I've Been Through The Desert On A Horse With No Name...

And I've read through a digital magazine with no masthead.

It keeps getting curiouser and curiouser at the 'dink. 

Where once upon a time, a writer could finally crow that they had made it because they appeared on Hodinkee's much vaunted masthead, now they'll have to show the digital equivalent of a press clipping as... there is no more masthead!

Now for the more cynical of us out there, it will make it harder to track the editorial comings and seemingly inevitable goings of this watch media juggernaut, but I guess in the big scheme of things it's their ship to run... without a mast(head)... see what I did there?

Re-re-re-reformaton

So, I had an interesting 36 hours in Gotham. Wendy and I had an amazing dinner with probably the hottest chef in Brooklyn right now, and took in the AMAZING Luna Luna exhibit at The Shed - which I highly recommend you check out if you're in town!

But as is often the case, I ran into watch fans and brand insiders. Conversations turned to watches, and then the watch media writ large. And then on to the very specific topic of Hodinkee. The question of "what's going on at Hodinkee?" came up. Considering the ups and downs of the past few months, one friend asked me why so many people were leaving. I replied that this was not "new" news, as there had recently been a turnover over the past few months, with two new folks on the Masthead. He informed me that someone very senior was on their way out as well, and then mentioned that the Masthead had shrunken by two. I checked and he was correct. The "second in command" at least in terms of the Masthead's hierarchy was gone without any mention. This made sense as he was (if memory serves) part of the investment group that gave up the ghost, and as Watches of Switzerland had ridden in on their white horse to rescue Hodinkee, it made sense that he was no longer there. But then a second look revealed that Anthony Traina was no longer (visibly) connected to Hodinkee either.

I might be wrong on this, but I believe that Anthony first started as a contributor to Hodinkee and then joined the staff, leaving behind his job as an attorney. His first post that is still on the site is from 2021. What he has now moved on to in terms of work, those who will say don't know, and those who know won't say.  My understanding is that he still has his own outlet that is by all accounts quite well respected. And despite what Hodinkee's founder, Mr. Clymer has insisted in other forums regarding transparency, there was no announcement, no public "thanks for your service", just a scrubbing from the masthead. 

But if the rumors are true, there is another loyalist of long standing who is in the wind. This will leave James Stacey as the longest serving centurian in good standing.

In fairness, nothing is forever. As of right now, it is safe to say that the folks at Hodinkee (past and present) along with all of the famous pals who invested never thought that things would be like this. 

But what does this mean for the other, smaller outlets? Will more "spaces" open up at events like Watches and Wonders as there will clearly be a smaller headcount from Hodinkee? Don't bet on it. 

As for Mr. Traina, we wish you godspeed and the best of luck in your future endeavors. 

Proof of Life

In what is perhaps slightly heartening news, the masthead at Hodinkee bucked trends and actually increased by 2! 

Whether this means there is expansion, or that someone else within the 'Dink is getting ready to sling their hook remains to be seen. 

We shall wait, and we shall see.

Whodinkee Now?

Tempus Fugit! (that's time flies for those of you just tuning in).

I woke up (or more aptly, was woken up) by the Executive Publisher hoping to get an early (3:30 AM) breakfast. After donning my butler's togs and serving her entree, I toddled back upstairs and attempted to get back to sleep. I did a perfunctory scan of various sites and there was Ben Clymer once again front and center with a big announcement. In all honesty, I found his post a wee bit defensive and definitely self-congratulatory. I wonder how the folks who were made redundant over the years read it?

https://www.hodinkee.com/articles/hodinkee-to-join-forces-with-watches-of-switzerland

The headline reads -

Hodinkee Joins Forces With Watches Of Switzerland

In other posts on the subject, it seems a slightly different read has been offered - 

https://www.watchpro.com/watches-of-switzerland-group-buys-hodinkee/

Watches of Switzerland Group buys Hodinkee

Troubled media business acquired for an undisclosed sum.

While I won't go into the heroes and zeroes here - because no information has been forthcoming on the subject, I would say that the whole Hodinkee saga of the past several years has been a mirror image of what is so wrong in Watch Town writ large. Celebrity "chums", limited editions marketed to appeal to the egos of those celebrity chums, and a basic lack of understanding as to the fundamental difference between an elastic and inelastic demand. 

Per Don Hofstrand of Iowa State University's Extension and Outreach program:

An elastic demand is one in which the change in quantity demanded due to a change in price is large. An inelastic demand is one in which the change in quantity demanded due to a change in price is small.

So the next big question for the brain trust at Watches of Switzerland - does Hodinkee's content and influence represent an elastic or inelastic demand sufficient to recoup the amount spent on this acquisition? Was there enough for Tom Brady and John Mayer to get some of their pocket money back? 

The simple truth is that Hodinkee in its previous form was an unrealistic and unsustainable model. And the market spoke. It sounds wonderful to refer to this as a strategic partnership, etc., but in point of fact, it is an acquisition.

What to Make of Hodinkee's Boot Sale

Courtesy of Wikipedia

For those of you who might be interested in a bargain priced Oris, Mido, Rado, or Certina, the Hodinkee shop has some shockingly low prices on more than a few desirable models. Some approaching the magic level of "Key Stone". Keystone in Watch Town parlance means "dealer's cost" and is typically set at 50%.

Now also curious to relate? Zenith, Tag Heuer, Hermes and a few others are still "full-pop" (full price). What we can determine from that are two possibilities:

These brands have a "buy-back" policy (meaning that the brand allows you to replace unsold merchandise with "new" merchandise). This is unlikely as Hodinkee will not be buying any "new" merchandise.

