This was not a unique experience. Others have expressed feeling disappointed or even outraged when seeing another NSO piece on Instagram or at a meetup so close to their own. That outrage, it should be noted, was always slightly misguided. Collectors misunderstood the program to be their ballpark for designing \"one of one\" watches when Cartier never promised that, or even implied it.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>\"I think there is an understanding generally that if you do a special order, that special order is exclusive, or at least should be,\" said the collector @horology_ancienne in comments to Hodinkee. While Cartier never promised that the designs would be exclusive or one-offs, more and more collectors noted the experience of owning an NSO piece, created from a design they submitted, and then seeing similar or identical watches produced for other clients in the ensuing months or years.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["53fa1766-6795-4f75-855f-429b4cdfa6c9"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>Like Weinås's Crash, the white metal, salmon dial motif was a popular choice. \"I can't tell you how many platinum case, salmon dial NSOs I've been offered,\" said vintage dealer Mike Nouveau.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>Too many similar NSO watches is one thing, but collectors have also criticized the program's total output. \"The sheer volume they were doing kind of takes the special out of 'Special Order,'\" said @horology_ancienne.</p>\n\n<p>Cartier is estimated to produce about 680,000 watches per year and is the second largest Swiss watch brand by sales, according to estimates by analysts at Morgan Stanley. The NSO program accounted for a minuscule amount of overall production.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>\"As I understood it, the original idea behind the NSO program was a thank you to the collectors- making something special to acknowledge their support of the maison,\" said collector, dealer, and <a href=https://www.hodinkee.com/"https://www.hodinkee.com/articles/video-talking-watches-with-eric-ku/" target=\"_blank\"><u>former Talking Watches guest</u></a> Eric Ku. Yet, to satisfy the increasing demand, fueled by constant NSO watches hitting Instagram feeds, many believed Cartier simply made too many special orders — a \"dilution of the program,\" as Ku calls it. \"Collectors speculate that there are even more NSO Crashes than modern ones made (meaning Bond Street size ones),\" he said.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["bcabe819-44ae-409f-8958-ef68f505b4c7"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>Through all of the \"too many produced\" criticisms, NSO watches, specifically Crash examples, have performed exceptionally well at auction. The high water mark being, you guessed it, a white gold, salmon dial NSO Crash which sold for <a href=https://www.hodinkee.com/"https://www.phillips.com/detail/cartier/CH080224/101/" target=\"_blank\"><u>$329,254</u></a> at Phillips last May. More eccentric special pieces have attracted bidders as well. A yellow gold, green numeral Crash from the program sold for <a href=https://www.hodinkee.com/"https://www.phillips.com/detail/cartier/NY080124/4/" target=\"_blank\"><u>$241,300</u></a> at Phillips last June.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>The current production Cartier Crash, sold exclusively through the Bond Street boutique, retails for about $55,000 in platinum and trades on the open market for roughly $300,000. NSO watches are typically priced 10-20% above the standard retail price of that model and metal (this pricing is in line with the program being a \"thank you\" to collectors).</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>Cartier designs are currently sought after like never before, but the brand, in restructuring the NSO program, could be recognizing that customization is not always better. As more NSO pieces hit the market, collectors only further preferred the standard production offerings of Cartier's most celebrated models. \"I'd be surprised if a seller was able to get a super premium price (over market price of the standard issue model) for an NSO watch in 2025. I think the second-hand market is a bit fatigued by them at this point,\" said Nouveau.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["ffb2a6d7-d256-42a0-8052-09322c7b2a4f"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>Cartier will continue making unique and one-off pieces for top clients, but on an even smaller and more exclusive scale.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>The change in the NSO program may reflect a move towards something similar to Vacheron Constantin's Les Cabinotiers program — explicitly marketed as a \"department dedicated to one-of-a-kind models.