The Transfer Window is WIDE OPEN

At Richemont -

Now, it is safe to say that this is not exactly "stop the press" news at this point as it dropped over a week ago. But I found it curious with the flurry of comings and goings of all of the changes happening with both independents and the shuffling at Richemont. Two of the independent changes are not huge news because, at the risk of sounding uncharitable, who is running Scwharz Etienne or Favre Leuba is not really going to be as seismic industry wide as who the shot callers are at Cartier and Jaeger-LeCoultre. And despite the crowing of a certain subscription based newsletter author, the word around the campfire in Watch Town was that the eminent departure (whether by separation or reassignment) of the CEO of Jaeger-LeCoultre has been in the offing for quite some time. 

In fairness to Richemont, they tend to shuffle the deck pretty regularly, and unlike a certain French based luxury group that rhymes with LVMH, leadership decisions are not based on the participation trophy awarded in the familial Olympics that ensure the Arnault offspring will be occupying the C-Suite regardless of experience or ability. 

So, we will wish all of the participants bon chance in this latest game of Richemont Musical Chairs! Who will fill in the rest of the slots? We will wait, and we will see. Just listen carefully to the pace of the tune, you don't want to be caught out when it suddenly stops.

A Watches And Wondering Repeat - You Show Up Late To a Presentation? You Get a Night in the Box!

With yet another action-packed edition of Watches and Wonders nearly in the can, and the whinging and whining of Mr. Dufor regarding "pirates" still hanging in the Lake Geneva winds like a stale fart, I thought I might re-heat this one. It seems no matter who is running the high and mighty Swiss shows, they continue to make the same mistakes, never really bothering to learn from the past. So Ladies and Gentlemen, I present you with this reprise -

"You Show Up Late To a Presentation? You Get a Night in the Box!"

So it was not without some mirth that I was acquainted with the rules that have been set forth by the SIHH by a few different people who are attending.  This was shared over various conversations, so I need to be clear that I am only going by what I was told by some of my fellow members of the Fourth and Fifth Estate who have attended in the past and will attend this year as well.  Apparently, each attendee is provided with a briefing document that spells out the "behavioral" expectations of those members of the press who are attending.  I have been informed it is known as the "Code of Conduct".  And from the way they described it, it did not sound too dissimilar from a dormitory's rules list for a parochial / military boarding academy.  I mean, these are grown men and women traveling from the four corners of the globe to attend YOUR (Richemont's) fair at no small personal expense, and you essentially provide them a briefing document because you need to make sure that their behavior and attendance meets YOUR standards??? 

Anyway, it immediately brought to mind one of my favorite movies about journalistic pursuits in the luxury industry - Cool Hand Luke.  I will be paraphrasing here, so take this with the necessary amount of salt.

Shamelessly borrowed from the World-Wide Infoweb

Captain: What we've got here is... failure to communicate. Some men you just can't reach. 

Translation, you are all grown men and women who have traveled thousands of miles at no small expense, but we can't trust you to act like adults.  So were going to create a set of rules that you better follow, or you'll be spending the next Watches and Wonders with that asshole at the Blog Formerly Known As Tempus Fugit!

Shamelessly Borrowed from the world-wide infoweb

Shamelessly borrowed from the world-wide infoweb

Carr:  First bell's at five minutes of eight when you will get in your bunk. Last bell is at eight. Any man not in his bunk at eight spends the night in the box.
 
Translation, you better be on time for any event you are scheduled for.  And don't try that "I didn't have a watch" excuse!

Shamelessly borrowed from the world-wide infoweb

Carr:  These here spoons you keep with you. Any man loses his spoon spends a night in the box.

Translation, you have agreed to attend ruinously expensive dinners and cocktail parties.  It would be REALLY BAD MANNERS if you don't show up...ON TIME!  Miss or be late at your peril...


Carr:  Them clothes got laundry numbers on them. You remember your number and always wear the ones that has your number. Any man forgets his number spends a night in the box.

   
Translation, suit, tie, formal business wear.  Interesting to relate, one member of the Fifth Estate was banned a few years back for not complying with the dress code.  Calls were made, hands were wrung, tears were shed, and he is back in the fold.  Let's hope that Men's Wearhouse has something in his size (extra lumpy).

Shamelessly borrowed from the world-wide infoweb

Carr: No one'll sit in the bunks with dirty pants on. Any man with dirty pants on sitting on the bunks spends a night in the box.
 
Translation, Richemont and the SIHH is paying for a few nights accommodation for some of you (WHAT THE F*&K?), and not for breakfast and taxes. And for the rest of you, there might still be room at the YMCA, or you can sleep on a park bench.

So thank you for spending your time and your money to cover our brands - make sure you follow the rules, and enjoy your stay!