Hodinkee was given memo terms - meaning that the retail partner didn't pay for the merchandise up front, and would only need to pay if they sold the watch. 

At any rate, as the old going out of business sale commercials used to say in the 70s and 80s: "Our loss is your gain!"

Happy bargain hunting!

Meanwhile...Back At Hodinkee...

And then there were ten...

Things continue to shift in curious directions at Hodinkee.  After a very public announcement of a back to the roots shift to media only, and an imminent exit from retail, a visit to the masthead yesterday afternoon revealed the absence of at least one (possibly two) people who had been there recently. I checked again this morning to confirm it. And one very notable absence is that of the CEO, Jeffery Fowler.

Now for the faithful who follow the comings and goings in Watch Town, this stirs the usual amount of curiosity. Has Mr. Fowler indeed departed? If so, it wouldn't have been the worst thing in the world for Hodinkee to acknowledge his contributions and wish him the best moving forward. This is one of the curious things about Hodinkee's approach to communicating with their followers. There's an insistence of what a big happy band of brothers and sisters they are, and then an almost Stalin-like erasure of departed staffers previous existence. They disappear without a trace, which only serves to engender the expected amount of social media chatter and antipathy that inevitably leads to more bad pr. 

Fine Art Images/Heritage Images/Getty Images & AFP/Getty Images 

Now back to the matter at hand - if, indeed, Mr. Fowler has left Hodinkee, it makes a certain amount of sense as his background is not media, it is retail. And seeing as (at least this week) retail is off the table at Hodinkee, then it might be time to refocus and seek out senior leadership that might better fit the new approach. 

While this is not meant to be an attempt to rub salt in the collective wounds of Hodinkee and its investors who are probably cuing up Mojo Nixon's (Rest in peace, Mojo!) classic hymn, "Where The Hell's My Money?" as they watch their investment circle the toilet bowl, it begs the question - who actually has their hand/s on the tiller of the Good Ship Hodinkee?

Now contrary to what naysayers will, well, naysay, it is possible to run a profitable watch media business. But that media business has to live in the real world. Over the years it has been baffling to comprehend how having a staff of so many people, producing (on balance) such a small amount of content, and essentially refusing to interact with the majority of the watch brands in the world could be seen as a recipe for success. The more long term question that the shot callers at Hodinkee have to answer is how to recapture that spark, how to connect with the many brands they have snubbed over the years, and how to make it profitable. >$40,000,000 is not typically the amount of money most investors are willing to walk away from, because it has now coalesced into its very own sunk cost trap.

Mr. Fowler, if you have indeed left the building, we wish you God's Speed in your next venture.

Summer Leftovers - The Trolley Problem

 A Summer Repeat - The Trolley Problem

This originally ran (I think) in 2019 or so in the "Blog Formerly known as Tempus Fugit. With the recent reality check over at the Good Ship Hodinkee, the not-so-sunny news about Bremont's apparent lack of success with their succession plans -  https://www.watchpro.com/bremonts-british-manufacturing-mission-increases-losses-to-14-million/ 

And Watch Town begrudgingly dragging their collective backsides to work following the Summer Watch Maker's Holiday, it seemed like a good time to reheat this one. 

So once again, The Trolley Problem - 

So I had an interesting phone call with a brand owner this morning.  He first thanked me (I think sincerely) for the recent post about the pervasiveness of payola in the watch media.  He then asked (I also think sincerely) "Do you enjoy making enemies?"

Well, I don't expect my phone to ring with a job offer from one of the big-dog watch media outlets anytime soon, so in for a penny - in for a pound.  Here gentle reader, is a repeat on one of my favorites -

The Trolley Problem

The Trolley Problem - As it applies to watch journalism.

Courtesy of Wikipedia

It would seem that the words watch and journalist are becoming more and more incompatible in the same sentence.  Brands work feverishly to sanitize who will receive their release and then monitor closely to watch the "Barium Meal" that is the press release that they sent out to see which "news" outlets will clap and bark like seals, and which ones will experience gastro-intestinal distress. For the watch journos out there who are members of the "clean plate" club and can swallow it all down and reveal the picture of Mickey Mouse etched across the top of their dish? They get a gold star, guaranteed access, paid travel and gifts of various description and best of all?  Advertising revenue!  For those that spend the time after disseminating a particularly foul smelling press missive with a visit from "Cardinal Chunder"?  

Courtesy of the BBC

Well, let's just say they will not find themselves on this year's Christmas list.

But let's get back to the topic at hand - the Trolley Problem.  The trolley problem is (at this point) an age old conundrum conceived to help inform and instruct on moral and/or ethical behavior.  If Wikipedia is anything to go by, it might have first been utilized by Frank Chapman Sharp at the University of Wisconsin to help instruct on moral or ethical thought.  Essentially, imagine that there is a runaway trolley (or streetcar, or tram if you are more familiar, or even a train).  Further down the line there are five people, very much alive, but immobilized and unable to move, and are directly in the path of the trolley, streetcar, tram, or what the hell, even a train... well you get the idea. BUT WAIT! Hallelujah! There is a switch lever, and you are standing right by it! Hooray! You can save the day!  

But wait -

If you choose to divert the trolley, tram, street car, train (you get the idea) to this other line, it will then head down the track and run right over your infant son who you left in his stroller on what you believed to be a disused stretch of track while you went to grab a six pack at the off-license.  Yes, this is why your partner does not trust you alone with the kids ; )

So now you have a real dilemma - do you act, and by acting sacrifice your son for the greater good of the 5 strangers?  Or do you do nothing?  I mean, it's not like you put those five people there on the tracks in the first place, you just wanted to get some cold ones.

