What If? Why You Should Seriously Consider Shopping at Shopworn

Okay, as you know Tempus Fugit accepts no advertising money (actually, maybe I should...) nor do I write "pay to play" advertorial, as the idea of doing that makes me feel dirty, and not in a good way. So I tend to tell you straight, and in this case as a previous customer of Shopworn, I feel secure in giving you this PSA.

Tempting though it is to buy dirt cheap from Grey Market superstores, I have come to realize that every time someone does that (the customer) they (that same customer) are doing themselves a disservice. Yes, they are getting their "watch du jour" at "Deep South" prices, but ultimately they are devaluing their own purchase before it even arrives and they can put it on their wrist!  

So what's the big deal? Well, as you know, even though watches and pens are not perishable items like, say milk, they often do have a perceived finite life span. There are several (in fairness) good reasons for this. Each year, brands bring out new models. And while the blind hubris of the somewhat recent past where brands clearly over-produced and simply swept the excess under the Grey Market carpet, it began to dawn upon them (albeit more slowly than it should have) that this was hurting their brand not just in terms of perception, but ultimately in the bottom line. Brands, distributors and retailers were simply trying to cover their nut. But more often than not, that quick rush from an illicit Grey Market dump was as short-lived as a hit off the crack pipe. 

What if... there was an outlet mall for watches?

The concept of the outlet mall has obviously been somewhat perverted from its original concept, which was selling the previous year's fashion at a discounted price at a company owned store. In other words, let's say Ralph Lauren had a fuchsia polo shirt that sold everywhere except the midwest. Ralph would "buy back" the stock and off it would go to the outlet mall stores. It was not a "second" or stained or damaged shirt, it just didn't sell well in Elyria, Ohio.  A young guy or gal walks into the outlet store with their birthday money from Grandma and "boom" - it's as if they've found a Ralph Lauren original polo that was made just for them!   Cue "Happy Ending" from that under appreciated Elvis Presley film "It Happened At The World's Fair" -

Okay, but let's get back to watches and pens.  Apart from Movado, or Fossilthere really isn't such a thing as an outlet store. But what if there was a way to get a watch that had been with a retail store, but for whatever reason had not sold and was bought back by the brand, and you could buy it at a very agreeable price point? And you could know with confidence that the watch actually came from the actual brand and didn't drop off the back of a truck, or was part of a large scale product dump? And what if rather than give you a (let's be honest) less than honest claim of "new in box with  its original, factory warranty!" (which will be worthless when you try to get after sales warranty service for it), you were told that not only was this watch authentic, but would be provided with a warranty by the retailer that you bought it from? And finally, what if that retailer could offer you the watch you wanted at a price you could afford, offer warranty service and be able to do all of this because they were working in direct transparent partnership with the brand itself? Now you're interested?  Well you should be!

Now take me, I am not wealthy (remember, no advertising revenue or blood money for advertorial), I am a social worker by day. While I am wealthy when I consider the "warm and fuzzy" ledger in the account book, when I look in the "disposable income for watches, etc." ledger... let's just say that I am not what would be considered a prime demographic for many brands ; )

But that doesn't mean that I don't buy watches, I just have to be careful with how much I spend, and I tend to only buy things I really want to wear myself -

Courtesy of Graham

I don't love everything that Graham does. Not a fan of pin-up girls on my watch dial. Having said that, this one I LOVE!  It is the Chronofighter Vintage Chronograph, and if there is any justice in the universe, it will still be available when I have concluded some potentially awkward conversations with my piggy-bank ; )

Courtesy of Graham

Now even if this one is not for you (and no offense, but as I want it for myself I hope that it isn't), there is a good selection of watches and pens to choose from. And you can purchase with confidence that it is the real deal.

I can say this as the proud owner of a Montegrappa pen that I purchased from Shopworn. Absolutely as advertised, and affordable for this full-time social worker/sometimes brand consultant and horological raconteur -

Ralph Lauren Polo Bear Collection

From the Amazon Prime Series Jack Ryan -

Nicolás Reyes: [coming down from his horse] Do you know anything about polo?

James Greer: I know Ralph Lauren makes a great shirt.

Courtesy of Ralph Lauren

For those of you who don't have HBO, I highly recommend that you find a way to watch the documentary on Ralph Lauren.  

Trailer

It aired last night (at the original time of writing this article) from 9:00 PM, and whether you appreciate fashion, a success story, you are a fan of artists and what drives them, or simply enjoy a true entrepreneurial story?  Get it in front of you and watch it.  It is worth your time.

