The Ayn Rand School of Watch Retail

Shamelessly borrowed from the world-wide info-web

In fairness, I am still a relatively new transplant to the Metro-Boston area, but I like to think that I am a pretty quick study. There is one thing that I am fairly confident about, it is probably not the ideal city to set-up mono brand watch boutiques, with perhaps the exception of the Rolex boutique that is being opened in partnership with a large, regional jeweler.

Boston welcomed the opening of the Richard Mille boutique on Newbury street with all of the pomp and circumstance of a damp fart. A friendly note to the folks financially backing this venture, you might want to actually, I don't know, engage with the people you are hoping to attract into your store. On a side note, I passed by again yesterday and noted a somewhat anxious looking sales person, gaze transfixed on the Boxing Day traffic passing by. Now it is, of course, entirely possible that this is not the loneliest retail outlet on the street, but I passed it twice daily when I worked in the city, and let's just say it was not exactly "jumping".

And on my way to Pho Pasteur for a particularly tasty bowl of yumminess (travel tip for you out of towners from your old pal Henki - skip the food courts, and head to China Town for a bowl of the real deal), I came across this curious decision -

And while this could be viewed as another bit of folly, it is at least a potentially more reasonable bite of the real estate pie. AP made the decision a year or so back that they would separate from their former retail partners and move solely to direct distribution.

Which inevitably means that you have to have stores. And for AP this is either going to be a genius move, or a minor bleed. While Cartier, the aforementioned Rolex partner boutique and the Richard Mille monument to Howard Roark are nestled at the head of Newbury street, tucked in with Giorgio Armani, Van Cleef & Arpels and Burbury holding the "anchor" spot, the new AP boutique is somewhat off the beaten path. It is a block over, and another half block down on Boylston street, a stone's throw from Hermès. It is decidedly heading away from the prime shopping area. If I am not mistaken it is either in the retail section of a hotel, or snugged up right next to one, facing the Public Garden (not to be confused with Boston Common which is right across the street). As gently as I can put this, it would be somewhat easy to miss it.

But on the other hand, my suspicion is that the rent is much more affordable than on Newbury, which is reputed to be the most sought-after, and most expensive retail space in the city. And AP might be an unusual enough choice that its clientele will seek them out. Which again begs the question - why have a boutique?

More than anything else, this renewed push towards mono-brand boutiques begs the question - how often has this REALLY worked in the watch business in the US? (Spoiler alert - it has!)

And where has it worked? Places like New York (sort of), Beverly Hills, Las Vegas and Miami. And where it hasn't worked is a list that would make you scratch your head when considering whether or not these boutiques make sense here in Boston - or in other cities such as San Francisco.

But, in all fairness to AP, this decision although seemingly rather contrary in most cities, might just be the ideal location for a Boston outpost.  The Leica boutique is around the corner, Hermes is nearby, and in fairness, the typical AP customer is more likely to walk the extra distance to lay eyes on the latest Royal Oak.  AP is not SWATCH, is not Richemont, it is independent.  And although not jammed in with the others, this location might just be the ideal spot.  

We shall wait, and we shall see.

Who's Next?

Speaking with a brand owner the other day and the question he kept asking - who is next?

What did he mean by that? Well, up until the (if we're honest) late 90s / early oughts nobody really gave two tosses about who ran what watch brand. And designers were, by and large, only really recognized by a handful of people.

Now the funny part of all of this is that no single thing so dramatic happened to change the landscape inside of the industry. It was a lot of little things that all took place around the same time, and created a snow ball effect. More on this for a different post, but it's important to bear in mind that there was a time not so very long ago where we neither knew or cared about who designed our favorite watch, or who ran the brand.

Now back to the opening salvo - Who's next?

The watch industry is just that, an industry. But within every industry there are always glimmers of excitement, mavericks, people who chart their own course and in doing so offer something truly remarkable, that stands the test of time.

Names that were mentioned during this conversation included the obvious - Biver, Hayek and Schnyder. But some others came through - Silberstein, Genta and Richard Mille. And the question again was - "Who is next?" and the honest answer that I gave was pretty blunt - nobody.