In the "normal" world, and I use the word normal cautiously because we are living in very abnormal times, but in the normal world, if you report on fact, or offer opinion (not slander, defamation, or falsehoods) but fair and balanced opinion, you should not be afraid to do so.  But we are not living in normal times.  And curious to relate?  The watch and luxury business has been trying to run a somewhat authoritarian press bureau for some time.  Step out of line, you are left in the cold.  And in all fairness, there are a fair number of people out there trying to make a living, and not necessarily willing to throw that switch lever and watch their child (or in this case, their media outlet) get mowed down.

Recently with the triumph in court of Vortic, there was a real opportunity for several owners of large press outlets to do the right thing and actually speak up. These are outlets with deep staffs, and a fairly secure revenue stream (at least by comparison to others), with truly large readerships. They all chose to remain silent publicly.  And this is a shame. Because in trying to stay on the "good list", they collectively took a shit on a very deserving, very sincere brand that has struggled nobly forward for many years, and frankly? Deserved a hell of a lot better than what they got. And what I find so frustrating in all of this is that I KNOW these media outlet owners. They were once in the very same spot as the brand owner. They were not always so "mighty", and I have shared more than one dreadful lunch at BaselWorld with several of them over plates of over-aged open faced liverwurst sandwiches and tap water trying to conceive of an alliance of our then much smaller blogs and outlets to come together so that we all might make some money.  
Editors note - the alliance never really fully materialized.  2 of the outlets became big time, one of the bloggers now runs a magazine, I chose to remain a solo act.

And on one level I get it - we all have to eat, we all have bills to pay, and fortunately for me, I am not dependent upon Tempus Fugit, and therefore not dependent on brands writing me checks.

But on the other hand, whether we all admit it or not, nobody needs watches. 

More particularly?

Nobody really needs watch magazines or blogs. We like them, we enjoy them. But the outlets should also all be willing to offer honest opinions without fear of losing advertising revenue.

Because ultimately? The watch press should be much more than simply an extension of a brand's pr and marketing office. Because when the line is as blurred as it currently is? It is no longer actual reporting. It is just candy floss.

The Transfer Window Opens - Welcome to Crazy Town

Well for those who were on the edge of their pool floats or chaise lounges, fear not! The transfer window is apparently still open and though this is more fish-wrap than news at this point, let's get caught up, shall we?

News was strategically placed with that bastion of impartial reporting Hodinkee (oops, coffee just shot out of my nose and I need to take break to wipe the screen) that "Arnault, the even younger" had a case of the fidgets and hiked up his leg to more firmly "mark" his territory around the halls of LVMH's watch division. Long story short? Former favorite of God (JC Biver) Ricardo Guadalupe (you may remember him from such jobs as "CEO of Hublot") has either decided, or been asked, to sling his hook and take it on the arches. Now the official word is that he will be assuming the position of "Honorary President" of Hublot, which essentially means he won't be required to go to board meetings and he can play out his contract. He is only 59, so I tend to doubt that this will be his last stop, but you never know.

I have no doubt this suits junior just fine as Guadalupe was the last of Biver's palace guards, and know the only thing he is running is Jack and shit, and Jack just left town.

But then the other intriguing turn - fresh off of a truly stunning few months at Tag Heuer (yes, that was sarcasm) Julian Tornare leaves La Chaux-de-Fonds in the rearview as he heads south to Geneva to lead product placement firm Hublot. 

Rumor has it they make watches as well ;)

Now the other funny bit in all of this is reading the commentary from some of my more well-heeled colleagues in Watch Town's Fourth and Fifth Estate claiming that Mr. G had spent too much time and focus on brand partnerships and famous "chums". It is clear that they slept through the Biver years at Hublot ; ) 

This is made even funnier when notable conspiracy theorist and pro football player Aaron Rogers was picked to "Reach His Star" (still the worst tagline ever) on behalf of Zenith. So look for more NFL quarterbacks to be joining the Hublot stable now that Tornare can indulge in fantasy football picks with a real budget to throw at them.

But then perhaps the goofiest turn of events came from independent brand Audemars Piguet. You might have heard of them, old family owned independent brand with one and a half product collections? It would seem that although the Royal Oak continues to be hotter than Satan's jockstrap, Hodinkee's personally anointed sage on all things horology and pop music has been tipped to be a special envoy. So needless to say, Hodinkee will now be able to rhapsodize about which version of the Royal Oak best sets off a tattoo sleeve with leather jacket sleeve zhuzhed. Give me strength...

Here is the info, straight from AP -

A unique collaboration.
We are thrilled to announce that we have appointed the iconic American singer, guitarist, and watch collector, John Mayer, as our “creative conduit”.
In this unique role, John Mayer will not only act as a channel of creativity, pushing the brand to explore new horizons and elevate our technical, aesthetic, and ergonomic developments, but he will also serve as an important translator between Audemars Piguet and watch enthusiasts worldwide. His collector’s eye and deep insight will guide us in innovating to meet the ever-evolving needs and expectations of our clients.

Okay, I have absolutely zero idea what a "creative conduit" is, but this new "job" for Mr. M truly begs credulity. I mean, unless he has some idea to save the 1/2 product family the ill-fated Code 11.59, 'cause that is one turd that seems to refuse to be flushed....

