Left Behind...

What we know:

Rolex, Patek Philippe, Tudor, Chopard, Chanel, Bulgari, TAG Heuer and Zenith have officially left the building (or more specifically, Hall 1).

What we can be pretty sure of:

Seiko, Casio, Citizen (which actually includes more than a few other brands including Frederique Constant and Alpina among others), Bell & Ross, Carl F. Bucherer are probably going to sling their hooks and "Take their talents south, to Lake Geneva". And with those brands, any hope of having a fair in Basel will go with them.

BUT -

There's in fact, more than just one more twist in the tail to this shit-show. Because it bears mentioning that saying you want to leave BaselWorld does not, de facto, mean you will be welcomed with open arms to the Geneva Fair to be Named Later. Because the operating name says it all - FHH. Now it is important to note the language used by the initial breakaway group in their "See ya, wouldn't wanna' be ya" letter:

The new show, which will be linked to Watches & Wonders, organized by the Fondation de la Haute Horlogerie, is to take place at Palexpo. The aim is to offer partner brands the best possible professional platform, applying a shared vision to successfully meet future challenges in the watchmaking industry. It will also give crucial prominence to the sector’s expertise and innovations, both in Switzerland and internationally.

Other brands may also be added, according to terms that have not yet been defined. This new event will be geared predominantly towards retailers, the press and VIP customers.

And that is the kicker here.  Because when we talk about the five brands that initially split off, they clearly fit into a certain demographic in terms of "acceptable suitors" to join the Richemont circus.  And then, this is where it gets really interesting and there will be a chasm that opens between "luxe" brands and the rest.  And again, reading simply what is there and not even between the lines -
This new event will be geared predominantly towards retailers, the press and VIP customers.
So that means that a lot of press, a lot of potential retailers and pretty much all of the "great unwashed" (i.e. watch enthusiasts), are not really of interest.  

So we shall wait, and we shall see.

Stick A Fork In It

Word has now made it's way through the various networks and confirmed by at least 2 outlets, and as I write this I have just received an official confirmation from one of the brands in question.  

The short summary - 
Rolex, Tudor, Patek Philippe, Chopard and Chanel have untied their ships from the docks of BaselWorld and have set sail for...

Geneva.

Shamelessly borrowed from the worldwide infoweb

It would seem that a large block of influential brands that were still holding BaselWorld together have changed their relationship status from "It's Complicated" to "Single and ready to Mingle".  On the surface you could say that it's only five brands.  Well, four of those brands hold down a not-so-insignificant position inside of Hall 1.  

The FHH (Fondation de la Haute Horlogerie) and Rolex would appear to be the drivers of this move, at least if the press release is anything to go by. And no, gentle reader, it did not have to go this way.

So let's understand and embrace some realities:
You Don't Tug On Superman's Cape -
BaselWorld needs Rolex and Patek Philippe one hell of a lot more than Rolex and Patek Philippe need BaselWorld.  Sorry, but that's the truth.  

You Don't Try to Sell a Nickel for a Dime -
MCH and the fair organizers are not the only folks who dropped the ball here.  The city of Basel had numerous opportunities to address the annual gouging that has almost religiously taken place in terms of food and accommodation.  Instead, they opted to throttle the golden goose.  And while I did not study veterinary medicine or avian gynecology, I am fairly certain that dead geese do not lay eggs - gold or otherwise.

Don't Fake the Funk -
BaselWorld will now, unfortunately, fall into the realms of Richard Clayderman -

In all fairness, the US gave France Jerry Lewis, so it seems only fair that France gave us him.

Ultimately, it is going to be a tough proposition to keep going.  Simply put, who is going to fill the space?

I feel somewhat sick to my stomach about this, I wish it hadn't happened, I wish that there was better news.  But again, it did not have to go this way.

Unfortunately, insofar as these five brands go, it is now too late for calmer heads to prevail.  

Here is the release, as it was received -


ROLEX, PATEK PHILIPPE, CHANEL, CHOPARD AND TUDOR LEAVE BASELWORLD.

CREATION OF A NEW WATCH TRADE SHOW IN GENEVA IN COLLABORATION WITH THE FONDATION DE LA HAUTE HORLOGERIE.

Geneva, 14 April 2020 – Rolex, Patek Philippe, Chanel, Chopard and Tudor leave Baselworld to create a new watch trade show in Geneva with the Fondation de la Haute Horlogerie. The show will be held early April 2021 at Palexpo, at the same time as Watches & Wonders. This departure follows a number of unilateral decisions made without consultation by Baselworld management, including the postponement of the watch show until January 2021, as well as its inability to meet the brands’ needs and expectations.

