The Transfer Window Opens (for the FOURTH TIME IN TWO YEARS)

At Tag Heuer...

Courtesy of Tag Heuer

In the interest of transparency, I have about as much interest in the machinations of Tag Heuer and the LVMH watch stable writ-large as I do in hemorrhoid treatment. Actually, that's not fair. If and when I do develop hemorrhoids I suspect I will have more than a passing interest in the healing properties of Preparation H. But as they say, sometimes you have to lance a boil, and as this is outlet that talks about watches (allegedly), I guess we have to give "mighty Tag Heuer" some air time.

Okay, let's get to the heart of this. I have no doubt that the new person in the hot seat is probably more experienced and capable than the winners of the Arnault Family DNA Olympics. And add to that, Ms. Goasglas has been with Tag Heuer since 2018, and held some pretty big jobs with them. And it doesn't hurt that she is French, because although HQ is in La Chaux-de- Fonds, the real marching orders are coming from an arrondissement several train stops North by Northeast.


The timing is a wee bit quirky as well, why hold off for May 1? There is a little event that some people say is even more prestigious that The HYPE NYC ; )

The real question is this - what the f&*k has been going on at Tag Heuer and LVMH's watch division? Hublot has become an afterthought, and Zenith is starting to operate from the Sunk Cost Trap theory of business -

https://www.henkitime.com/2017/04/the-sunk-cost-trap.html

So what I'm driving at is this: for all his faults - and he has more than his share, the LVMH watch brands (Hublot, Tag, and Zenith) under Jean-Claude Biver's oversight at least seemed to know what they were doing. Or in Zenith's case what they were trying to do.

Regardless of the heroes and zeroes of the (recent) past, we at Henki Time wish Ms. Goasglas bon chance and Godspeed.
Tag Heuer may just be a dog that won't hunt, but we shall see.

The Transfer Window Has Opened

At Laurent Ferrier -

Courtesy of Laurent Ferrier

Word reached the North Shore headquarters of Henki Time that a new hand is at the helm of Laurent Ferrier. 

Florent Perrichon has been announced as the new Chief Executive Officer of the Geneva based brand.

Following previous stints with LVMH (most relevantly Tag Heuer), Mr. Perrichon has been a board member of Laurent Ferreier since 2013.

Now in fairness, it is more than a bit of a curious trail of management that precedes Mr. Perrichon assuming the top spot. And most of it paints a rather unfortunate picture of an antsy Board of Directors / owner-investor group. Prior to this recent shift, the power resided with one of the founders and major investors - Mr. François Servanin who had great success in the automotive world with among other things, Mercedes and Porsche dealerships in France.

He, in turn, took over from Vanessa Monestel, if I have the chronology right. What I am fairly sure of, is that this is now the fifth CEO since 2010:

Olivier Muller: 2010 - 2013?

Sylvère Demonsais: 2013 - 2013?

Vanessa Monestel: 2013/2014 - 2019

Francois Servanin: 2019 - 2025

Enter Mr. Perrichon.

We wish him good luck and God's Speed.

We wish him the very best of success.

And The Next Person To Take The Helm At Audemars Piguet Is...

Gotcha'!

But while we're playing Watch Town's version of "The Masked Singer", I thought it wouldn't be such a crazy idea to float some ideas as to who might be next?

I can't really claim to know much about the machinations at AP. But this is a new reality for what is still at its heart, a private family company - suddenly everyone is up in their business... so let's have a look!

But before we go forward, let's hop into the Wayback Machine to those thrilling days of yesteryear - 1987 to be specific. For those of you around at that point, can you remember where you were and what you were doing? I had just received $50 and a firm handshake from my father, who in turn informed me that Chicago was "that way, and Oregon a bit further down the road. If you hit the Pacific, you've gone too far." Needless to say, that seems like a million years ago. Curious to relate, 1987 was another significant year for someone else in the watch world, one Georges-Henri Meylan.

Now I realize for the younger kids out there that what I am about to say is going to trip you out, but a lot of the real happenings at AP started under the guidance of Mr. Meylan. AP was a WHOLE different type of company when he took over the leadership, having a not insubstantial stake in another little brand - Jaeger-LeCoultre. By organizing the sale of it, he brought in much needed funds that helped ensure the stability of AP and also helped ensure its growth. He also was instrumental in helping guide the career and development of the current CEO. This is not to say that the current incumbent has not overseen some phenomenal growth (not to mention a truly staggering list of professional golf playing "chums of the brand"), but is to say that there were already some seismic shifts underway when Mr. Meylan abandoned the field only to pop up later with a whole new jam.

But back to AP...