Do you mean to tell me that Audemars Piguet, with more cash than some small third-world GNPs, and with 1 of their 1.5 product families having one of the most sought after watches of all time needs a man notable for these bon mots which he dropped in an interview with noted watch collector enthusiast magazine, Playboy -

“My d–k is sort of like a white supremacist,” Mayer went on. “I’ve got a Benetton heart and a f—in David Duke cock. I’m going to start dating separately from my d–k.”

Well, I guess AP knows what their doing...

Let's hope Mr. Mayer keeps "little David Duke" in his pants, it's Le Brassus, not Las Vegas.

Whodinkie now?

Word has slowly filtered out that another long-term Hodinkee loyalist has left the fold heading for... 

Shamelessly borrowed from the world-wide infoweb

Okay, technically Westlake. And hey, it might be a remote work situation ; )

If the Linkedin announcement is to be believed, the (according to Hodinkee's masthead) current Managing Editor - Danny Milton is now (also?) the Vice President of Content at Teddy Baldassarre...

Yes, I suppose that was sarcasm. Sorry. But gentle reader, this is not the first time that a high-profile Hodinkee departure has not exactly been acknowledged by the shot-callers at H central. His last article appears to be over a month ago (May 10). And I think this is where many of us wonder at what point will the talent drain stop? 

I have said more than once that insofar as editorial policies, I do not understand what makes Hodinkee tick. But beyond that, the bigger question is that with so much money that came in (unrealized profits from pre-owned watches notwithstanding), what is preventing Hodinkee from righting the ship and getting back on track to where they once were? And despite what people may think, I would actually welcome a revitalized, improved Hodinkee that reclaimed its stature as the standard in online watch media.

So with the next candidate for the hot seat on the Good Ship H yet to be revealed, we will wait and we will see.

And congratulations to Mr. Milton on his new appointment. Should you find yourself on the lakeshore near my hometown, I strongly recommend a visit to Mama Santas -

Shamelessly borrowed from the World-Wide infoweb

The pizza is well worth the trip ; )

Timing...

Unless you have been living under a rock, you have no doubt been following the story of the new Tag Heuer / Kith limited editions. And yes, they are fun watches and have clearly caught the imagination of many. They have also created a bit of controversy as the timing of the release and subsequent coverage in Hodinkee followed so closely on the heels of a "Talking Watches" episode featuring the founder of Kith, Ronnie Fieg and his rather extensive collection of (now vintage, which I guess makes me vintage too)Tag Heuer Formula 1 watches. 

I am sort of so-so on the whole Talking Watches thing. The one with celebrity chef Emeril and his son was sorta' cringeworthy. With that said, this one with Mr. Fieg was quite good. His story about receiving his first Tag Heuer from his mother who worked for Tourneau was very relatable. 

With that said...

Hodinkee's editorial independence was stressed in a disclaimer at the header of the article announcing the new release of the Kith pieces. Again, it raised more than a few eyebrows as it appeared just after the interview with Mr. Fieg.

Don't that put the 'Dink in cowinkidink?

The other complaints are about pricing. And in fairness, the price is more than a tad ambitious for a watch of this composition (quartz, plastic, stainless steel). Well, to each their own, there is little doubt out there that these will sell through quickly.

It seems that watch journalism writ large has become sort of an oxymoron. It's unfortunate, but that seems to be the way it has slid down the slippery slope when retail sleeps in the same bunk as editorial. And, gentle reader, it's not just editorial abutting commerce. It goes deeper. When Watches and Wonders is paying the freight to bring journalists from around the world to cover their pre-programmed event, it is really the business equivalent of tying a pork-chop around your unattractive child's neck to get the dog to play with it. I have no doubt that those of us who got into this writing about watches thing did so out of passion and enthusiasm. I remember a time, way back when, we would all smile and shake hands with sincerity when we met at BaselWorld. Over time that friendly comradery morphed into open antagonism for many. Friendships faded, out and out skull duggery emerged. 

It used to be different, but times can and inevitably must...change.

When The Glass Is Not Even Half-Full, But Broken

It's time for the semi-annual cut the shit episode here at Henki Time. Having spent the better part of the last week in the real capital of Swiss watch making (that would be Biel/Bienne, Le Locle, La Chaux-de-Fonds and the surrounding areas), let's just say that the hot air being pumped out of Geneva, Zurich and other "fancier" places is just that.

There are many tell-tale signs, but the most obvious are the rumors (now growing louder and more frequent) about layoffs in the Jura and surrounding area. This will, of course, have zero impact on the shot-callers and big dogs, but most likely the watch makers and roll players who did as instructed. While the big dogs drop off their suits for a quick cleaning before the Kabuki theatre that is Watches and Wondering  the realities of poor decision making and poorer oversight continue to haunt the industry as a whole. But not to worry, the press releases will certainly only reflect triumph!

But what Gregory Pons of Business Montres refers to as "Musical Chairs" is no game to take lightly. There are a lot of people depending on each other to make everything work out. More than a few suppliers are delivering even later than usual. This then impacts supply deliveries, watch assemblies and ultimately sales. But it is highly unlikely that any big bosses are going anywhere. No, where the real pain is being felt is most likely going to be the actual people who make the actual watches that you might, gentle reader, actually buy ; ) 

Think I'm full of it? Well, let's examine what was once referred to as "trickle-down" economics. The idea was that the bounty enjoyed at the top will overflow and trickle down. Let's start with the carrion crows of Watch Town - the Fourth and Fifth Estates. For many of my brothers and sisters out their hustling for whatever might not be gobbled up by the bigger outlets, times are looking pretty tough. And even the mighty are feeling the pinch of uncertainty. After just a month or so on the masthead of a certain media outlet, the Chief Operating Officer who appeared in January is no longer there. As is often the case at this certain media outlet, it is impossible to really know the comings and goings as they are rarely clearly articulated. But it is clear that the Masthead has shrunk considerably in the recent years, as has the amount of coverage.

