Wanting To Like The Timex Atelier GMT

So, I'm conflicted...

Courtesy of Timex

Many of us who grew up in the lower 48 started our time-telling with a Timex watch. Back in the 70s you would find them on tons of wrist, both young and old. My own was this one -

My parents gave this to me when I was just a fart in a mitten. This was a "prize" of sorts for learning to tell the time. It is a hand winding movement (I'm sure quite industrial and rough), it probably cost not more than $25 (is my guess). We were, and continue to be, inseparable friends.

But back to the matter at hand -

Courtesy of Timex

Timex has been making a push to gain traction with "watch people", and that in and of itself is okay. With that said, I also think that part of Timex's charm was (and to some extent still is) accessibility. The idea of jobbing out a high end "Swiss" watch and calling it a Timex is, if I'm honest, not really on brand.

Regardless, the Timex Atelier GMT is a fine looking watch. It is of stainless steel, measuring 40 mm in diameter. The movement is a bit of a dubious choice - from Landeron, it offers four handed indications of "home" time and GMT. 

Courtesy of Timex

And then we come to the price - 

$1,450...

And that's where Timex, you've really lost me, as well as the plot.

Let's have a quick wee look at what $1,450 will buy you in a similar formation.

Courtesy of Mido

$1,500 will get you this from Seiko -

Courtesy of Seiko

While these are different brands, I think it is more than reasonable to compare them when the wordsmiths at Hodinkee will inevitably speak about the "Value Propisition". 

So while I want to like the Timex Atelier GMT, the price, movement, and frankly the lack of "Timexness" (i.e. the lack of common thread beyond just the Timex name) are a bit too off- putting for this particular child of the 70s, but ultimately we make our choices and take our chances.

A Social (media) Experiment - When Brands Take a Stand

So I realize that, once again, I'm about to veer into territory that will possibly upset some.  To be clear, I am not going to try to change anyone's mind. I am going to try and focus here just on the facts, and offer a smidge of opinion.

As many of you who view your social media posts more than twice a day will likely be aware, yesterday was Black Out Tuesday.  Essentially a day where many posted all black photos in support of the protests currently taking place across the US.  And it is important to be clear, supporting peoples right to protest does not de facto equate to supporting riots and vandalism, just as supporting the police does not necessarily mean supporting police misconduct.  These things are not mutually exclusive.

And as it happens, a few watch brands threw in their support and posted images in support of this growing movement.  Bell & Ross, IWC and Timex were the big ones that I noticed.  And for the record, I applaud these brands for their stance.  Yes, they took a stand, they made a VERY public statement, and then...

Well, that is when the haters came out en masse.

Now, I am old enough and wise enough to know that you are about as likely to change someone's mind in a social media exchange as you are to find a cure for cancer in one afternoon in a middle school lab... but wouldn't it be great if you could ; )

Comments started with "Stick to Watches"  and degenerated from there.  

Now regardless of which side of the current divide you find yourself, I want to posit a simple question -

If you are of the belief that a brand or company should not comment on anything social, political, delicate (i.e. Watch Brands can have their opinion, but they should keep it to themselves), do you not find it ironic that you feel so compelled to post negative commentary about it?  In other words, what is it that is really upsetting you? I would posit that it is entirely possible that in some instances, some of these angry people posting aren't really concerned about the brand taking a stand in general, but rather about what that particular social statement is.  

In my consulting work I have learned that there is a very fine line between trying to do what's right and upsetting someone.  As I often say, we can all agree that puppies are good and cancer is bad, and heaven help the poor "Cancer Puppies".  But it creates a challenge for any company to try and be socially responsible.

What I took away from this social media experiment was that there is still a very, very deep divide in the US.  I also discovered that there are a lot of white males based in Eastern European countries who are apparently deeply concerned that America is being torn apart by brands making a social statement...

I would like to think that maybe, just maybe what motivated some of these brands to take a stand is all a bit more simple, and far less sinister than some people want to make it.

In the US, right now, there is a growing movement.  Young and old, male and female, and pretty much any race you can name are coming together in these protests across the country.  They are hoping for change.  And for those who are happy with things just as they are?  I get it, change is scary.  While you might not agree with it, while it might make you uncomfortable, you can't really deny it is a real movement any more than you can deny that the earth is round and gravity exists.  And curious to relate?  Brands are not merely office buildings and factories.  Brands are made up of people.  

Regardless of where you stand on this, I wish you all peace.

We Sail Tonight For Singapore - Part the Third

From Singapore, by Tom Waits - 

We sail tonight for Singapore
Take your blankets from the floor
Wash your mouth out by the door
The whole town is made of iron ore
Every witness turns to steam
They all become Italian dreams
Fill your pockets up with earth
Get yourself a dollar’s worth
Away boys, away boys, heave away

So the November numbers are in, and because it appears to be my lot in life to be (if not the lone) one of the few contrarians out there in the watch world, here goes -

Courtesy of the FH

Again, the image is sort of fuzzy, and I do apologize for that.  But truth be told, the results are more than just a wee-bit fuzzy themselves.

