Summer Repeat: She Loves America

I first ran this one in "the Blog fornerly known as Tempus Fugit" several years ago.  Sadly, it's as true today as it ever was. So for you, gentle reader, a cautionary tale about the perils of not developing local talent -

 

She Loves America… but America doesn't Love Her.

This was, albeit the short form, the sentiment that I heard from a blogger colleague of mine referring to the recently appointed replacement coming to "save" the North American subsidiary of "brand x".

I've written on this topic before, but with the inevitable annual "house cleaning" session that we are about to witness, it seemed like a pertinent topic again.  Please indulge me while I revisit the ongoing challenge faced by the watch industry in the US and Canada.  So basically, brand x is in Switzerland.  They have tried several different solutions, that like death can be broken down into specific stages:

1.  Go with a distributor for about 10 years.
Everything seemed to be going okay.  Sales were very, very strong.  But then they started to hear rumblings.  Their watches were showing up in many places that were not exactly "official retail partners" which is a polite way of saying "grey market".  How did that happen?  Simple, the distributor wrote very large orders to stores and store owners who in fact were doing massive amounts of trans-shipping.  In other words, although some of the watches were in the "front area", the majority of the watches were being sold out the back door before they even made it into the store's safe.  So a change had to be made.

2.  Hosanna!  We have the solution!  A young Swiss sales manager saddles-up and heads across the water to "take the situation in hand".  And like any great television sitcom, hilarity ensues!  Language and cultural miscommunication leads to acrimonious feelings between the "natives" and the "over lord".

Sounds pretty harsh?  Trust me, I've heard worse from both sides.  This situation is destined to fail for a number of reasons, but essentially what resonates is that:

To the parent company - The North American team sucks.  They are little children that clearly can't handle the job, and we have to "keep an eye" on them.

To the "home team" - Oh great, another "idiot son" sent to "train for the future" by running the North American subsidiary.  This genius can't even figure out where the toilet is!

Needless to say, things don't work out.  A year to three is about how long this usually runs.

3.  Okay,  let's hire someone to run our subsidiary.  And while everyone may love this person, they stand about the same chances as any new restaurant opening.  Because at this point, the feeling is that things better go right.  This person will usually be given about half the time to fix or establish the brand.    Very few people can do it, and those who can't?  Well don't worry, you'll see them working for a different brand inside of 6 months.

So what am I trying to say here?  PATIENCE needs to be the policy.  Your brand didn't go bad overnight, it was a slow, but steady process.  You will not be able to "fix" your brand overnight either.  Be realistic, and unless your Brand Manager gets caught with a dead body and a bath tub full of cocaine, give them a bit more time - good things, some times take time.

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.

Baumes Away!

Word reached the North Shore offices of Henki Time that speculation was no longer necessary. Richemont has pulled the trigger and an agreement has been reached with the Damiani Group for them to take control of Baume & Mercier, and off of the Richemont books.

Without going too much into the heroes and zeros, I'd like to really address a bigger issue that a few other outlets have hinted at, but nobody has really been willing to address - the lack of understanding of identity that many brands suffer from. And those brands in particular? They tend to reside in larger (and sometimes smaller) groups.

Now if we stick strictly with Baume & Mercier, in truth? It's a brand that with even just a little bit more attention from the Richemont leadership, and a bit more understanding about where they lived within Watch Town writ large? Well they could have made a LOT more money and not be an asset needing to be sold. But a big part of that has to do with what I constantly share with the brands I consult for - you must know who you are, you must be comfortable in your own skin, and you MUST PUNCH YOUR WEIGHT.

Let's look at some other examples. I realize all of the other pundits are talking about Zenith. But in truth that is a bit to obvious. We'll come back to it. Let's talk about my old frenimy - Mido. Mido is a brand that can't seem to decide who they are. Are they retro - with the heritage Commanders and Ocean Stars. But then again - countless numbers of SKUs. And here in the US, opening and closing US offices, and going back and forth with concepts. In truth? The majority of what Mido cranks out could really have any brand's name on it. There is very little to distinguish it. Now, in fairness, I have to assume that from their shared administration offices in Le Locle that they make enough money that for better or worse, Hayek the Younger, and Hayek the Even Younger are willing to swing along.