Shamelessly borrowed from the world-wide infoweb

The Power of (the lack) of the Press

As the curtain comes down on the one and a half watch fairs in Geneva, its's time to look back and take stock. For those brands that were not Rolex or Patek, the first day apparently didn't happen for you. And it didn't really get much better as the fair progressed. The big Richemont brands got some, but in all honesty not too much press coverage. 

(High) and Mighty Hodinkee covered:

Rolex - A LOT. In scrolling through their last week of coverage I ran out of fingers and had to switch to the Executive Publishers toes to try and keep count. Add in Tudor and you get a truly impressive number. Patek and Cartier also got a lot of ink. A little bit from Oris and the obligatory mentions for some other brands. 

And curious to relate? The "Dink" was not the only less than comprehensive outlet. By and large there were 3 or 4 Belles of the Ball, and the rest of the brands might as well have been showing their wares down the road at the Head...

Courtesy of Spotify

Sorry, too soon? Time to Watches crowed again about how awesome their show was, increasing a mighty 28% in terms of attendees and up to 55 brands! 5,800 people apparently made the journey to the U, which breaks down to an average of 105 (or so) visitors per brand (if you divide). Now knowing how much the organizers were charging for booth space, I would seriously question whether or not this was money well-spent. Moreover, if the press coverage of this Star-Spangled-Awesome event is anything to go by, it apparently never even happened. To be fair I am not monitoring every watch and fashion media outlet in the world, but I can say that based on the coverage of the great and the good in the Fourth and Fifth Estates, the silence has been deafening.

And here's the ironic rub - Watches and Wonders in their own Cock of the Walk fashion boasted about 5,000 or so retailers and something like 1,500 journalists. Think about that for a moment...

Some glaring realities were laid bare:

• As snotty and exclusionary (not exclusive, there is a difference) as Watches and Wonders is with its press accreditation policy, this is the first year that there has been notable backlash not only from the shunned, but the regular attendees. C'mon Richemont, what are you really afraid of?
• Without sufficient hotels within a reasonable commute, it is next to impossible to expect that anyone will make it to their appointments on time.
• Without better infrastructure, it is next to impossible to expect that anyone will make it to their appointments in time. 
• Without a wider diversity of brands, Watches and Wonders will never truly be on the level that BaselWorld was back in its best times.
• Without an actual, functioning public transportation system, well let's just say it's not an ideal situation if you're trying to get to either fair without the benefit of having your own car.

But for those of us on the sidelines, we'll keep watching and wondering.

Forget Everything You Thought You Knew

About Cartier -

Courtesy of Cartier

Cartier is one of those very unusual brands (at least in terms of watchmaking) that has managed to develop what could honestly be called a cult following of sorts. I can honestly say that I have not always understood this, but then again my introduction was behind the counter at Tourneau (version 1.0) in San Francisco at the turn of the century, at a time where discounting was rife, and the grey market was literally right across the street from us. We got A LOT of "faux" Cartier watches in for service (battery, etc.) that we could not service as they were not genuine. So it was hard to get enthusiastic as there was so much distraction from the actual products.

But just this past year, Cartier announced something that really got my attention -

Courtesy of Cartier

Cartier brought back the Tank Must this past Watches and Wonders, and while all of the excitement seemed to be focused on the new colorful versions, the more I think on it, the more excited I am by the SolarBeat Tank Must -

Courtesy of Cartier

Available in 2 sizes, it looks pretty familiar.  So what's the big deal?  I'm glad you asked!

Based on the name you have probably figured out that this is a solar powered watch. So the accuracy of quartz, without the worry or hassle of replacing the battery. But even better? The life expectancy of the solar cells (and this is an assumption) is over 15 years. I am basing this upon Cartier's proposed service interval of 15 - 16 years. This is a huge leap over the standard life spans of other solar powered watches, which is 8 - 10 years.  Per Cartier -

The pioneering Tank Must watch is at the heart of a double innovation: the Manufacture has succeeded in applying the photovoltaic principle to the Tank watch's dial without altering its aesthetic. This true technical feat relies on the perforation of Roman numerals, whose openings allow light to reach the photovoltaic cells hidden under the dial. It took two years for the development team to integrate this SolarBeat™ movement, with an average lifespan of 16 years, into the Tank Must, the first watch to benefit from this technology.

The other great thing is that Cartier is using biodegradable, vegetable based straps.
Again, per Cartier -

Another innovation: the strap made without animal materials that guarantees a high level of both quality and comfort for our clients, and contributes to reducing our carbon footprint.

Several other writers have mused on this, so forgive me if it's familiar. But the fact of the matter is that if the "masters" of yesteryear were alive and well and making watches today, they would insist on working with the latest available technology. More to the point - if I can get a "Vegan" / plant based strap that is as good as, if not even better than a leather one, then I will ditch the leather in a heartbeat. Wear it out, and drop it in your compost bucket!

At any rate, I am a fan!