The first thing to notice is that the numbers are going rather retro.  Now in fairness, they are much better than this time last year.  But if we are looking at them objectively, it is safe to say that they have been slipping the last 3 months.  And it is also safe to say that the only reason that they are as good as they are, is the push to shove as much product across the borders of the various cantons before the new regulations go into force.  

But then it gets more interesting when you factor in the countries that are "up" versus "not-so-up".

Curious to relate?

Mighty Singapore is once again back with one of their semi-annual market surges this time of (wait for it) +9.5%.

Now in the interest of total transparency, the closest I have ever come to Singapore was when my girlfriend (at the time) left Japan to return home to the UK and spent a week in Singapore and sent me postcards and letters from the Raffles Hotel in, you guessed it, Singapore.  Well, needless to say that relationship did not stand the test of time, nor do I suspect that the recent (again, semi-annual surge) of watch exports to Singapore, truly signals their emergence as a world hub for buying watches.  Now as a source to "source" grey market watches for global "discharge"?  Sure!

Even stranger, the US is apparently the darling of the industry with a mighty surge of + 17.6%.  Curious to relate (again) this export figure does not nearly match the (granted anecdotal) evidence provided by several US retailers that I have spoken with.  Of those I have spoken with?  Sales are pretty flat.  

Once again, at the risk of being, well, honest?  If the export numbers don't correlate with the "on the ground" feedback about actual sales, it tells you one clear thing that further informs other points -

1.  Watches are being exported to subsidiary offices to get them off the books at Swiss HQ.

2.  Watch sales are flat in North America.

3.  The grey market has PLENTY of product to sell.

The industry has not recovered.  Sorry, but it hasn't.  On the positive side?  Several brands have reduced their production to match real world demand.  The problem?  There was way too much product sloshing around that had to be flushed through the system.  And short of crushing watches?  That means our old friend the grey market.  The good news?  Lot's of affordable (let's call them price adjusted to reality) watches will now be available!  And hey, don't worry about the warranty!  You'll get some chicken-shit after market warranty for your pennies on the dollar purchase.  

It is a tired, skipped record from this d-jay, but simply put.  If you buy a grey market watch at a bargain price?  Don't lose your shit when that watch is worth even less than you paid for it when you are hoping to re-sell it.  Along with the grey market?  The Sunk Cost Trap is alive an well!

Enjoy your watches, and spend your money carefully!

The Incredible Shrinking Fair

So news has filtered its way to the North Shore, and if the rather loud whispers are to be believed, it would seem that BaselWorld will be contracting once again.  Hall 2 will be closed and for all intents and purposes, the entire fair will all be in Hall 1 in 2019.

Now for many of us who had to race back and forth between Hall 1 and Hall 2 it meant often being late, and running a very real risk of contracting second-hand lung cancer as we passed through the wall of nervous sales reps and indolent influencers doing their level best to boost tobacco sales by 23% every BaselWeek.  For us, this is not such a bad piece of news.  And if I am being very honest (if unkind) the atmosphere and "decor" of Hall 2 was often more reminiscent of the Jackson, TN Greyhound bus station than of a luxury destination -

Courtesy of roadarch.com

Having gotten off the bus at 11:45 at night at this very station, I can tell you that, well... it's pretty depressing.  

When I worked for DOXA, Hall 2 (somewhat in the right armpit of the building) was where we were located.  The advantage was that the sausage stand was a mere 45 second walk away, the disadvantages?  Too many to count.  When you are in a shitty location, people are more likely to miss their appointments, and not make any effort to reach out for a "make up".  As a rule, nobody goes to Hall 2 unless they have a reason, because the sausage stand has moved across the street.  It just isn't sexy.

And for the fair organizers?  One less building means fewer security guards to pay, lower power bills, etc.  Logistically?  Smoother, easier to deal with.  

In terms of public perception?  Not so good.  Over the last few years we have seen the fair shrink from four halls, now down to one.  The number of attendees (journalists, fans, and retailers) has drastically reduced has well.  And more and more brands have been looking for "alternative" accommodations by renting out cafes, restaurants, shops, even houses rather than drop the cash on space in any of the halls.  And my suspicion is that the powers that be might try to "adjust" pricing to reflect the "exclusivity" of being in Hall 1.  So if you were a brand that was saving some pennies by being in Hall 2, you will be paying Hall 1 prices, or you will be looking for something different.  The question then becomes, will Hall 1 be able to accommodate everyone who wants space?  Or potentially more worrisome, will the potential uptick in price encourage some of the potential tenants to skip the whole thing altogether, leaving a look and feel like a dead shopping mall?

Courtesy of Architectural Afterlife

Let us hope that the new regime in charge of organizing this shin-dig will view it as an opportunity for rebirth and reinvention.  And more than anything else, let's hope they fill the halls and support the brands, the journalists and the retailers - because that will be the true measure of a successful BaselWorld fair.

