while in Geneva. Sort of a diamond-studded, golden leash ; )

Despite this challenge, there were a LOT of independent journalists, vloggers, bloggers, etc. who found their way to the show, and their energy and enthusiasm was clear to see. The only piece that I (as a journalist) didn't agree with was that there appeared to be one or two "marquee" press folks who clearly had been recruited by the show management's PR wing to be there (and possibly paid?). It was slightly reminiscent of BaselWorld back in 2011 when a royal or military strong man (read President for life) of a former Soviet republic breezed through The Palace hall complete with security retinue. 

Now don't get me wrong, I am all for treating the press with courtesy and giving them a warm welcome. But that means ALL OF THE PRESS, not only individuals who were referred to as "Very Important Guests" by staffers at the show as they ushered them ahead of other attendees, jumping taxi lines and attempting to hijack Ubers because they are apparently not just Very Important Guests, but apparently more important than anyone else, and haven't fgured out public transport in Geneva even though they've been attending the shows for more than ten years straight. 

But let's talk about what was right about the show. It was accessible, it was open, there was a good mix of brands, and all of the brand representatives seemed genuinely happy to be there. And more than that, there was a real sense of camaraderie amongst the brand representatives. That made a very big difference, and harkened back to the positive aspects of BaselWorld before the final curtain came down in 2019. It was actually fun to be there. Yes, it was work. But it was work that was enjoyable.

So to the organizers of Time to Watches - a job well done. An enjoyable event and a real opportunity to bring more brands out in the open. My only suggestion as it pertains to celebrity / VIP journalists? Slow your roll. It's only a step away from the mother who ties a pork chop around her son's neck to get family dog to play with him ; )

Reheated Leftovers - The Rebirth, Rise, and Fall of (Daniel) JEANRICHARD

I was having one of my semi-infrequent conversations with the sales director of a Swiss brand (no names!), and part of the conversation was about the recent trend towards (trying) to resurrect dormant (or dead) brands. His contention was that it was a great idea if you had an established brand and you brought in the dormant brand to offer more diverse options (such as those mapped out by Breitling's CEO) to cover more price points. I won't go into my feedback on this, and as I am not currently retained by his brand it doesn't really matter whether he follows my advice or not ; )

But it did get me thinking of one of the more unfortunate triumph-turned-failures of the last 15 years. Long story short - not all brand resurrections "stick". So as we get ready for the Geneva shows, I thought I'd reheat this cautionary tale...

JEANRICHARD IS BACK, BABY!!!

Courtesy of JEANRICHARD

After a quiet 5 year sleep, the dream is finally a reality - Sleeping Beauty has awoken and ready to take on the watch world again!

Of course if you've checked your calendar, you realize that while this is not The Onion, it's also not actual fact.

JEANRICHARD lives on as an example of how to build, and then wipe out goodwill in the press and the watch fan base in three short years.  

Shamelessly borrowed from the world-wide infoweb

Let's hop in the WABAC Machine to those thrilling days of yesteryear - 2012. Jean Richard, which would later change its name to JEANRICHARD had bobbed up on the surface of Watch Town's picturesque Lake Whatif.

I wrote a fairly (I thought) innocuous piece about it.
Curious to relate, I got a very warm and fuzzy email from the newly minted head of JEANRICHARD North America inviting me down to Los Angeles in January in a few weeks to view the new collection.

And thus began my personal obsession with all things JEANRICHARD. My interactions with the JR folks were an early lesson that relationships with watch brand folk are more frequently than not, transactional. Which in and of itself is not such a tragedy, but underscores the transitional nature of the reality of life working as a brand manager, sales manager or even CEO - you are more often than not simply a place holder waiting to receive your pink slip.

The marketing plan behind JEANRICHARD was, well, baffling. Brand partnerships included a (literal) tight rope walker, a B list actor, multiple rugby teams and players and the coup de grâce - Miss France herself back in 2016. A few curious facts about the arc of JEANRICHARD partnerships - they went from global (including the Arsenal Football Club), and petered out to almost exclusively French ones.

So what went wrong? Well, as early as 2014 brand loyalists were pointing fingers and those who hadn't already jumped ship were plotting their escape routes. In 2013 GP had made their triumphant return to BaselWorld and in an equally impressive booth right next-door was JR. The next year, the JR booth had shrunk to half its size. By 2015 pretty much everyone had departed, and the entire JR operation had been compressed into ONE room which looked like a storage closet had exploded inside of it, with a harried PR person (external) in tears as she handed visitors baseball hats, year-old catalogs and looked as if she was about to walk out herself.

And then JR was put to sleep, and Prince Charming still has not shown up to awaken her with a kiss (or massive cash injection).

But really, those are more the effects. Let's talk about the causes -

1. Cockiness
Interestingly, the brand management was very good at making quick friendships, but then forgetting that the watch business is a relationship business. Retail partners were frequently left screwed when the grey market would (not infrequently) be flooded with the same product that they had just purchased for their stores. This then trickled down to the customer, who felt like a total rube for paying full price 2 weeks prior only to find it on a grey market super-store website for 50% off. And finally, we members of the press. Those of us who were early supporters were jettisoned once more "attractive" outlets came into view. Curious to relate? Once those big outlets had sucked all the money they could out of JR, the moved on to the next warm body.

2. Short term tunnel vision
The brain trust at JR decided if they could sell 100 pieces, then surely they could sell 10,000 at an even higher price. Moreover, if people are happy with black, silver, blue, green and aubergine (I owned and loved that one), then let's have 500 different SKUs!

3. They felt the need to have the best looking date at the Prom
Step 1 - get a partner
Step 2 - get a better looking partner (and 86 the first partner)
Step 3 - get an even better looking partner (and 86 the second partner)
Step 4 - get dumped and go back to the first partner and act as if they were always their first choice. I spoke to several retail partners who felt that way - and I certainly felt that way as a member of the press.

4. Refusal to admit that mistakes were made, and refusal to adjust the plan
Watch brands make knuckle-headed decisions several times a day. The trick is to recognize when things are not going to right themselves, and GO BACK to the plan that was working.


Here's the irony - there are STILL a lot of people who even though they got burned, would likely embrace JEANRICHARD again. For my part, I would be the leery jilted partner in the Rom Com who would have to be won over again by the end of the movie.


JEANRICHARD could still be awakened, could still be something, but it will require a good, hard look at what went wrong, and a cautious, thoughtful approach. If my memory is correct, before he bought and reinvigorated Girard-Perregaux, Daniel Jean Richard was the first jewel in the Macaluso family crown. It deserved a better fate than the one it is currently enduring. Let's hope someone, somewhere is ready to salvage what truly could be an interesting brand.