Now it is also interesting to consider that press invites for the show formerly known as the SIHH (Watches and Wonders) are still handed out to exactly the same cast of characters from the same outlets with - you guessed it, the same impact. Now I know that this is going to sound crazy, but isn't the idea of marketing to spread the word about your product BEYOND its already existing customer / enthusiast base?

But that certain media outelt and the other big dogs need not worry, the same contortions will still be performed by the same brands to ensure that media outlets that cover them once or twice a year will have multiple invitations (which in turn ensures that other outlets will be excluded). Say what you want about BaselWorld, it was a democratic meritocracy. Anyone who was willing to get themselves there would be able to get appointments with brands. But as someone who has been referred to as notable, but not welcome at SIHH / Watches And Wonders, I continue to be astonished by the merry-go-round that is media relations in Watch Town.

And in truth, the approach to media relations is no different than Watch Town's approach to most everything else. 

So what? What's the point? In fairness, I am not saying anything here that I haven't been saying for years. And maybe that is exactly the point! I think that probably, deep down? Watch Town's residents don't really want anything to change. 

Despite impassioned mini speeches no doubt fueled by multiple servings of ardent social lubricants, the same mistakes will continue to be made, because ultimately? Change is probably a bit too scary.

I took a moment this past Thursday to reflect on the nearly 14 years I've spent covering the comings and goings of Watch Town at Caffe Specttacolo in front of the Biel/Bienne station waiting for my train back to Zurich airport. And I must say that I thought about it all and laughed a bit, raising more than one eyebrow from my fellow cafe guests.  Because it occurred to me, that despite its flaws and frustrations, I do love this world that is Watch Town ; )

I Could Do It Better Myself - The Volunteer Media - An Update From Henki

I wrote this back when I still owned and operated Tempus Fugit. A fair bit has happened in that time. I opted out of a job with a brand, I sold Tempus Fugit to someone who handed it to someone else, and it now appears to not be publishing anything, I accepted the job I have now which is working for MassHire - we help people find jobs and train for new careers. It is very satisfying work albeit with very long hours. Owing to this the publication pace and nature of Henki Time is not as manic as others. With that said, I still feel I have something to say, and this piece is one that I think still rings true. So brand owners and brand managers - don't forget to support the volunteer press. 

Even when we say things that might cut a bit too close to the bone ; )

A much younger Henki teaching English in Villa do Conde Portugal in 1995. You might recognize the gentleman on the far right as the current Secretary General of the United Nations.

I Could Do It Better Myself - The Volunteer Media - An Update From Henki

Despite what some folks think, the majority of the press covering the watch business these days is of a voluntary nature.  This is largely the result of brands cutting advertising budgets, and people going back to former occupations, getting married, or finding better ways to earn a living and spend their free (and not so free) time.

So gentle reader, an inside look at a day in the life of Henki -

5:30 - Whether I like it or not, Tallulah (the older cat and Executive Publisher) is awake and waiting to be fed.  Sabrina (the younger cat and Editor in Chief) is waiting as well.  I head downstairs, turn up the heat in the house, and feed the cats.  I gulp down my morning tablets with a glass of water, have the first of several espressos and head back upstairs to the office.

5:45 - emails reviewed, and...
Not a sausage! 
Not only has watch advertising money dried up, watch brands are producing fewer and fewer models, and some have made their PR functions redundant.  News is scant, and unlike some of my colleagues in the Fourth and Fifth Estate, I prefer not to manufacture it.

6:15 - Go down and make a coffee for Wendy who is up and getting ready for work.

6:25 - I receive a follow-up email from the PR manager at Brand Y.  Y for "why won't you write a paid piece about us?", which I have explained a few times - I don't write advertorials.  I realize my unwillingness to do so is probably holding me back financially, but a man must have a code ; )

6:45 - Email in-box pings, and... 

Good news! I am the winner of the Nigerian National Lottery! Maybe I'll buy Watch Time from Ebner so I can finally have my own magazine!

7:15 - Finally I decide that as no news is forthcoming, I will write an editorial type piece. The Grey Market is always good for a few hundred words, and is showing no sign of slowing down.  Oh, wait! A PR staffer from Brand X has sent me a personal email with a story about a watch event featuring their brand, in Marblehead, Massachusetts (which I could literally have walked to from my house as it is the next town over), with several "Important and Respected" watch journalists who were flown in from New York and Europe a few days previous. The PR person feels that as I live nearby it would be great to have a story about this wonderful and glamorous event (lots of swag, 4 star meals, etc.) from a local perspective! I take a beat, decide to ignore the irritation that essentially - this person wants me to write a pr piece about an event that I wasn't even invited to even though my attendance would have cost Brand X $0... and I simply don't reply.

8:00 - Kiss Wendy and wish her a good day as she heads out the door.

8:35 - Hastily showered and dressed, lunch made, it's off to work.

8:55 - Parking lot duty.  Where I work we have very limited parking, and as such the students have been informed that they cannot park in the back lot.  Needless to say, it is a game of cat and mouse as several try to slip in anyway to avoid parking on the street.  This, in turn, prevents other staff members and board members (who have a meeting today) from parking.  While being the Director of Adult Education and Workforce Development has its perks, playing parking lot "sizzler" is not one of them ; )

9:05 - Call with my contact at the Dept. of Education office.  Nothing major, clarifications regarding programming made, and all seems under control.