 

Exports Are Up! So Sales...

Are not necessarily.

Confused?  Fair enough, many have given up trying to make any sense of how the Swiss export numbers actually match up to real sales. 

Courtesy of the FH

On the one hand, the numbers continue to show improvement.  And that would seem to be good news.  But the fact that larger numbers of watches are departing the country does not correlate with greater sales.  So while some might think that happy days are here again, it might be useful to ask the question that continues to be pretty uncomfortable - just where are all of those watches really going?

Most of us can only really rely on anecdotal evidence as to the reality of the market place.  I visit a lot of retailers, and I talk to A LOT of brand managers.  And without putting too fine a point on it, I am not hearing the same level of optimism.  Now granted, this is by no means an exhaustive analysis.  But long story short?  The majority are still not seeing the kinds of sales that they did in the good old days.

Another measure of the industry's health can be taken by the brands participating actively in the grey and the light grey market.  Even the mighty Swatch group is seeing some of its shinier lower priced brands (Tissot and Hamilton) being dumped at more more than 40% off of retail on a few of the "group shop" sites.  Whether this product is coming directly from the brands or from disgruntled retailers remains to be seen.  And this is not one or two pieces, but fairly large amounts of inventory.  So on the one hand, it's definitely a buyer's market.  But on the other?  It underscores the reality that there are still too many watches sloshing around the market place.  Which means that space has to be made for the new flood of watches steaming their way towards the US (and other ports).  And that still has not done enough to create the same type of uptick in the export figures for the US, which is reporting -0.4% for November.

Curious again are the numbers for Japan +22.5%.  

So, let's wait and see.  If the particularly goofy pr initiatives of some of the brands are anything to go by, in addition to the increasing number of job departures in mid-level industry positions, I suspect that the actual sales are not matching up to the number of watches departing the Swiss borders.

 

Black Friday Repeat

This originally came out nearly a year ago.  And I probably would have let it sit in the closet like an ugly Christmas sweater had I not gotten a promotional email from a "light grey" market site that offered me the rare and wonderful opportunity to purchase "BRAND X's" rare and wonderful price, at the rare and wonderful discount of 65% off!  It also bears mentioning that this "group source e-tailer" also has a section titled:

Sex & Lingerie!

Good to know that after I save a boatload of cash on a grey market watch, I can then purchase some "adult toys", lube, and God knows what else that has fallen off the back of the "cyber truck".

Despite assurances to the contrary, I am still not convinced that the shot callers have really gotten their heads around what is going on right now, and so I am going to air this one out again -

The Myth of Black Friday

So I got the question from more than a few friends and colleagues in Switzerland and Germany -
"What are you doing working, why aren't you out shopping?  Isn't it what you call Black Friday?"

So before going any further I want to be clear that in some retail segments, the carrot of "low, low prices" is a strong motivator.  And as the chaos done to a Nike store will attest, too much food and alcohol, combined a four day weekend and perhaps too much time forcibly spent with family members otherwise only seen at weddings and funerals can drive even the sanest, most rational person to lose their shit.

But what has started to creep into the luxury industry is a growing sense of uncertainty, and this has begun to manifest itself into more random short-term solutions that may (or may not) have the desired impact.  And when we are talking about watches, at least those of a certain price point, we are not talking about the types of things that typically wind up under the average American Christmas tree.  A discounted cashmere sweater?  Sure!  A G-Shock?  Absolutely!  And I have no doubt that there may well be people out there who awake December 25th to find that Santa has left a timekeeper with a retail value of over $5,000 in their stocking.  But I think it's safe to say that in virtually every economy, that is an atypical household.

For those of you unfamiliar with the concept of Black Friday, allow me to inform you that this is a phenomenon that began in the US.  The idea being that the majority of Americans had a day off from work on the day after Thanksgiving (Thursday) and therefore it might be the perfect way to kick off the holiday shopping season.  So that's the Friday part, but the Black aspect was in reference to the ledger books.  As anyone who has suffered through accounting will share, black is good, red is bad.  Black means that you are not losing money.  And the operating theory being that good year or bad, the amount of sales going on would push you firmly into the black for the remainder of the year and that everything after that would be profit.  And from this, we then moved to Cyber Monday.  And in fact, hell, let's just make it Black December because truth be told, nobody can tell the difference any more.

Now in the high end watch business (and let's lower the bar a little and say that is anything over $1,000), there might have been the 10% or 15% deal.  Or retailers would park all of the "pre-owned" or discontinued models in a "Holiday Special" show case.  But it was understood that this display case was the watch equivalent of the Island of Misfit Toys.  If you wanted something desirable you were maybe going to get a small discount, but nothing of the magnitude of what we are seeing this year.  And this discounting mania has moved beyond just the retailer to brands offering 25% off on their own websites.  They are essentially working to move product under the guise of a holiday promotion.  This, in turn, succeeds at then driving the grey market, Mass Drop and Touch of Modern prices to dip even lower than they already are.  I received nearly hourly email promotions on the most recent price discount on Touch of Modern and Mass Drop over the holiday weekend.