\" When Ferla stepped in as CEO at Vacheron, Les Cabinotiers operated similarly to NSO at Cartier. He shaped the VC program into what it is today, focusing on artistry, technical expertise, and innovation more so than thanking collectors with dial colors. Ferla, who took over as Cartier CEO in <a href=https://www.hodinkee.com/"https://www.hodinkee.com/articles/business-news-richemont-ceos/" target=\"_blank\"><u>September of last year</u></a>, appears to be implementing the same playbook with Cartier's NSO program. And to us, as lovers of the brand that is Cartier, that is very, very welcome.</p>\n\n<p>Practically speaking, existing, accepted orders within the NSO program will be honored and delivered, but in order to work directly with one of the world's best brands to create a singular product, the bar has been raised much higher. </p>\n\n<p>Cartier jumped into the position as the second largest maker of Swiss watches by sales in 2020, according to analyst estimates. The brand's popularity and demand for its timepieces surged as it focused on new iterations of its stable of iconic models including the Cartier Tank and Santos. </p>\n\n<p>For more information, <a href=https://www.hodinkee.com/"https://www.cartier.com/en-us/home/" target=\"_blank\">visit Cartier online</a>. </p>\n\n<p><i>*Lead image courtesy of </i><a href=https://www.hodinkee.com/"https://hairspring.com/blogs/finds/salmon-dial-nso-cartier-crash/" target=\"_blank\"><i>Hairspring</i></a><i>.</i> </p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"alignment":"interscrollerV2"},"type":"Block::Advertisement"}],"migrated_content":true,"meta_title":"","meta_description":"","meta_social_media_headline":"","meta_social_media_description":"","meta_social_media_image":"","artist_name":null,"artist_type":"","internal_notes":"","column":{"id":3,"slug":"breaking_news","name":"Breaking News","description":"","sort_order":null,"created_at":"2016-07-13T12:24:43.942-04:00","updated_at":"2022-05-04T16:49:53.582-04:00","status":"hidden"},"hero_image":{"id":"6d75a585-bff6-414c-9259-a461caa4eb0e","container_id":14342,"container_type":"Article","url":"https://hodinkee-production.s3.amazonaws.com/uploads/images/3dd343b3-d27d-4380-acac-1a51d4796db0/cartierhero.jpg","width":2880,"height":1620,"format":"jpg","render_args":null,"caption":null,"alt_text":"","created_at":"2025-04-06T07:14:00.918-04:00","updated_at":"2025-04-06T09:31:23.558-04:00","sort_order":0,"product_ids":null,"imgix_url":"https://hodinkee.imgix.net/uploads/images/3dd343b3-d27d-4380-acac-1a51d4796db0/cartierhero.jpg?ixlib=rails-1.1.0"},"share_url":"https://www.hodinkee.com/articles/breaking-news-cartier-nso-program","full_title":"Breaking News: Cartier’s NSO – Or \"New Special Order\" –  Watch Program Is Over, At Least As We Know It","tags":["cartier","cartier-crash","cartier-nso"]},{"id":14335,"slug":"swiss-watch-ceos-plot-next-move-as-us-tariffs-threaten-industry-sales","column_slug":"business_news","title":"Swiss Watch CEOs Plot Next Move As US Tariffs Threaten Industry Sales","status":"published","working_copy_of_id":null,"published_at":"2025-04-03T14:45:00.000-04:00","created_at":"2025-04-03T10:20:52.800-04:00","updated_at":"2025-04-05T01:03:00.597-04:00","scheduled_for":null,"review_status":null,"package_id":null,"lede":"<p>Watch CEOs react to news of potentially devastating US tariffs on Swiss watches. </p>","hero_media_type":"image","hero_video_id":null,"hero_video_type":"vimeo","hero_homepage_image":null,"gallery_view":false,"legacy_url":null,"multiple_authors":false,"pinned_related_article_id":null,"hero_image_url":null,"hero_homepage_image_url":null,"view_count":64367,"public_token":null,"notification_sent":true,"keyword_targeting":null,"apple_news_id":null,"display_template":"standard","exclude_from_related":false,"comments_state":"comments_enabled","article_type":"default_article","shopify_id":null,"featured_comment_id":null,"noindex":false,"sponsored_by":null,"advertising_enabled":true,"redirect_url":"","automatic_related_articles":true,"show_promotional_frame":true,"show_related_articles":true,"show_editors_picks":true,"sponsor_image_url":"","display_theme":"light","custom_props":{},"content_chunks":[{"data":{"copy":"<p>After details emerged Wednesday evening that the Trump administration planned to impose major tariffs on Swiss products, including watches imported to the US, Serge Michel, the founder of independent brand Armin Strom, got to work. Michel took in-person meetings with retail partners attending the Watches and Wonders salon in Geneva or reached out to others by phone. Together, they plotted an immediate response to the threat of 31% tariffs on Swiss goods entering the US.