Courtesy of Ralph Lauren

I will not craft a false narrative and say to anyone that I was a fan of the first iteration of the Ralph Lauren watch collection.  They just weren't my jam.  While it was (and as far as I know still) is a partnership with Richemont, and while the look is classic, I just felt that the same thing was available through other Richemont brands.   The Ralph Lauren collection evolved and grew, but for whatever reason it never really resonated with me.

Courtesy of Ralph Lauren

And then something happened this past BaselWorld.  A Ralph Lauren watch changed my mind, and did so in the highly unlikely form of an earlier Ralph Lauren Bear watch being worn on the wrist of a young blogger from Singapore.  Think about this for a minute, BaselWorld is the ultimate vanity/ego trip for those of us in the media.  We fret and worry about which watch to wear because we want to stay "fresh" in the eyes of our peers.  And you will see some extraordinary pieces from time to time - tourbillons, equations of time, I could be wrong but I might have seen one last year that can make a cappuccino ; )  Remember, we are the lucky few that from time to time will be gifted with prototypes and other rare one-offs that can't be bought or sold.  So what did this dashing young man have on one of his wrists?  A Polo Bear watch.  And I am not engaging in hyperbole when I tell you that this watch got a lot of attention.  Not because it was a tourbillon, not because it was crafted of Unobtanium, nor because the dial was varnished with the tears of unicorns.  The real reason?

It was FUN!  And it spoke to me and to the several journalists, collectors and even independent brand owners that were gathered around our mini-fair at the HYPE.  And the more I think about it, it isn't too difficult to understand.  For the same reason that I continually hope that some brand will make a truly solid, classic, mechanical Tintin or Snoopy watch, this young man's Polo Bear watch hit that wonderfully joyful visceral button.  It spoke to the idea of why we like watches in the first place.  It goes without saying that in today's world, you don't NEED a watch.  You want one.  

And my personal favorite out of the new collection?

Courtesy of Ralph Lauren

The Tuxedo 42 mm.  It just speaks to me.

Here are the pertinents -

MOVEMENT

Automatic Swiss movement, made by Sellita Caliber: RL200, 11’’’1/2, 26 jewels Frequency: 28'800 vibrations per hour (4 Hz) Power reserve : ~38 hours
Decor: Vertical Côtes de Genève and perlage (circular graining)

FUNCTIONS 

Hours, minutes, central seconds

CASE

Stainless steel, polished
Diameter: 

42.00 mm

Thickness: 10.7 mm
Curved sapphire crystal, internal colourless anti-reflective treatment 

Open case back with sapphire
Inter-lug width: 20.00 mm
Water resistance: 5 bar (~50 m)Crown: Stainless Steel with Pony logo

DIAL

Color: Off White (creamy) lacquered
Black Arabic numbers, printed Bear 3D printed

HANDS Hour, minute: red, lacquered Second: Shiny black, lacquered

BRACELET 

Black Alligator, 20mm/18mm – 115/75mm

BUCKLE

Pin buckle 18.00 mm, polished

A Fun Night Out - And What Joseph Abboud Could Teach the Watch Industry

So last night after work, I found myself across the hall at the Boston Public Library listening to Joseph Abboud give what he referred to as a "stream of consciousness" talk about his life and experiences in the world of fashion.

The talk was very entertaining, and I got to ask my question during the Q & A, but perhaps the one thing that stood out the most (and should be of particular interest to those pulling the strings in the various HQs in Bienne, Tokyo and Glashütte) was the answer he gave to a young aspiring designer's question.  Essentially, how did he prepare himself to enter into the world of fashion and succeed at the level that he has, and where did study design.  And what he said echoed something that I have always believed about working in the watch business.  He said that where he really gained the most insight about fashion, where he really trained?  

Working in RETAIL.  

And truthfully this should not be such a radical thought or concept, but it speaks volumes as to how Mr. Abboud has managed to remain relevant for so many years.  The majority of guys and gals calling the shots in the watch business HQs have not rolled up their sleeves and worked a six or seven day week under florescent lighting and hustling for the sale.

But the importance of this is not just about hard work and paying your dues.  It goes well beyond that because, as he himself pointed out, it underscored the importance of knowing your customer, and making it a priority to know what that customer wants.  And that doesn't mean the VIP customer dinner or boutique event.  And in relating these stories he was humble, charming, and very real.  While he did share stories of success and mentioned some of his famous clients, the anecdotes were not so much about the fame, but about the character of these people.  And I am not going to lie, it was pretty damn touching.  Think about how the celebrity ambassador is is talked out by watch executives, all too often their "new best friend" for as long as the contract lasts, and then they are off to the next "new best friend".  But Mr. Abboud spoke thoughtfully and at length about several of these folks with a fondness that was touching, and an enthusiasm that was infectious.

