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.

The Gardner Museum Meets Audemars Piguet... Sorta'

"Four guys walk into the Audemars Piguet Boutique..."

No, gentle reader, this is not the start of a joke.

Yesterday afternoon four people entered the Boston Audemars Piguet Boutique on Boylston Street, one allegedly (per some news reports) with a gun, the others additionally armed with sledgehammers and proceeded to smash the display cases before making off with at least one (according to a security staff member) if not more APs. Thankfully, nobody was physically hurt.

James Cullity News 

@JCullityNews

And here's where it gets interesting. For those of you unfamiliar, that portion of Boylston street is one-way, at times divided into two separate sections, littered with traffic lights, a bike lane and a lot of absent minded tourists and locals with a propensity for crossing the street without really paying attention. Long story short, traffic there is a bitch. While there are boutiques, shops, and hotels on one side of the street, the other side is the Public Garden and Boston Common, rife with tourists this time of year. 

James Cullity News 

@JCullityNews

Three suspects were arrested when their car was stopped a little less than 2 blocks from the crime scene. The fourth was the driver of one of the cars who fled on foot, heading away from Boylston towards Stuart Street. He is still, to use the parlance, at large. One AP watch apparently in the box (if anyone can explain that one to me, I am all ears) was recovered from one of the cars.

While AP is name-checked in several songs from Beyonce's Upgrade U to Lil Wayne's “Marvin’s Room (Freestyle)”, it is perhaps ironic that the haul probably would not have netted as much as the robbers would have hoped for, both monetarily and status wise. As Royal Oaks are pretty thin on the ground, it is likely that the watches taken were from the less sexy, less desirable collections. The robbers can thank outgoing CEO François-Henry Bennahmias for that last bit of ironic insult to injury. Maybe it was a good thing that he essentially made AP solely about the Royal Oak, and conveniently those are pretty much never available. Looking to offload a Code 11:59? Bonne chance...

Now to be clear, I do not intend to make light of the trauma that the staff at the AP boutique experienced, thankfully nobody was hurt. And moreover, full marks to the Boston PD, that was quite a collar in record time. But in a city where over three decades later, they still haven't solved the Isabella Stewart Gardner Museum, the AP Boutique Caper of 2023 seems more of a misadventure than anything else, and underscores that while there are several movies with successful heists and car getaways set in downtown Boston, they are just that - movies. 

Just Because You Can, Doesn't Mean You Should...

With the announcement of the new and future CEO of Audemars Piguet, the brain trust in Le Brassus decided that it was the ideal time to drop another Marvel Universe flight of fancy. This one bearing the likeness of erstwhile high school student / Daily Bugle photographer Spider-Man.

Courtesy of Audemars Piguet

So I find myself conflicted. On the one hand, I am super-excited to see what path Audemars Piguet will take with a new CEO. On the other hand, I am less-than-impressed by the grab for the easy lay-up. 

I like to think, that at heart, I am neither elitist, or even a snob when it comes to watches. With that being said, a brand that will endure must stand for something beyond instant gratification. And truth be told, the Marvel Universe partnership is not a long-term strategy. 

Audemars Piguet will be finding itself at a crossroads in the coming months. Things are good at the moment, but for better or worse, AP is going to need a bit more than the Royal Oak to continue to grow. After all, the company is AP, not RO.

Who is Ginny Wright?

If I were a betting man? 

The next CEO of Audemars Piguet. 

Courtesy of NBC and the worldwide infoweb

To quote that other great commentator on the watch business, Flavor Flav, this is "Straight up on the Columbo Tip". As I was enjoying my post work bubble bath, and perusing the latest copy of Monocle (thanks again Mr. Brule), I came upon a rather curious piece on Ms. Wright. Ostensibly about leadership and blah, blah, blah. But this was a bit different. It was clear that this was definitely a coordinated effort to get her play in an international publication of record, and frankly, you can't do better than Monocle. The interview occupies two full pages, with a full page photo that I am assuming was styled by Monocle. The leather "parachute trousers" were an interesting choice, but what was more telling was the depth and breadth of the interview. I don't want to play spoiler, but the timing of this article hitting couldn't have been accidental. My suspicion is that some announcement is imminent, possibly the third or fourth day of Watches and Wonders. Swatch group had the Mission to Cash launch last year, this might be just the headline grabber for a certain "small" family brand. 