Staying with the Swatch group, let's consider a brand that has an identity that gives it some flexibility, but also has the ability to know itself - Longines. Longines is, if we're honest, what Baume & Mercier should have always focused on being. A step or two above Tissot, but absolutely priced in real world economics. In the real world, a $1,000 - $2,000 watch purchase is going to be a once in a lifetime purchase for most people. And if I'm being honest? That is really what attracted me to watches in the first place. It wasn't about the brand, or how many I could / would get to have. It was about a nice thing that was with you every day. Something that was truly fine, that you had always wanted.

But I digress...

Let's go back to Le Locle - and Zenith. Zenith is a brand that I admire a great deal, and a brand that seems to be cursed to poor stewardship. It has been traded somewhat like a baseball card that each person who acquires it hopes will somehow pivot and make them millionaires. The reality is not nearly so rosy. 

Zenith has had the misfortune to land in the hands of a succession of wannabe operators who it turns out were just marking time until the next warm body came along. And with the stewardship of Arnault, Arnault the Younger, and Arnault the Even Younger nothing seems likely to change the trajectory of Zenith. The piece none of us pundits really know is whether or not Zenith is profitable, breaking even, or losing money. My sense is that Zenith has become a sunk cost trap for LVMH. And as with so many people who are successful with many things, it is hard to see, acknowledge, and accept failure when it finally rears it's not-so-attractive head. And Zenith and LVMH's inability to effectively address it is Watch Town's Dunning Kruger Effect writ large.

Now unlike the Watch Bros who apparently know more than anyone else, I am not going to presume that I would know how to fix Zenith. To quote that great movie about the watch business - The Sound of Music: "How do you solve a problem like Zenith?"

So what have we learned from all this? Sadly - probably not a damned thing ; )

Watch Town has a painfully short memory. We forget that once upon a time, apart from a handful of successes, the watch business was a grind. The idea of a Rockstar Watch Maker or CEO was ludicrous. We forget that watch making in Switzerland started out as a way for farmers to make money during the winter when they couldn't farm. And I am a bit of a traditionalist, but perhaps a bit of humility coupled with fiscal responsibility wouldn't be too far misplaced?

Richemont's sale of Baume & Mercier is perhaps the wisest decision they have made for some time. Selling a brand to another suitor who will hopefully take it further than you did is not really a failure, it shows the sort of wisdom that is in short supply in Watch Town. But maybe this will be the first shift towards common sense that will hopefully start a trend which will help some of these red-headed step-child brands not only survive, but one day thrive.

But as with anything in Watch Town, we will wait, and we will see.

As Clear As Mud...

Some will tell you that Switzerland and the US are about to reach a tariff agreement. Some will tell you that this is down to the intervention of Swiss business types like a few of the crown princes of WatchTown. Some will hint that it might have something to do with Gianni Infantino (who has the moral maleability necessary to run FIFA and cosy up to despots and military regimes around the world) hinting that the first annual FIFA Peace "prize" will maybe be awarded to the person who single handedly put them collectively over the barrel while encouraging them to squeal like pigs. And the tacky as f*&k Rolex desk watch/clock on his desk has some of Watch Town's "smartest and sharpest" looking at their Magic 8 Balls and informing the anyone who will listen that sunny skies are coming.

The truth? It's as clear as mud...

In Memoriam - Angelo Bonati

 

Courtesy of Italia Living

Word reached the North Shore offices of Henki Time that former Panerai CEO Angelo Bonati has passed away.

In an industry where more often than not you are either born into leadership (Chopard, LVMH, Patek), or you land in a comfy place - think Mr. Dufour of Rolex, very few people could have taken what a brand considered something of an anomaly, and make it the object of intense desire. But that is just what Panerai became under Angelo Bonati.

There are unicorns out there, to be sure, but as we roll past the first quarter of this century, they are becoming much thinner on the ground. It's easy for people to forget how different things were in 2000. A 44 mm case was anathema. Today it is "average". Watch fans will recall the ill-fated Anonimo which is still bobbing about in the flotsam of Watch Town's harbor. Proof positive that without the vision, investment, and consistency, a brand will become an afterthought. 