Now before you beetle over to the comment button to leave your bon mots, allow me to elaborate. There are plenty of creative, talented people out there making some wonderful things -

Sarpaneva -

Shamelessly borrowed from the Sarpaneva Facebook page

Fiona Krüger -

Courtesy of Fiona Krüger

Patrik Sjögren -

Courtesy of GoS

But these folks have been at it for awhile, and in fairness, they are taking different approaches from the luminaries that preceded them. Because back in the day, you had to have a benefactor. The Royal Oak is a great watch, but (and I say this with all due respect), it would not have been anything more than an interesting idea without the weight of Audemars Piguet behind it. And even that, on it's own, was not enough, a certain amount of luck was involved and it is safe to say that it was lightning in a bottle. Think I'm full of it? Well let's see... there is the Nautilus. It was backed by a tiny, insignificant little Swiss firm... Patek Philippe.

And yet there were other really dope designs such as the Overseas and the Laureato. But neither one has really enjoyed the same level of "thingness" that the Royal Oak or the Nautilus have.

So who or what is next remains really hard to know, and here's
why - fear. I am a risk averse fellow myself, but fear is what drives the majority of decisions made in the larger brands. Fear of failure, fear of embarrassment, fear of looking bad. And now that Vacheron, GP, Blancpain and others are part of larger groups that are answerable to investors, etc.? That fear is on steroids.

What many of us are waiting for is to see brands develop and grow talent IN HOUSE. Talent that will be encouraged to take some risks, and make watches that are out of the norm and challenge the status quo. Now it would be easy to say that there is nothing new in watches. Well, I wouldn't necessarily buy that, but I would say that at the rate we are going we will never know if the big brands don't start letting the next generation take their turn at the wheel.

In this day and age, you don't necessarily need a benefactor, but more and more it becomes impossible for the independent creator to do more than merely create. It can be the most beautiful, technically advanced, cutting edge watch out there. But if nobody knows about it, nobody buys it.

We are ready to find out who's next. So big brands? The ball's in your court. And I hope that the independents maintain their independence. If the big dogs aren't willing or able to take some chances? Let them labor on in mediocrity.

And Corum Clocks Out

So word has reached Tempus Fugit HQ that Corum has opted to take a pass on the upcoming BaselWorld leaving another space on the monopoly board that is Hall 1 empty.

The feedback from Corum HQ is somewhat consistent with what the other brands have been saying - more direct contact with retailers, journalists and customers with smaller, more localized events.

But what Corum (or any of the other brands, for that matter) have not been so forthright about is what that really means.  SWATCH Group, and Hayek the younger in particular, were in a position to say "my way or the highway", and the folks at the fair told them to "take it on the arches", so they did.  The other brands that have bowed out while significant, are ultimately replaceable.  No offense Corum and RW, but you are two brands that can be temporarily "covered".  I find Corum's logic for withdrawing a wee bit baffling.  The past two years there have been no shortage of journalists at their booth, and from the feedback I have received, sales are taking place.

The deeper question that I feel (and maybe I am wrong) that very few people have been asking is this - given the pricing of the fair, and the (sorry) extortionate rates for accommodation, meals, etc. ever really sustainable?  Just as the brands were slow to realize that there was actually not, in fact, a limitless supply of watch customers out there, there is also not a limitless supply of cash that your board will continue to authorize you to operate with.

From the journalist side we tend to get a gauge on how things are really going for a brand based on 2 things:
1.  Did the brand buy advertising from us (or others)?
2.  What was the swag like at their booth/event?

It sounds pretty tacky, and certainly cynical, but those are two very clear identifiers.  Rolex has come out and told at least a few outlets that they will not be spending any advertising money on "trade" publications in the US this year.  And another brand that used to give elaborate gifts every year presented a thumb drive.

I do not think that BaselWorld is going away this year.  While it is not "too big to fail", it is too big to disappear.  I will assume that they will take the hit, adjust their sense of reality, and finally come up with a realistic plan to move forward.  And for those who are saying that BaselWorld is dead and the SIHH has the right idea?  Well Richard Mille and Audemars Piguet might refute that notion.  