Now whether or not these deep-discount sales promotions will succeed in saving the brand's bacon remains to be seen.  But what this really all comes back to is what I've been saying for YEARS - over production.  If your product is scarce, it will be desired.  You can then demand a premium price.  When your product is everywhere, it becomes less exclusive.  Moreover, it manages to lower the desirability of other brands at the same level or price point.  The only exceptions that readily come to mind are Patek Philippe and Rolex.

Put another way, just as a high tide will raise all the boats in the harbor, a low tide will bring them all down.  Supply and Demand is a pretty simple concept, and when you continue to ignore it for years?  Well let's just say it will take years to undo the damage.  And maybe those brand CEOs who refused to forgo the high life for the sake of their brands and their employees should be getting coal in their stockings, and maybe a visit from Krampus ; )

Happy Holidays from Krampus

Happy Holidays, and enjoy your watches!

The 2 Year Review - Wrapping up the BR126 GT

One of the great joys of having and writing for your own outlet?  You get to do what you want ; )

As a watch enthusiast, the one constant conversation that I and my fellow-watch heads have about "the next thing", the "new thing" and more often than not, about love that has dried up.  No, were not talking about divorce or separation.  But that feeling that comes over you when you realize that the thrill is gone.  When that watch that got you so excited no longer does so.  

But I have noticed an interesting trend at the past few BaselWorld fairs.  More and more of my colleagues are not wearing the latest offering.  In ever growing numbers, they are wearing a favorite watch that has been in their collection for two or more years.  And that got me thinking...

So for the past week or so, I have been wearing and enjoying a 2 year old BR126 GT from Bell & Ross.  It was a simple idea - does love endure once the "new watch smell" has worn off?

YES, it does!

The BR126 GT will have a familiar look to several of its fellow Bell & Ross chronographs.  The dial layout is clear and easy to read.  But with a little twist as Bell & Ross utilized a contrasting silver tone to outline the two smaller registers at 3 o'clock and 9 o'clock.  The silver rings that highlight the minute counter (9 o'clock) and the constant second (3 o'clock) provides a wonderfully understated bit of pop to the black dial.  The hour and main minute hand are coated with Superluminova.

The outer bezel is fixed and engraved with a graduated tachymeter. This adds a bit of sporty feeling to the overall look of the watch.  For a two year old watch, the engraving has held up quite well, and adds a lot to the watch as a whole.  One thing that I might have changed in the original design would have been to use a flatter crystal, as the slightly domed crystal used on the 126 GT shields the bezel's engraving just a touch.  It is nothing drastic, mind you, but when your eyes are approaching the half-century mark, you tend to notice these things more and more.  The only other suggestion would be to enhance the date window somewhat, perhaps using an "inverted" cyclops window for the date.  But again, this is really a little thing and in no way really takes away from the overall performance of the watch.

Bell & Ross opted for a solid case back for the BR126 GT and this is something that I wish more and more watch brands would revert to.  The original idea of a display back was to admire the fine inner workings of a watch, but more and more brands are using it as a less-expensive way to case up their watches.  In many instances, the exposed movement is nothing special to look at.  So this design choice of using a solid case back really spoke to me.
 

The watch sits on the wrist very well, at 42 mm (but with a more refined case), it is truly from the Goldilocks school of design - not too big, not too small, but just right!

The movement is listed as BR 126 GT : automatic mechanical. Calibre BR-CAL.301.  It is self-winding, offering hours, minutes, seconds (at 3 o'clock) and date as well as what is becoming a "Bell & Ross" bi-compax chronograph (minute, central seconds).

All functions worked without a hitch, with counter hands running smoothly and returning precisely to their starting positions.

The crown and pushers are still in fantastic shape after more than 2 years of use and are tactile and easy to use.

The time keeping was very, very good with the greatest deviation I experienced being a +12 seconds while running the chronograph over an extended period of time.

 

 And last (and all too often thought of least), the strap and buckle.

The clasp is a butterfly deployment and confirms what I have always thought - Bell & Ross makes one of the very best deployment buckles out there!  Easy to use, secure, and pretty good looking!

And the strap was an interesting - and very positive - choice.  It is described as black Alcantara which is suede-like on top, smooth underneath, and perforated to not only add to the sporty aesthetic, but also allows for ventilation.  Very good looking and supremely comfortable!

All in all, it is a great watch for the person out there looking for that one special piece.  It is elegant enough for the office or an evening out, but also sporty (sorry, I know that word has now officially been overused, but it is appropriate) enough for the weekend, or any bouts of daring-do you might have planned.

For many a collector and enthusiast, watches come and go.  But this one might just be that special one you see on the wrist of a writer or collector, the one that they have hung onto because it has stood up to their personal test of time.


Enjoy your watches! 