Where It All Started - Wrapping Up a 90 Day Essay and Finally Talking About Seregin's Watch Club

I had never lived in California before moving to San Francisco from Europe in 2000.  Having said that, people from LA, Sacramento, the 805 and other regional hubs would argue that I still  hadn't lived in California - let's just say San Francisco is, in many ways, a special place unto itself ; )

Courtesy of Meister Singer

Seregin's in San Francisco is probably the most responsible party for my love of watches. It is also where I first discovered MeisterSinger back in 2003. Paul Seregin has been operating in the downtown area for quite some time.  He specialized in pre-owned watches, and the diplomatic way to put it was that Seregin's didn't waste money on interior decorating, but he always had the deepest, best collection of watches pretty much anywhere. Unlike the other stores that would put big pictures of celebrity pals up on their walls, Seregin's was really more of a secret club that didn't go out of their way to self-promote. While back in the early part of the century everyone knew Shreve, if you were to check the wrists of members of the San Francisco Giants, Oakland Raiders, the Giants, the A's or the Warriors (that's Golden State, not the fictional New York City gang) you might be surprised that almost all of them were members of the Serregin's "Watch Club". 

The Warriors

And it went beyond that.  Walking into Seregin's on a Saturday morning to look at watches I did a double-take that nearly broke my neck as I am fairly certain I was face to face with the player who would be named MVP that year.  Who was it?  Well that was part of the code at Seregin's. You didn't blab about your brushes with the famous. You didn't bother these folks when they were "out of the office", and you certainly wouldn't dream of trying to sneak a selfie (which admittedly would have been much more difficult with the technology of the time). I have on more than one occasion discussed the pros and cons of Breitling with future hall of famers - I came down on the con side, and remain there to this day ; )

What did these stars buy?  Well, a lot of it could be expected - Rolex, Cartier, a fair amount of bling, which was "blingier" back then. But there were always some outliers as well. And I will always remember one Thursday afternoon in August that I had off from work, and popped into Seregin's after a walk through Union Square. I was wearing my Meister Singer.  This was back before there was really a Meister Singer collection. I walked in, a few pleasantries were exchanged, and a member of the Screen Actors Guild who may or may not be someone you have heard of (again, first rule of Seregin's Watch Club - you don't talk about Seregin's Watch Club) started chatting me up about my watch:

Famous Person:

"What is that, an altimeter?  Like, are you a skydiver?"  

Me:

"No, I suffer from vertigo and can't really handle going beyond certain heights".

Vertigo

I then had to explain that vertigo was in fact what inspired the name of the movie, not the other way around.

Famous Person:

"So it's a watch?"

(editor's note - no, I am not spicing this up for ironic sarcasm, this is literally how the conversation went).

Me:

"Yup".

At this moment, Francis Zanetti (old friend and the watch savant who coined the phrase: "The Shit That Killed Elvis" as an honorific for watches) broke in and presented the MeisterSingers (all three of them) in the three different color ways. There might have been more options, but that is what they had on hand.

I do not know which model "Famous Person" bought as I had to hustle home to get dinner ready for Wendy, but I do recall getting asked by someone in line at Starbucks 3 weeks later and asked -

"Isn't that the watch 'Famous Person' wears?"

So that you know, there was a hot minute back in 2003 where MeisterSinger almost became the "It Watch", and like Forest Gump, I was there.

Courtesy of MeisterSinger

It's been an interesting 90 days, made even more interesting as it was during what we will in the future refer to as "COVID Times".  While I've always liked MeisterSinger, missed my first one from 2003, and enjoy the one I currently wear I have become somewhat obsessed with the bronze Metris (above).  It really  captures a lot of the spirit of "slow time" has come to mean for me. And being bronze, it will take on the patterns of the wearer's memories over time.  

As I get older, I realize that time has taken on a bit of an accelerated pace.  2003 seems like it was just a few years ago.  Francis Zanetti sadly passed away (prematurely) the year Wendy and I moved to Santa Barbara (2006).  I worked for DOXA for 3 years and some change, and Tempus Fugit's odometer hit 10 years recently. I have fallen in and out of love with the world of watches so many times now that my Facebook Relationship Status should read:

"It's complicated".

But love and angst are frequently inextricably linked, and these past 90 days with MeisterSinger has definitely reminded me of how much there is still to love.

Enjoy your watches.  And take your time doing it ; )

Social Distance and Lingering Wishes

So we're in Official Day 2 of social distance/ self isolation.  As mentioned, it's a good time to think about the stuff that you want to do when we all get the all clear.

Right up there on the list is to see my friends who I missed / will miss this year owing to the cancelations of watch related travel.  But Wendy surprised me with this wonderful "rainy day" reading -

And in reading, I got to the topic of Cartier, and thought I'd take the opportunity to have a virtual visit with my friend Rod.  And Rod was kind enough to forward some images of what I often think of as "the one that got away".

Courtesy of Rod

This is the Cartier Tank Basculante.