Again, I do not think that this is really being driven by any sudden realization that the earth is indeed round instead of flat, and that fairs have been doing it all wrong and are suddenly obsolete.  This year is certainly a reckoning, be in no doubt of that.  But at it's heart, the reckoning is about fiscal realities.

One final thing - the fairs have done this to themselves, but it has most definitely been a co-dependent relationship for some time now.  And like any co-dependent relationship, each partner suffers when the other suffers.  And on a subconscious level, I often wonder if this is exactly what each side has wanted, a reckoning.  A wake-up call that will reset the clocks and put things back to a more normal, realistic level. 

Or as that other great commentator on the watch industry (John Corbett playing Chris Stevens in Northern Exposures once 
mused -

Chris Stevens: I can see how that can be a problem. You know, it's like Jung says, "The unconscious is revealed through the imagery of our dreams, which express our innermost fears and our desires."

Bernard Stevens: Jung said that?

Chris Stevens: Yeah, I think it was Jung. Or maybe Vincent Price.

The Five Stages of Grief and Loss

Well, it would seem that the time has come for the industry and event organizers to put on their "Big Boy Pants" and start dealing with reality.  But change is painful, and loss - even the loss of a perceived norm or way of doing things can be just as painful.  After being jilted by two of their most doting of suitors, the SIHH put out the statement you see below.  So let's unpack this note from the big hearted people at that warm and fuzzy organization, the SIHH, in light of what is traditionally referred to as the five stages of Grief and Loss-

SIHH 2020

Geneva, 27 September 2018 - The SIHH takes note the departures of Audemars Piguet and Richard Mille from 2020 onwards, in line with the strategic repositioning of their distribution channels.

The Exhibitors’ Committee, with the support of the Foundation of Haute Horlogerie’s Board, confirms its firm intention to pursue the SIHH’s core purpose, which now extends beyond a trade salon with a distribution focus, to encompass a true culture and experience-led communications platform for all professionals and end customers of Haute Horlogerie.

Building on the success of its recent editions, the salon will in 2019, 2020 and beyond, continue to pursue its mission, closely aligned to the needs of exhibiting Maisons (currently numbering 35 brands) by building on and extending new services, new experiences, and expert content tailored to all audiences in the Haute Horlogerie community, who regard the Salon as a must attend event. 

Historic Maisons 2019

A.Lange & Söhne, Audemars Piguet, Baume & Mercier, BOVET, Cartier, Girard-Perregaux, Greubel Forsey, Hermès, IWC, Jaeger-LeCoultre, Montblanc, Panerai, Parmigiani Fleurier, Piaget, Richard Mille, Roger Dubuis, Ulysse Nardin, Vacheron Constantin.

Carré des Horlogers 2019

Armin Strom, Christophe Claret, Chronométrie Ferdinand Berthoud, DeWitt, élégante by F.P.Journe, Grönefeld, H. Moser & Cie, Hautlence, HYT, Kari Voutilainen, Laurent Ferrier, MB&F, Ressence, Romain Gauthier, RJ, Speake-Marin, Urwerk.

Salon International de la Haute Horlogerie

Palexpo - Geneva – Switzerland - January 14-17, 2019


Well, let's unpack this one, shall we?

It's important to note that the five stages are not always experienced in the same order, but for those of you playing along at home, the stages are:

1. Denial and isolation

The Exhibitors’ Committee, with the support of the Foundation of Haute Horlogerie’s Board, confirms its firm intention to pursue the SIHH’s core purpose, which now extends beyond a trade salon with a distribution focus, to encompass a true culture and experience-led communications platform for all professionals and end customers of Haute Horlogerie. 

Yeah, not so much.  The SIHH is a private party, let's not delude ourselves to the contrary.  Having said that, they are clearly hoping that the attendance will justify this boast, but until they have a more democratic (i.e. fair and balanced approach to press accreditation) it remains to be seen whether AP and RM will have any type of regret in leaving.

AP and RM are big, shiny brands that love the spotlight.  My hunch is that it was time to renew their contract, they weren't thrilled with the terms, and they decided to punt. 

2. Anger
The SIHH takes note the departures of Audemars Piguet and Richard Mille from 2020 onwards, in line with the strategic repositioning of their distribution channels. 