The Executive Moonstruck Worldtimer

From Ulysse Nardin -

Courtesy of Ulysse Nardin

Limited to 100 pieces, the case measures 46 mm in diameter and is constructed of either platinum or rose gold.  The movement is the UN-106, enabling these function:

Astronomical timepiece
Indication of position of Sun and Moon in relation to Earth
Indication of Moon phases
Indication of tides
Worldtimer function for 24 cities
Hours, minutes, date
Instant time zone adjuster with patented quick setting device

The Republic

From Manufaktur Waldhoff -

Courtesy of Manufaktur Waldhoff

With time winding down on their Kickstarter campaign, I thought I might preview another of their offerings, the Republic.

The Republic offers hours, minutes and seconds with a dial that not only reveals the inner workings of the movement, it offers a wonderful depth to the watch itself.

44 mm, stainless steel case, Miyota 8250 self-winding movement.  And the price?

Yours for CHF 257 through their Kickstarter campaign.

Here are the pertinents -

 

You can see all of the details of the Republic and (if you're so inclined) participate in the Kickstarter campaign here:

Manufaktur Waldhoff Kickstarter

Lather, Rinse, Repeat - Enter the Carousel

This originally ran back in 2015, and as we are now nearly 30 months down the line (think about that for a moment), it seems even more relevant now than it was when I first pushed it out there.

While I realize that a certain "fortunate son" is assuring us that sales are up, and the Swiss Federation numbers would, in theory, bolster that notion with their export reports of the past two months, the retail realities do not bear this notion out.  Not yet at least.

Brand managers continue to crow about their latest yacht, polo match, or celebrity "chum", so it seems that the lesson still has not sunk in.  Think I'm full of it?

The Grey Market and it's red-headed stepbrother the "Soft Grey" Market continue to offer brand new watches, in many instances directly supplied by the brands themselves, and in some instances even faster than the authorized retail stores can get them.

And with that wonderfully sychophantic press/influencer element out there that (for the right fee) will continue to sing a brand's praises, it is easy to presume that everything is just great!

While I can't think of anyone who does not genuinely want to see things rebound and improve (I mean, we all like money and steady employment, right?), the realities are still the same.

Retail has not returned to the same levels, advertising revenues are down for the majority of print and  digital outlets with some long time employees being let go and not replaced.  In other words, a lot of longtime industry professionals, retail lifers and media employees continue to find themselves surplus to requirements.  

So here we go again -

Brand Managers and CEOs, Enter the "Carousel"...

 This is the time of renewal.

With the slew of smart watches being now literally flung out at an ever increasingly rapid pace just prior to BaselWorld, the biggest question is about usefulness and functionality.  As I said previously, I do think that the solution that Frederique Constant, Alpina and Mondaine have come up with is far and away the best, most practical one available and I think it actually is functional.  

Having said that, a few of us got to thinking "outside the smart watch box", and theorized about what other useful smart watch apps could be created.  

I have often written and railed about the now all-too common practice of what I will refer to as the 3 year plan.  In essence, a CEO, brand manager or rep is hired and if they are lucky, they will last 3 years.  If they are successful they will probably be replaced because they will then be too expensive. If they are not successful they will be let go for obvious reasons.  And it is generally in the second or third year that these folks start getting really nervous, really anxious about their future.  This can be stressful, and your quality of life can really suffer as a result.  It is understandable.  So in an effort to ease the pain, this was a smart watch app that some of us felt was apt.  The Life Clock App.

It is based on the "Life Clock" popularized in Logan's Run.  For you millennials out there, Logan's Run was first a novel but more well known as the movie with Michael York. In this futuristic society, nobody has to work, everything is easy.  You are pretty much free to literally "follow your bliss". 

 

The main problem with this being that this level of indolence is not really sustainable as a "business model".  Therefore you have to sort of cull the herd to ensure that there will be enough to go around. Essentially, you have until you turn 30, then your "Life Clock" will light up letting you know that your time is up.  When that happens you are summoned to what is known as the Carousel where you and all of the other 30 year old folks in your group will be "surplussed" or more specifically, vaporized.

The belief being that you will then be "renewed".

Which brings us back to the tenuous and all-too-often brief tenures currently being experienced by brand manages and CEOs.  How can we take some of the guesswork out of it?  Well, every problem has a solution - and it seems every solution has an App!

So you download the Life Clock App on your smart watch and sync it with your phone.  Don't worry, it will support both iOS and Android platforms.  Then you start that new position as CEO and hit GO. Your Life Clock App is now synced to your current job and dutifully counting down the years, months, weeks and days until you will need to update your resume and look for that next position. Worried that you might not remember your work anniversary?  Don't be!  The Life Clock App has got you covered!  It will give a red glowing signal as you are approaching your 3 year anniversary.  Then a stern, all knowing voice (my vote would be James Earl Jones) will say:

Enter the Career Builder Site.  This is the time of renewal.

For everyone out there still searching, stay positive, and stay away from the Sandmen!

The BR-X1Black Titanium

This is a truly cool offering from Bell & Ross and as such, is limited to 250 pieces.

