JLC Reversal?

Not the hottest or freshest of news, but still interesting. If the reports from Miss Tweed and Mr. Zuccali are to be believed, Jérôme Lambert has possibly taken a page from his former sparring partner (Georges Kern) and might be working to pull together a management buyout to make Jaeger-LeCoultre independent and remove a second watch brand from the Richemont stable.

There are many different theories floating around watch town as to whys and wherefores motivating the heroes and zeros. But it does (to me) represent a few possible misconceptions as to the true value and long-term stability of JLC - no offense to the players in this little drama ; )

I was reminded recently (while listening to a watch podcast) that a lot of the folks opining on the machinations of Watch Town these days are, to a large extent, New Jacks. That doesn't make their opinion any less valid, but these are folks who did not go through the downturn of 08/09, nor experience the riches to rags saga of Basel World snatching defeat from the jaws of victory. What these pundits aren't really taking into account is that not so very long ago, the Richemont watch division juggernaut was just a gleam in the milkman's eye. Now granted, that milkman was one Günter Blümlein, but the one key reason why JLC became what it did was hard nosed cost cutting and consolidation prior to Richemont's acquisition. And, ironically, a lot of that lesson was lost in the succeeding decades. And a lot of that hit home with me when I recently visited the new JLC boutique in what locals are calling "Switzerland in Boston" on Newbury Street. Shit-tons of SKUs. And if I am brutally honest? There are only so many hard-core collectors who either live or visit Massachusetts's largest city. But this is more than just a question about local retail strategies. It becomes a much bigger question as to brand identity. I am a JLC owner. A fringe one, to be fair - an Atmos clock currently in off-site storage that is correct twice a day. When we consider how much money it takes to create, manufacture, and most importantly - to innovate? Without Uncle Rupert making it rain, JLC will not be such an easy lift.

Arguments can (and will) be made that this is a swashbuckling move that will once and for all firmly cement JLC's position amongst the all-time greats. I mean, c'mon! Just look at what Kerns did with Breitling! 

Well, yes and no.

Part of the feel-good love story of Breitling's triumphant reemergence is the part that most don't acknowledge - the not insignificant "re-ups" provided by private equity.  

And what about AP? Look at what Mr. B did? Again, that's a case of two things being true at the same time. He did bring the brand to new amazing heights, but that roll had already started, and was chiefly fueled by his on-again, off-again understanding that despite AP's at times deep catalogs, the real demand of any significance was the Royal Oak. Is there that much appetite for the Reverso out there? And while I'm sure that Mr. Lambert is a perfectly nice fellow, he doesn't exactly have the charisma of Mr. B, or even Mr. Kerns. Now in terms of personal dynamism, the same could be said of Mr. Dufour, but then again? He's in charge of Rolex. And JLC can paint as many pretty picutures as they like, but they are not Rolex.

So as is so often the case in Watch Town, we will wait, and will will see.

It's Deja Vu All Over Again!

In a move that is, well, a wee bit baffling...

Courtesy of Richemont

Word found its way to the North Shore offices of Henkitime (the Blog Formerly Known as Tempus Fugit), that rather than identify an up and coming talent, the brain trust as Richemont felt it made more sense to recycle a former CEO and put him back in the role again.

And this is a bit curious owing to the battle royale that (not so) quietly played out between the then CEO of IWC and the once-and-future CEO of JLC to win the hearts and minds of the Richemont faithful. Long story short, it appeared to end in a draw with Kerns decamping to the leafy glens of Grenchen, and Mr. Lambert assuming the crown at the group writ large. 

But time is fluid, nothing is forever, and the once-and-future king has returned.

Here's the briefing from Richemont -

Jaeger-LeCoultre is pleased to announce the appointment of Jérôme Lambert, currently Richemont Group Chief Operating Officer, as Maison Chief Executive Officer, effective January 1, 2025.

Jérôme Lambert has had a distinguished career within Richemont, having notably served as Chief Executive Officer of Jaeger-LeCoultre and the Richemont Group.

“It is with profound honour and genuine pleasure that I return to the Grande Maison, the place where I first set foot into the magnificent world of Swiss watchmaking. This opportunity is both a privilege and a homecoming to the craft and heritage that have shaped my career.”