What I continue to be confounded by is what seems to be the lack of a clear succession plan.  On the one hand, the argument could be made that as a private company, AP is not going to show all their cards. Well, that's as maybe, but I think there's a wee bit more going on here. What is also interesting is (and this may just be little me thinking this), is that (to the best of my knowledge) Mr. Bennahmias has not really come out with his own suggestions as to who should or could replace him from within the ranks. And as someone who is a director in his "day job" (albeit for a much less glamorous organization), I find this disappointing. I subscribe to the belief that a large part of your responsibilities as a manager is to ensure that your team grows, develops, and if you did your job well, at least one of your team will be ready to replace you. Why? For the very simple fact that nothing is permanent. Every job out there is a "temp" job. We all leave our posts eventually, one way or the other. Ideally not carried out on a stretcher feet first, but that has also been known to happen in Watch Town.

So then, who would I put my marker on to take over from the current CEO? It's a curious question. It does not help that this is perhaps one of the most talked about and drawn out talent searches for a new CEO since HBO's Succession -

Courtesy of HBO

But if I fancied a flutter, I might place a chip next to the former CEO of Carl F. Bucherer. Sascha Moeri left his post about 7 or 8 months ago. Assuming that there was a non-compete clause in his contract, it would likely be up within a year. He did well with CFB, but more importantly he has a lot of experience working with a similar set-up in terms of a privately held organization.  Now I have met Mr. Moeri a grand total of ONE time, and that was back in 2012 in Las Vegas. So truth be told, this is just me looking at the tea leaves that represent the pool of potential new CEOs out there and trying to assess who might be a "fit". 

The internal options for AP are somewhat limited, at least if we simply tried to look at the roster to see who might be a likely fit. Although I think it would be exciting if one of the new regional CEOs were brought back to the mother ship to take the helm, the US CEO is still quite new both to AP and to the watch business in general, so I don't suspect it will go that way. 

It cannot be denied that under Mr. Bennahmias AP has grown significantly as a brand. But for many people out there (both enthusiasts and those of us in the Fourth and Fifth Estates) it also feels as if it has somewhat coalesced into a large brand with, essentially, one collection - The Royal Oak. But that will clearly be a challenge for the next CEO, whoever that will be. 

So although I love a scoop and it's exciting to sign off with "You heard it here first!", the truth is that we will all have to wait and see what color the smoke is coming out of the chimney at AP.

Until then - enjoy your watches!

The Transfer Window Opens -

At Hodinkee.

News arrived at Tempus Fugit HQ that a new CEO has taken the helm at Hodinkee. Jeffery Fowler is taking over from Toby Bateman who took over from Hodinkee's founder, Benjamin Clymer in December of 2020.  Reporting from WatchPro can be found here -

https://www.watchpro.com/hodinkee-appoints-former-farfetch-america-president-as-ceo/

We wish Mr. Fowler the best of success in his new role.

Let It Flow

News dripped into the North Shore HQ of Tempus Fugit that Watch Town had another Festivus Miracle in store for us:

HYT has turned on the taps, and the magic is flowing once again ; )

Courtesy of HYT

Davide Cerrato has been tapped to prime the pumps and flush the tubes of the formerly dormant HYT, with an anticipated relaunch in January. I cannot claim to know Mr. Cerrato personally, but can say that I enjoyed the one or two presentations he gave at BaselWorld when he was with Tudor. I wish him the best of success in getting HYT flowing in the right direction.

With that said, I have to admit that regarding HYT, I am somewhat ambivalent. It is an interesting concept, it definitely had as many fans as detractors, and maybe it is ready to take off. It has just never really been a concept that I got too excited about one way or another. But it's a new day, and let's see what January brings. 

So here is the release, straight from the source -

KTS (Kairos Technology Switzerland SA) takes over the reins of HYT, acquires all of its assets and appoints David Cerrato CEO. A revival and long- term development of the brand are thus assured by a Swiss company.

In 2012, the HYT watch brand created a buzz within the watchmaking community with its hybrid mechanical-fluidic technology allowing the time to be displayed using fluids. This unique module is driven by a manufactured mechanical movement. HYT thus combines mechanical virtuosity and avant-garde technology.

In 2021, Kairos Technology Switzerland SA took over all the assets of HYT and appointed Davide Cerrato as CEO. This veteran of the watchmaking industry, with a track record of success with brands such as Panerai, Tudor and Montblanc/Minerva, has accepted this new challenge.

"I am delighted to take over the general management of this magnificent brand. HYT has succeeded in bringing a new dimension to the watch industry thanks to its innovative and groundbreaking content. The brand is thus clearly positioned as a "trailblazer" for fine watchmaking in the new millennium. We have already set to work to perpetuate this promise of innovation, to re-enchant watch enthusiasts and collectors, but also to push back the existing technical limits, by materialising a new pleasure of wearing a luxury watch. A pleasure that mixes 'maestria' with mechanical virtuosity, fluid displays and avant-garde designs." says Davide Cerrato, HYT's new CEO.