Courtesy of Bell & Ross

The measures 45 mm and is constructed of titanium and ceramic with rubber inserts.

The movement is the BR-CAL.313.  This is a self-winding, mechanical movement.  Hours, minutes, seconds, date and chronograph function.

This is pretty dope!

Here are the pertinents, straight from the source -

Technical specifications

Movement -
calibre BR-CAL.313. Automatic mechanical.
‘X’-shaped upper bridge. 56 jewels, 28,800 vph.
Skeleton chronograph.

Functions -
hours, minutes, small seconds at 3 o’clock.
Skeleton date at 6 o’clock.
Chronograph: 30-min timer at 9 o’clock,
central chronograph seconds.

Case -
45 mm in diameter. Titanium and ceramic with
rubber inserts. Rocker push-buttons.
Back with opening in tinted sapphire crystal,
centered on the balance.

Dial -
grey-tinted sapphire crystal. Metal applique
Superluminova®-filled indices. Metal skeleton
Superluminova®-filled hour and minute hands.

Crystal -
anti-reflective sapphire.

Water-resistance -
100 meters

Strap -
woven black rubber

Buckle -
pin. Steel with Rubber insert.

 

 

Summer Repeat - The Shifting Tides

This originally ran back in May, but after reading (I'm sorry) an incredibly lame-brained treatise on the watch industry from someone who has never actually worked in it, I thought it might be worth airing out again.

 

The Shifting Tides

At a time when Swiss watch exports are down, retail sales are dwindling, and the grey market and it's newborn step-child the "soft grey" market can't absorb all of the overflow, it is curious to relate that this same time period has seen a true resurgence in the "micro-brand".  

The term micro-brand used to be a bit of a back-handed compliment paid somewhat begrudgingly by so-called "big boy" brand reps, managers and CEOs.  A brand that produces a very small number of collections, relies heavily on direct sales, and operate on a shoe string.  Even more interesting to relate that several of those highfalutin guys and gals from the big groups are now in search of new career opportunities as they and their brands could not see that the winds were shifting. 

Now it is important to note and understand that there were precursors to this current trend.  Several of these enterprises were birthed, lived a quick and bright existence, then quietly disappeared into the night.  If we look at the years in question, there was a period of three to five years in the early part of this century (feels weird saying that) where the propensity of watch discussion forums created built in marketplaces to create, promote and sell a brand new watch.  The forums were populated by LOTS of people looking for information on watches and a place to exchange their own knowledge and experience.  

SPOILER ALERT - contrary to some (admittedly humorous) assertions, there were plenty of places to read about watches prior to Hodinkee ; )

But then a shift happened that a lot of these folks did not see coming.  And that was the emergence of the blog and the online magazine.  Where before a small brand owner only had to contend with one forum owner or administrator, suddenly there were more outlets than you could shake a free watch at.  But this took on a whole new complexion when these outlets realized that with a high page view rate (regardless of whether the clicks were legitimate or originating from a click farm in the Asian sub-continent), they could then lure advertising money away from print outlets.  Brand marketing managers got excited, unreasonably so.  So excited that they didn't even flinch when some of these outlets and "influencers" suddenly stopped running their content without the benefit of what we will gently refer to as a "sweetener" in addition to the advertising money that they were already paying to them.  A few outlets were silly enough to create rate sheets ($XXX for a review, $XXXX for a new release, etc.).  A few of these rate sheets fell into the hands of competitors who were more than happy to publish the information, exposing the "disconvenient truth" that payola was alive and well in the luxury watch industry.  And at that point, the little brands could not really survive.  I mean, maybe Richemont and LVMH have $1,000 per Instagram image they can afford to spend...

So at this moment, you might say to yourself - game over!  But then print magazines, feeling the lack of love from their former favorite advertisers started courting small and emerging brands.  This meant content that didn't cost anything other than the time to send some images and spec sheets.  And then one other interesting thing happened - Facebook emerged as the replacement to the watch forum, and to some extent the blog.  Think about it, a watch forum or blog you have to go out and look for.  Facebook is right there on your computer, phone and tablet 24-7.  And it then enabled the owners of these smaller brands to seek out and connect with people who would communicate about their brand - you know, people like me ; )

So the stage was set, but the final piece was somewhat surprising.  It was the steady slide of the big dogs who have been on a 3 year losing streak.  Because this triggered a few more things:

1.  Customers started becoming disillusioned by spending $3,000 US on a new watch from an authorized retailer only to  see it for half or even less than half price on a grey market Internet store that was receiving its stock directly from the brand.  These are folks who probably bought one or two watches a year.  And as they began to peel away the layers of the onion, they realized that to some extent they now REALLY had options.  And they also felt that the brands really did not care about them at all.  The micro brands?  Communicative, friendly and welcoming.  Unrequited love sucks - especially at $3,000!

2.  Some of the micro brands are now being launched by industry insiders.  But what is interesting is that they have shed a lot of the old thinking and are combining their experience with the new ideas brought forth by the new guys.  So you get the warm fuzzies along with the watch making bonafides.