Back around the turn of the century, Cartier came out with two watches that, for whatever reason, never quite caught on with the public at large.  The Tank Basculante and the Roadster.  The Roadster came in around the time I was working at Tourneau.  And that watch was catnip.  At that time I sold that, and the Pasha like they were pre-owned Panerais.  Didn't need to really even sell, just take the credit card and bring the receipt to the customer.  In hindsight, I guess it was pretty polarizing as it was not in the traditional Cartier wheelhouse.  Moreover, while it seemed massively innovative (being able to swap from bracelet to leather strap with just your fingers), if I am not mistaken that was something that Michele watches was already available. 

Just prior to that time, the Basculante hit the 
scene -

Courtesy of Rod

This was a departure.  It was not the traditional Cartier designs found.  It was also cool because of the way that the case could be flipped to cover the watch face much in the same way as the Reverso and the (now consigned to the dustbin of horological history) Favre Leuba.

Courtesy of Rod

Hand to God, I don't know why this one didn't catch on and remain in the collection.  And curious to relate, I am not on the speed dial list for Cartier's product development team, so they are not exactly hotly pursuing my idea of re-issuing this one again ; )

Courtesy of Rod

Long story short, I will need to keep scouring the pre-owned, pre-loved sources.

For now, stay home, stay safe, and enjoy your watches!  

The Ayn Rand School of Watch Retail

Shamelessly borrowed from the world-wide info-web

In fairness, I am still a relatively new transplant to the Metro-Boston area, but I like to think that I am a pretty quick study. There is one thing that I am fairly confident about, it is probably not the ideal city to set-up mono brand watch boutiques, with perhaps the exception of the Rolex boutique that is being opened in partnership with a large, regional jeweler.

Boston welcomed the opening of the Richard Mille boutique on Newbury street with all of the pomp and circumstance of a damp fart. A friendly note to the folks financially backing this venture, you might want to actually, I don't know, engage with the people you are hoping to attract into your store. On a side note, I passed by again yesterday and noted a somewhat anxious looking sales person, gaze transfixed on the Boxing Day traffic passing by. Now it is, of course, entirely possible that this is not the loneliest retail outlet on the street, but I passed it twice daily when I worked in the city, and let's just say it was not exactly "jumping".

And on my way to Pho Pasteur for a particularly tasty bowl of yumminess (travel tip for you out of towners from your old pal Henki - skip the food courts, and head to China Town for a bowl of the real deal), I came across this curious decision -

And while this could be viewed as another bit of folly, it is at least a potentially more reasonable bite of the real estate pie. AP made the decision a year or so back that they would separate from their former retail partners and move solely to direct distribution.

Which inevitably means that you have to have stores. And for AP this is either going to be a genius move, or a minor bleed. While Cartier, the aforementioned Rolex partner boutique and the Richard Mille monument to Howard Roark are nestled at the head of Newbury street, tucked in with Giorgio Armani, Van Cleef & Arpels and Burbury holding the "anchor" spot, the new AP boutique is somewhat off the beaten path. It is a block over, and another half block down on Boylston street, a stone's throw from Hermès. It is decidedly heading away from the prime shopping area. If I am not mistaken it is either in the retail section of a hotel, or snugged up right next to one, facing the Public Garden (not to be confused with Boston Common which is right across the street). As gently as I can put this, it would be somewhat easy to miss it.

But on the other hand, my suspicion is that the rent is much more affordable than on Newbury, which is reputed to be the most sought-after, and most expensive retail space in the city. And AP might be an unusual enough choice that its clientele will seek them out. Which again begs the question - why have a boutique?

More than anything else, this renewed push towards mono-brand boutiques begs the question - how often has this REALLY worked in the watch business in the US? (Spoiler alert - it has!)

And where has it worked? Places like New York (sort of), Beverly Hills, Las Vegas and Miami. And where it hasn't worked is a list that would make you scratch your head when considering whether or not these boutiques make sense here in Boston - or in other cities such as San Francisco.

But, in all fairness to AP, this decision although seemingly rather contrary in most cities, might just be the ideal location for a Boston outpost.  The Leica boutique is around the corner, Hermes is nearby, and in fairness, the typical AP customer is more likely to walk the extra distance to lay eyes on the latest Royal Oak.  AP is not SWATCH, is not Richemont, it is independent.  And although not jammed in with the others, this location might just be the ideal spot.  

We shall wait, and we shall see.

Summer Repeat - The Shifting Tides

This originally ran back in May, but after reading (I'm sorry) an incredibly lame-brained treatise on the watch industry from someone who has never actually worked in it, I thought it might be worth airing out again.

 

The Shifting Tides

At a time when Swiss watch exports are down, retail sales are dwindling, and the grey market and it's newborn step-child the "soft grey" market can't absorb all of the overflow, it is curious to relate that this same time period has seen a true resurgence in the "micro-brand".  