<br><br>''They are saying, 'please ship whatever you have ready to ship now,''' Michel said in an interview.</p>","dropcap":true},"type":"Block::BodyCopy"},{"data":{"copy":"<p>The US accounts for about 40% of the Biel, Switzerland-based brand's sales. In the short term, Armin Strom is looking to find ways to export finished pieces to the US sooner than expected in hopes of avoiding the levies that, if implemented, would pressure brands and retailers to ratchet prices higher.<br><br>\"It's very bad timing,'' Michel said, noting that many brands had already conducted significant price hikes in response to higher input costs and the strong Swiss franc.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["e151767a-348b-4ec0-b0a4-ccc783fe3d47"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>The US is the biggest single market for Swiss watches and the main growth driver, accounting for almost 50% of the growth in Swiss watch exports since 2019, according to a report published today by Switzerland's Vontobel Group. With many customers already stretched by inflation, Michel said significant price hikes are not an option for Armin Strom, whose watches sell for between 20,000 CHF and 120,000 CHF in Switzerland. He expects that if the tariffs come into effect, both brands and retailers will have to take a lower profit margin on sales.<br><br>\"To raise prices is not an option,'' he said. ''We must somehow react on the margin side and share the pain between the partners.''</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>Whether the Trump administration follows through on the tariffs remains to be seen. The White House has previously backed down on tariff threats made against Canada and Mexico after it received concessions on border security and other issues.</p>\n\n<p>In a statement issued Thursday, the Swiss Federal Council said it would analyse its measures and their impact. The Federal Council said it was in contact with affected industries and US authorities and is seeking a solution.</p>\n\n<p>The sweeping tariffs announced by the US government against various trading partner nations are said to be based on respective trade deficits. The Swiss Federal Council said the 31 % or 32% tariffs Swiss goods will be subjected to are ''particularly high'' compared to other US trading partners with a similar economic structure, such as the European Union, which is facing 20% tariffs, Japan with 24% tariffs, and the UK with 10%.</p>\n\n<p>\"The calculations of the US government are not clear to the Federal Council,'' it said.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["2acbd9b2-9c62-4944-91e1-470d19fa1c06"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>The tariff threats come at a time of significant challenges for the Swiss watch industry as total exports fell nearly 3% by value in 2024 after three years of records. The resilient US consumer has been a bright spot for the sector, with exports rising 5% in 2024 to about 4.4 billion CHF by value. That's as exports to China plunged by 25%.<br><br>Some CEOs remain optimistic in the expectation that the shocking 31% Swiss tariff is merely an opening salvo in a negotiation that could result in less pain.<br><br>\"Tariffs are obviously not helping,'' said Georges Kern, the CEO of Breitling. ''However, there is the German expression (es wird nich so heiß gegessen, wie gekocht) - things are never as bad as they seem. In any case, Breitling is prepared and will deal with it,'' Kern said.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>Jean-Christophe Babin, the new CEO of LVMH Watches, whose brands include Hublot, Tag Heuer, and Zenith, says the luxury group will seek to clarify how the US calculates its tariff rates before taking action.<br><br>''It is not possible to comment or take any action until we understand what it is,'' Babin said briefly at Watches and Wonders in Geneva. “We are a big group. We are the world luxury leader, so we have a lot of tax experts who are connected and will try to clarify the content of the calculation so that the Swiss government can also understand better,'' said Babin. <br><br>Ever since Trump's tariff threats against various trading partners began, ''the first round has been very high, and then there are discussions. So we will see,'' he added.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["d91d2f63-4d11-4a52-a967-9914903d3f24"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>Still, the potential for double-digit tariffs on luxury goods from Switzerland and the European Union weighed heavily on stock market prices for the biggest groups on Thursday, with LVMH shares falling  5%, shares of Richemont, the owner of brands including Vacheron Constantin and IWC, falling 6%, and shares of Swatch Group, which controls the Tissot and Longines brands among others, also down more than 6%. <br><br>Rolex, the top Swiss brand by sales and exports to the US market, declined to comment when asked about the tariff threats.