3.  The suppliers that had never given the micro brands a passing thought?  Suddenly these suppliers are falling over themselves to catch the eyes of these smaller, emerging players because the big dogs are cutting off their orders.  And the micro brands owners are now in a position to say no thank you to a bad deal.

4.  A few angels have emerged  - people with the connections who have shepherded several of these aspiring new comers, helping them avoid the potential pitfalls that have bedeviled so many others.  One in particular comes to mind, and what he and his network have done can't really be bought or taught.

5.  Many of us who cover this stuff?  We're ready for something new!


So here's to the micro brands!  

The Martin M-130

From Towson Watch Company -

Courtesy of Towson Watch Company

We don't get to hear as much about Towson as we should, so I thought this morning I would jolt you out of your Sunday slumbers with this delightfully bright pilot's chronograph.

The case measures 42 mm in diameter and it houses the 7750.

Courtesy of Towson Watch Company

The watch is named for Martin M-130 which was produced by the Glenn L. Martin Company in Baltimore, Maryland.

Hours, minutes, seconds, date and 3 register chronograph.  Available direct from the folks at Towson.

Here are the pertinents -

Case	42mm
Dial	Super LuMinova Markers and Hands
Movement	Highest Grade 25 Jewel Automatic Chronograph Cal. 7750 Adjusted to 5 positions, 46 Hour Power Reserve, Incabloc Shock Absorption, Nivorox Hairspring, Glucydure Balance
Crystal	Domed Sapphire Crystal with 2 Sided Anti-Reflex Coating
Functions	Sweep Second, Minute, Hour, Date, Stop Funtion with Minute Counter at 12-O’Clock and Hour Counter at 6-O’Clock, Constantly Rotating Second at 9-O’Clock, Start/Stop Pusher at 2-O’Clock, Back To Neutral Pusher at 4-O’Clock
Water Resistance	5 ATM (50m)
Strap Width	20mm x 18mm

Maybe the Numbers are Improving...Maybe Not

Okay pals and gals, the numbers are in for June from our friends at the FH are happily reporting the news of an uptick in Swiss watch exports.  

Courtesy of the FH

I apologize if the image is a bit fuzzy, but that is appropriate because the correlation between increased exports and actual watch sales is equally hard to pull into focus.

If we were to believe that numbers don't lie, then apparently every jeweler in Italy and the UK must be selling boatloads of watches with truly Herculean increases of exported watches arriving in these two locations.  The numbers for the US are, at least, more believable with a further poor month resulting in a decrease of 1.3%, and Japan with an additional decline of 15.4%.  And if the numbers are to be believed, then we can all breath a sigh of relief!

But the problem with fuzzy numbers is they tend to be fuzzy for a reason.  And I will repeat what I said here about a month ago - increased export numbers do not necessarily indicate increased sales numbers.  While I will not claim to be in touch with every retailer in every country, I can say that the reports back do not reflect the very large volumes of Swiss watches that are being exported to the UK and Italy.

Which means, once again, our old friend the Grey Market, the Light Grey Market, and good old fashioned trans-shipping might better explain a part of it.  The other part is the need to get as many watches out of the country before the new "Swissness" becomes reality - and that means only about 6 months left.

So no sports fans, I do not think we are out of the woods quite yet.

Never Drink Your Own Bathwater

This will be short, but hopefully to the point.
 
Whether you are powerful and mighty like the recently emancipated Georges Kern, or the scrappy upstart that has morphed into growing microbrand, always remember that your current situation is just that - current. 

I was speaking to some colleagues in the Fifth Estate and we all were sharing the latest "hello my friend" messages that we had received from either recently departed brand managers or those who had been "uncoupled" from their mother ship some time previously that had finally managed to find a new (decidedly less fancy) landing pad with a brand that they clearly feel is below their station. 

Oftentimes it is a brand that their former "besties" at the bigger sites, blogs and online magazines aren't falling all over themselves to cover unless the newly re-employed brand manager is ready to pony up advertising money (which they now have in incredibly short supply) or pay for "advertorial".  And let's be honest, the advertorial is only a step away from the kid who has to have his mother tie a pork chop around his neck to get the dog to play with him.  Not exactly validating...

They had another thing in common - they had fairly consistently never returned our messages, ignored us in public, and essentially acted as if many of us who write about them did not exist.  And no, that is not an exaggeration ; )

It is remarkable how a prolonged bout of unemployment and the cold shoulder from the great and the good who used to cover them exhaustively will suddenly instill a sense of fond reminiscence for previous interaction and a wistful desire to re-connect with their long lost friends from the press.  

So CEOs, brand managers and PR Mavens remember one important thing: 
All of the folks you meet on your way up the ladder?  You are very likely to encounter them on your way back down.