Monocle has a presence in Switzerland - Zurich if I am not mistaken. And again, the timing of this article and the prominence of its placing is a bit too much of a co-wink-ee-dink.

With that said, I could be wrong...

In fairness, despite tireless efforts to get so much as a press release from the great and good in  Le Brassus, just to simply get on the press release distribution list, they have treated me with the same disdain that might be meted out for an engorged tick suckling on their ankle. So suffice it to say, I have no inside track on info. here.

But if I am right, then the press accreditation czars at Watches and Wonders can SUCK IT!

And The Next Person To Take The Helm At Audemars Piguet Is...

Gotcha'!

But while we're playing Watch Town's version of "The Masked Singer", I thought it wouldn't be such a crazy idea to float some ideas as to who might be next?

I can't really claim to know much about the machinations at AP. But this is a new reality for what is still at its heart, a private family company - suddenly everyone is up in their business... so let's have a look!

But before we go forward, let's hop into the Wayback Machine to those thrilling days of yesteryear - 1987 to be specific. For those of you around at that point, can you remember where you were and what you were doing? I had just received $50 and a firm handshake from my father, who in turn informed me that Chicago was "that way, and Oregon a bit further down the road. If you hit the Pacific, you've gone too far." Needless to say, that seems like a million years ago. Curious to relate, 1987 was another significant year for someone else in the watch world, one Georges-Henri Meylan.

Now I realize for the younger kids out there that what I am about to say is going to trip you out, but a lot of the real happenings at AP started under the guidance of Mr. Meylan. AP was a WHOLE different type of company when he took over the leadership, having a not insubstantial stake in another little brand - Jaeger-LeCoultre. By organizing the sale of it, he brought in much needed funds that helped ensure the stability of AP and also helped ensure its growth. He also was instrumental in helping guide the career and development of the current CEO. This is not to say that the current incumbent has not overseen some phenomenal growth (not to mention a truly staggering list of professional golf playing "chums of the brand"), but is to say that there were already some seismic shifts underway when Mr. Meylan abandoned the field only to pop up later with a whole new jam.

But back to AP...

What I continue to be confounded by is what seems to be the lack of a clear succession plan.  On the one hand, the argument could be made that as a private company, AP is not going to show all their cards. Well, that's as maybe, but I think there's a wee bit more going on here. What is also interesting is (and this may just be little me thinking this), is that (to the best of my knowledge) Mr. Bennahmias has not really come out with his own suggestions as to who should or could replace him from within the ranks. And as someone who is a director in his "day job" (albeit for a much less glamorous organization), I find this disappointing. I subscribe to the belief that a large part of your responsibilities as a manager is to ensure that your team grows, develops, and if you did your job well, at least one of your team will be ready to replace you. Why? For the very simple fact that nothing is permanent. Every job out there is a "temp" job. We all leave our posts eventually, one way or the other. Ideally not carried out on a stretcher feet first, but that has also been known to happen in Watch Town.

So then, who would I put my marker on to take over from the current CEO? It's a curious question. It does not help that this is perhaps one of the most talked about and drawn out talent searches for a new CEO since HBO's Succession -

Courtesy of HBO

But if I fancied a flutter, I might place a chip next to the former CEO of Carl F. Bucherer. Sascha Moeri left his post about 7 or 8 months ago. Assuming that there was a non-compete clause in his contract, it would likely be up within a year. He did well with CFB, but more importantly he has a lot of experience working with a similar set-up in terms of a privately held organization.  Now I have met Mr. Moeri a grand total of ONE time, and that was back in 2012 in Las Vegas. So truth be told, this is just me looking at the tea leaves that represent the pool of potential new CEOs out there and trying to assess who might be a "fit". 

The internal options for AP are somewhat limited, at least if we simply tried to look at the roster to see who might be a likely fit. Although I think it would be exciting if one of the new regional CEOs were brought back to the mother ship to take the helm, the US CEO is still quite new both to AP and to the watch business in general, so I don't suspect it will go that way. 

It cannot be denied that under Mr. Bennahmias AP has grown significantly as a brand. But for many people out there (both enthusiasts and those of us in the Fourth and Fifth Estates) it also feels as if it has somewhat coalesced into a large brand with, essentially, one collection - The Royal Oak. But that will clearly be a challenge for the next CEO, whoever that will be. 

So although I love a scoop and it's exciting to sign off with "You heard it here first!", the truth is that we will all have to wait and see what color the smoke is coming out of the chimney at AP.