Translation?  Why did those (insert expletive here) go and make these two separate announcements without letting us "package" the news?
 
3. Bargaining
Building on the success of its recent editions, the salon will in 2019, 2020 and beyond, continue to pursue its mission, closely aligned to the needs of exhibiting Maisons (currently numbering 35 brands) by building on and extending new services, new experiences, and expert content tailored to all audiences in the Haute Horlogerie community, who regard the Salon as a must attend event.  

I'm calling bullshit on this one.  The organizers of the SIHH are about as inclusive a group as a 1970s era country club in the suburban US. 

Courtesy of Wikipedia

I think that they should hand out "Members Only" jackets as giveaways, but I don't think that they'd get the irony.

The organizers of the SIHH, and in particular the US agency that "vets" the journalists who hope to attend are a rather snotty, myopic bunch and while I did finally get a somewhat begrudging invitation a few years back, I had absolutely no desire at that point to attend.  And strange to relate, I have had no desire to attend since.  Let's just say I'm from Missouri, you need to show me that your show is worth 3 days vacation from work, round trip airfare and accommodation in a very expensive city.  I have seen nothing in the coverage of the SIHH that has made me change my view.
 

4. Depression
Will be an ongoing experience.


5. Acceptance  
Will clearly be a work in progress.  But keep in mind that these are the first two brands to up stakes, it is not beyond the scope of possibility that there will be more.
 

And the Shit Get's Realer

By now everyone knows that Audemars Piguet and Richard Mille are going to leave the SIHH in 2020.  It is also well documented that both brands feel that participation in shows like the SIHH is no longer really needed for them as they are focused more on mono-brand retail, etc.  The other more subtle message is that "Hey, the media we want to communicate with, we do.  deal with it!"  

And if I am honest, after receiving a seemingly endless stream of announcements about golf ambassadors and only getting watch info. from AP's duly appointed North American press agent days after other outlets have had their duly mandated head start, I won't really be missing anything.  I have even less flattering feedback about Richard Mille's attempts at press engagement, but in fairness, that is not really what I am driving at today.  Both brands spend goofy amounts of money on the types to events and ideas that seem more the by-product of heavy drinking than actual sober rational thought.  Hitting golf balls off of a building and hoping that they will somehow be caught by a drone hovering over the water with a net comes to mind.  It does, however, offer an opportunity for people in the fishing industry to add a second stream of income as golf balls hit by famous pros might be found like Easter Eggs when they are gutting their catch...

Whether or not this is an issue of a belief that participation in the SIHH is a waste of time, or if it is economic reality rearing its ugly head would require a deeper dive.  Some say both brands are on fire - i.e. doing really well.  While I suspect that both brands are doing okay, in truth we can't really know as they are privately held.   To the best of my knowledge, AP has done right by their employees and if I am honest, that to me is a key measure of corporate citizenship.  

I am not fully convinced that either brand firmly believes that the SIHH is a waste of time.  I think both brands are extremely image conscious and they love the opportunity to have a bright light shone on them.  I do think economics, on some level, are playing a part.  No offense to either brand, but despite their catchy marketing language, they operate in many ways like the other big dogs, and do not really display what I would call "alpha" behavior.  

And as I find the folks running the SIHH to be some of the snottiest folks on earth - yes, I said it - I am not going to shed too many tears for them.

The other news that I think is even more important that got buried under the SIHH hand-wringing was the announcement that Raymond Weil will not be back for BaselWorld 2019.  Unlike the two aforementioned houses, Raymond Weil does not have a wealth of mono-brand boutiques.  They are extremely dependent on the type of retail stores that attend shows like BaselWorld.  My hunch is that this is more of an economic decision.  When Movado pulled out prior to this past year's shindig I said (and still say) it made sense.  Movado and it's brands are everywhere.  They have a deep team of reps who cover the territories and make sure that stores have product.  They also have their own outlet stores.  So it made sense.  For Raymond Weil?  Not so much.  