Jérôme will be able to bring to bear his deep knowledge of the watch industry and affinity with the Maison as well as his vast Group experience to maintain its pioneering role in Swiss watchmaking and ensure its long-term success.

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.

Best in Show at Watches & Wonders -

Goes to Baume & Mercier's Hampton Automatic Big Date / Dual Time -

Courtesy of Baume & Mercier

Watches & Wonders often rapidly devolves into a popularity contest.  Sure Panerai, Vacheron and Jeager are cool and exciting, but for me the real star of this year's presentations was a new take on the Hampton from Baume & Mercier.

Baume & Mercier had been in the wilderness for awhile.  But with the previously released Baumatic, and now the new self-winding Hamptons, I think there is a real opportunity for Baume & Mercier to step out of the shadows of it's more popular, flashy brothers and sisters and to finally be appreciated for what it is.  

Courtesy of Baume & Mercie

I love the shape, I love the size, and as I am now in the beginning chapters of my second half century I love the realistic legibility of the dial and its various functions.  Yes, I do love little details like GMTs and dates, but they inevitably are writ small on most dials or require a certain amount of patience that I, frankly don't always posses.  And as my optometrist will tell you, my vision is not exactly 20/20.  The big date is extremely welcome, and the day/night indicator on the dual time register is a wonderful piece of whimsy that will also ensure you don't inadvertently jack-up the date changing mechanism should you need to re-set the watch after not wearing it for awhile.

And while I was once in my 30s, and I weighed less, and was not quite so grey on the sides, I hold no fantasies about getting behind the wheel of a Formula 1 car, diving for sunken treasure, or punching out a Nazi on Omaha Beach.  I want a watch that speaks to me, not to some goofy vision of what the marketing department tells me I am.  

And ultimately, what we like and don't like should be, somehow, personal, right?  If I were invited to Geneva for the big show, and given a blank check?  This is the one I'd put my marker on.

Here are the pertinents -

HAMPTON REFERENCE
 M0A10523
MOVEMENT
  Automatic (Soprod TT651)
  Bridge with circular-grained decor
  Sandblasted plate with snailed decor
  Oscillating weight adorned with “Côtes de      
          Genève” and snailed decors
  Power reserve: 42 hours
  Jewels: 21
  Frequency: 4Hz (28’800 vph)
  Thickness: 5.25 mm
FUNCTIONS
  H/M/S, grande date, second fuseau,  
          indicateur jour-nuit
CASE
  Rectangular
  Size: 48 x 31 mm
  Thickness: 10.8 mm
  Polished stainless steel
  Scratch-resistant curved sapphire crystal 
  Open case back secured with 4 screws*
DIAL
  Opaline and grained silver-colored
  Riveted black ruthenium Arabic numerals   
          and indexes 
  Black ruthenium sword-shaped hands
  Black and grey minute-track
STRAP
  Interchangeable black all square scales  
          alligator with grey stitching
  System of bars with very reliable lug that   
          allows to change the strap without tools
CLASP
  Triple folding clasp with security push- 
          pieces 
WATER-RESISTANT
  5 ATM (approx. 50m)

Social Distance and Lingering Wishes

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

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

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

Courtesy of Rod

This is the Cartier Tank Basculante.

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

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

Courtesy of Rod

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

Courtesy of Rod

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

Courtesy of Rod

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

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

If Price Were No Object

I am, by and large, not a huge fan of many of Jaeger-LeCoultre's watches. There, I've said it.  

Now some things about JLC as a brand I like very much.  Not least of which is their understanding that being the CEO does not require you to possess the Y chromosome ; )

And they do make one watch that has held my attention for quite some time, the Reverso.  But not just any Reverso.  In the not-so-distant past JLC began producing the Reverso Tribute Small Seconds.  The Reverso, with a twist.  A colorful dial that truly stands out.

Courtesy of Jaeger-LeCoultre

In a world of black dialed divers and silver/white dress watches, this one stands out.

Now when we talk about pricing, let's be honest, it is not for everyone with a sticker price of $7,650 before the sales tax.  But some things are worth it.  And for me, if price was not an object?  This would be on my wrist!