Until then - enjoy your watches!

The Laureato 42

From Girard-Perregaux -

Courtesy of Girard-Perregaux

I appreciate that there is a tribe out there that believes quite flatly that if you're not wearing a Royal Oak or a Nautilus, you are a pretender.

So while it is true that the Royal Oak came first, and was designed by Gerald Genta, I think in many ways the story of the Girard-Perregaux Laureato has a bit more of an intriguing past. If my understanding is correct, the original was in fact - quartz, as GP was one of the few Swiss brands to actually take the new technology seriously. It was also not the result of a famous designer but rather, the work of a (as far as anyone knows) anonymous Milan (that's Italy, not Ohio) based architect.  

Unfortunately, not unlike Girard-Perregaux itself, the Laureato has gone through more than a few twists and turns, some more unfortunate than others.  But it does seem that finally, just maybe, GP has settled on a design vocabulary for this collection, one that they will follow for more than just the next "season" or until the next CEO moves in. Here's hoping!

The pertinents for this one are as follows -

CASE
Material: Steel
Diameter: 42,00 mm
Height: 10.88 mm
Case-back: Sapphire crystal
Dial: Blue with "Clou de Paris" pattern
Water resistance: 10 ATM

MOVEMENT
CALIBRE
Number: GP01800-0013
Type: Self-winding mechanical movement
Diameter: 30.00 mm (13 1/4''')
Height: 3.97 mm
Frequency: 28,800 Vib/h – (4 Hz)
Number of components: 191
Jewels: 28
Oscillating weight: Steel
Finishes: Côtes de Genève, circular graining and bevelling
Power reserve: Min. 54 hours
FUNCTIONS
Hours, minutes, centre seconds, date.

BRACELET
Size: 27.00 / 18.00 mm
Material: Steel
Buckle: Triple folding
Buckle material: Steel

What I've Learned - The 10th Anniversary Edition

So irony of ironies, the 10th Anniversary of Tempus Fugit arrived while I was busy writing grant proposals and ironing out budgeting issues at my day job! But I have had some time to think about this one, and as the odometer has officially flipped on ten years, here we go -

What I've Learned Covering the Watch Business:

The Real Meaning of Friend of the BRAND -
There really is no such thing. You might be a friend of a sales rep, you might be a friend of the marketing folks, but there is no relationship with the brand other than the one you ascribe in your own mind. Friend of the Brand gets bandied around by pr agency representatives as a palliative to make you not feel like such a loser while you are forced to wait beyond your appointment time in the reception area while someone from one of the bigger outlets is enjoying sushi with the CEO and head of PR in the big room. Don't get me wrong, I have made some very good friends in the business who I am still in touch with after they've moved on to other brands and even to other industries. But you will learn, in time, that the majority of relationships you have with brands are transactional. Keep that in mind, and you'll never be disappointed.

The REVOLUTION is, for the most part, over -
Ultimately, there is not a lot left to be discovered. Let me re-phrase that so I don't sound like such a "Henki-Raincloud". What I mean is that the days of wonder and amazement have probably gone the way of the rock-star CEO. There was only one Ludwig Oechslin, and without Rolf Schnyder to partner with him and coax out the Freak, or the Trilogy of Time he is the part owner of ochs und junior.  Nothing wrong with that, but while it would be wonderful to have him come back with another extreme complication, it does not seem highly likely. The Corum Bubble has not necessarily burst, but a lot of the air has been let out of it. The Big Bang has seen its day, and AP can only make so many reiterations of the Royal Oak.


A Cult of Personality might work in North Korea, but not so much in the watch business -
On the real side, Blancpain could not have been done by anyone other than Biver. And in fairness, Hublot went as far as he could carry it on his back. But even the sheer force of will that Biver brought to bear on Zenith could not really turn the tide. Inevitably, in the words of that other great commentator on watches, Chuck Yeager as played by Sam Shepard in The Right Stuff -
"Sometimes you get a pooch that can't be screwed, ya know?"

I guess my point is this - you don't really see Thierry Stern or Jean-Frederic Dufour mugging with "celebrity chums" at movie premieres and red velvet rope events. For a brand to really truly endure, it has to be more than just the face of the current boss. Patek and Rolex will continue to be here, continue to set the tone for everyone else. Zenith, among others, needs to resolve its revolving identity crisis, make a decision about who and what they are, and stick with it for more than 6 months at a time.