The term micro-brand used to be a bit of a back-handed compliment paid somewhat begrudgingly by so-called "big boy" brand reps, managers and CEOs.  A brand that produces a very small number of collections, relies heavily on direct sales, and operate on a shoe string.  Even more interesting to relate that several of those highfalutin guys and gals from the big groups are now in search of new career opportunities as they and their brands could not see that the winds were shifting. 

Now it is important to note and understand that there were precursors to this current trend.  Several of these enterprises were birthed, lived a quick and bright existence, then quietly disappeared into the night.  If we look at the years in question, there was a period of three to five years in the early part of this century (feels weird saying that) where the propensity of watch discussion forums created built in marketplaces to create, promote and sell a brand new watch.  The forums were populated by LOTS of people looking for information on watches and a place to exchange their own knowledge and experience.  

SPOILER ALERT - contrary to some (admittedly humorous) assertions, there were plenty of places to read about watches prior to Hodinkee ; )

But then a shift happened that a lot of these folks did not see coming.  And that was the emergence of the blog and the online magazine.  Where before a small brand owner only had to contend with one forum owner or administrator, suddenly there were more outlets than you could shake a free watch at.  But this took on a whole new complexion when these outlets realized that with a high page view rate (regardless of whether the clicks were legitimate or originating from a click farm in the Asian sub-continent), they could then lure advertising money away from print outlets.  Brand marketing managers got excited, unreasonably so.  So excited that they didn't even flinch when some of these outlets and "influencers" suddenly stopped running their content without the benefit of what we will gently refer to as a "sweetener" in addition to the advertising money that they were already paying to them.  A few outlets were silly enough to create rate sheets ($XXX for a review, $XXXX for a new release, etc.).  A few of these rate sheets fell into the hands of competitors who were more than happy to publish the information, exposing the "disconvenient truth" that payola was alive and well in the luxury watch industry.  And at that point, the little brands could not really survive.  I mean, maybe Richemont and LVMH have $1,000 per Instagram image they can afford to spend...

So at this moment, you might say to yourself - game over!  But then print magazines, feeling the lack of love from their former favorite advertisers started courting small and emerging brands.  This meant content that didn't cost anything other than the time to send some images and spec sheets.  And then one other interesting thing happened - Facebook emerged as the replacement to the watch forum, and to some extent the blog.  Think about it, a watch forum or blog you have to go out and look for.  Facebook is right there on your computer, phone and tablet 24-7.  And it then enabled the owners of these smaller brands to seek out and connect with people who would communicate about their brand - you know, people like me ; )

So the stage was set, but the final piece was somewhat surprising.  It was the steady slide of the big dogs who have been on a 3 year losing streak.  Because this triggered a few more things:

1.  Customers started becoming disillusioned by spending $3,000 US on a new watch from an authorized retailer only to  see it for half or even less than half price on a grey market Internet store that was receiving its stock directly from the brand.  These are folks who probably bought one or two watches a year.  And as they began to peel away the layers of the onion, they realized that to some extent they now REALLY had options.  And they also felt that the brands really did not care about them at all.  The micro brands?  Communicative, friendly and welcoming.  Unrequited love sucks - especially at $3,000!

2.  Some of the micro brands are now being launched by industry insiders.  But what is interesting is that they have shed a lot of the old thinking and are combining their experience with the new ideas brought forth by the new guys.  So you get the warm fuzzies along with the watch making bonafides.

3.  The suppliers that had never given the micro brands a passing thought?  Suddenly these suppliers are falling over themselves to catch the eyes of these smaller, emerging players because the big dogs are cutting off their orders.  And the micro brands owners are now in a position to say no thank you to a bad deal.

4.  A few angels have emerged  - people with the connections who have shepherded several of these aspiring new comers, helping them avoid the potential pitfalls that have bedeviled so many others.  One in particular comes to mind, and what he and his network have done can't really be bought or taught.

5.  Many of us who cover this stuff?  We're ready for something new!


So here's to the micro brands!  

Yogi Berra on Brand Management

A late night (in Malmo) Face Time call came in waking me from a peaceful slumber.  Clearly I need to figure out some sort of "out of office" message for that when I am out of the country ; )

Worrying that it could be Wendy and there might be something important, I picked up.  At first, relief as it was not Wendy but a fairly senior fellow who works for a company in Switzerland that produces, markets and sells watches.  We had not spoken in 11 months and he was unaware that I had moved to Salem, MA and was no longer in California (and clearly he did not know I was in Sweden).  This turned out the semi-annual call where X (no names, so don't ask!) was on his latest talent hunt.  It generally starts out with some pleasantries:

X:  "How's Mary?"
Me: "Who is Mary?"
X:  "Your wife!"
Me:  "Well, that's news to me as I've been calling her Wendy since 1992."

So let's just say that X is not good on some details ; )

X:  "We're looking for a brand manager for  (no names).  Any suggestions?"
Me:  "What happened to (no names)?  You were so sure they were perfect."
X:  "Well, it turns out that (no names) was not a good manager."