The new show, which will be linked to Watches & Wonders, organized by the Fondation de la Haute Horlogerie, is to take place at Palexpo. The aim is to offer partner brands the best possible professional platform, applying a shared vision to successfully meet future challenges in the watchmaking industry. It will also give crucial prominence to the sector’s expertise and innovations, both in Switzerland and internationally.

Other brands may also be added, according to terms that have not yet been defined. This new event will be geared predominantly towards retailers, the press and VIP customers.

Jean-Frédéric Dufour, Chief Executive Officer, Rolex SA, and Board Member, Tudor, said: “We have taken part in Baselworld since 1939. Unfortunately, given the way the event has evolved and the recent decisions made by MCH Group, and in spite of the great attachment we had to this watch show, we have decided to withdraw. Following discussions initiated by Rolex, it seemed only natural to create a new event with partners that share our vision and our endless, unwavering support for the Swiss watchmaking sector. This will allow us to present our new watches in line with our needs and expectations, to join forces and better defend the interests of the industry.”

Thierry Stern, President, Patek Philippe said: “The decision to leave Baselworld was not an easy one to take for me, being the fourth generation of the Stern family to participate to this traditional yearly event. But life evolves constantly, things change and people change as well, whether it is at the level of those responsible for the watch fair organization, the brands or the clients. We constantly have to adapt ourselves, question what we do, since what was right yesterday may not necessarily be valid today!

Today Patek Philippe is not in line with Baselworld’s vision anymore, there have been too many discussions and unsolved problems, trust is no longer present.
We need to answer the legitimate needs of our retailers, the clients and the press from around the world. They have to be able to discover the new models from Swiss watchmakers each year, at one time, in one place, and this in the most professional manner possible.

That is why, following several discussions with Rolex and in agreement with other participating brands, we have decided to create, all together, a unique event in Geneva, representative of our savoir-faire.“

Frédéric Grangier, CEO of Chanel Watches & Fine Jewellery said: “Like its partners, CHANEL shares the same independence and the same desire to protect and promote the values, know-how, utmost quality and precision of Swiss Watchmaking. This initiative marks a key milestone in the history of CHANEL Watchmaking and is part of a long-term strategy, which began with the launch of this activity in 1987. This exhibition will allow us to present all of our new creations in an environment that meets our high-quality standards.”

Karl-Friedrich Scheufele, Co-President Chopard et Cie SA said: “Chopard first exhibited at the Basel fair in 1964 with a stand of some 25 square metres. After careful consideration, our family decided to support the Rolex initiative and retire from Baselworld – a painful decision. The creation of this new watch show in Geneva, in parallel to Watches & Wonders, will allow us to better serve our watchmaking partners and our customers. Through the alliance, these grandes maisons will also be able to collaborate in promoting the values and best interests of Swiss watchmaking.”

Jérôme Lambert, on behalf of the Fondation de la Haute Horlogerie Council said: “The Fondation de la Haute Horlogerie is delighted to welcome a new salon which will strengthen the historical Watch & Wonders event in Geneva next year in early April.”

The Grand Prix de Monaco Historique 2016 Race Edition

From Chopard -

Courtesy of Chopard

Available in 2 different versions -

Shotblasted Titanium and stainless steel -

Courtesy of Chopard

Technical Details

Case:

Shotblasted titanium and stainless steel

Total diameter                                                              44.5 mm

Thickness                                                                    14.1 mm

Water-resistant to                                                          100 metres

Glareproofed sapphire crystal

Titanium crown and pushers

Stainless steel bezel with grey inlay, silver-toned inscription and orange dots

Case-back stamped with the Automobile Club de Monaco logo

Movement:

Self-winding chronograph movement

Total diameter                                                              37.20 mm

Number of jewels                                                          25

Power reserve                                                               approx. 46 hours

Frequency                                                                   28,800 vph

Chronometer-certified (COSC)

Dial and hands:

Silver-toned snailed dial

Hollowed snailed grey counters at 12 and 6 o’clock, hollowed silver-toned counter at 9 o’clock

Painted metallic black hours and minutes hands painted with Superluminova

Orange central sweep-seconds hand

Metallic black counter pointers

Functions:

Hours, minutes, small seconds at 9 o’clock

Minutes counter at 12 o’clock and hours counter at 6 o’clock

Date window at 3 o’clock

Strap and clasp:

Grey Barenia calfskin strap with orange stitching and grey and orange NATO strap

Titanium and stainless steel folding clasp

Ref. 168570-3002

500-piece limited edition

And in shotblasted 18-carat rose gold -

Courtesy of Chopard

Case:

Shotblasted 18-carat rose gold

Total diameter                                                              44.5 mm

Thickness                                                                    14.1 mm

Water-resistant to                                                          100 metres