"My Friend" is still not so subtle code for "You Asshole" -
I still stand by this, and after more than 10 years my belief in this reality is stronger than ever.

Sincere gratitude is scarcer than a NIB vintage Daytona -
1. If you are writing for pay? Make sure you get paid.
2. If you are writing for personal pleasure and satisfaction? Then only you can provide that for yourself.
3. If you are writing with the hopes of praise and thanks? Refer back to points 1 and 2 or cease and desist.

Rich, famous, important people are a lot less interesting when you finally meet them -

Little known bit of Henki lore, my father was a country club manager. Translation? He worked so that the more well-heeled could play. I worked in the locker room of the club, my first job working as a shoe shine guy. Believe it or not, in the 70s and 80s, there was an actual industry based upon shining the shoes of rich people while they walked around a park-like environment, drinking beer and whacking small white balls. Rich people, famous people? They are people. George Steinbrenner was a titan of industry and master manipulator. I can tell you from personal experience, his shoes smelled just as awful as those worn by an orthodontist, dermatologist or mid-level auto executive's. The one thing all four of these guys had in common? They were shitty tippers.

I have met some of the big swinging dicks of the industry. It is all too often underwhelming.

When anyone tells you how amazing you are and how "just as soon as you take advertising, we're in!" this person should be taken with about as much seriousness as you would take the drunk person asking for $3 on the commuter train so that they can "buy a healthy snack" -
We all say a lot of highly dubious stuff when we've been drinking. That's why your wife/husband/partner learns over the years to apply the bullshit filter. Make sure you do the same, it will spare you a fair amount of frustration and disappointment.

When you have made it clear by your actions and writing that you are predisposed to write nice things about a brand, and said brand treats you with a fair amount of disdain? Take it on the heel and toe. Love needs to be reciprocal -

I find it ironic looking back that the first brand I ever wrote about here was NOMOS, and that last year they invited me on a press trip, assured me it was arranged, and then when I wrote to follow-up 3 weeks prior to the travel date, I was informed that I was "uninvited", no explanation, and some bullshit about the trip being "overbooked", which was false as at least one invitee had declined the invitation and I knew that they were scrambling to fill the space - apparently (and specifically) not with me ; )
Well then, NOMOS, fuck you very much.

Brands are made up of people. The brand does not exist without the people. If a brand has good people - I will do ALL that I can. If a brand has people that just don't care? Why should I care about them?

I get the odd comment - "I thought you were a fan of Brand A". Well, I have come to learn that brands are made of people. It's not as if the founders of Girard-Perregaux are going to make a special appearance in the physical world to tour me around the factory. The brand? The brand is the people who work there. So put it in another context - do you like spending time with people who treat you poorly? Of course you don't. Molly Ringwald's entire career was based on this notion. A watch is an inanimate object. It can't speak for itself. A brand is not simply products. A brand is the people who make those products, and share that message.

Brand ambassadors are about as worthwhile as what you wipe your backside with -

There is a reason why Hitler, Stalin and Pol Pot are not mentioned as customers of Brand X.
Churchill, Napoleon, Lindbergh? All flawed, all now "ambassadors" from the great beyond. Well, they won, didn't they? They were all flawed, all had baggage. But they are a whole lot more palatable. Question - do you think that the Mario Batali Ernst Benz is a big seller right now?
Sorry, too soon?

A brand ambassador will not be there with you when they turn out the lights and escort you out of your now former office. A former brand that was "ALL IN" can attest to that.

Remember everyone you meet when times are good. You will see them again on your way back down -
It is inevitable to fail. The trick is not to make a habit of it. More importantly? Don't be a jackass when times are good. Sooner or later, it is likely you will fail. By and large, most of us want to help people and offer our support. That is, of course, presuming that person behaved, well, like a person when times were good ; )

Don't fake the funk -
Because in the immortal words of that other great commentator on the watch industry Daryl Dawkins:
“When everything is said and done there is nothing left to do or say.”

The Transfer Window Opens

At Audermars Piguet North America -

Courtesy of Audemars Piguet

Truth be told, I am of two minds on this latest news from Audemars Piguet.  On the one hand, the newly minted CEO of Audemars Piguet North America seems very qualified and very experienced.  He has lived a truly multicultural, international life and is not (for once) an "idiot son" dispatched to the US to either to groom him for a more senior position upon his return, or to get him out of the room so that the "grown ups" can talk.  Mr. Seward is a guy with real accomplishments behind him, and he is not a stranger to Audemars Piguet with a solid tenure behind him.  All of this is good.