And then X split open like an over-stuffed piñata.  And out it flowed.  X shared all of the problems and I listened.  And to quote that other great commentator on the luxury industry, Yogi Berra:

It's like deja-vu, all over again.
Read more at: https://www.brainyquote.com/quotes/authors/y/yogi_berra.html

"It's like de-javu, all over again."

You see, X and I have a very similar conversation approximately every 18 months.  It is not always exactly the same date, but generally tends to fall between the close of the year and JCK.
And every 18 months I tend to ask the same thing:
"Why do you keep hiring the same type of person and expect different results?"
Long time readers will know that Moneyball is my default reference, and I even gave a copy to X as a gift a year or so back.  I don't think he ever read it and it's pages were probably used to start a fire in his swanky ski chalet.  So I thought I would dumb it down in the hopes that he might get it this time.  So without further delay, here's some hiring advice from Yogi Berra himself -

"We made too many wrong mistakes"
As an English teacher, I realize that this sentence makes no sense.  But look a little deeper and you will find a kernel of wisdom.  Essentially it reminds me of the anxiety and fear of looking foolish that compels recruiters, hiring managers and even CEOs to go with the same type of candidate again and again.  Simply put, the belief when hiring a brand manager in North America (I honestly can't speak to the other countries) is that they (usually he) must be a sales person.  Now, in and of itself this is good because, you know, you need to sell watches.  But there are several other elements that oftentimes get overlooked:
Management/coaching/mentoring.  Sales is, by its very nature, a fairly solitary pursuit.  While sales people get managed, it is very seldom that they have been called upon to manage the diverse group of personalities that typically make up a brand's office.
PR/Marketing/Media.  Again, frequently a lack of understanding of ROI vs. money actually spent.  If brand managers had a better understanding of this, then certain magazines and "influencers" would probably stop attending BaselWorld as the gravy train would clearly be shut down.  In addition, certain brands would not be the watch world equivalent of "Christmas/Easters" (i.e. people who only go to church two days a year).  Some of us call them Basel/Vegas.  You will only hear from these folks just prior to these two events.
Customer Service. Again, dealing with angry customers is an alien experience for a lot of these folks.

There are some people who, if they don't already know, you can't tell 'em.
Simply put, X, and plenty of other shot-callers in the industry just can't bring themselves to believe that there might be a different way to approach things.  As a friend of mine who works behind the scenes as a very in-demand consultant in Switzerland put it -
"these guys at Richemont, Swatch, and a lot of the others?  They're like trains running on the tracks.  They only move one way, and that's because the 'station master' (i.e. senior management) is following the same schedule they always have.  Which works great in normal times, but quite differently in a heavy snow storm".  And that snow storm started a few years ago and is still screwing up traffic ; )  Perhaps it is time to invest in an alternative "vehicle"? 
Now X will probably go out and hire another big group loyalist who is expecting a base salary of 6 figures, business class travel, and a very deep marketing budget. 

X:  "But they worked for Cartier for 20 years!" 
Me: "So they are still with Cartier?"
X:  "No, but they were there from 92 - 2012."
Me: "So, essentially you are telling me that they have not worked for 4 - 5 years?"

At the risk of sounding mean, there is usually a reason why these people are available.

Nobody goes there anymore.  It's too crowded.
At the risk of sounding crass, X has a boner for big name, fancy retail partners.  The logic being that If you are in "so and so's" store in Las Vegas, LA or New York you will have made it big.  Sounds good, but the realities are something very, very different.  Those stores will most likely be MEMO. (Our old friend of the watch retailer meaning the brand provides the watches and waits for them to sell, and then maybe the retail partner will pay for them.  Then again, maybe not.)  So essentially the brand is acting as the bank, as well as the "supplier".  And if you think that is the only expense, consider the travel to visit the retail partner to do the safe count, the money that will be demanded for co-op advertising, the POS collateral materials that the retailer needs.  In other words, a shit-ton of money that the brand will be putting out there without any confirmed sale in sight.  And once the brand is in the store, they are fighting for case space, because frankly there are just too many brands.

So my strong advice for X after a few hours of sleep is this -
If you come to a fork in the road, take it.
This is a perfect opportunity to consider a different approach.  There are plenty of talented people (some of them are even female) who despite not being solo artist salesmen might have exactly the talents and more importantly, the temperament to steer the Good Ship Watch Brand through the stormy seas of North America. 

Or, you can go ahead do the same thing again, hoping for a different outcome -
Even Napoleon had his Watergate.