Back in 2003 when I broke in with Tourneau in their original San Francisco store, we were not authorized to sell Panerai (new Panerai, that is), but we did a brisk trade in pre-owned Panerai. So brisk that a Panerai would go in the showcase and likely be sold before the close of business. That, in fact, was how I got mine. A "B" series Luminor. The rule for employees buying a pre-owned watch was that it had to stay in the case for at least one full day before you could purchase it. And you had to pay full price, no employee discount! So I waited, and once the doors were closed? I pounced! And to say I loved that watch is an understatement. I still miss it to this day. But that is a story for another day.

But that is the manic obsession that Panerai created, and continues to evoke to this day. And it couldn't have happened without Mr. Bonati.

Go easy, sir.

The Transfer Window Has Opened...

At Richemont and Panerai -

Courtesy of Richemont

It is now official, Emmanuel Perrin will be the CEO of Panerai effective April 1. He will take over from Jean-Marc Pontroué.

Up to this point, Mr. Perrin has been in charge of Richemont's Specialist Watchmakers division. But with the earlier move of 

Jérôme Lambert back to Jaeger‑LeCoultre was perhaps a foretelling that the Specialist Watchmakers division might not continue on in its previous format.

With Watches and Wonders around the corner, there is sure to be other news coming from other brands, so stay tuned ; )

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.

A Watches And Wondering Repeat - You Show Up Late To a Presentation? You Get a Night in the Box!

With yet another action-packed edition of Watches and Wonders nearly in the can, and the whinging and whining of Mr. Dufor regarding "pirates" still hanging in the Lake Geneva winds like a stale fart, I thought I might re-heat this one. It seems no matter who is running the high and mighty Swiss shows, they continue to make the same mistakes, never really bothering to learn from the past. So Ladies and Gentlemen, I present you with this reprise -

"You Show Up Late To a Presentation? You Get a Night in the Box!"

So it was not without some mirth that I was acquainted with the rules that have been set forth by the SIHH by a few different people who are attending.  This was shared over various conversations, so I need to be clear that I am only going by what I was told by some of my fellow members of the Fourth and Fifth Estate who have attended in the past and will attend this year as well.  Apparently, each attendee is provided with a briefing document that spells out the "behavioral" expectations of those members of the press who are attending.  I have been informed it is known as the "Code of Conduct".  And from the way they described it, it did not sound too dissimilar from a dormitory's rules list for a parochial / military boarding academy.  I mean, these are grown men and women traveling from the four corners of the globe to attend YOUR (Richemont's) fair at no small personal expense, and you essentially provide them a briefing document because you need to make sure that their behavior and attendance meets YOUR standards??? 

Anyway, it immediately brought to mind one of my favorite movies about journalistic pursuits in the luxury industry - Cool Hand Luke.  I will be paraphrasing here, so take this with the necessary amount of salt.

Shamelessly borrowed from the World-Wide Infoweb

Captain: What we've got here is... failure to communicate. Some men you just can't reach. 

Translation, you are all grown men and women who have traveled thousands of miles at no small expense, but we can't trust you to act like adults.  So were going to create a set of rules that you better follow, or you'll be spending the next Watches and Wonders with that asshole at the Blog Formerly Known As Tempus Fugit!

Shamelessly Borrowed from the world-wide infoweb

Shamelessly borrowed from the world-wide infoweb

Carr:  First bell's at five minutes of eight when you will get in your bunk. Last bell is at eight. Any man not in his bunk at eight spends the night in the box.
 
Translation, you better be on time for any event you are scheduled for.  And don't try that "I didn't have a watch" excuse!

Shamelessly borrowed from the world-wide infoweb

Carr:  These here spoons you keep with you. Any man loses his spoon spends a night in the box.

Translation, you have agreed to attend ruinously expensive dinners and cocktail parties.  It would be REALLY BAD MANNERS if you don't show up...ON TIME!  Miss or be late at your peril...