Here are the pertinents -

Case
Stainless Steel, Water-resistance - 3 bar, Dimensions (L x W) - 45.6 X 27.4mm

Movement 

Jaeger-LeCoultre Calibre 
822/2
Manual-winding
Hours, Minutes, Seconds

Dial
Burgundy red, sunray-brushed, appliqued hour-markers

Strap
Leather

The Last Man Standing

Well, at Richemont it would appear to be Jérôme Lambert.  For many of us, this had been a forgone conclusion for some time.  It was never going to be a tenable solution for the long term, putting two alpha males at the same perceived level with the ultimate prize only available to one of them.  Not unlike Thunderdome, two men went in, one man came out.

I know that sounds a bit dramatic, but when you are talking about getting the corner office after that many years of service?  Well, let's just say that if you felt strongly enough that you were not going to be at the final rose ceremony, you might set out for potential pastures greener in say, I dunno', Grenchen.  Put more simply, you don't tend to walk away from the biggest pot of your life if you think that you have the winning hand.  

It also bears mentioning, that it is entirely possible that this was not exactly the way it was planned, but Mr. Kern's surprise departure to play Head Pilot at Breitling might have forced Mr. Rupert's (and Richemont's) hand.  

It has been a drama full of twists, turns and palace intrigue.  But for now, it appears that Mr. Lambert has won this particular game of Powerball.

The Hunger Games, Part the Second

I'm sure you've already read about it, but to confirm -
Georges Kern has "dropped his letter" at Richemont HQ.

Unlike many resignations and appointments, the news braking this Bastille Day has taken a lot of us by surprise, including me.  But when you spool it out and look at it in its (current) entirety, the pieces do fit together rather nicely.

Courtesy of tick-talk time

So let's start at the beginning with the announcement put out earlier today from (I suspect) a very harried PR department:

Richemont announces resignation of Head of Watchmaking, Marketing and Digital
 
14 July 2017

Richemont regrets to announce the resignation with immediate effect of Mr Georges Kern. Mr Kern was Head of Watchmaking, Marketing and Digital. He has stepped down from the Senior Executive Committee and the Group Management Committee and will no longer be standing for election to the Board of Directors of Compagnie Financière Richemont SA at the forthcoming annual general meeting of shareholders.

Commenting on Mr Kern's decision, Mr Johann Rupert, Chairman, said:

Quote
Georges has been offered an interesting opportunity to become an entrepreneur.
He has had a very successful career at IWC Schaffhausen and we wish him well.
Unquote

Richemont's watchmaking, marketing and digital activities will report to the Senior Executive Committee.

But there is, it would seem, another twist in the tale.  Later in the day it was intimated (albeit not by anyone willing to go officially on the record) that Mr. Kern would be taking control of another testosterone fueled brand, Breitling.  This reporting came from the folks at Le Temps.  Attempts to get either confirmation or denial from Mr. Kern were apparently unsuccessful as of this morning (Swiss time).

Okay, so that's the obviously knowable, but let's dig into the context.  Mr. Kern did a very good job with IWC, and I suspect that in the palace court that is Richemont HQ, there has been more than a little jockeying for position.  With the announcement of a "twin towers" approach which resulted in booting both Mr. Kern and Mr. Lambert upstairs into Richemont's newly re-jiggered corporate structure, it seemed that the one who could be the most Machiavellian would probably emerge as the CEO of the entire Richemont group.  And very often when you have two people who want the same thing, it can very rapidly become a war of attrition.

The other thing to consider is what Charles Horton Cooley termed the Looking Glass Self.  Essentially, that the way we view and value ourselves is, more often than not, a reflection of how we feel we are perceived by others.   When you have been at the forefront of a fairly successful brand, it can be a bit of a let-down to no longer be the face of that brand.   Being in charge of several brands gives you status for sure, but it is not nearly as sexy as the red carpet.  Breitling has historically been ready, willing and able to throw money around and pursue celebrity "chums".  And in fairness to Mr. Kern, he does posses a gift for the "grip and grin".

It is important to really understand that although this news is "breaking" for the rest of us, this was clearly put in motion some time ago.  From time to time impulsive decisions are made in the heat of passion, but I do not think this is one of those times.  This has clearly been building, and more than likely Mr. Kern was just looking for the best possible sortie (and that would be the French definition).