Whether people want to believe it or not, I think what we are really seeing is a reality check for both the (seemingly) mighty and small alike that the good old days are not coming back, and they now need to exercise fiscal responsibility.  Or in the words of that other great commentator on the watch industry, Slim Charles -

Courtesy of the Wire

 

Esquire's Big Black Book And Watches

It is almost a right of spring (and summer, Fall + Winter) that Esquire will put out their twice yearly "Big Black Book" which for everything EXCEPT watches is a real treat.  New and different fashion, an interesting story on Charvet, and the cover story on Jon Hamm offers an interesting peak into what we all will likely face at one time or another in our lives - moving on and rediscovering who we are either professionally or personally.  

When it comes to watches, we get Richemont with Panerai, Cartier, Montblanc and IWC.  Rolex and Tudor.  TAG Heuer and Richard Mille. I know that this is probably getting boring for you to read - my semi-annual plea that a magazine that has SO MUCH money and so MANY potential resources might actually spend some time and some effort to dig a little deeper into the subject and offer its readers something a bit more well developed and delved into rather than what the pr offices sent over for the photo shoot.  But I also suspect that it is somewhat boring for the readers who by now would have no idea that there are, in fact, other watch brands out there besides the big four and one or two independents that advertise.  Now in fairness, I realize that if you have advertisers, you have to placate them.  Really, I do get it.  But there is still room to actually offer some actual coverage and present something new that might inform the readership.

So as I got to the last page of the section on watches as I played Richemont Bingo (which Richemont brand would not get mentioned was easier than guessing which one would), I was VERY pleasantly surprised to see the SAVING TIME piece on vintage watches which I believe was put together by James Lamdin.  It was interesting if brief, well presented, and I thought (for a moment) wow!  This is great - highly informational at least for the non-watch geek.  And then I took a closer look.  Analog Shift is, in fact, a vintage watch seller.  Prices and descriptions were provided, with a handy link to the site.  And again, in fairness, this is fully disclosed in the article.  But it was also disappointing, because it was an opportunity to offer something really informative for the sake of information, but became melded (in my perspective) with commerce.

I get, realize and understand that this is a business, but I also think that the lines have now become so blurred between "journalism" and "sales & marketing" that it is getting more and more difficult to determine what is what.  But then again, as I get closer to the half-century mark I have to constantly remind myself that the world is constantly changing.  And it might be that the need to make money will drive content for a lot of outlets out there.  Fair enough.  It seems more and more to be the world that we are living in.





 

RM 011 Black Phantom

From Richard Mille -

Courtesy of Richard Mile

RICHARD MILLE INTRODUCES THE RM 011 AUTOMATIC FLYBACK CHRONOGRAPH “BLACK PHANTOM”

50-PIECE LIMITED EDITION AVAILABLE EXCLUSIVELY IN THE AMERICAS

Richard Mille combines two new high-tech materials in the deepest shade of black to encase a new limited edition of the RM 011 Automatic Flyback Chronograph:  the Black Phantom.

Black TZP ceramic is extremely resistant to scratches while not being brittle.  In the Black Phantom, the material is blasted to give it a matte finish, and then used to form the front and back bezels of the timepiece’s tripartite case.

The center caseband of the Black Phantom is crafted from NTPT® (North Thin Ply Technology) carbon. Already used in the fields of aerospace technology, the manufacture of racing sales, and Formula 1 racecar design, NTPT carbon is incredibly strong and light, and composed of multiple layers of parallel filaments obtained by dividing carbon fibers. These thin layers are impregnated with resin and then woven on a special machine that modifies the direction of the weft, creating a distinctive visual effect that is reminiscent of precious wood. In addition to the center caseband, the Black Phantom’s crown and pushers are also made from NTPT carbon.

The hour indicators, counters, hands and flange pair dark black elements with touches of white for ideal legibility. The Black Phantom is presented on a black rubber strap with black DLC titanium buckle.

Some of the RM 011’s main features, which include major technical innovations, are its skeletonized automatic winding movement with adjustable rotor geometry; 60-minute countdown timer; 12-hour totalizer; annual calendar; and oversize date and month.

The 50-piece limited edition is available now at Richard Mille Beverly Hills, Richard Mille Las Vegas, and authorized Richard Mille retailers in North and South America.