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"alignment":"interscrollerV2"},"type":"Block::Advertisement"},{"data":{"copy":"<p>Ben Kuffer, the CEO of independent family-owned brand Norqain, said the late-night tariff news brought a troubling end to what had been a positive day as the brand announced earlier that hockey superstar Sidney Crosby had invested in the company. Kuffer said he hopes organizations like the Federation of the Swiss Watch Industry will take the lead in negotiating on behalf of Swiss brands and will make the case that Swiss watches can't be produced in the US. The US accounts for about one-third of the brand's sales.<br><br>''Certain costs will have to be reduced to operate,'' said Kuffer.<br><br>\"The US will remain the key market for the Swiss watch industry, and this has the potential to have a major impact.''</p>","dropcap":false},"type":"Block::BodyCopy"}],"migrated_content":true,"meta_title":"","meta_description":"","meta_social_media_headline":"","meta_social_media_description":"","meta_social_media_image":"","artist_name":null,"artist_type":"","internal_notes":"","column":{"id":4,"slug":"business_news","name":"Business News","description":"Explore past and present HODINKEE content, from in-depth product reviews to original video series.","sort_order":13,"created_at":"2016-07-13T12:24:43.947-04:00","updated_at":"2022-05-04T13:40:30.347-04:00","status":"hidden"},"hero_image":{"id":"e9891d7d-73bb-462b-8815-5418cc42fc8b","container_id":14335,"container_type":"Article","url":"https://hodinkee-production.s3.amazonaws.com/uploads/images/80a34f34-7d5c-4747-86f6-b3414cf461b5/Untitled-1.jpg","width":2880,"height":1620,"format":"jpg","render_args":null,"caption":null,"alt_text":"geneva ","created_at":"2025-04-03T10:20:52.847-04:00","updated_at":"2025-04-03T14:21:19.318-04:00","sort_order":0,"product_ids":null,"imgix_url":"https://hodinkee.imgix.net/uploads/images/80a34f34-7d5c-4747-86f6-b3414cf461b5/Untitled-1.jpg?ixlib=rails-1.1.0"},"share_url":"https://www.hodinkee.com/articles/swiss-watch-ceos-plot-next-move-as-us-tariffs-threaten-industry-sales","full_title":"Business News: Swiss Watch CEOs Plot Next Move As US Tariffs Threaten Industry Sales","tags":["rolex","armin-strom","business-news","richemont","lvmh","swatch-group","switzerland","tariffs"]},{"id":14334,"slug":"swiss-watch-industry-shocked-by-trumps-31-tariff-threat","column_slug":"business_news","title":"Swiss Watch Industry Shocked By Trump’s 31% Tariff Threat ","status":"published","working_copy_of_id":null,"published_at":"2025-04-02T20:05:00.000-04:00","created_at":"2025-04-02T18:57:41.516-04:00","updated_at":"2025-04-05T02:52:12.011-04:00","scheduled_for":null,"review_status":null,"package_id":null,"lede":"<p>US President vows 31% tariffs on imported goods from Switzerland in 'Liberation Day' speech that would sideswipe Swiss watch sector. </p>","hero_media_type":"image","hero_video_id":null,"hero_video_type":"vimeo","hero_homepage_image":null,"gallery_view":false,"legacy_url":null,"multiple_authors":false,"pinned_related_article_id":null,"hero_image_url":null,"hero_homepage_image_url":null,"view_count":85368,"public_token":null,"notification_sent":true,"keyword_targeting":null,"apple_news_id":null,"display_template":"standard","exclude_from_related":false,"comments_state":"comments_enabled","article_type":"default_article","shopify_id":null,"featured_comment_id":null,"noindex":false,"sponsored_by":null,"advertising_enabled":true,"redirect_url":"","automatic_related_articles":true,"show_promotional_frame":true,"show_related_articles":true,"show_editors_picks":true,"sponsor_image_url":"","display_theme":"light","custom_props":{},"content_chunks":[{"data":{"alignment":"interscrollerV2"},"type":"Block::Advertisement"},{"data":{"copy":"<p>The Swiss watch industry was sent reeling after US President Donald Trump threatened massive tariffs on imports to the biggest market for Swiss timepieces. In a speech Wednesday, Trump announced sweeping tariffs on more than 100 countries and trading partners, including China, India, and nations in the European Union. Trump showed a chart listing a levy of 31% on goods imported to the US from Switzerland.<br><br>Trump said tariffs of 10% would be imposed on all trading partners while \"'reciprocal\" double-digit tariffs would be levied against a group of individual nations, including Switzerland. In comparison, Trump said the US would slap tariffs of 34% on Chinese goods, 20% on European products, 24% on Japan, and 10% on the UK. US stock market futures tumbled in response to the announcement.