JEANRICHARD IS BACK, BABY!!!

Courtesy of JEANRICHARD

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

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

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

Shamelessly borrowed from the world-wide infoweb

Let's hop in the WABAC Machine to those thrilling days of yesteryear - 2012.  It was November (I believe), and I had been surfing around various sites looking for content, and stumbled upon this -

http://www.tempusfugit.watch/2012/11/jeanrichards-terrascope-revelling-in.html

It was followed a little over a month with this one -

http://www.tempusfugit.watch/2013/01/a-possible-watch-of-year-terrascope.html

Curious to relate, I got a very warm and fuzzy email from the newly minted head of JEANRICHARD North America inviting me down to Los Angeles in January in a few weeks to view the new collection.

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

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

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

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

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

1.  Cockiness 

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

2.  Short term tunnel vision 

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

3.  They felt the need to have the best looking date at the Prom

Step 1 - get a partner

Step 2 - get a better looking partner (and 86 the first partner)

Step 3 - get an even better looking partner (and 86 the second partner)

Step 4 - get dumped and go back to the first partner and act as if they were always their first choice. I spoke to several retail partners who felt that way - and I certainly felt that way as a member of the press.

4.  Refusal to admit that mistakes were made, and refusal to adjust the plan

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

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

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

The Transfer Window has Opened - at Girard-Perregaux

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

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

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

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

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

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

BUT -

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

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

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

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

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

The Rise, Fall, Rise, Fall, Rise and Fall Again of Daniel Jean Richard

Or is that Jean Richard, no wait - JEANRICHARD!  Like many out there, I continue to scratch my head when it comes to the strategy cooked up by the (former) twin houses of the Sowind Group.  Unsubstantiated reports are that on the first day of this year's BaselWorld there were one or two boxes of JEANRICHARD watches, and that edicts were issued from far up the food chain, and those same boxes disappeared overnight and were never spoken of again.  A lot has changed in just over three years.

Looking back, there was about a 14 month period where JEANRICHARD was an exciting, vibrant, engaging brand.  Great products for the money.  And it finally made sense.  A modular case that could be used for three different models - diver, chronograph, standard (or aqua, aero, terra).  It was scalable.

But as is often the case with JEANRICHARD (and if we're being fair, Girard-Perregaux), somebody got the fidgets.  They just couldn't sit still.  "We need gold pieces!  Oh, and manufacture movements!  Oh, and we need BIG TIME celebrities and partnerships that everyone will identify with - like... a circus performer, no, wait!  Tightrope walker!  Yeah!"  And my suspicion is that marketing pitches for these partnerships might possibly have been accompanied with some lubrication from the absinthe family, because some of them made no sense at all.  The Arsenal Football Club partnership was perhaps the one big-time opportunity. This was on a par with a Biver-esqe, take no prisoners and make no apologies partnership.  And in the beginning it was lauded as a triumph, but about a year later it would amount to Arsenal branded JEANRICHARDs being dumped into the grey market, along with every other limited series that had been produced.  Thus underscoring that, in fact, there was virtually no limit to the number of limited editions!

Things groaned, sputtered and began to grind.  Top management left.  Two years after their triumphant debut at BaselWorld, what had been an equal presence for Girard-Perregaux and JEANRICHARD had been halved to simply a Girard-Perregaux booth with a broom closet sized room for JEANRICHARD to attempt to show watches, and maybe sell something.  It literally resembled the stock room of a Wall Mart where all of the damaged/returned products get dumped.  It was sad to say the least.  But there was one more card to play, and that was to totally remove JEANRICHARD from the booth this year.  Budget concerns were cited.
But just as cutting off the food and oxygen supply will kill life, cutting of marketing, sales, etc. will kill a brand.

It would, seemingly, make more sense to simply try to sell-off JEANRICHARD or to close it down completely, rip off the band aid and move on.  But perhaps the answer is in between these two spaces - a bit of a dormancy like Wonka's factory.  Nobody goes in, nobody goes out.  Hopefully one fine spring day a few years from now, a dynamic, charismatic character will fling open the doors to the factory welcoming all who have a golden ticket and the sky will be the limit!

Yeah, I don't see that happening either...

A Few Minutes with Massimo Macaluso

And now, a few minutes with Massimo Macaluso -

James -  What was your first watch, was it a gift?  Is there a story behind it?

