Struggling to Understand - the Favre Leuba Zombie

Now before we go any further, I will admit a few failings that I have as a member of Watch Town's Fourth and Fifth Estates. When I first launched The Blog Formerly Known As Tempus Fugit, I had a desperate need to be liked by brand owners, to fawn and praise, often without any real belief in what they were churning out. 

I was there to cover Favre Leuba 2.0 when Thomas Morf puffed up the brand with what turned out to be some unrealistic expectations as to what Favre Leuba could (or in the end would) be.

So now the curtain has raised, not insignificant amounts of money have been channeled to PR firms and media outlets to promote "Favre Leuba III - The Revenge of the Value Proposition!" Oh, and apparently it is also now, among other things, a heritage brand... and in all honesty, gentle reader? I am now left in a quandery as to just what Favre Leuba is now.

Courtesy of Favre Leuba

In fairness, the new pieces look nice enough. They utilize movements from La Joux-Perret. While they make a very respectable movement, I don't know if that alone correlates to the somewhat ambitious prices that are being proposed.

So who has their hands on the tiller of the good ship Favre Leuba? One Patrik Hoffmann. I have read an interview published in Monochrome, and well... let's just leave it at that. 

In a secondary splashy video interview with Revolution, it would seem that the basis of Favre Leuba is a "value proposition"  (I thought that Hodinkee had copyrighted that phrase), which I heard so frequently I ran out of fingers to count on. I found this descriptor somewhat curious as (if the Monochrome interview is to be taken as gospel) a tourbillon is planned for next year... "A value proposition Tourbillon..."

The price points (if I am being brutally honest) are not what I would call value proposition based. I suspect the folks at The Solist and Joma Shop have already raised their collective antenna. 

So ultimately the market will inform us as to what it will bear. But the sad truth is that Watch Town is currently over populated. There are already a shit-ton of brands, and those with the history (Longines) will likely come out ahead. 

But let's see how this develops. 

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.

The Transfer Window has Opened...

At Favre Leuba.

Word reached Henki Time's North Shore HQ that Silvercity (helmed by a Swiss-based Chairman whose name rhymes with Patrik Hoffmann) and is somehow connected with Indian owned Ethos distribution has acquired Favre Leuba and named as their Chairman... Patrik Hoffmann.

The timing in all of this is interesting as Mr. Hoffmann had been up until... now...Executive Vice President of WatchBox. Readers might recall that back in 2021, Watch Box acquired a majority stake in De Bethune. 

Favre Leuba has not had the luckiest recent history. A string of different CEO / Directors have not exactly drunk from the goblet of victory. Titan, a... well... titan in the watch business had used the old "Sleeping Beauty" technique to staunch the flow of red ink on their ledgers. Long story short, the mantel of Favre Leuba has proven to be a bit of a poisoned chalice for every wanna-be Biver who has dared to drink from it. Now wether or not Favre Leuba will be able to evolve being a zombie watch brand? Well that remains to be seen, but it would seem the big "relaunch" will take place during Geneva Watch Days. 

In fairness? Let's see what happens! 

This is a brand that has  bobbed up and down in the hinterlands of Watch Town for quite some time, so maybe this will finally be the answer. 

As I am not exactly on Mr. Hoffmann's "Christmas card list", I don't expect an interview will be forthcoming, but I promise to share any news as it arrives ; )

When You Run Out Of Juice - The Rise And Inevitable Fall Of HYT

Unicorns. We talk about them in Watch Town and in all fairness, it keeps things interesting. Typically, a unicorn in Watch Town is more down to a rare or madly sought after model. But every now and then, there is a brand that bubbles to the surface that defies the rules and norms and establishes a foothold. And HYT was certainly one of those brands.