9:35 - Call from reception, someone is interested in learning English, could I come down and speak with them?

10:30 - Class break time.  I try to speak with each of the four teachers, make sure everything is under control.

10:45 - Back to work on the grant application.  It is due on Friday, signatures are needed from the boss, and I still need to nail down the budget.

12:15 - Text message from brand manager in Switzerland.  Could I recommend a sales manager in Florida.  I file that under "not pressing" and dive back into "grant writing land".

12:30 - Lunch with the teaching team.  Brief ad hoc meeting to review a few items coming up.

13:45 - Call from former student of mine who is interviewing for a job. Would I act as a reference?

2:30 - 30 minute walk around the surrounding area to clear the head.

3:25 - Personal email pops on my iPhone, and I see that the watch from Brand X that three of the big outlets already wrote about 2 days ago is suddenly now a press release for "the rest of us".  I delete the message.

4:15 - draft of the grant application is finally ready to be reviewed by the boss.

4:45 - The phone rings just as I am leaving the office.  Meeting arranged for Wednesday morning to review our proposed adult education program with a new partner one town over.

5:15 - Stop at Trader Joe's for dinner items.

5:35 - Feed the cats dinner, scoop out the litter box, make a coffee and fire-up the laptop.

5:55 - Complete text edit for one of the brands that I "side-hustle" for, and respond to a customer query for another.  Yes, the watch in question is available, yes, it does cost that much, no there will be no discount!

6:17 - Phone rings, it's Japan (not the whole country, but one of the brands with whom I have a relationship) with an urgent request for a special event, could I help organize it?

7:25 - Dinner is nearly ready, and Wendy arrives home after a long day.

9:26  - Story lined up for tomorrow involving a review of a new brand's watch.

10:25 - After 15 minutes of futility, I give up trying to read any more of the book I've been working on since Christmas.  Turn out the lights and off to sleep.  Tomorrow is another exciting day in watch media!

For a Few Million More...

I want to ask you to indulge me for minute or two. Imagine a time when there were maybe 15 to 20 blogs out there of any real significance. By significance I mean to say that there were enough readers or impressions ('cause let's be honest, true readership numbers are far different than number of clicks) out there to give a brand manager or marketing head the feeling that it wouldn't be the worst idea to spend a few thousand dollars per month to advertise with a given blog.

While I wouldn't say it was a land rush, I would say that there was no shortage of folks who jumped in with varying degrees of success. And the notion of what success was, and is in this format is extremely hard to quantify. Some of the early leaders have fallen away. Watch Anish is one example. In fairness, as a seeming one-man band it/he achieved a great deal of traction and advertising money. There was a magazine, and foray into lifestyle, but that might have been too far of a stretch. In truth? I have never met the man behind the Instagram account, and in fairness? Nothing lasts forever. His Instagram account is still active, but the posting is infrequent, with several months between updates.

Any watch brand knows the name Hodinkee. It continues to ring out, but it is also clear that the awkward funk they encountered a few years ago has yet to lift. And even more curious, if you were to check the masthead of Hodinkee, you would note that there have been more changes. Of the five new editors that were brought in a year or so back, only three remain with Brandon Menancio and Sarah Miller having slung their hooks. Most curious of all is the change at the top of the masthead. Eneuri Acosta had always been top of the page, most recently as the Chief Brand Officer. Whether or not he has moved on I suppose will not be known by the public. More curious is the addition of two new top level people - Niten Kapdia and Evan Price are now top of the page as Chief Operating Officer and Chief Financial Officer respectively. 

And the real question is, and continues to be, what's next for the media wing of Watch Town? There are no shortage of brands out there who want & need coverage. There is no shortage of potential customers and fans out there waiting to discover these brands. And finally? No shortage of people out there wanting to share this information whether out of passion, out of avarice, or some combination of the two. To be clear, there's nothing wrong with wanting to make a living while being involved with your passion. But ultimately, regrettably, and unfortunately, a select few outlets continue to absorb the majority of revenue, of product and news access, and of largesse from the brands. A simple review of who ends up at Watches and Wonders this spring will bear that out. Rather than inviting several individuals from several outlets, the folks entrusted with the guest list for Journalists will continue to invite the same large number of journalists from the same single outlet/s. 

So lather, rinse, repeat. Let's just hope the money keeps flowing...

Family Business

The word came down from LVMH HQ that Frédéric Arnault was now in charge of all things watches within the group. And with all due respect to Hodinkee (and if the comment section is anything to go by, I am not alone in my feelings), Mr. Anault's mercurial rise within the ranks of LVMH's watch division seems unlikely to happen anywhere else in Watch Town. The tone of the coverage from the 'dink was bordering on sycophantic. And not for nothing, it is understood that LVMH has invested in Hodinkee.

Family Business

It is not lost on anyone in the watch business that many of the most successful brands are businesses that have been started and run by individual families. Over time, several family owned brands made the decision to bring in outside talent to manage their brands. The recent departure of Mr. B at Audemars Piguet is a good example of this. AP could have engaged in the DNA Olympics, but opted for competent management that didn't happen to fall off the same family tree. 

It can also be said that there are family owned (and controlled) brands that have (by and large) remained in the family and gone from strength to strength - the name Stern still rings out loud and clear in Watch Town. But it is also important to understand that Thierry Stern grew up in the business, and spent years (not months) learning it. 