HYT's activities resumed in September to present the brand's new identity and a new watch expression, scheduled for launch in January 2022.

The Transfer Window Opens

 At Kerbedanz -

Courtesy of Kerbedanz

So after a fairly protracted search, the new Captain of the Good Ship Kerbedanz has been revealed.  Here's wishing Guillain Maspétiol the best of success in his new role. 

The press release (in terms of hyperbolic content and slightly odd English usage) can be read in its entirety here -

Swiss watchmaking of excellence: Kerbedanz’s new CEO
Guillain Maspétiol, highlighting an ultimate signature
His confidence and his energy are communicative. Filled with an unspoiled emotion, the one of his early days in watchmaking, this man of field and vision practices tenacity and conviction. Guillain Maspétiol now heads Kerbedanz.
Tigran Kerbedanz and Kalust Zorik, founders of the Kerbedanz brand, are pleased to announce the appointment of Guillain Maspétiol as CEO. "With outstanding agility and creativity, Kerbedanz will deploy both in terms of product and distribution," said the new CEO.

Motivation and inspiration to achieve excellence
His stance is a bubbling of ideas to reposition the brand. Ideas for the future, anchored in the near past of a family brand that, far from the overly historical shackles, multiplies the field of opportunities. It's all there: the brand combines the know-how of arts and crafts with enamel and engraving expertise, as well as the mastery of mother complications and pure chronometry. Nevertheless, Kerbedanz, which has Maximus, an incredibly
distinctive and powerful model, the largest tourbillon in the world, also deserves to explore wider territories.

Above all, there is emotion within the team, often experienced in unique pieces, small series and prestigious clients. Guillain Maspétiol can't resist quoting as a motivating inspiration this informal tagline that used to flow behind the scenes at Jaeger-LeCoultre, where he has worked for a long time: "l'oeil, la main, le coeur..." Forceful words, capable even of inspiring a lifetime dedicated to excellence.

Kerbedanz facing the world's markets
Guillain Maspétiol comes from a very complete career path for great names in watchmaking. He joined Cartier in Hong Kong at the end of 1994. He quickly contracted the watchmaking virus: "I turned to watches, I was able to specialize" admits the man who then joined a major brand in the Vallée de Joux.
And most of all, he never stopped criss-crossing the world's markets. From Travel Retail Manager in Seoul, again for Cartier, he moved to Dubai, mainly for Jaeger- LeCoultre, and also for IWC. From Turkey to India and Pakistan, via Yemen and the Gulf countries, it also managed all of North Africa. He then went to England for a couple of years as Brand Director before taking over the governance of one of its major markets, France. Finally, still for Jaeger-LeCoultre, Guillain Maspétiol returned to Hong Kong for four and a half years to head up the whole of North Asia. His worldwide market expertise will surely be valuable to Kerbedanz.

Lather, Rinse, Repeat - Enter the Carousel

This originally ran back in 2015, and as we are now nearly 30 months down the line (think about that for a moment), it seems even more relevant now than it was when I first pushed it out there.

While I realize that a certain "fortunate son" is assuring us that sales are up, and the Swiss Federation numbers would, in theory, bolster that notion with their export reports of the past two months, the retail realities do not bear this notion out.  Not yet at least.

Brand managers continue to crow about their latest yacht, polo match, or celebrity "chum", so it seems that the lesson still has not sunk in.  Think I'm full of it?

The Grey Market and it's red-headed stepbrother the "Soft Grey" Market continue to offer brand new watches, in many instances directly supplied by the brands themselves, and in some instances even faster than the authorized retail stores can get them.

And with that wonderfully sychophantic press/influencer element out there that (for the right fee) will continue to sing a brand's praises, it is easy to presume that everything is just great!

While I can't think of anyone who does not genuinely want to see things rebound and improve (I mean, we all like money and steady employment, right?), the realities are still the same.

Retail has not returned to the same levels, advertising revenues are down for the majority of print and  digital outlets with some long time employees being let go and not replaced.  In other words, a lot of longtime industry professionals, retail lifers and media employees continue to find themselves surplus to requirements.  

So here we go again -

Brand Managers and CEOs, Enter the "Carousel"...

 This is the time of renewal.

With the slew of smart watches being now literally flung out at an ever increasingly rapid pace just prior to BaselWorld, the biggest question is about usefulness and functionality.  As I said previously, I do think that the solution that Frederique Constant, Alpina and Mondaine have come up with is far and away the best, most practical one available and I think it actually is functional.  