And I know, it is easy to play Monday (or in this case, Friday) morning quarterback, but now the news is out that HYT will be heading to bankruptcy in Switzerland, which was outlined in a letter that seems to have been sent by HYT to its suppliers and made public in several social media outlets, including Linkedin, on (I believe) Sunday. Additional coverage can be found here from Robb Report - https://robbreport.com/style/watch-collector/hyt-files-for-bankruptcy-1234599628/

Whether the public airing out of this news was intentional or not, long story short it seems that this might put paid to HYT for the foreseeable future. In the letter, which appears to have been printed in its entirety, it points out that the key hindrance to moving forward is getting additional institutional funding. In other words, it is clear that HYT had not yet become self-sufficient. 

You can read it, as well as some other commentary here at Watch U Seek - https://www.watchuseek.com/threads/hyt-is-having-a-bankruptcy-reorg.5285875/#:~:text=%22HYT%20filed%20for%20bankruptcy%20in,a%20steady%20downturn%20in%20sales.%22

I reached out to the folks at HYT for comment/confirmation, but for the past 3 days they have remained silent.

And if we are all being honest with each other (and ourselves), it begs the question as to how stable are many of the other brands out there? When a brand's ability to exist and continue operations is so closely and intimately intertwined with regular, external monies being funneled in, not unlike the need to continually fill up the gas tank in your car, it really becomes a question of when, not if the doors might be forcibly shut.

Ultimately, for any business to realistically not only establish itself, but survive, grow and endure - it must be self-sufficient. A business that 10 years on continually needs cash injections begs the question - when will the corner actually be turned? 

Owning, or institutionally investing in a watch brand used to be a sign of arrival for men of a certain fiscal fiber. If you couldn't afford a premier league football club, it seemed a path to at least a little bit of fame and notoriety. But invariably it would seem that the watch business is, in fact, just that - a business, not a hobby and not a plaything.

What HYT, Favre Leuba, Vulcain and really too many other brands to name have proven is that investment without intention or plan is about as effective as treating diarrhea by constructing more port-a-potties. 

No Time For Nostalgia - Favre Leuba

News reached the North Shore offices of Tempus Fugit today that Favre Leuba may have recently made the move from duck to a'lorange, and will be looking for someone in Watch Town to swipe right.

Here is a link to the news courtesy of Watch Pro -

https://usa.watchpro.com/worlds-oldest-watchmaker-faces-uncertain-future-as-owner-calls-time-on-investment/

Okay, so now that you've choked down those curly fries, let's ask the deeper questions, like - "what does it all mean?"

Well, in order to do that, let me tell you about the third car that I owned -

Courtesy of Volkswagen

Now you will note that this model was hailed as "The Racing Volkswagen". The only "racing" this car did was back and forth to the local VW specialist, who to this day I am convinced actually lived in Stuttgart, Germany and commuted in every other month to actually work on cars. To call this car a turd is unfair; unfair to turds everywhere. But Dieter and his accountant always assured me that each new repair would be the last one, that the Scirocco would finally run like a champ. Just a few more hundred (1980's dollars) and all would be well.  Well that turned into thousands (little by little), until the Scirocco and I finally parted ways on a Christmas Eve drive from Oberlin, Ohio to Jackson, TN (which regular readers will identify as the gateway to Hades) where the door handles (both) broke and I was forced to get in and out not unlike a Nascar driver.

So let's get back to the topic at hand - Favre Leuba. Nostalgia is a very powerful force. We often remember things as being better than they actually were. Well, Favre Leuba has been passed around more than a Pete Rose Rookie All Star trading card -

Shamelessly Borrowed from the WorldWide Infoweb

The latest owner, the Tata Group has not asked the right questions, and has definitely been a bit unduly influenced by nostalgia. This seemed as natural a partnership as peanut butter and jelly! India was a very strong market for Favre Leuba, with its own regional office in Bombay back in the day.  

But as has been the case with some brands, they forgot who their potential customers were likely to be. Rather offer a true collection, a well-traveled veteran was brought in and it was decided that the mantra should be -

Because hey - really expensive dive watches that aren't Rolex Submariners ALWAYS sell, right?  