Glareproofed sapphire crystal

18-carat rose gold crown and pushers

18-carat rose gold bezel with grey inlay, silver-toned inscription and blue dots

Case-back stamped with the Automobile Club de Monaco logo

Movement:

Self-winding chronograph movement

Total diameter                                                              37.20 mm

Number of jewels                                                          25

Power reserve                                                               approx. 46 hours

Frequency                                                                   28,800 vph

Chronometer-certified (COSC)

Dial and hands:

Silver-toned snailed dial

Hollowed snailed grey counters at 12 and 6 o’clock, hollowed silver-toned counter at 9 o’clock

Painted metallic black hours and minutes hands painted with Superluminova

Blue central sweep-seconds hand

Gold-toned counter pointers

Functions:

Hours, minutes, small seconds at 9 o’clock

Minutes counter at 12 o’clock and hours counter at 6 o’clock

Date window at 3 o’clock

Strap and clasp:

Grey Barenia calfskin strap with blue stitching or grey and blue NATO strap

18-carat rose gold folding clasp

Ref. 161294-5001

100-piece limited edition

A Few Minutes with Davide Traxler

With a new COO, the reintroduction of the Bubble, and a more focused approach, Corum is once again on the lips of many of us reporting on watches.  So it seemed appropriate to spend a little time with the man who has his hand on the wheel -

Courtesy of Corum

And now, a few minutes with Davide Traxler.

Tempus Fugit - What was your first watch?  Was it a gift?  Is there a story behind it?


Davide Traxler - My first watch was a Timex and I have always loved watches.  My father gave it to me.  I remember its sound, at night, like a lullaby.


TF - When you were a boy, what did you want to be when you "grew up"?

DT - I had no clear idea but I wanted to travel and to meet people from everywhere.


TF - Where did you go to school?  What did you study?

DT -  I grew up in a family of diplomats so we lived all over the world from South America to Africa, the USA and Europe, always studying in French schools.  I studied political science in the Catholic University of Milan.


TF - How did you get into the watch business in the first place?

DT - I was at Bulgari when I first met the owners of Chopard at a dinner.  We met again, I worked for Chopard for 13 years.


TF - After tenures with Bulgari and Chopard, what drew you to Corum?

DT - It's exciting to join a group with a brand with such amazing timepieces.  Forum is a different brand, I like to thing that it offers special watches for special people.  The mission is to get the word out about the brand and bring together the knowledge within the company.  The time is now to share and this is what I want to bring to Corum.


TF - What are some of the biggest opportunities for Corum?

DT - Corum is a beautiful brand that has its respected place within the industry and the market.  Since the company's beginning, Corum has taken pride in being a distinctive Swiss watch manufacturer by being very creative.  Our models are truly unique in the market with iconic designs and offer exclusivity in terms of quantities and of designs.


TF -  I realize it might be hard, but what is your favorite Corum model?

Courtesy of Corum

DT - The Golden Bridge is so incredibly unique, elegant and rare; it stands alone among all other watches.  i first discovered it about 15 years ago and have loved it since.  Any watch aficionado wants a Corum Golden Bridge!


TF - In a crowded market space, what is it that makes Corum special?

Courtesy of Corum

DT - Corum is a distinctive watchmaking brand.  The Golden Bridge, with its unique linear baguette movement, or the Bubble with its creative design are both so definitely different yet both so iconic.  We can define Corum as a brand of special timepieces for special people who want, understand, and seek something extraordinary and different.


TF - What do you like to do in your free time?

DT - Actually my time in general is spread in two pillars, home and work.  With three children and a brand to enjoy, I really don't look for anything else.  It's a bit of a 19th century vision, work and family, maybe a bit obsolete today, that is who I am.  I keep it simple.


TF - If you weren't doing this, what do you think you'd be doing?

DT - Probably I would be in another branch of fine manufacturing.  I love special products and the special people behind them.


TF - What advice do you have for the aspiring watch executives/brand leaders out there?

DT - I believe the whole trade has much to learn from basics:  listen, listen, respect, respect, decide, and simple business ethics.

As the Transfer Window Opens - the Time for Renewal Approaches!

So it would seem that the first major move to follow the watch maker's holiday is firmly in the books, and it was not a "substitution", but rather what represents in many ways a junior player being called up to the senior side.

So enter Davide Traxler to the fray -

Today Corum announced Mr. Traxler as their new COO. With over 15 years of experience under his belt, let us hope that he has a bit more luck than the previous incumbents. Heavy is the head that wears the crown, and it goes without saying that previous "head men" at Corum tend to have executive tenures shorter than that Pope who got poisoned.

I for one am getting tired of writing about premature departures. So let's hope that Mr. Traxler has the "secret sauce" that eluded his predecessors.