The Boss's Kid

I am no stranger to enjoying the largesse of perceived (and possibly real) nepotism. My father was a country club manager and as a teenager a job was arranged for me in the locker room of the Elyria Country Club where I spent my weekends and summers polishing members shoes and cleaning their golf clubs. I wasn't paid any more or less than my colleagues, but my hours were wildly elastic and absolutely to the benefit of my ability to go play in soccer games that my faither was coaching. I was not quite made the CEO of a watch brand, but I suspect the impact of nepotism (both perceived and real) has on the people you work with is a pretty universal and cross cultural one. You will always be judged with more than a soupçon of doubt.

Now it is safe to say that Mr. Arnault did not grow up in the watch business. And that is not necessarily a disqualifying factor. Several leaders in Watch Town came through different channels. But invariably, these folks had other experience in other industries. Mr. Arnault's CV prior to joining Tag Heuer was a little thin. His age at that time was in question by many. For me, in hindsight, I would not point a finger at age, but rather a lack of experience. We fast forward now some several years later, and Mr. Arnault certainly has some experience under his belt (both business and life). But to say that he single handedly made Tag Heuer a success is myopic (sorry Hodinkee). A lot of time and effort from a LOT of people before Mr. Arnault arrived paved the way for the path that Tag was and continues to be on. But as I have learned over more than 20 years in Watch Town, it is more often than not the family heir that receives the laurels as the last person standing.

Reality Check 

Regardless of what watch fans, the business world, or we members of the Fourth and Fifth Estate think and claim to be expert on, there is one simple, plain reality - LVMH is an extremely large, and by all accounts extremely successful juggernaut in the luxury business world. And with all due respect to all sides, it is a business that is essentially owned by the Arnault family. And to put it even more bluntly - Hublot, Tag Heuer, and Zenith were not exactly robust brands on their own. They needed (and still need) the group to support them, there is really no denying it. 

And One Last Bowl of Truth Soup

It is easy to be earnest and nostalgic about brands. It is even easier to shout that "I could do it better!" Watch fans are not entirely unlike fans of professional sports teams - we are a somewhat obsessive, overly opinionated lot that are convinced that if we were given the keys to the castle and a seat behind the big mahogany desk we would somehow know better and be hugely successful. And that just isn't true.

I think Mr. Arnault deserves the opportunity to prove himself now that he has landed in the hot seat. But to the historical revisionists out there, let's not forget that Tag's success is currently more down to the efforts put in prior. It doesn't mean Tag won't continue to prosper, but let's be real about assigning credit when we're handing out the roses ; )

What I've Learned - The Morning After Edition

Over the past few days, news has slowly trickled out about the most recent round of layoffs at Hodinkee, that by joyful coincidence have come just in time for the holiday season. While I suspect a few luminaries are still sunning themselves by the banks of Lake Geneva, the reality of what is really going on is tightening more than a few sphincters as all of Watch Town's great and good go through duty free picking up their giri (that's Japanese for duty, Gaijin!) gifts including toys and chocolate for the youngsters. Probably more than a few of these fine guys and gals will be updating their resumes and considering going into some other field that is not as dependent on the willing suspension of disbelief in the light of woefully unsustainable business plans. Lucky for them, liquor is still free on most international flights, which should make for a more focused cover letter upon sobering up Monday morning.

So the party, for many, is over. For many others, it's clear that the band has gone home, and the cleaning staff are starting to get a wee bit grumpy.  And this is true for the watch business and watch media business as a whole. Hodinkee just happens to be the canary in the coal mine.

So as much as I hate my prognostications being proven right (albeit years after making them) here goes. I will be calling on the help of several other notable watch industry experts, so here goes -

What I've Learned - The Morning After Edition

“The key to the game is capital reserves. If you don't have enough, you can't piss in the tall weeds with the big dogs.” 

Michael Douglas as Gordon Gecko in Wall Street.

So as I mentioned yesterday, +$40,000,000.00 doesn't seem to go nearly as far as it used to. To be fair, Hodinkee is not guilty of anything more or less dumb than what many Swiss watch brands have done (and will continue to do). They simply assumed that hiring a LOT of people, launching (in retrospect) an ill-advised watch insurance program, and doubling down on a fairly dubious move into online retail would pay off. 

And curious to relate? They have been forced to go to the well on more than one occasion to top-up the tank. And as I said, this is no different than innumerable Swiss watch companies. Money is always a problem. If you don't manage it, it will manage you. And Hodinkee is not the only erstwhile media company that has been drop-kicked through the goal posts of ill-advised retail. And if those two missteps weren't enough...

"Even Napoleon had his Watergate"

Yogi Berra

Hodinkee's Last Layoff

Now keep in mind, that was back in September. We are now just over 2 months later, and if the rumors are true, this might have resulted in further cuts in terms of headcount than in the previous round. Those who will say don't know, and those who know won't say. It's all well and good to point the bony finger of blame at a seemingly great acquisition gone wrong. But the fiscal realities staring them in the face comes down to more than mere buyer's remorse. Crown and Caliber, in hindsight, might have been an ill-advised purchase. But the deeper question is what really drove that purchase? Let's hope more than ego.

"Always remember why you bought the club (Company) in the first place."

Barry Hearn - The 10 things I learned from owning a football club.