So if the reports are true, and Mr. Kern is on his way to Grenchen, then it marks an interesting step in his career.  As to the "entrepreneurial" aspect of this step, it is also unclear as to whether Mr. Kern raided his piggy bank or whether he was granted some equity in exchange for taking on the challenge.  

My only request would be that he remove the fighter jet from the Grenchen roundabout just off the highway... it's an eyesore.

 

March...

Would seem to be an improvement -

Courtesy of the FH

The March numbers are in, and as noted by the FH they seem to be a bit better.  But interesting to relate that the FH has taken to tempering their feedback of late, stating essentially that although this is an improvement, don't read too much into it.

But there are a few other indicators out there that might shed a wee bit of sunshine.  Per some reports, the total number of retail store closures in North America has been down this first quarter.  And that is a potentially positive development as well.  But these same outlets also report that the number of NEW North American retail stores is also down. 

Obviously, it is in the best interest of everyone involved if the industry rebounds.  But this has been a beat-down of nearly epic proportions for brands, distributors, retailers and yes, even customers.  A beat-down the likes of which we haven't seen since the "Quartz Crisis".  And while there were real lessons learned from that paradigm shift, it remains to be seen if this current paradigm shift will illicit the same level of introspection at the higher echelons.

And while the rate of decline is slowing, it does not necessarily mean that we are in blue sky territory. What it most likely means is that the rubber has finally hit the road and at least some of the brands, distributors and retail store owners are starting to realize that things are most likely not going to rebound back to the level that they were.  Production, sales forecasts and pricing might finally be getting closer scrutiny.  The perceived need to carry such large staffs both in Switzerland and in the "outposts" might be getting a second look as well. 

And we have anecdotal evidence that clearly shows that brands and those dependent upon those brands are starting to change their attitudes and approaches.  Some for sound business reasons, some just out of panic:

BaselWorld - will be reduced by 2 full days with participation fees (reportedly) to be reduced to reflect this change.  With attendance down again for retailers and journalists, this was most likely a very cold cup of espresso for the BaselWorld organizers to swallow, but the numbers just don't lie.  It was a bold decision to take, and one that I agree with.

SIHH - 'nuff said.  

Brand Managers - several found themselves let go just before and just after BaselWorld.  This is not exactly a new development, but the level and depth of these cuts was a little more marked this year. So brands are going to be REALLY looking at who is performing and who isn't.  Tough love time.

The "Soft Grey" Market - well known brands are clearly not selling at the level that the could or should, and growing portions of their stocks are being dumped into group buy sites.  Merchandise has to be moved, and this seems to be the most acceptable of a lot of really unacceptable solutions.

And then, as always, there will be holdouts:
 
The Brand Boutique - for a few independent brands, there is still a monumental disconnect on the realities of their given situations and they continue to insist on dropping more and more money into a boutique that can never really pay for itself.  For a group brand?  No big deal, it is a marketing expense.  For an independent brand?  It is an ego stroke and a fairly clear disregard for reality.  And it also reflects the Sunk Cost Fallacy (please refer back to the Sunk Cost Trap - http://www.tempusfugit.watch/2017/04/the-sunk-cost-trap.html for further examples) that is at work at the highest levels of some of these brands.  When you have sunk as much money as some independents have into these boutiques, it becomes harder and harder to walk away.

Now contrary to the frantic assertions of a certain watch industry writer, I am not the Antichrist.  I truly take no satisfaction in seeing the industry suffer.  But I also believe that just because you trim a donkey's ears, that doesn't suddenly give you a Shetland Pony.  

Some of the industry is moving to adapt, and some particularly sharp operators have been a few steps ahead and have done okay even during this downturn.  The real challenge now is for the remaining denizens of planet "Watch" to decide if they are ready to adapt or not.  

Because while a reduced loss is better than an increased one, it is still a loss. 

The Transfer Window Opens - and the Sapphire Crystal Ceiling is Broken!

As my Great Grandfather (Big) Jim Henderson said once or twice - It's a pretty bad wind that doesn't blow someone some good.  Yes, four well-paid, well-fed white men have lost their jobs.  And given the fact that many former lower level employees of these companies have bigger problems than having to postpone the redecorating of their vacation villas, not tons of tears are being shed.  Most of Richemont's brands have been sucking it for some time.  That's just the plain truth.