Or as that other great commentator on the industry observed at the end of the movie Patton:

“For over a thousand years Roman conquerors returning from the wars enjoyed the honor of triumph, a tumultuous parade. In the procession came trumpeters, musicians and strange animals from conquered territories, together with carts laden with treasure and captured armaments. The conquerors rode in a triumphal chariot, the dazed prisoners walking in chains before him. Sometimes his children robed in white stood with him in the chariot or rode the trace horses. A slave stood behind the conqueror holding a golden crown and whispering in his ear a warning: that all glory is fleeting.”

Here's To The Crazy Ones...

One of the great privileges of writing about the watch industry is you get to meet some genuinely nice and interesting people who are working to create a brand, maintain one, or in some cases?  Bring it back from the dead. 

These are folks that have never sought out the spotlight.  They come in early, they stay late.  They answer the phone when a call comes in.  These are the people you don't read about, you don't see them on the red carpet.  But they are there.

These are also the people that, had they been dealt a better hand at the big poker game?  Or (if we are honest) had a more mercenary approach?  They'd be running "big boy" brands, rolling in cash and swimming in champagne.  

These are also guys and gals that tend to do whatever it takes to ensure that even in bad times, employees will be taken care of.  But these are also the folks that when they put down their chips and place their bets?  They tend to do it with their own money first.

I have a great, great deal of admiration and respect for these brand owners.  It is no small feat to be a mid-level director or employee for a watch brand.  I do not make light of that.  But to gain that experience, then to find a struggling brand, put your money on the table to buy it, and make a go of not just running it, but saving it from certain extinction?  That's some pretty salty stuff!

I realize that these are not the people you will be seeing at the GPHG, they will not be featured by the "elite" watch journalists because, well, it's not like they are going to spend any REAL advertising money, are they?

And that is why it really sucks when despite all of the effort, the reality of the business steps in.  Even with their best efforts, new investors coming in, a LOT of enthusiastic customers and potential customers out there, they just can't make a go of it.

With the big boy brands and the big boy egos involved in this business, I talk a lot about the "Transfer Window".  This is mostly due to the way that the industry has hyped up the image of being the CEO of a watch brand to similar levels of being a professional football player.  Seriously - have you ever seen a consumer magazine for toothpaste?  We all use toothpaste (hopefully) but it doesn't tend to lend itself to the passion and fan worship that exists out there for the leaders of the watch industry.  

But there is a parallel watch industry reality.  One where brand owners and CEOs are not worried about finding a new car partner so that they can have a sexier company car, or making enough in bonus to finally pay off their third home in the south of France.  This parallel watch world is filled with normal people, leading normal lives.  People working hard trying to make a dream come true without the benefit of multi-million dollar investment funds.  People pursuing what in then end turns out to be an unfulfilled dream.

But I hope that some of these dreamers that have been "transferred out" will dust themselves off and get back in the game.  This is a business that can lead to some extremely cynical behavior on every side of the BaselWorld booth.  Trust is hard to come by, and motives are frequently questioned and doubted.  The industry needs some more dreamers, and a few less egos. 

I'd like to leave you this morning with a quote from Steve Jobs that is often re-shared by my friend Rod Hess:

Here's to the crazy ones, the misfits, the rebels, the troublemakers, the round pegs in the square holes... the ones who see things differently -- they're not fond of rules... You can quote them, disagree with them, glorify or vilify them, but the only thing you can't do is ignore them because they change things... they push the human race forward, and while some may see them as the crazy ones, we see genius, because the ones who are crazy enough to think that they can change the world, are the ones who do.

Steve Jobs

 

When Love Came To Town - Part The Second

Sometimes you need to shake things up a bit.  When you get to be known for one thing, it can be a bit of a risk to step out of what is expected and do something completely different.  But sometimes, that risk can pay off.  And gentle reader, this is on of those times!

Courtesy of Bell & Ross

Ladies and Gentlemen, boys and girls, may I present-

The BR V2-92 GARDE-CÔTES!

41 millimeters of Swiss-Made, stainless steel goodness houses the calibre BR-CAL.302.  Water resistant to 100 meters, designed for people who save lives for a living, and pretty amazing looking even for those of us are not professional practitioners of daring-do ; )

 

Courtesy of Bell & Ross

It was a bit of a gamble to do something different, but one that I think has really paid off for Bell & Ross.

Check it out here -

Check Out the BR V2-92 GARDE-CÔTES!

Here are the pertinents -

Movement: calibre BR-CAL.302. Automatic mechanical.
Functions: hours, minutes, central seconds and date.
Case: 41 mm in diameter. Satin-polished steel. Rotating steel bezel with anodized black aluminum ring and 60-minute scale. Screw-down crown. Sapphire case-back.
Dial: matte grey. Numerals and indices coated in white Superluminova®. Metal skeletonized Superluminova®-filled hour and minute hands.
Crystal: ultra-curved sapphire with anti-reflective coating.
Water-resistance: 100 meters.
Bracelet or Strap: satin-polished steel or black rubber.
Buckle: folding for metal bracelet. satin-polished steel pin for rubber strap.

PRICE:
It is US $3,200 for the bracelet version, and $2,900 with the rubber strap.