Carr:  Them clothes got laundry numbers on them. You remember your number and always wear the ones that has your number. Any man forgets his number spends a night in the box.

   
Translation, suit, tie, formal business wear.  Interesting to relate, one member of the Fifth Estate was banned a few years back for not complying with the dress code.  Calls were made, hands were wrung, tears were shed, and he is back in the fold.  Let's hope that Men's Wearhouse has something in his size (extra lumpy).

Shamelessly borrowed from the world-wide infoweb

Carr: No one'll sit in the bunks with dirty pants on. Any man with dirty pants on sitting on the bunks spends a night in the box.
 
Translation, Richemont and the SIHH is paying for a few nights accommodation for some of you (WHAT THE F*&K?), and not for breakfast and taxes. And for the rest of you, there might still be room at the YMCA, or you can sleep on a park bench.

So thank you for spending your time and your money to cover our brands - make sure you follow the rules, and enjoy your stay!

Shamelessly borrowed from the world-wide infoweb

Bros Before...

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

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

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

Well, I'm glad you asked!

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

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

And here is where I call bullshit.

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

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

The Transfer Window Opens

At Roger Dubuis.

Word reached the North Shore offices of Henki Time early this AM that Nicola Andreatta has slung his hook and parted ways with his now former employer, Roger Dubuis. What is curious about all of this is, of course, the timing, as Mr. Andreatta has left his position with immediate effect. And curious to relate, and interim replacement was already warming up on the touchline and subbed in immediately. That "super sub" would be none other than Emmanuel Perrin. And to quote that other great commentator on the watch business (and sometime professional baseball player) Lawrence Peter "Yogi" Berra:

"It's like déjà vu all over again." 

A quick hop in the Wayback Machine, takes us  back to 2018 when Mr. Perrin was holding the keys at Roger Dubuis, searching for a permanent replacement. And as of yesterday, he has once more stepped into the breach and will hold the fort once again until a more permanent replacement can be found. 

So here's the thing, Swiss labor law is a very, very tricky thing and very different from the US of A where most states have "at will" labor laws, meaning either party can end the employment relationship at any time, pretty much for any reason. Needless to say, we also have quite a bit of labor related litigation, so it is truly a double edged sword. But the main point I'm making here, is that it is that in Switzerland it is next to impossible to wake up one morning, call the boss and tell them you quit as of that minute. It is equally difficult for the boss to inform you of the same. Essentially, depending on who is initiating the divorce, they have to give sufficient notice. So needless to say, this move is more than a little bit out of the norm for Switzerland.

So we wish Mr. Andreatta God's Speed as he pursues his professional interests outside of the Richemont group, and the music once again plays for the CEO candidates gathered for this impromptu party game, hoping to grab a chair when it stops.

Watches and Still Wondering - 2023

As the big week approaches, the reality becomes ever starker. This appears to be a fairly unique year for the Prom King / Prom Queen vote that is the experience of trying to get a press credential at Watches and Wonders.

In the past, there was BaselWorld. And in fairness, although it was challenging to get hotel rooms and you paid outlandish prices for basic meals, you could still hope to get a press accreditation. SIHH, although snottier than a frequently used Kleenex tissue during cold & flu season, could justify it because it was (for all intents and purposes) just the Richemont group with assorted "chums". But when the rats finally fled the sinking ship that was BaselWorld, it left a vacuum not unlike when an authoritarian regime is deposed - another authoritarian group filled the gap. So let's ask a few uncomfortable questions:

1. If the purpose of having a press-friendly event is to have actual press attend and cover said event, why would you eviscerate your press accreditation list?

2. If the answer to that question is that "we simply don't have the space", why are you then increasing the number of press invitations that you are giving to certain outlets? Rather than 2, some outlets have as many as 5.

3. If you are not including 80% of the press in the beauty pageant - i.e. they will not be receiving a press accreditation even WHEN HELL FREEZES OVER (global warming is real), why are you gathering the contact information for that same group of disenfranchised journalists and packaging it for your client brands as part of their service fees? Apparently some of us are not good enough to visit the booth, but we are, apparently, valuable media contacts. It's a little sleazy.