These changes had been in the wind for some time, and interesting to relate that two of these "retirees" are being kept on in some sort of sweetheart capacity to be "Non Executive Presidents" (sit in the corner, collect your paycheck).  I am sure that unemployed watch makers will feel all warm and fuzzy as they are out looking for new jobs and can't afford to do the normal things for their families.

But let's get back to the good news portion - in the wake of Messrs Cardinali, Torres, Riedo and Leopold-Metzger vacating their positions - someone decidedly NOT male is taking the wheel at Piaget -
Chabi Nouri will be assuming the lead role!

Courtesy of Piaget

And I will be really honest here - I sincerely hope she is wildly successful, and if so, that it will FINALLY usher in an era of women at the head of big brands. 

Let's hope so!

Where's the Love?

So it is now clear that the shot callers at Richemont, and the people that they employ have recognized that they have a fundamental difference of opinion regarding how they should work together to improve the financial situation of the group.

Richemont believes that jobs should be cut.  Oh, and instead of trimming the executive levels, they should increase them by shifting the current CEOs into even higher level (most likely higher paying) positions and replace them with new CEOs which will (you guessed it) increase the amount of payroll and benefits directed towards senior level management.

The people who do the actual heavy lifting have a different perspective - maybe they could go to part time / reduced schedules, hang on to their jobs, and work TOGETHER to try and improve the very awful situation that the very people getting promoted are actually responsible for.

Today the rubber hit the road as the UNIA labor union reported in their newsletter that approximately 700 watch makers in the Vallée de Joux and Geneva protested against what appears to be a nearly terminal case of "Greedy Bastarditis".  Here is a link to the article -

UNIA

"Our lives count more than your profit!"
That was the rallying cry of those protesting, and it signals what an industry insider shared with me was a truly unique moment in the history of the Swiss watch industry.  Typically, the employees would cave, accept the situation and move on.  But in my personal opinion, I think that the people who are being expected to pay the freight on the excesses, miscalculations, and failures of the people now being promoted have finally had enough and are calling BULLSHIT.  The emperor is running around "starkers" and it's time to work TOGETHER to try and find a reasonable solution.

Again, I am sure nobody at the upper levels of Richemont or UNIA are likely reading this, but I am a qualified mediator, and I'd be happy to help you guys work it out ; )

 

 

The Reality of the Situation

Recently Richemont announced that they would be making 350 Swiss staffers redundant.  In related news, Kering and LVMH announced wonderfully diluted messages - profits were up, but in fact watch sales (as everyone knew) were down.

And while it is never "warm and fuzzy" news to hear that people are losing their jobs, it is the reality of the situation.  Losses have been steady, and higher up the food chain people were too frozen to make changes when they should have been made.

Over at GP/JEANRICHARD the HR Office has been burning the midnight oil as the staff org chart is changing faster than an English Premiere League during the transfer window.  So I suppose we all have our own coping mechanisms.

BaselWorld promises to be a bit of a work in progress for the upcoming year.  Yes, the big dogs will be there, but a few brands have, surprisingly, "upped stakes" and either moved off campus or are giving BaselWorld a pass full-stop.  For all of them it is a question of economics.  But not necessarily of the reasons you might think.  For some, they are very short of funds, and they have gone to the well one time too many and their "benefactors" are no longer willing to pump money into a sinking ship.  But other brands are starting to feel that it is not worth the price tag to remain at BaselWorld.  So there will be a few brands sitting the fair out this year.  Not due to lack of funds, but owing to the reality that there is a significantly reduced number of retail store owners coming to visit and actually place orders.

So as we are nearly just a few weeks away to kick-off, we watch and we wait.

SIHH - the Antidote

With all of the excitement finally receding into the background with the closing of SIHH for another year, I though it might be interesting to have a look at something from a Richemont group company that is not a "show-pony".

This is my very own Jaeger Le-Coultre Atmos clock.  It has, in the past, informally served as the official timekeeper for Tempus Fugit.  And it does come with a bit of an interesting story. It had been left at a local watch makers for repairs back in the 90s. The person who left it never came back for it.  I visited the shop pretty much once a week to ask if it was finally for sale.  Every week I got the same answer from the store owner - "Let me think about it and I'll tell you next week".  This went on for a little over 11 months.  I finally convinced the owner of the shop to sell it to me and it has now been with us for several years. As with any vintage clock or watch, it has required a few trips for service to finally get "just right". I think that we are finally there.