</p>","dropcap":true},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["5f205bbd-8c9c-43fc-9ef6-538229d6242b"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>The US has been the top destination for Swiss watches since overtaking China in 2021, and a 31% tariff would deliver a potentially shocking blow to an industry that has relied on US consumers following a post-pandemic global slump in demand. Swiss watchmakers from top prestige brands Rolex, Patek Philippe, and Vacheron Constantin, as well as high volume, lower priced marques including Longines and Tissot owned by Swatch Group AG, have leaned on the US to drive demand for Swiss watches as the once mighty Chinese market has faltered amid a real estate crisis.<br><br>Swiss watch exports to the US rose 5% by value in 2024 while shipments to China fell 25% in a year that saw overall wholesale exports decline 2.8% to about CHF 26 billion.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>Switzerland's President Karin Keller-Sutter said her government acknowledged the U.S. tariff decisions and would quickly decide its next steps. \"The country's long-term economic interests are paramount. Adherence to international law and free trade remain core values,\" Keller-Sutter said in a post on social media site X.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>The surprise tariff announcement came as the industry gathers in Geneva for Watches and Wonders, where 60 top brands unveil new products and meet with retailers and international media in a coordinated effort to promote the industry. Many Swiss executives at the event had hoped the watch sector would avoid being targeted by tariffs, as there is little mechanical watchmaking capacity in the US.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["ed795a3e-08b2-4d0a-b7de-26b21c4ecb71"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>''We cannot make Swiss watches in the US,'' Rolf Studer, the co-CEO of Swiss brand Oris, known for its approachable-priced tool watches, said in an interview ahead of Trump's tariff announcement.<br><br>''Value creation is in the distribution, in the retailing alone, and if you would tax our products, then that would affect that value creation from a US point of view in their home market,'' Studer added. \"So I don't think that this makes sense, even though that's not a guarantee for it not to happen.''</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p><i>Stay tuned for more as this story develops. </i></p>","dropcap":false},"type":"Block::BodyCopy"}],"migrated_content":true,"meta_title":"","meta_description":"","meta_social_media_headline":"","meta_social_media_description":"","meta_social_media_image":"","artist_name":null,"artist_type":"","internal_notes":"","column":{"id":4,"slug":"business_news","name":"Business News","description":"Explore past and present HODINKEE content, from in-depth product reviews to original video series.","sort_order":13,"created_at":"2016-07-13T12:24:43.947-04:00","updated_at":"2022-05-04T13:40:30.347-04:00","status":"hidden"},"hero_image":{"id":"0ad56861-28b6-40c4-aaa2-4ce1d0d3825a","container_id":14334,"container_type":"Article","url":"https://hodinkee-production.s3.amazonaws.com/uploads/images/532423cd-8336-4235-a624-7b81e2245562/swiss-hero.jpg","width":2880,"height":1620,"format":"jpg","render_args":null,"caption":null,"alt_text":"swiss flag","created_at":"2025-04-02T18:57:41.549-04:00","updated_at":"2025-04-02T19:53:02.598-04:00","sort_order":0,"product_ids":null,"imgix_url":"https://hodinkee.imgix.net/uploads/images/532423cd-8336-4235-a624-7b81e2245562/swiss-hero.jpg?ixlib=rails-1.1.0"},"share_url":"https://www.hodinkee.com/articles/swiss-watch-industry-shocked-by-trumps-31-tariff-threat","full_title":"Business News: Swiss Watch Industry Shocked By Trump’s 31% Tariff Threat ","tags":["donald-trump","business-news","switzerland","tariffs"]},{"id":14281,"slug":"switzerlands-cosc-to-upgrade-chronometer-certification-standards","column_slug":"article","title":"Switzerland’s COSC To Upgrade Chronometer Certification Standards ","status":"published","working_copy_of_id":null,"published_at":"2025-03-28T09:00:14.055-04:00","created_at":"2025-03-25T04:54:39.007-04:00","updated_at":"2025-03-31T09:01:06.593-04:00","scheduled_for":null,"review_status":null,"package_id":null,"lede":"<p>New standards to show focus on consumer as secretive organization opens up for first time.