Here's the thing - Watches and Wonders has the right to make a fair any way that they want. But don't tell me that Watches and Wonders is inclusive (or even important) when so many people are excluded from attending. And where that used to be a smaller group, several long-term attendees got snubbed this year. So it seems that relationships are not quite as eternal as a Cartier watch ; )

The other shows will continue to get passive aggressive / aggressive-aggressive treatment from the city of Geneva (which is indirectly the firm hand of Richemont, LVMH and the other Gang of 4 up their backside like a Howdy-Doody puppet). And the beat goes on.

So as always, spring brings eternal hope. But as anyone who grew up in the midwest will attest, the thawing of snow reveals the forgotten mess that the dog left in the backyard just before Thanksgiving ; )

Enjoy your watches - and support a free watch press!

The Transfer Window Opens -

At Hodinkee.

News arrived at Tempus Fugit HQ that a new CEO has taken the helm at Hodinkee. Jeffery Fowler is taking over from Toby Bateman who took over from Hodinkee's founder, Benjamin Clymer in December of 2020.  Reporting from WatchPro can be found here -

https://www.watchpro.com/hodinkee-appoints-former-farfetch-america-president-as-ceo/

We wish Mr. Fowler the best of success in his new role.

Shame - It's Actually Possible We Don't Have Any...

So I wanted to follow-up on my post of this morning.  And it seems we have some initial answers. And they are pretty disappointing.

Earlier today, an outlet far more popular than this one had the intestinal fortitude to speak some truth to power and put himself out there -

https://watchilove.com/open-letter-to-the-watch-industry

Dan-Andrei Kluska writes for a much bigger audience, and is sought after by much fancier brands than yours truly ; ). 

It says something about the situation that we find ourselves in, that someone is willing to put himself out there in an effort to help OTHERS, because in truth, there is nothing necessarily "in it" for him. He has my complete and total respect.

As I type this, the invasion continues. Tens of thousands of women, children and their pets desperately trying to get to safety. Think about that, their first concern is their children, the second their pets. I don't get the impression that they are packaging up their watch collections to ensure that they have all of the original boxes ad papers. 

It's a shit-show, and there isn't much that many of us can do, but there are some small things we as journalists, you as fans, and perhaps most importantly, the brands themselves can do. I am writing this with the assumption that on a basic, fundamental level, we can all agree that mindlessly killing innocent people and destroying their homes is maybe not a positive thing.

And before we duck and cover under that familiar "we don't get political" stance, I think that we can agree that the indiscriminate bombing of a helpless civilian population is not political. It is barbaric. Which brings us to the next question, do you really think that a tagline like this is going to work to stimulate Christmas/ Holiday sales:

"When you're working hard to destroy and displace an entire civilian population, every second counts!"

Maybe it's time for all you wonderful watch brands to sack up and take a stand? BP, and Shell have pulled out. Think about that for a minute. When some of the worst corporate citizens on the face of the earth feel that their image will be too tarnished by continuing to do business in Russia, that should tell you something. Adidas has dropped the Russian Football Federation. Adidas has been willing to look the other way for years regarding doping, dubious bidding practices to secure World Cups and Olympic Games as well as the most corrupt organization in all of sport, FIFA. When even Adidas drops you, well that is when you've hit bottom. Ford motor company and Volvo are leaving and the beat goes on. Perhaps the one brand's announcement that should let SWATCH, LVMH, Richemont, Rolex, Patek and everyone else realize that they are potentially catering a pariah party is Harley Davidson.  And this is a BIG deal, as sales to Russia represent a good slice of European sales which combine for over 30% of the global total. When the preferred supplier to outlaw bikers around the world decides that you're "too gangster" even for them?!?  Does this not say something loud and clear? 

And in truth, it's not even about a full-on boycott. What about using your social media accounts to simply say, I don't know, "No More War"?  The Lego company has donated A LOT of money to aid refugees and just announced it. And I think this is the thing that I find so frustrating in this entire situation - helping the helpless of Ukraine does not automatically mean you are blaming the Russian people. Which in truth, is not the point of any boycott or protest. The Russian people are just that, people. From all indications, it seems clear that they do not want this war either. Boycotting Russia does not mean boycotting Russians. And if cutting off watch sales for (hopefully) a few months can help curtail the war and stop this madness? 