Now while I would love to own a red Reverso or an Overseas from Vacheron Constantin one day, I truly am not bothered about all of the "of the moment" concoctions hurled about as "SIHH specialties".  A note to the marketing folks at Richemont - you have some singular classics - don't forget about them ; )

 

The Patrimony Perpetual Calendar

From Vacheron Constantin 

Courtesy of Vacheron Constantin

I would like this to be solely about a wonderful new watch - and we will get to that, I promise.  But at the heart of this is why I REALLY appreciate Vacheron Constantin and the way they go about their business.

Courtesy of Vacheron Constantin

Look at Audemars Piguet and you get a "who wore us on the Red Carpet" piece of fluff-laden chicken shit.  IWC does everything short of trotting Tom Cruise, Anthony Edwards and Val Kilmer out in tight shorts, oiled up to play topless volleyball to reinforce the connection they want you to feel that they have with the movie Top Gun.  And the on to Jaeger LeCoultre and every film festival known to man.

I have often wished that brands would take the path of Patek Philippe.  Anyone who can tell me the last time Patek sent out a press announcement informing us of their latest celebrity partner?

And perhaps ask the same question about Vacheron?  Vacheron is part of a huge group, they have plenty of money to spend.  But ask yourself how they spend it?  On making beautiful watches.

Courtesy of Vacheron Constantin

So without further messing about, here are the pertinents:

Patrimony Perpetual Calendar Collection Excellence Platine

A stellar complication – the perpetual calendar – joins the Collection Excellence Platine. This Haute Horlogerie classic is powered by the legendary Caliber 1120 QP, an ultra-thin mechanical self- winding movement revealing the elegance and finesse of the Patrimony collection.

Caliber 1120 QP developed and crafted by Vacheron Constantin drives the hours and minutes hands, the moon phases at 6 o’clock along with a perpetual calendar displaying the day of the week in a counter at 9 o’clock, the date in a counter at 3 o’clock, the month and leap year in 48-month counters at 12 o’clock. Acknowledged by connoisseurs as one of the most iconic existing perpetual calendars, it will smoothly cope with all the vagaries of the calendar without requiring any corrections until March 1st 2100. Unlike simple calendars requiring manual correction after every month with less than 31 days, the perpetual calendar takes account of the leap-year cycle with its 31-, 30- and 28-day months, as well as the quadrennial recurrence of February 29th. This sophisticated function requires prodigious miniaturisation to mechanically adjust it so as to keep track of calendar irregularities. This miniaturisation has been taken to extremes in order to achieve an ultra-thin perpetual calendar. Vacheron Constantin Caliber 1120 QP measures just 4.05 mm thick, beats at the frequency of 2.75 Hz (19,800 vibrations per hour), and has a 40-hour power reserve. The oscillating weight cut out in the shape of a Maltese cross further embeds the design codes of the Maison at the heart of the movement.
In keeping with the aesthetic codes of the Collection Excellence Platine born in 2006, this new Patrimony Perpetual Calendar is crafted in 950 platinum case, as is the dial. The latter features a finely grained sand- blasted dial discreetly bearing the inscription “Pt50” between 4 and 5 o’clock. The slightly convex external zone is adorned with a circular “pearl” minute-track and 18K white gold applied hour-markers. The hours and minutes hands are in 18K white gold, while the calendar pointers are in blued steel. Setting the finishing touch, the saddle-finish dark blue alligator strap is hand-stitched with silk and 950 platinum threads, and secured by a folding clasp in the same metal.

Revolving beneath the dial, the moon disc depicts the heavenly vault in white gold enhanced by a blue galvanic treatment. Each star has been delicately crafted so as to provide an exact map of the sky.  Fitted with a sapphire back enabling one to admire Caliber 1120 QP, the 41 mm-diameter case is water- resistant to 3 bar (approximately 30 meters.

This exceptional model will be launched in a strictly limited and numbered 100-piece edition. 