In fairness, I suspect that owing a piece of Hodinkee was a pretty attractive proposition. It even caught the eye of The Wolf in Cashmere. And you never know, it might be attractive enough in its new, "value proposition" (sorry, too soon?) condition that if there is another "Arnault the Even Younger" out there looking for a youth-training opportunity, LVMH might pump in another round of investment and parachute another offspring fresh off a Berlitz English class to take the helm. But the truth in all of this is pretty sad when you think about the many people now out of work. And in fairness, I do feel bad for the founder, one Mr. Clymer. Now in all candor, I think we have met exactly twice, and I think it was equally unmemorable for both of us. Well, probably more unmemorable for him as I am sure that he has no memory of either instance ; )

But at the same time, I also find my sympathy challenging to balance. This is a guy who, after all, came from UBS, and was not one to hide his light under a bushel. But the real test now is how Hodinkee pivots. Hopefully in a positive direction.

"You've been drinking too much of your own bathwater."

Henki

As a middle aged man I think I can say this with some authority. Every man thinks he's good looking and has a great sense of humor. And the watch media business is, by and large, a sausage fest. If we are being honest about things, Hodinkee has not been living in reality. $40,000,000.00 seems like a lot of money, but when you live beyond your means, it can be gone pretty quickly. Jack Forster, Jon Bues, Cole Pennington - you may remember them from such roles as: "Editor - Hodinkee." 

They have come and gone. Whether these departures were the result of fiscal concerns remains to be seen (or said). There are some loyalists still in the fold, so we shall wait, and we shall see. But the bottom line is that sustainability is key whether you are running a lemonade stand, or a media/retail venture.

Now beyond anything else, the latest issues at Hodinkee are a bellwether for the watch media business as a whole. One large watch media outlet has apparently done some front-office redecorating with their (now former) US Editor seeking pastures greener. Others are struggling to balance commerce with editorial. It is a tough needle to thread, balancing editorial with commerce. It's an even tougher needle to thread when you have myriad investors expecting a positive return on said investment.

Bros Before...

In reading the tea leaves from the latest Brodinkee Instagram posting, it would appear more than likely that Hodinkee has cut loose a few (or more) now "former" staffers. Following the not so long-ago purge of more than a few former loyal employees, it would seem that the good ship Hodinkee is still taking on water, and more ballast is finding its way over the side. 

It would seem that $40,000,000.00 doesn't go as far as it used to...

I continue to be amazed by the machinations at the top of Watch Town's Fourth and Fifth Estates. But then again, I am just a small-time solo act, so what do I know?

Well, I'm glad you asked!

As you may or may not know, the only major watch fair still operating in the real world instead of "IMAGINE-Land" is Watches and Wonders. More importantly, Watches and Wonders is invitation only to the press. And now the next question you might have - "How do they decide who is invited?" Well, not unlike any other decision making process that is conducted by people who are still living out their High School glory days, it is a pretty thinly veiled popularity contest with the formerly unpopular kids finally getting to sit at the popular kids table, and they now get to flex. It goes something like this:

The media / marketing representatives for each participating brand will have a regional convocation to decide press invitees. This is organized by that highly transparent and wonderfully unbiased organization known as the FHH (excuse me while I die laughing). The names of potential invitees are put forward, and (at least in the recent past) if one brand blackballs you, you will not be invited. You may well have appointment invitations in-hand from 99% of the brands, but it only takes one brand to get you banned. Simple as that. Now also curious to relate, Hodinkee and other big outlets will get 5 - 10 invitations. Think about that for a moment - one outlet will get up to 10 spots. Independent, or let's be honest, less-sexy journalists who actually write whether they are paid or not? Typically the answer by those handing out the invites at the Watches and Wonders Rose Ceremony is  "Space is limited and we just can't invite everyone we'd  like to." 

And here is where I call bullshit.

The truth of the matter is quite easy to understand. Richemont, and now by extension the other "haute" brands (which now includes ORIS?) are not really even a little bit interested in diverse coverage. Or perhaps it is fairer to lay that truth at the doorstep of the FHH. Just as they want the disciples of Watch Town to keep their eyes on their shiny objects, these brand flaks can't seem to take their eyes off of their preferred (read compliant) shiny media objects. It's a wonderfully symbiotic relationship.

So to my fellow independent journos out there, take heart. If things don't improve at some of these other big outlets, there might just be an extra press invitation or two, providing you get past the velvet rope of the FHH's beauty pageant ; )

The BR03-94 BLACKTRACK

From Bell & Ross -

Courtesy of Bell & Ross

This stealthy time machine was released last week. For reasons I can't go into right now (but hopefully in a few weeks) I have found myself behind in keeping this little bloggy-wog up to date. But with that said, one of the bit topics of conversation during the NYC shows last weekend was this offering from Bell & Ross.

The BR03-94 BLACKTRACK,  was inspired by Sacha Lakic's Blacktrack BT-06 motorcycle and is a collaborative effort between Bell & Ross and Sacha Lakic.

Limited to 500 pieces, and priced at $6,900, the BR03-94 BLACKTRACK is an excitingly fresh take on the BR03 line.

Here are the pertinents -

• MOVEMENT

  Calibre BR-CAL.301. Automatic mechanical. 42-hour power reserve.

• FUNCTIONS

  Hours, minutes, small seconds at 3 o'clock. Date. Elapsed time chronograph: 30-min timer at 9 o'clock, central chronograph seconds. Minute track on the flange.

• CASE

  42 mm in width. Matte black ceramic.

• DIAL

  Black. Indices coated in Super-LumiNova®. Metal skeletonised Super-LumiNova®-filled hour and minute hands. Black flange with grey coated numeral and indices.

• CRYSTAL

  Sapphire with anti-reflective coating.

• WATER-RESISTANCE

  100 metres.

• STRAP

  Black and red calfskin leather and ultra-resilient black synthetic fabric.