"I look at a hundred deals a day. I pick one."

So now with most of the dust settled and the press releases read, re-read, written and re-written maybe it might be a good time to have a look at the bigger picture.

Now many more revered and respected have held forth, many insisting that they saw the acquisition of Ulysse Nardin coming "a mile away!"  Well, hindsight by its very nature is often 20/20.  So I thought I would call on that all-time humanitarian Gordon Gekko to perhaps view this in a slightly more pragmatic light.

 "He's right, I had to sell. The key to the game is your capital reserves, If you haven't got enough, you can't piss in the tall weed with the big dogs."

I think in light of all of the speculation, the one question I have not really heard asked is - maybe, just maybe they actually NEEDED to sell?  Ulysse Nardin was a media darling in the age of Schnyder, and by that I mean the age of Rolf Schnyder.  Like every brand re-boot, (and if we are very, very honest with ourselves, this is what it was) a charismatic, iconoclastic visionary is needed.  But that in and of itself is not enough (note Blancpain and Hublot in the "post Biver as Patron" era).  You need something more.  The meeting of Schnyder and Ludwig Oechlsin was perhaps not unlike the meeting of Smith and Wesson… or perhaps more appropriately the meeting of Lorenzo de' Medici and Michelangelo.  Two things happened that took the steam out of UN's engine - Dr. Oechslin opted to pursue a life of the mind and "museum curatorship", and tragically, Rolf Schnyder died.  As it is a privately held company, we can speculate all that we want, but if I am viewing things through "Gekko The Great's" perspective, they needed to sell.  And it is possible that maybe there weren't that many takers, so they took.

"It's not bad for a quant, but that's a dog with different fleas."

The other popular thought out there is that there was a bidding war and that somehow Richemont, LVMH and the mighty SWATCH got pipped at the post by Kering.  Survey says……. NAAAAHHHHH!

The Ulysse-Nardin that got sold is not the Ulysse-Nardin that was.  Moreover, it is not on a level with some of the recent blockbuster acquisitions like Harry Winston.  It is a great brand, but it represents a truly niche market.  SWATCH does not want or need a charming brand like UN.  Richemont has a fairly full stable.  LVMH?  Well let's just say that although there is turmoil under heaven, the situation is not exactly excellent.  

"The most valuable commodity I know of, is information"

But more importantly is what Ulysse-Nardin represents - information and innovation.  With Unlysse-Nardin backing what is said to be up to 1/3 of ochs und junior (Ludwig Oechslin's dream factory), and with Dr. Oechslin said to be retiring from the museum, it is not outside of the realm of possibility that the magic could be returning to UN.  Let's be clear, ochs und junior is most likely never going to be a profit leader, (and if what Beat Weinmann has said, it is not intended to be).  But let's just say it is an inexpensive item to carry on the balance sheet to keep the sorcerer in the court.

"You gonna tell me the difference between this guy and that guy is luck?"

Remember pals and gals, although we always think of Kering as the OWNER of Girard-Perregaux and JEANRICHARD - they are more accurately the majority stake holder with 51%.  So the fact that they have plumped for 100% of Ulysse-Nardin actually gives them a better, unfettered toehold in the luxury watch segment.  And it is not down to luck that they were the eventual buyers.  

Don't get me wrong, UN is going to be a project, but with the experience of working with Girard-Perregaux and completely revamping and "re-birthing" JEANRICHARD, Kering now has some good experience with updating and reviving an existing brand while not "throwing out the brand DNA with the bathwater".

"...bright but not bright enough,  Sherlock, roll the dice and play a little Monopoly… what box would Sir Lawrence land on in Erie, Pennsylvania?"

Those out there convinced that Richard Mille is next on the acquisitions list… maybe, but I don't think so.  Let's just say that there are too many hurdles.  Richard Mille first leaked that the acquisition would happen, and Kering (then PPR) disclosed that although those conversations had happened, it would not move forward until Mille untangled "personal affairs".  That was more than a year ago.  And it is possible that Kering spent most of it's pocket money on UN.

Other pundits have posited Breitling, Chopard among others as being on the potential hit list.  Maybe, but instead of thinking high prestige, it might be time for Kering to think high volume.  Maybe, say, a brand making watches in the Mido price range?

I could, of course, be wrong - I've been wrong before ; )

Finally, let's remember that although we are all passionate, for many people this is simply business -


It's all about bucks, kid. The rest is conversation.

Enjoy your watches!

Grand Prix de Monaco Historique 2014

Earlier this month the Grand Prix de Monaco Historique 2014 returned to the principality.

Courtesy of Chopard

Continuing their role as official time keeper and sponsor, Chopard was there again this year as they have since 2002.

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?