Courtesy of Vacheron Constantin

TECHNICAL DATA

Patrimony perpetual calendar

Collection Excellence Platine

Reference 

43175/000P-B190
Hallmark of Geneva certified timepiece

Caliber 

1120 QP
Developed and manufactured by Vacheron Constantin Mecanical, self-winding
29.6 mm (12’’’1⁄2) diameter, 4.05 mm thick Approximately 40 hours of power reserve
2.75 Hz (19,800 vibrations/hour)
276 components
36 jewels 

Indications

Hours, minutes
Perpetual calendar (day of the week, date, 48-month display with leap year indication)
Moon phases 

Case 

Platinum 950
41 mm diameter, 8.9 mm thick
Transparent sapphire crystal caseback Water-resistance tested at a pressure of 3 bar (approx. 30 meters) 

Dial 

Platinum 950
Sand-blasted
“Pt950” hallmark between 4 and 5 o’clock
Convex external zone with circular “pearl” minute-track 18K white gold -applied hour-markers 

Strap 

Dark blue Mississippiensis alligator leather with alligator inner shell, hand-stitched with platinum 950 and silk, saddle-finish, large square scales

Clasp 

Platinum 950 folding clasp Polished half Maltese cross-shaped 

What Barry Hearn Could Teach the Watch Industry - 3

3.     Make sure your heart and wallet stay in a different place

Watches do more than tell time, they stir passion.  Inevitably, the folks in the PR departments and those signing on the dotted line, and even those at the very top sometimes lose track of the business side.  Sometimes, their hearts and the company wallets "merge".

Let me put it even more bluntly - LVMH, Richemont, SWATCH and even the smaller guys have absolutely no problem with be tough negotiators with suppliers, staff, distribution and retail partners.
And frankly that is the way it should be - this is business after all.  

But when it comes to celebrity partnerships, ambassadors and events, they spend like drunken sailors on a 24 hour shore leave.  Press junkets to Argentina to watch polo, to Iceland to hike and look at glaciers, Germany for a gala launch, to Hawaii to watch (and not report on) a surfing event... it goes on and on.  Put another way, some brand managers and CEOs have clearly never met a celebrity that they wouldn't like to be "closer to".

Millions of dollars thrown at celebrities, and very little measurable return.  But every brand PR manager, brand manager, CEO is so terrified of NOT doing the same thing that the big boys are doing that they continue to throw the money around.  

Now I am not saying that friends of the brands or partnerships are inherently bad.  But I take more of a "Money Ball" approach to the spending of marketing money.  But ultimately, there is the unshakable belief that you must be partnered with the MOST PRESTIGIOUS partner possible.  Which, in turn, limits your exposure (fewer "impressions"), and costs you a BOATLOAD of cash.

When your brand is hemorrhaging money, maybe if you spend your marketing money a little more responsibly, you won't have to lay off hardworking staff for the sake of your ego.

But ultimately, brand manager, PR manager and CEO - it is up to you.

The Danger of Obsession...

I wake up - she is there, on my mind.  Haunting me like the girl you were afraid to talk to - a girl like that could never be interested in a guy like me...

Courtesy of Jaeger-LeCoultre

Haunting my waking and sleeping state.  Obsession can be fun - but it is still obsession.
Someday...

Jaeger-LeCoultre celebrates in style with W Magazine for Generation W

This just in form Jaeger-LeCoultre -

Jaeger-LeCoultre partnered with W Magazine’s Editor in Chief Stefano Tonchi to celebrate Generation W, the magazine’s inaugural issue featuring the new global generation of style setters.  Actress, Cannes Film Festival juror and friend of Jaeger-LeCoultre Diane Kruger topped W’s ‘best dressed’ list, and also featured was artist Teresita Fernández, appointed by President Obama to the U.S. Commission of Fine Arts.

Courtesy of Jaeger Le-Coultre

During the event, host and Editor in Chief of W Magazine Stefano Tonchi choose to wear an iconic Grande ReversoCalendar in steel, while Teresita Fernández’s delicate wrist was enhanced by the new and feminine side of Jaeger-LeCoultre, a Rendez-Vous Night and Day in rose gold.  The watchmaking maison showcased rarely-seen patrimony pieces and historic red-carpet women’s watches especially flown in from its Vallée de Joux Manufacture for the occasion.