Technical Specifications of the RM 011 Automatic Flyback Chronograph Black Phantom

-       Skeletonized automatic winding movement

-       Dimensions: 50.00 mm X 40.00 mm X 16.15 mm

-       Functions: hours, minutes, seconds, month display between 4 and 5 o’clock, 

      oversize date display at12 o’clock, flyback chronograph, annual calendar, 

      60-minute countdown timer, 12-hour totalizer

-       Rotor with variable geometry

-       Power reserve: 55 hours (without chronograph running)

-       Water resistant to 50 meters

-       Limited edition of 50 pieces in black TZP ceramic and NTPT carbon

-       Presented on a black rubber strap with black DLC titanium clasp

"I look at a hundred deals a day. I pick one."

So now with most of the dust settled and the press releases read, re-read, written and re-written maybe it might be a good time to have a look at the bigger picture.

Now many more revered and respected have held forth, many insisting that they saw the acquisition of Ulysse Nardin coming "a mile away!"  Well, hindsight by its very nature is often 20/20.  So I thought I would call on that all-time humanitarian Gordon Gekko to perhaps view this in a slightly more pragmatic light.

 "He's right, I had to sell. The key to the game is your capital reserves, If you haven't got enough, you can't piss in the tall weed with the big dogs."

I think in light of all of the speculation, the one question I have not really heard asked is - maybe, just maybe they actually NEEDED to sell?  Ulysse Nardin was a media darling in the age of Schnyder, and by that I mean the age of Rolf Schnyder.  Like every brand re-boot, (and if we are very, very honest with ourselves, this is what it was) a charismatic, iconoclastic visionary is needed.  But that in and of itself is not enough (note Blancpain and Hublot in the "post Biver as Patron" era).  You need something more.  The meeting of Schnyder and Ludwig Oechlsin was perhaps not unlike the meeting of Smith and Wesson… or perhaps more appropriately the meeting of Lorenzo de' Medici and Michelangelo.  Two things happened that took the steam out of UN's engine - Dr. Oechslin opted to pursue a life of the mind and "museum curatorship", and tragically, Rolf Schnyder died.  As it is a privately held company, we can speculate all that we want, but if I am viewing things through "Gekko The Great's" perspective, they needed to sell.  And it is possible that maybe there weren't that many takers, so they took.

"It's not bad for a quant, but that's a dog with different fleas."

The other popular thought out there is that there was a bidding war and that somehow Richemont, LVMH and the mighty SWATCH got pipped at the post by Kering.  Survey says……. NAAAAHHHHH!

The Ulysse-Nardin that got sold is not the Ulysse-Nardin that was.  Moreover, it is not on a level with some of the recent blockbuster acquisitions like Harry Winston.  It is a great brand, but it represents a truly niche market.  SWATCH does not want or need a charming brand like UN.  Richemont has a fairly full stable.  LVMH?  Well let's just say that although there is turmoil under heaven, the situation is not exactly excellent.  

"The most valuable commodity I know of, is information"

But more importantly is what Ulysse-Nardin represents - information and innovation.  With Unlysse-Nardin backing what is said to be up to 1/3 of ochs und junior (Ludwig Oechslin's dream factory), and with Dr. Oechslin said to be retiring from the museum, it is not outside of the realm of possibility that the magic could be returning to UN.  Let's be clear, ochs und junior is most likely never going to be a profit leader, (and if what Beat Weinmann has said, it is not intended to be).  But let's just say it is an inexpensive item to carry on the balance sheet to keep the sorcerer in the court.

"You gonna tell me the difference between this guy and that guy is luck?"

Remember pals and gals, although we always think of Kering as the OWNER of Girard-Perregaux and JEANRICHARD - they are more accurately the majority stake holder with 51%.  So the fact that they have plumped for 100% of Ulysse-Nardin actually gives them a better, unfettered toehold in the luxury watch segment.  And it is not down to luck that they were the eventual buyers.  

Don't get me wrong, UN is going to be a project, but with the experience of working with Girard-Perregaux and completely revamping and "re-birthing" JEANRICHARD, Kering now has some good experience with updating and reviving an existing brand while not "throwing out the brand DNA with the bathwater".

"...bright but not bright enough,  Sherlock, roll the dice and play a little Monopoly… what box would Sir Lawrence land on in Erie, Pennsylvania?"