So today's message for the big dogs - stop making and trying to market watches based on what YOU like and want.  Take a bit more time to consider what your customer might want, and try to design and manufacture watches for them.  And consider that what makes an ambassador compelling is when that ambassador is someone that you actually have a relationship with, and not just someone that you wrote a check to.

Enjoy your Thursday!

The Outlet

Anyone who has read even a few of the posts here is going to do a double-take.

Really?

James said THAT?

No, this is not a post where I will extol the "virtue" of Shinola ; )

But more and more I am beginning to think that the next logical step for the watch industry is to finally embrace the concept of the "Outlet Mall".

Does this run contrary to what I have been whinging and whining about for the past five years?

Absolutely.

Am I more and more convinced that this is the only logical next step?

Absolutely.


Now on the one hand, many of us tend to think of watches as more of a "durable" commodity.  The reality is that more and more, watch brands are tending to take a short view in terms of the models that they are offering.  They treat them like milk or eggs that will "go off" if they aren't sold in a prescribed time frame.

This is due to a multitude of reasons, but let's examine the key offender:

Over production -
Watch companies have budgets, and budgets are predicated on PROJECTIONS, not ACTUALS.  These budgets drive everything - sales goals, pricing of the actual watch, salaries - not the least of which the CEO's salary and bonus.  Because the CEO has proposed a budget that, in all honesty would only work during the "bluest" of moons, "creative" solutions are often required.  In order to meet the projected numbers, you will need a boat-load of product.  Oh, p.s. - you'll also need to SELL that boat-load of watches.  When it becomes clear that you won't sell all the units you have to save money in other areas - leading to lay-offs, dumping of watches on the grey market, etc.

This has been a problem that the fashion industry has been aware of for decades, and found a good solution for - the Outlet Mall.

For those of you not familiar, the Outlet Mall is an American phenomenon that is beginning to take hold in other parts of the world as well.  The concept is pretty simple:

Take all of the stuff from the previous season or two that you were not able to sell, place it in YOUR BRAND STORE in the outlet mall, price it at a more realistic price, and sell your stock.  Because YOU own the store, you control the price, distribution, etc.

It is also the place where you can market and sell the products that "didn't make the cut".  Yes, it happens, brands will come up with a line or collection that for whatever reason they decide NOT to move forward with even after they produce it.  Take it to the outlet and sell it, and you have turned a total write-off to a potential patch of black ink in the ledger.

Now if the watch industry would embrace the Outlet concept, it could do two very important things -

1.  Cut the grey market's allure, ending a lot of shady dealings, and reduce the inevitable feeling of betrayal experienced by the customer who bought watch X at full retail only to see it "blown out" by the brand and dumped on the grey market for pennies on the dollar.

2.  Convince brands of the need to better estimate production, and take better control of the distribution chain.

Now the temptation is to stare down our noses at the Outlet - but Giorgio Armani, Hugo Boss, Ralph Lauren and even Tag Heuer have outlets now.  Perhaps it is time to embrace this idea.

The Transfer Window Opens -

At Hermes.

Now in fairness, this is an internal move, so let's hope that it is a smooth and positive one.

Here's the news -

Laurent Dordet appointed CEO of La Montre Hermès.

Laurent Dordet, currently CEO of Hermès Maroquinerie Sellerie, has been appointed CEO of La Montre Hermès with effect March 1st 2015.

46 years old and a graduate of the Ecole Supérieure de Commerce in Paris, Laurent Dordet began his career at Arthur Andersen in 1991. He joined Hermès International at the end of 1995 as part of the Group’s Finance Department. In 2002, he was appointed Deputy Chief Executive Officer of the Holding Textile Hermès (Lyon), and subsequently became CEO of Hermès Cuirs Précieux. He has been in his current position since 2011.

Laurent Dordet takes over from Luc Perramond, who has been in this position since January 1st 2009, reporting to Guillaume de Seynes, President of La Montre Hermès. 


Now for those of you who have not been keeping score at home, Mr. Perramond took the helm at Ralph Lauren watches this month so we wish the best of success to both Mr. Perramond as he joins team "Ralph", and to Mr. Dordet as he saddles up to oversee the watch division.