Then let it.

Watches and Wondering - Waiting for Godot

With the dearth of new releases out there, and the notable silence from the fair's organizers, it is seeming less and less likely that 2022 (at least March/April) will see the return of large scale, in-person watch fairs in Geneva.

Credit: https://www.imdb.com/title/tt0276613/

On the one hand, it appears that the latest COVID surge has peaked in several countries. But reaching the peak does not put us back to a safe infection level... at least not yet. Geneva is one of the strictest cantons in Switzerland in terms of health and safety policy, and for all of the foreign buyers and press that hope to come to attend a show there are quite a few hoops that they will have to jump through - I say this having travelled in September and November. And that's just to get into Switzerland. I will also make clear that I agree with Switzerland's stance. Which I guess means that Novak Djocovic won't be making any personal appearances at the Hublot booth in the near future.

China and Hong Kong represent the largest block of customers for Richemont and most likely LVMH and Kering. For those folks, getting to Switzerland is one thing. Coming back home? Well, that's quite the other. Lengthy quarantine requirements have marked a significant drop in travel both from and to this region. So with all of that being said, I don't expect that a lot of these folks will be opting to attend. And let's not even get started with the US, where (for better or worse) public health and safety has become more of a political issue than, well, a health and safety issue. Unless the Swiss government opts to drop the vaccination requirements for entry at the Zurich, Basel, and Geneva airports, a large swath of folks from North America will be staying home. 

That leaves the Middle East, Africa, South America and parts of Europe. This is not to say that these are not important markets or customers, but it is to say that they do not, unfortunately, represent the same percentage of turnover for the brands.

And lastly, there are the organizers of the show itself. Watches and Wonders, along with its predecessor the SIHH, went to great lengths to create an atmosphere of not only exclusivity, but exclusion in the past. And while it might be "the only game in town", I give Watches and Wonders about as much consideration as I do NOMOS
Glashütte, which is to say I don't consider it at all.

The Portofino 39mm Chronograph

From IWC -

Courtesy of IWC

Although it is available in three different color ways, I am rather partial to the green version.

Courtesy of IWC

A bicompax chronograph, the Portofino 39mm Chronograph is also available with a black, or silver dial.

Courtesy of IWC

The case is of stainless steel and measures - you guessed it - 39 mm in diameter.

The movement is designated as calibre 79350. It is automatic (self-winding) featuring 44 hours of power reserve.

Suggested retail price is $5,900 (in the US).

A Dick Move - The Transfer Window Opens at Richemont

Yes, gentle reader, it's going to get a bit "blue"...

Per the Urban Dictionary:

Dick move

When a person goes out of their way to do something that barely improves their life but greatly inconveniences those around them for no other reason than to be a dick

by Pinkman84 July 13, 2015

Word reached the Northshore offices of Tempus Fugit late yesterday afternoon that the shot-callers at Richemont once again had a bad case of the fidgets. And as someone far smarter, better informed and (if we're being honest about it), better liked than yours truly (G. Pons) puts it, the latest game of musical chairs is on. And it seems that this time the axe is falling on someone who did what they were asked to do, and now has gotten her ticket punched as a thank-you.

Chabi Nouri, if the reports from Ms. Tweed, Bilan, Le Temps, and other sources are to be believed, has been relieved of her position at Piaget. The reasoning given that sales at Piaget have been slumping (which is not exactly "new" news), and per Ms. Tweed -

"Several industry sources blamed Chabi, saying she had focused too much on high jewelry, the Middle East and Asia and neglected Piaget’s core watch customers in other regions." 

Shamelessly borrowed from the World-Wide Infoweb

Now let's jump in the "Wayback Machine" to those thrilling days of...just over four years ago, when Ms. Chabi was appointed CEO and her predecessor had this to say about high jewelry watches -

https://www.ft.com/content/4ebad466-f82b-11e6-bd4e-68d53499ed71

(As the Financial Times has some pretty sticky policies about quoting their articles, I urge you to read the article linked above).