Those out there convinced that Richard Mille is next on the acquisitions list… maybe, but I don't think so.  Let's just say that there are too many hurdles.  Richard Mille first leaked that the acquisition would happen, and Kering (then PPR) disclosed that although those conversations had happened, it would not move forward until Mille untangled "personal affairs".  That was more than a year ago.  And it is possible that Kering spent most of it's pocket money on UN.

Other pundits have posited Breitling, Chopard among others as being on the potential hit list.  Maybe, but instead of thinking high prestige, it might be time for Kering to think high volume.  Maybe, say, a brand making watches in the Mido price range?

I could, of course, be wrong - I've been wrong before ; )

Finally, let's remember that although we are all passionate, for many people this is simply business -


It's all about bucks, kid. The rest is conversation.

Enjoy your watches!

A Few MInutes with Marc Alfieri

Artist, artisan, watch designer.  And now, a few minutes with Marc Alfieri

Tempus Fugit - What was your first watch?  Was it a gift?  Is there a story behind it?

Richard Mille and PPR - What If?

So the news is out there already, mostly attributed to Reuters and "Industry Insiders".  It would seem that Richard Mille is ready to part company with his watch brand.

Reuters broke the news that PPR is in talks with Richard Mille to purchase 51% (and therefore controlling) interest.

The theory being that Mille would stay on in some sort of executive role for a fixed period of time.

By all accounts, it would seem that SWATCH, LVMH and Richemont are sitting this one out.

So it would seem that this could be the next horological jewel in the crown for PPR.  But what I personally find more interesting is that there is, to some extent, a third wheel in this equation.  Audemars Piguet by many accounts not only provides movements for Richard Mille, but also own a small percentage.  So it is of course RIFE for speculation as to first and foremost, would AP move along with the deal maintaining their (some report) 10%?  Would they sell up, or is there a further twist in the tail?

We will see - but for the whole story, here is a link to what Reuters released earlier -

http://www.reuters.com/article/2013/06/17/us-ppr-richardmille-idUSBRE95G0N520130617

The “Black Kite” from Richard Mille

Richard Mille introduces the new RM 011 Felipe Massa Flyback Chronograph “Black Kite”

Courtesy of Richard Mille

Following the release of the RM 011 Felipe Massa Flyback Chronograph RED KITE limited edition last summer, Richard Mille introduces its close companion, the BLACK KITE, into the wild. Where the RED KITE’s prevalent use of red gold echoes the chestnut red plumage of the Red Kite bird of prey, the new BLACK KITE limited edition is as dark as the angled wings and forked tail of the Black Kite raptor.

The RM 011 BLACK KITE’s tripartite case—emblematic of all Richard Mille watches—is crafted from matte black DLC titanium. With a black rubber strap and black deployant buckle, the watch is as stealthy as its namesake in the night sky. But the watch’s 5N red gold details, including the inner bezel, pushers, crown, numerals, hands, lacquered rotor and PVD titanium screws, provide a scintillating glow.

Some of the RM 011’s main features, which include major technical innovations, are its skeletonized automatic winding movement with adjustable rotor geometry; 60-minute countdown timer; 12-hour totalizer; annual calendar; and oversize date and month.

Only 30 pieces of the new RM 011 Felipe Massa Flyback Chronograph BLACK KITE will be made. The limited edition will be sold exclusively at authorized Richard Mille retailers in North and South America.

Technical Specifications of the RM 011 Felipe Massa Flyback Chronograph Black Kite

Skeletonized automatic winding movement

Dimensions: 50.00 mm X 40.00 mm X 16.15 mm

Functions: hours, minutes, seconds, month display between 4 and 5 o’clock, oversize date 

display at 12 o’clock, flyback chronograph, annual calendar, 60-minute countdown timer, 12-hour totalizer

Rotor with variable geometry and red gold lacquer detail

Power reserve: 55 hours (without chronograph running)

Water resistant to 50 meters

Limited edition of 30 pieces

Presented on a black rubber strap

www.richardmilleusa.com

Richard Mille TOURBILLON RM 039 AVIATION E6-B FLYBACK

Courtesy of Richard Mille

Aviation and aeronautics have always been sources of inspiration for Richard Mille. As such, materials including titanium, carbon nanofiber, honeycombed orthorhombic titanium aluminide, ARCAP or even tungsten carbide have all found applications in the collection, stepping out of the aeronautical world and into the realms of watchmaking for the first time. 