There are some people who, if they don't already know, you can't tell 'em.
Read more at: https://www.brainyquote.com/quotes/authors/y/yogi_berra_2.html

It's like deja-vu, all over again.
Read more at: https://www.brainyquote.com/quotes/authors/y/yogi_berra.html

It's like deja-vu, all over again.
Read more at: https://www.brainyquote.com/quotes/authors/y/yogi_berra.html

The Transfer Window Opens at Richemont North America

While it has been known for some time that a new president was being vetted at Baume & Mercier, today the new ship's captain has been named.  This is a bit more of a "warm n' fuzzy" transfer as the incumbent will be remaining at Richemont to take up a new position with Cartier.  So here's the news, straight from Baume & Mercier -

Baume & Mercier announces Frédérick Martel as the new President of Baume & Mercier North America, effective immediately. Frédérick Martel replaces Rudy Chavez who has moved internally at Richemont to be the Vice President of Specialist Retail at Cartier North America. As President, Frédérick Martel will work out of Richemont’s New York headquarters and lead the strategy to 

grow the North American business.

Mr. Martel is a veteran of Richemont, having served as the Director of Marketing and
Communications for IWC North America. Most recently, he was the Vice President of Sales and Marketing for Audemars Piguet for the Americas.

“We are very pleased to have Frédérick Martel join the Baume & Mercier North
American team,” Mr. Zimmerman explains. “His background and extensive
knowledge of the luxury watch industry will be instrumental in the continued
growth and momentum of our brand. We wish Rudy the best of luck in his new role;
we’re thankful for his years of leadership and unparalleled dedication to our brand.”

“I’m honored to assume the role of President for Baume & Mercier North
America. It’s a Maison I’ve always admired because of its unique combination of
luxury, quality and attainable price points. In fact, my very first mechanical watch
was a Baume & Mercier Hampton. I’m proud to be part of the next chapter in the
brand’s history and future development,” explains Mr. Martel.

Drop-Kick Me Jesus, Through The Goal Posts Of Life

And as things speed up (or more aptly, continue to slow down) the transfer window has swung wide open again and this time it's a move from LVMH to Richemont.

The previous incumbent, Stanislas de Quercize, has stepped down.  The word around the campfire is that this was not exactly planned, and we certainly wish him well.

This coupled with the latest report of shitty (sorry, there's no other word for it) sales underscores the reality that perhaps the writing is now firmly on the wall not just for Cartier, but other members of Richemont, LVMH and others.

Right about now Mr. de Quercize's replacement, Cyril Vigneron will be setting the Life Clock App on his Cartier Smart Watch for the countdown.  Let's hope for once the trend is bucked and he not only rides out the storm, but has a long and successful run.  Unfortunately, the "weather" does not seem to be suitable for smooth sailing.

Here's the unvarnished report direct from Richemont:

CHANGES TO SENIOR MANAGEMENT AT CARTIER


6 NOVEMBER 2015
Richemont announces that Mr Stanislas de Quercize, the Chief Executive Officer of Cartier, has requested that he be allowed to step down from his current position and from the Group Management Committee for personal reasons. This change is effective immediately. Mr de Quercize will remain as a Group executive, taking over the role of Chairman of Richemont France.

Succeeding Mr de Quercize as Chief Executive Officer of Cartier will be Mr Cyrille Vigneron, currently the President of LVMH Japan. Prior to joining the LVMH Group, Mr. Vigneron worked with Richemont from 1988 to 2013. He worked principally with Cartier, rising to become Managing Director of Cartier Japan, President of Richemont Japan, and finally, Managing Director of Cartier Europe.

LVMH and Richemont have agreed that Mr Vigneron will formally assume his new position on 1 January 2016.

In his capacity as Chief Executive Officer of Cartier, Mr Vigneron will become a member of the Group Management Committee from 1 January 2016. Thereafter, he will be nominated for election to Compagnie Financière Richemont’s Board of Directors in September 2016. 

Frederique Constant and the Lake Tahoe Concours d’Elegance

This just in from Frederique Constant -

Courtesy of Frederique Constant

Swiss watch manufacture Frederique Constant embodies its brand message to ‘Live your passion,’ returning to the 42nd Annual Lake Tahoe Concours d’Elegance as a title sponsor for the fourth consecutive year. 

What If? Update Number 9!

And it just goes to show you, some ideas are so good that they transcend their "demographics"!

A HUGE THANK YOU to Tigerlily Skye who have signed on as the first public relations firm to back the Tempus Fugit Initiative in support of the  IAPF (the International Anti-Poaching Foundation)!

So when a PR firm thinks this is a good idea, well that is really saying something!  And for those of you keeping score at home - that is now 14!  Needless to say, we're just getting started!

For those of you keeping score at home:

Girard-Perregaux, JEANRICHARD, A. Manzoni & Fils, Kobold, Aquadive, ISOfrane, Xetum, Jardur, Gavox, the Oberlin Pen Company, SAVOY, Ressence and Marvin!

Hublot, OMEGA, ROLEX, Ulysse Nardin, Cartier, Chopard, Tissot, Zenith, Breguet, Patek Philippe, Panerai, Oris, Blancpain, Tudor, Breitling, Corum, Glashutte Original, Tag Heuer, Mido, Rado, Seiko, Citizen, DOXA, A. Lange & Sohne, Longines, and all the rest of you - join us!