Having said that, a few of us got to thinking "outside the smart watch box", and theorized about what other useful smart watch apps could be created.  

I have often written and railed about the now all-too common practice of what I will refer to as the 3 year plan.  In essence, a CEO, brand manager or rep is hired and if they are lucky, they will last 3 years.  If they are successful they will probably be replaced because they will then be too expensive. If they are not successful they will be let go for obvious reasons.  And it is generally in the second or third year that these folks start getting really nervous, really anxious about their future.  This can be stressful, and your quality of life can really suffer as a result.  It is understandable.  So in an effort to ease the pain, this was a smart watch app that some of us felt was apt.  The Life Clock App.

It is based on the "Life Clock" popularized in Logan's Run.  For you millennials out there, Logan's Run was first a novel but more well known as the movie with Michael York. In this futuristic society, nobody has to work, everything is easy.  You are pretty much free to literally "follow your bliss". 

 

The main problem with this being that this level of indolence is not really sustainable as a "business model".  Therefore you have to sort of cull the herd to ensure that there will be enough to go around. Essentially, you have until you turn 30, then your "Life Clock" will light up letting you know that your time is up.  When that happens you are summoned to what is known as the Carousel where you and all of the other 30 year old folks in your group will be "surplussed" or more specifically, vaporized.

The belief being that you will then be "renewed".

Which brings us back to the tenuous and all-too-often brief tenures currently being experienced by brand manages and CEOs.  How can we take some of the guesswork out of it?  Well, every problem has a solution - and it seems every solution has an App!

So you download the Life Clock App on your smart watch and sync it with your phone.  Don't worry, it will support both iOS and Android platforms.  Then you start that new position as CEO and hit GO. Your Life Clock App is now synced to your current job and dutifully counting down the years, months, weeks and days until you will need to update your resume and look for that next position. Worried that you might not remember your work anniversary?  Don't be!  The Life Clock App has got you covered!  It will give a red glowing signal as you are approaching your 3 year anniversary.  Then a stern, all knowing voice (my vote would be James Earl Jones) will say:

Enter the Career Builder Site.  This is the time of renewal.

For everyone out there still searching, stay positive, and stay away from the Sandmen!

Brand Managers and CEOs, Enter the "Carousel"...

 This is the time of renewal.

With the slew of smart watches being now literally flung out at an ever increasingly rapid pace just prior to BaselWorld, the biggest question is about usefulness and functionality.  As I said previously, I do think that the solution that Frederique Constant, Alpina and Mondaine have come up with is far and away the best, most practical one available and I think it actually is functional.  

Having said that, a few of us got to thinking "outside the smart watch box", and theorized about what other useful smart watch apps could be created.  

I have often written and railed about the now all-too common practice of what I will refer to as the 3 year plan.  In essence, a CEO, brand manager or rep is hired and if they are lucky, they will last 3 years.  If they are successful they will probably be replaced because they will then be too expensive. If they are not successful they will be let go for obvious reasons.  And it is generally in the second or third year that these folks start getting really nervous, really anxious about their future.  This can be stressful, and your quality of life can really suffer as a result.  It is understandable.  So in an effort to ease the pain, this was a smart watch app that some of us felt was apt.  The Life Clock App.

It is based on the "Life Clock" popularized in Logan's Run.  For you millennials out there, Logan's Run was first a novel but more well known as the movie with Michael York. In this futuristic society, nobody has to work, everything is easy.  You are pretty much free to literally "follow your bliss". 

The main problem with this being that this level of indolence is not really sustainable as a "business model".  Therefore you have to sort of cull the herd to ensure that there will be enough to go around. Essentially, you have until you turn 30, then your "Life Clock" will light up letting you know that your time is up.  When that happens you are summoned to what is known as the Carousel where you and all of the other 30 year old folks in your group will be "surplussed" or more specifically, vaporized.

The belief being that you will then be "renewed".

Which brings us back to the tenuous and all-too-often brief tenures currently being experienced by brand manages and CEOs.  How can we take some of the guesswork out of it?  Well, every problem has a solution - and it seems every solution has an App!

So you download the Life Clock App on your smart watch and sync it with your phone.  Don't worry, it will support both iOS and Android platforms.  Then you start that new position as CEO and hit GO. Your Life Clock App is now synced to your current job and dutifully counting down the years, months, weeks and days until you will need to update your resume and look for that next position. Worried that you might not remember your work anniversary?  Don't be!  The Life Clock App has got you covered!  It will give a red glowing signal as you are approaching your 3 year anniversary.  Then a stern, all knowing voice (my vote would be James Earl Jones) will say:

Enter the Career Builder Site.  This is the time of renewal.

For everyone out there still searching, stay positive, and stay away from the Sandmen!