Massimo Macaluso - Growing-up in the watch industry, it had to be a gift. My first watch was actually a Girard-Perregaux 7000. It was the first chronograph designed by my father for Girard-Perregaux.

JH -  I think it is safe to say that watches are in the Macaluso DNA, what are some memories you have of growing up with such a notable figure as a father?

MM - This would be a long story to tell… as far as I remember I have always been surrounded by watches. For instance, when I was a kid I was doing my homework in the evening at my father’s office, in contact with watches. Specifically, I remember him showing me drawing or drafts of new models… it was really the part of his job that was driving him.

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

MM - I was dreaming of becoming a soccer player. I still have a passion for soccer.

JH -   Where did you go to school, what did you study?

MM - I have studied economics in Torino.

JH -  Growing up in the watch industry many people would think that you had always planned of joining the family business - but maybe you thought/dreamed of doing something else?

MM - As I said earlier, I literally grew up with watches.  Then, I have also been influenced by other family passions… soccer or motor sports. And boys dream probably more easily of becoming a soccer player or a race car driver than running a business.

JH -  I remember a few years ago there was a JEANRICHARD Juventus watch.  I assume that you are still a Juve supporter?

MM - I am still a supporter de la ‘vecchia signora’. A passionate and loyal one, I must say. I support the team in good and bad times.

JH -  For me it was Michel Platini - who was your favorite to wear the black and white?

MM - Alessandro Del Piero is ‘my’ period.  A great striker and at the same time a really creative player. He has been playing with the Juventus for nearly 20 years now…

JH -  Let's talk about JEANRICHARD - how do you see things developing this year and next?

MM - We have invested a lot in JEANRICHARD in the areas of product design, movement development and manufacturing.  Our offerings today are unique: we create in-house manufactured timepieces (cases and movements) with a really modern and innovative mindset.  Today, all movements for JEANRICHARD are manufactured in-house.  I believe we have really interesting offerings.  We have just been awarded sport watch of the year in Japan with the Aquascope for instance. And we will reveal some new interesting watches in next SIHH.

One of our main focuses for the next months will also be the distribution.  We have just set up a subsidiary in Hong-Kong among other projects.  The team there operates our business over China and South East Asia with really promising achievements…

JH - You and your brother Stefano are now by tragic necessity at the helm of the Sowind group.  How are things progressing for 2011?

MM - We had been working with our father and involved in the management of the Sowind Group for over 10 years.  Our plan is to perpetuate the entrepreneurial vision and spirit with a desire of continuity relying on our strong assets: a unique savoir-faire in the field of Haute Horlogerie, a priceless heritage, a magnificent design, technical and manufacturing culture and a unique movement portfolio.  We have a very clear project in terms of industrial policy, product creation and distribution of our brands.

2011 is an important date for Girard-Perregaux who will celebrate its 220th anniversary.  The worst of the crisis seems behind us know.  Specifically, the demand from certain regions is extremely strong. Supply and production are again strategic issues.

JH - Both Girard Perregaux and Jean Richard have strong ties to motor sports - is this something that will continue in the future?

MM - Our attention has been and will be focused mainly on our watchmaking expertise, on our products. Then, motor sport is part of our family DNA; It is difficult not to be true to this…

JH - Who else out there is making watches that interest you?

MM - I am very attentive to the work of other watchmakers… It is hard for me to name brands... But some products come to my mind.  For example, the Monaco from Tag Heuer, the Omega Speedmaster, the most simple expressions from the Jaeger-Lecoultre Reverso or the original Audemars Piguet Royal Oak are definitely emblematic watches to me.

JH - If you weren't doing this, what do you think you might be doing?

MM - I believe it is really a privilege to work in the watch business.  Specifically as an entrepreneur and running a family business.  Watches are a passion and we have had the chance to shape our Brands, design our watches the way we see as right.  Plus the challenges are great and need action!

I think if I was not doing this, I would like to be involved in activities where you also make products with a high emotional dimension. For instance, making wine must be really interesting.

JH - What do you like to do in your down time?

MM - I have always had a passion for travelling.  I like to discover and explore new places, new cultures.  By chance I do it for business, but also for my down time, if possible with my wife and my young boy.

www.girard-perregaux.ch

http://jeanrichard.com