What if?

Dear watch companies,

What if?

What if each one of you could take even $5,000 from your annual budgets and donate it to a common cause?  What if the mighty SWATCH, Richemont, LVMH, ROLEX, Sowind, Audemars Piguet, Patek Phillipe, Ulysse Nardin… what if you all came together with a reasonable contribution with the sole goal of trying to fix an "unfixable" problem?

What if 100 watch companies in the world each contributed $5,000 - or more - to fund rangers to protect elephants and rhinos from poachers?  What if based on that, we could then go to people with even more money?  What if your KINDNESS and willingness to do something that was totally selfless then triggered people like Phil Knight of Nike, or Oprah Winfrey, or Bill Gates - I mean, let's aim high here!  What if that all got so much money - and so much attention, that it would be better financially for a father to become a ranger, rather than to become a poacher?  

And what if that action, created a groundswell in China and Vietnam to help people understand that maybe, just maybe the preservation of a species is more valuable than a dubious aphrodisiac?

So, let's name some names - Biver, Hayek, Hoffmann, Sofisti (THANK YOU!), Stern, Marini, Raffi, Stas and all the rest of you -

Are you really interested in doing something great - or is it just talk and PR?  

What am I asking for?  $5,000 if you have it - for some of you big brands, that is WAY less than you spend on a month of advertising.  And as the saying goes, if you can't afford $5,000, give what you can!

Do you really want to make a mark in the world and not just talk about it?  Here is a chance to do it!

Who is in?

A Happy Tourneau Memory

Now back just after the turn of the century, I briefly worked for a small little company that sold watches in San Francisco and other places…

Courtesy of Breitling

This was 2003, and Breitling seemed to have captured the entire Bay area's imagination.

1977 Tank - Must Have it!

Could this be the unmet friend?

Courtesy of Cartier

A Misplaced Treasure from Cartier

Every now and again there is an iconic watch that just somehow slips through the cracks

Discounting - a Cautionary Tale

So it goes without saying, we all like a discount.  We all want to feel that we got an "insider's deal".  It is fascinating to me that we feel we shouldn't have to pay the "sticker" price for a watch.  But yet we don't bat an eyelash at paying "full pop" at an expensive restaurant.  In fact, we walk with a certain swagger when we plump up for an expensive meal - we might even overdo it on the tip.

So consider, a meal is a one time event, but a watch is something that you will have for some time.  Why have we downgraded that experience to an all you can eat buffet on the Vegas Strip?

A few weeks back I was at an event in Los Angeles and I had an opportunity to speak with several watch guys.  And inevitably the conversation turned to price, or more specifically why they shouldn't ever have to pay the asking price for a high end watch.  The logic being that the price was over inflated in the first place and they shouldn't have to pay it.  My counter argument is that they don't have to buy the watch ; )

This then led to a discussion as to who really gets hurt when a retail partner deeply discounts on a regular basis.  And this led to my sharing the all time cautionary tale of cautionary tales -

http://www.bostonmagazine.com/2008/11/the-bling-job/

Those who may remember the Alpha Omega debacle can remember that it was pretty unbelievable - one of the most recognized retail stores in the country - and suddenly - pifff.

Now everyone loved the great deals that the Handa family gave them on watches.  Brands loved the Handas because the appeared to move a lot of watches.  But the darker side of that was that often brands were not getting paid on time, or towards the end, not getting paid at all.  So the brands, in the end, got hosed.  They lost millions because they had extended so much credit to the Handas based on the fear of losing future orders.  And I can hear some of you out there smirking and laughing.  Oh, poor SWATCH Group, poor Rolex!  Well actually yes - you're supposed to pay your bills.  When you receive products, then sell them and get paid, you are supposed to pay your supplier.  And think of the smaller, independent brands that got rooked on this deal too.  Think that all watch companies are rich, with money to burn?  You definitely have that wrong as well, a lot of brands are one step away from life-support.  And when they don't get paid, they have to lay people off, and people lose out.

Enjoy being unemployed?  Didn't think so - so why should someone else be unemployed for a 30% discount for something that you WANT - not what you NEED?

And in this instance it went beyond the brands not getting paid.  Local vendors (magazines, etc.) lost out, and in the end Alpha Omega employees - losing their jobs.  And in fact, some of the very customers who lost deposits and had to fight back to get watches back that they left for repair lost out.  In other words, the people who benefited the most from the discounts in the end were the very victims of that approach.

Circle of Life some might say... unless it's you who lost out.  Then it's personal, then it's wrong.  Think about that - what if it had been YOU?

Now here's the thing - I am not saying that all discounting is wrong - but there has to be more to it than just a discount, if that's all you want there's a beautiful Cartier and a few Breitlings at the Costco here in Goleta, sure they're grey market - but they're discounted!