But...

My understanding is that Audemars Piguet's offices in North America are subsidiary offices.  Meaning that, to a large extent, they have been here for awhile and will continue to be here into the foreseeable future.  Meaning that, it might not be the craziest idea to try and identify some local talent that might, one day, be able to pilot the good ship Audemars Piguet North America. 

Now I make no claims to know or understand anything about Audemars Piguet, as every attempt I have made to get a press release on anything OTHER THAN their latest golf or tennis ambassador's exploits has tended to fall on deaf ears.  Who knows, maybe with a new head for North America they might become a little bit more inclusive in their press communications ; )

I want to be really, really clear - I am not an "America Firster", and without delving too deeply into the political situation here in the US, I will say that I strongly disagree with the majority of what the current US President espouses.  Having said that, I am also a strong believer in developing LOCAL talent.  When the room at the top is constantly being re-staffed by people from Swiss HQ (not necessarily Swiss, but never US), it creates a feeling for the locals working here that they will NEVER be considered to run the regional office.  And that is a short-sighted approach to developing your local subsidiary.  What reason would they have to stay on for other than a paycheck? 

But one last thing to consider is this - to some extent,  the general public LIKES the idea of an international brand leader running the North American office of a watch brand.  It lends a certain feeling of exclusivity and cachet value that certainly does speak to a certain audience.  

So, here is the release as it was received from Audemars Piguet -

ANTONIO SEWARD APPOINTED CEO 
AUDEMARS PIGUET, NORTH AMERICA 

Mr. Antonio Seward joins Audemars Piguet, North America as CEO effective August 1st, 2017.

Born in London to Argentinean parents – a diplomat father and an artist mother, Antonio holds a degree in History from Kings College, London and a Masters in Political Science from the Institute of Political Studies Paris (Sciences Po). Antonio’s diverse multicultural background was further developed after living in international cities including Buenos Aires, Paris, Miami and Singapore.

He began his career in watches as a Brand Manager for a regional distributor for several luxury watch brands, including Audemars Piguet, in Latin America and the Caribbean.

In 2008, he joined Audemars Piguet as Managing Director for Latin America and in 2010, moved to Madrid as CEO of Audemars Piguet, Spain and Portugal. From 2011 to 2013, he also oversaw the French market. Most recently, Mr. Seward served as General Manager, Audemars Piguet Southeast Asia.

With his years of leadership experience, Antonio brings vast perspectives in brand development. Together with his team, he will work with key partners in the region to further grow the business.

“Working for a superlative brand while experiencing so many unsurpassable moments has made my past ten years with Audemars Piguet truly unique. My focus for the Americas will be to connect directly with our clients and implement innovative ideas in both our retail experience and distribution. I look forward to the next chapter with Audemars Piguet and sharing our vision of a brand strongly attached to its rich history yet resolutely forward thinking and daring in its spirit.”

The Ninth Watch Anniversary You Need To Know in 2017

Bless Hodinkee!  I can only assume DOXA is neither esoteric enough, or...

At any rate, perhaps an even more important birthday than the Sea-Dweller or F.P. Journe's first watch ever might be the 50th anniversary of the DOXA SUB.  So in case you hadn't seen it, or were laboring under the illusion that there were only eight significant watch anniversaries this year, allow me to acquaint you with the 50th anniversary model of the DOXA SUB 300 Professional -

Courtesy of DOXA

It's a beauty!

Audemars Piguet Royal Oak Perpetual Calendar

I worked at Tourneau in San Francisco shortly after they opened in 2002.  I got to meet a lot of the "big swinging dicks" of the Tourneau backroom as they often came to San Francisco to help nudge our little fledgling store into existence.   I was blessed twice - I had someone who saw something in me - Javier Perrigo.

Courtesy of Audemars Piguet

And a second time with a group of extremely knowledgeable sales reps who came in to give info.  The Baume & Mercier rep was perhaps the nicest, most knowledgeable and patient reps I have ever met.  And the Rolex rep coined the phrase that still in many ways rings true:  In response to the question -  What is the one thing that Rolex does so well?  "It's not the one thing we do so well, we do EVERYTHING so well!"  They were all fine exemplars of their brands.

Iconic - the Royal Oak

Courtesy of Audemars Piguet