Guests of note enjoying the event, held in an exclusive turn-of-the-century midtown Manhattan townhouse, included: Yigal Azrouel, André Balazs, Giovanna Battaglia, Derek Blasberg, Anna Dello Russo, Erin Fetherston, Gina Gershon, Genevieve Jones, Stacey Keibler, Doutzen Kroes, Suzy Menkes, Rebecca Minkoff, Elisabeth Moss, Mandy Moore, Erin O’Connor, Thakoon Panichgul, Carine Roitfeld, Olivier Theyskens, Jason Wu, and Rachel Zoe.

Jaeger-LeCoultre: A Rose for Emergency

It is always nice to see a luxury brand involved in real, honest and valuable charitable work for the good of others - Well Done Jaeger-LeCoultre!

Here is the info:


On the occasion of the 69th Venice Film Festival, Jaeger-LeCoultre is pursuing its partnership with Emergency, a humanitarian organisation established in 1994 to help the victims of civil wars and poverty, by supporting maternity hospital opened by Emergency at Anabah in Afghanistan, a country where the health of mothers and their children is an urgent daily concern.

Courtesy of Jaeger-LeCoultre

Every month over 300 children are born in the maternity hospital of Anabah.
At an average rate of 10 childbirths per day, over 100 babies are expected during the Venice Film Festival, and Jaeger-LeCoultre will finance the centre for the entire duration of the festival.  Cinema stars will join Jaeger-LeCoultre in its commitment.

The "A Rose for Emergency" project by Jaeger-LeCoultre was indeed inspired by these precious blooms. In Afghanistan, a rose is a much appreciated and meaningful flower: it is a symbol of love, of purity, of delicacy and of life, a flower that blossoms in a country devastated by war and poverty. Like the other Afghan Emergency centres that are also surrounded by superb gardens, the maternity centre is set amid a beautiful rose garden.

In support of this important project, celebrities joining the humanitarian action will walk the red carpet in Venice holding a rose and wearing the watch that symbolises this operation. The watches will then be sold by Christie’s auction house and proceeds will entirely be donated to Emergency in order to help fund the centre.

Emergency Maternity Centre in Anabah
Established in 2003, the facility offers gynaecological, obstetric and neonatal services in the Northern areas of Afghanistan, a region with a population of over 250,000. The maternity
centre located near the Emergency surgical centre is the region’s only specialised facility offering its services free of charge. The centre has implemented a prenatal care programme to monitor pregnancies and to provide timely treatment for any pathologies that arise. International and national midwives carry out periodical monitoring missions of pregnancies at the First Aid Posts and Health Centres spread over the region. The Afghan team of personnel employed at the Maternity Centre is composed exclusively of women. Emergency directly handles their recruitment and professional training.
Maternity centre statistics (updated on 31/03/2012): out-patients: 86,909 – in-patients: 22,399 – surgical interventions: 4,841 – children born: 15,018
Emergency ONG ONLUS
Emergency is a humanitarian association established in 1994 to help the victims of civil wars and poverty.
Since 1994, Emergency has intervened in 16 countries, through building hospitals, surgical centres, rehabilitation centres, paediatric clinics, healthcare centres for primary medical assistance, maternity hospitals and cardiac surgery centres.
Since 1994 Emergency doctors have treated over 4.5 million people.
www.emergency.it

Jaeger-LeCoultre Reverso customized by Jonathan Meese

Jaeger-LeCoultre joined hands with German artist Jonathan Meese in creating a special customized design for the case-back of the Grande Reverso Ultra Thin Tribute to 1931.

Courtesy of Jaeger-LeCoultre

An exceptional time-piece of art issued in two copies only. Art- as well as watch-lovers now have the possibility to exclusively buy one model of this Jonathan Meese designed Reverso. The proceeds will be given to the German Apoplexia Foundation. Founded in 1993, it advocates a modern and efficient care for patients who suffer from apoplectic strokes. In Germany almost 270.000 persons per year suffer from a stroke. Of course, this affects above all elderly people, but also around 300 children suffer an apoplectic stroke every year. Around 64% of these patients remain handicapped and are in need of care. The German Apoplexia 

The Sterling, Cooper, Draper, Price Reverso

Here is the latest from JLC -

25 custom-created and numbered pieces of The Grande Reverso Ultra-Thin Tribute to “Mad Men”  will be available in February 2012.

Courtesy of Jaeger-LeCoultre