The mechanical and aesthetic properties of these materials are now recognized in Haute Horlogerie in just the same way as precious metals. To explore these themes in greater depth, Richard Mille has created a caliber designed for flight navigation. This complete and technically sophisticated instrument is an ultra-modern interpretation of an essential device used by every established pilot. It also reproduces the materials and visual codes used in the aviation industry.

The RM 039 AVIATION E6-B displays much of the same information provided by the famous E6-B flight computer, which was invented in the United States by Naval Lieutenant Philip Dalton during the 1930s. This round slide rule, incorporated into the bidirectional rotating bezel, can be used to read off and calculate fuel burn, flight times, ground speed, density altitude or wind correction, as well as the fast conversion of units of measurement (Naut/KM/Gallons/Liters/Feet/KG/LBS). The RM 039 tourbillon caliber is also equipped with a UTC hand, a countdown mode, an oversize date at 12 o’clock and a function selector. The tourbillon movement drives a flyback chronograph featuring an exclusive design.

This complication provides pilots with a fast, practical device for measuring a series of successive elapsed times when navigating through different marker points. The flyback chronograph function combined with the E6-B flight computer brings the possibility of real time measurement to its functionality and applications.

By uniting all these functions in the RM 039, Richard Mille has extended the applications of the E6-B slide rule and turned it into an instrument that is even better suited to a pilot’s needs. When preparing for a flight, the E6-B slide rule remains the most accurate device for determining the necessary fuel reserve and density altitude (essential for take-off and landing). The fact that the E6-B flight computer needs no power source also makes it an extremely safe flight instrument for pilots, even today.

This new Richard Mille caliber respects all the codes and requirements of Haute Horlogerie, notably in the close attention devoted to every detail of the movement and case, both of which are remarkable for their exceptional finishing and complexity.

The design of this tourbillon flyback chronograph required many years of research and development. This unique complication is the first of its kind at Richard Mille and the first of its kind in the world. This includes some 740 parts, 58 jewels and a power reserve of circa 70 hours displayed at 2 o'clock. It also incorporates the new patented crown mechanism presented on the RM 037, which protects the movement from shocks and poor manipulation.

This extremely complex, highly technical caliber is the perfect instrument for dealing with the challenges that pilots face during flights. The RM 039 AVIATION E6-B tourbillon represents the ultimate blend of watchmaking and aeronautics.

The RM 039 AVIATION E6-B is available in a limited edition of 30 titanium timepieces with titanium lugs.

Tempus Fugit Field Trip

So a few weeks ago I had a meeting in Beverly Hills.  So I hopped in the buggy and made the trip down from Santa Barbara.  With time on my hands, I popped in to some of the various shops and was a bit surprised - in some instances pleasantly, and others not so much.

One store and person who gets full marks is Philippe Marquet of Richard Mille!  Friendly, knowledgeable and a genuinely nice fellow.

Interestingly enough, popping into a few of the other shops on Rodeo Drive my experience was very, very different.  Not so friendly, and in fact, one "brand boutique" who I had just written a story about that very morning couldn't have been less polite.  Now consider this for a moment, these are people employed with the intention of selling watches - i.e. retail, and one would think that part of this would entail, I don't know, being friendly?!

And finally, Breguet - so get ready to throw away all of your pre-conceived notions that this must be an intimidating, bastion of exclusivity.  Well, yes and no.  It is a beautiful, well presented boutique.  It has a beautiful collection of watches.  But the people - COULD NOT HAVE BEEN BETTER!  Mr. Acosta and Ms. Moore were incredibly friendly.  I had intended to simply stick my head in the door, say hi, and be on my way.  But Perrier was offered, and a great conversation about the watch business and the new Chronometers buyer's guide - www.chronometers.org ensued.

So it was an informative day - Richard Mille and Breguet - you have got it RIGHT!