Well, not so much. It didn't help matters that North America was never really developed despite several expensive online "sponsored content" and banner advertisements with the usual suspects. Several high profile "adventures" featuring at least one CEO heading off to the Himalayas for a photo op.  

At least one, if not two CEOs have since taken the helm.  I am sorry, but it gets difficult to keep track without a score card. And the most recent incumbent thought he would take the brand's current marketing slogan to heart - 

"Trust Yourself" by hosting a very questionable media event with little or no (if the publicity pictures were anything to go by) social distancing or mask wearing. I would like to think that if everything was going well, they never would have considered such a bad move. But I also appreciate that when times get tough, you tend to do things you might not usually do.

So now it's Groundhog Day once again, and the latest owner, Tata (Titan) Group has had enough and decided to "cut bait". Here's the thing, I have no doubt that Favre Leuba could succeed. But simply throwing money at it and trotting out a greatest hits summary of big, excruciatingly expensive sports watches is not going to turn the tide. Let's hope the next steward of the brand can take a deeper look, and invest more than just money, but some actual planning beyond just what the CEO has a boner for, and look beyond the warm fuzzies of the 50s and 60s for inspiration. There's nothing wrong with nostalgia, but it is no substitute for an actual business plan.

Courtesy of The Wire

The Raider Bathy 120 MemoDepth

From Favre Leuba -

Courtesy of Favre Leuba

This one was (at least for me) one of the highlights of last week's BaselWorld.  This is the Raider Bathy 120 MemoDepth.  I hope to be back with some more specifics on the special features of this diver.  

The case is not petite, at 48 mm.  But this is compensated for by the use of titanium, making it a much more wearable proposition.  The movement is also a bit

Here are the pertinents -

MOVEMENT

Hand-wound FL321 caliber; specially designed mechanisms for depth gauge and power-reserve indicator, power reserve of 65 hours

FUNCTIONS

Hours, minutes, small seconds, central hand for displaying current dive depth up to 120 m, depth gauge sub-dial for displaying maximum depth recorded, power-reserve indicator, date display

CASE

Unidirectional rotating bezel with anodized aluminum insert, screw-in crown, sapphire crystal with anti-reflection coating on both sides, screwed and aligned case back, diameter 48 mm, height 19 mm, water-resistant up to 20 bar/200 m

DIAL

Black dial with blue dive sector marking, red indication for decompression stops, applied indexes, luminous indexes and hour and minute hands, blue hand for displaying depth

Seven Days with the Favre Leuba Raider Harpoon

Begins now.

The Bivouac 9000

From Favre Leuba -

Courtesy of Favre Leuba

On the surface of things, it looks like a cool vintage inspired watch.  But there is much more to the Bivouac 9000 than meets the eye.  

Hours, minutes, seconds and date are there.  But add to that a power reserve indicator at 12 o'clock, and an altimeter?

You've got something pretty special.  

The case is titanium, measuring a hearty 48 mm, with a theme appropriate stone grey dial.

Here are the pertinents, straight from the source:

MOVEMENT

Hand-wound FL311 movement, based on the EMC 3903M caliber; specially designed mechanisms for ­altimeter and power-reserve indicator; power reserve of 65 hours

FUNCTIONS

Hours, minutes, small seconds, central hand to display altitudes of 3,000 m per full rotation, sub dial for displaying altitudes of up to 9,000 m and air pressure in hPa, power-reserve indicator, date display

CASE

Bidirectional rotating bezel with anodized aluminum insert; screw-in crown; sapphire crystal with anti reflective coating on both sides; screwed and aligned case back; diameter 48 mm, height 18.7 mm, water-resistant up to 3 bar/30 m

DIAL

Applied indexes; luminous indexes and hour and minute hands, red hand for altimeter

Searching for Signs of Life at Vulcain

It is really hard to be in a one-sided love affair.  When you love someone (in this case a brand) and it does not return your affection...

Courtesy of Vulcain

I have been a Vulcain fan ever since I discovered them in that out of the way jewelers in Helsinki while killing time before a class I had to teach.