To paraphrase, Philippe Léopold-Metzger essentially said that Piaget had probably neglected jewelry watches too much, and that this would be part of Ms. Nouri's mandate. Even more ironic when you consider that the young man warming up on the touchline and getting ready to take off his tracksuit and go into the match is coming from... you guessed it - a JEWELRY company. So, it seems that if the "industry insiders" are to be believed, she did what she was asked to do and is now moving to be a “strategic adviser” to Richemont CEO Jerome Lambert, which I suspect is not unlike a duck making the move to l'Orange. And pretty ironic that someone else with (what I am assuming) is pretty much a jewelry background) is being brought in to run the watch brand that was "too" jewelry focused? What the actual f___k?!?

There are, of course, other rumblings about what the real reasons for her departure are. And it does not help that other rumors are starting to swirl about the future of Richemont's other female watch brand CEO. Let's just say it does not do Richemont's and Rupert's claim that they wanted to break the "sapphire crystal" ceiling much good.

Here's the thing, and it's something that the big dogs at Richemont seem to be having a tough time getting their heads around, it takes time to turn things around. As that other great commentator on the watch business, Barry Hearn once opined -

"You can't take a baby and turn it into a teenager overnight, things take time."

And this is the part that I find particularly curious, and almost perverse - there is at least 1(if not 2) layer/s of supervisory management that separates each of the Richemont CEOs from Rupert and ultimately the board.  So if these CEOs are failing so dramatically, what does that say about the guy who is supposed to be managing them?  We shall wait and we shall see.

What I've Learned - the "We're nearly out of COVID19" Edition

With Watches and Wonders come and gone, and with most of us still watching for and wondering about something actually coming out of what in hindsight seems to be the watch show equivalent of the trophy every millennial kid in America got just for showing up to soccer practice, I thought it might be a moment to, in the words of the Poet Laureate of Dallas/Miami -

"Stop, collaborate and listen!".

Well, we all stopped, those of us in the Fourth and Fifth Estate were ready to listen.  But in the end?  There was precious little collaboration between the brands, their communications teams, the fair and the press corp as a whole. Or as they have been known to say in Watch Town - 

"If it wasn't reported on in Hodinkee, it didn't really happen".

I kid, sort of...

So while I am not really convinced that Watch Town on the whole has learned a damn thing coming out of COVID19 and Watches and Wonder 2021, I came away with some new nuggets of personal awareness, and reaffirmation of some previously held views:

1.  Magic Beans - Unless you're planning on growing a mutant plant, committing daylight robbery, and then "giantacide" during your getaway, magic beans are best left in children's stories.  Or put another way, apart from Rolex, Patek, Tudor and maybe a teensie bit from the Richemont pack, for everyone else who participated in Watches and Wonders, the payoff was Jack-Shit, and Jack left town.  Watches and Wonders promised a lot, delivered on not too much at all - but just as someone is always willing to sell you a nickel for a dime, there will be someone to buy your "magic beans".

2.  Press releases work better when they are actually, I don't know, released.  Curious to relate, registration as a member of the press for Watches and Wonders triggered almost ZERO communication from the brands themselves, and only a daily email from the Watches and Wonders "communications team" informing me about what an amazing job they were doing, and how totally awesome Watches and Wonders was. In the end I simply camped out at brands various social media outlets and got the news there.

3.  Certain media outlets, not unlike prostitutes tend not to provide "service" without "payment". Unfortunately several brand pr and communication managers spent all of their allowance last year, and with the cost of Watches and Wonders didn't have sufficient monies to grease the wheels that connect "honest, unbiased reporting" with business.  

4. Friendship in Watch Town, as in pretty much every other business (if we are being honest with ourselves) is about as certain as the next paycheck.

5.  "My friend" still means "you f'ng asshole." 

Watches and Wondering...

So, another watch show in the books, and MY FIRST EVER Watches and Wonders / SIHH show under my belt and I think I can honestly say, so what?

I think it's important to go back a few steps to get a better handle on just exactly what Watches and Wonders started life as, what it has attempted to move to, and why it's clear that this year's iteration was really not quite ready for primetime.

Watches and Wonders morphed out of the SIHH. The SIHH was a thinly veiled pr piece for Richemont and a few select "chums" such as AP and one or two other "elite" brands. It was a closed shop as to who would receive an invitation to attend as press and it was run with a precise schedule that demanded not only your attendance, but unflagging participation in every event, presser, etc. Failure to fully comply would mean expulsion (or worse).

And then along came COVID-19, and with it - opportunity!  BaselWorld for all of its egalitarian appeal has been mismanaged for some time. Brands were frustrated, retailers hated going, and many of my colleagues in the Fourth and Fifth Estates would attend somewhat erratically.  And there was the small opening that the folks in Geneva had been waiting for! One by one, the dominoes began to topple.  Rolex, Patek, LVMH, and the rest of the big dogs took it on the heel and toe and headed south.

And then, the big virtual event that we had all been waiting for...

Fell flat.

Communication from the organizers amounted to a fairly anemic press release each morning. A "watch media personality" hosted a so-called "morning show". Not unlike a lot of Zoom meetings we have to show up for in our normal workday, it was more of an inconvenience than a pleasure to sit through presentations that ranged from very polished to something that a junior high school AV Club might have knocked together during 5th period study hall.

Press releases from the brands were sporadic and in some instances non-existent. Press coverage primarily focused on Rolex, Tudor, a wee bit on some Richemont brands (admittedly not too much) and finally Patek on the final day.

My friend who has seen more watch shows than most of us has a saying that I have applied in my working life -

"You can't email a handshake".

Now granted, in this day and age we have a pandemic that is prohibiting travel and close contact. So maybe remove handshake and replace it with elbow-bump, but the point is simple - a show needs gravitas and excitement.  And frankly? It needs better organization. Simply put, for the amount of money brands spent to participate in this year's event, they would be forgiven for feeling a bit shortchanged on this one.  Now the sales argument could have been this - "Participate in our virtual show this year, and we promise to include you next year when we are back "in person".

Another intriguing feature was the emergence of privateers in a so-called open show. "News" (excuse me while I die laughing) outlets doubling as PR / Marketing agencies cutting deals with brands to create content for them and in some instances releasing it on their own platforms in advance of a release coming from the brand's own PR staff to the rest of the press corps. Call me old-fashioned, but just as there is a reason why foxes aren't typically employed by Tyson or Perdue to manage the chicken coops, it's maybe not the best idea to sell out on the idea of a fair and open press/communications strategy out of convenience, expedience or simple laziness. Now the typical refrain I hear on social media is - "Hey, I'm trying to make a living."  

And that's as may be, but to quote that other great commentator on the watch business, Robert Townsend in Hollywood Shuffle -

As Reality Settles In - Watches and Wonders is Not Such a Hard Pass

Well, things must be getting chancy! Believe it or don't, the "Conciergerie" from Watches and Wonders has personally invited me to participate in their exciting new virtual show! You may remember Tempus Fugit's previous invitations and visits to the show formerly known as the SIHH... 

as in, you got it - NEVER! Five years of begging, pleading, offering to clean the toilets if ONLY I could get an invitation.  The response was, five years running - "Go piss up a rope!"  

When I finally did get a grudgingly worded invite back in 2017 - encouraging me to kindly consult the local bus station to make sure it was okay to sleep in the waiting area, I was so over the whole experience that I asked the kind people at Richemont as well as "The Man With 2 First Names" to kindly give my invitation to someone who actually cared, as that person was most certainly not me.

So here's the tricky part - every year in the past I would get invitations from the participating brands, sometimes nearly every one of them, only to be told by Richemont and The Man With 2 First Names, sorry, you are not welcome. And to be abundantly clear, I was not the only one. But by the fifth time around, having spent the entire year exhaustively chasing down every potential story for every brand in the Richemont stable, it really dawned on me that it was a profound waste of my time and energy.

While I certainly wish the fair formerly dominated by Richemont the best of success, I think I'll wait for the download on YouTube.