</p>","hero_media_type":"image","hero_video_id":null,"hero_video_type":"vimeo","hero_homepage_image":null,"gallery_view":false,"legacy_url":null,"multiple_authors":false,"pinned_related_article_id":null,"hero_image_url":null,"hero_homepage_image_url":null,"view_count":8719,"public_token":null,"notification_sent":true,"keyword_targeting":null,"apple_news_id":null,"display_template":"standard","exclude_from_related":false,"comments_state":"comments_enabled","article_type":"default_article","shopify_id":null,"featured_comment_id":null,"noindex":false,"sponsored_by":null,"advertising_enabled":true,"redirect_url":"","automatic_related_articles":true,"show_promotional_frame":true,"show_related_articles":true,"show_editors_picks":true,"sponsor_image_url":"","display_theme":"light","custom_props":{},"content_chunks":[{"data":{"copy":"<p>The <a href=https://www.hodinkee.com/"https://www.cosc.swiss/fr/" target=\"_blank\">Contrôle Officiel Suisse des Chronomètres</a>, or COSC, plans to upgrade its standards for chronometer certification and is vowing to be more transparent as it faces increased competition. In a rare interview, COSC director Andreas Wyss says the organization aims to be more consumer-focused and will improve the accuracy requirements for COSC-certified movements to less than the current 10 seconds per day.</p>","dropcap":true},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["44b6f1f1-ce24-44a9-a55a-085225eb43aa"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>\"The tolerance today is 10 seconds – minus four and plus six – we will reduce that by a good portion,'' Wyss says. The standard for accuracy could be cut in half to as little as five seconds per day, he adds.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"right","images":["ba8cfad2-d8aa-4271-a860-55426ba94411"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>Founded in 1973, COSC is the biggest organization for chronometer certification in Switzerland. It tests more than 2 million movements annually from some 60 Swiss brands, including Rolex. Funded by fees paid by brands, which it says are less than 10 francs per tested movement, the neutral organization certifies about 40% of the mechanical watches exported from Switzerland each year.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>However, the COSC's standards have fallen behind those of other certifications, such as the Swiss Federal Institute of Metrology (METAS), which requires an accuracy of five seconds per day. METAS also requires other tests, including water resistance, power reserve, and anti-magnetism, for the 'Master Chronometer' certification utilized on some Omega and Tudor watches.<br><br>At the same time, brands have also developed their own certification standards. The Rolex 'Superlative Chronometer' classification requires the already COSC-certified movement to be accurate within -2 to +2 seconds per day.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>Wyss says COSC's standards and testing requirements for certification need to be boosted to reflect improvements in Swiss watchmaking.<br><br>\"The watch industry has had big evolutions,'' Wyss says. \"We need to follow them, and we need to evolve.''</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["18fc22ec-6f71-47f4-a70b-a5e684e2f868"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>COSC and its partner brands plan to introduce new certification cards, which will give consumers precise data on their watch's tested movement. The authority currently tests each movement for 16 days, and COSC facilities operate seven days a week throughout the year, with only a 10-day break over the year-end holidays.<br><br>Wyss said the new initiatives will be funded by the fees paid by brands and with the cash reserves the organization has accumulated. \"We have to promote not only the accuracy but the excellence of Swiss watches,'' Wyss says. \"Until now, we were not open to the public. We will change that.''</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p><i>For more information visit the </i><a href=https://www.hodinkee.com/"https://www.cosc.swiss/discover-cosc/" target=\"\"><u><i>COSC website</i></u></a><i>.</i></p>","dropcap":false},"type":"Block::BodyCopy"}],"migrated_content":true,"meta_title":"","meta_description":"","meta_social_media_headline":"","meta_social_media_description":"","meta_social_media_image":"","artist_name":null,"artist_type":"","internal_notes":"","column":{"id":1,"slug":"article","name":"Article","description":"","sort_order":null,"created_at":"2016-07-13T12:24:43.918-04:00","updated_at":"2022-05-04T16:49:00.996-04:00","status":"hidden"},"hero_image":{"id":"2f512557-fed6-4600-865a-6393046a7ba7","container_id":14281,"container_type":"Article","url":"https://hodinkee-production.s3.amazonaws.com/uploads/images/e6cb80a2-a0fc-4c3e-a548-e82bc9de7a56/cosc-2025-hero.jpg","width":2880,"height":1620,"format":"jpg","render_args":null,"caption":null,"alt_text":"movements","created_at":"2025-03-25T04:54:39.050-04:00","updated_at":"2025-03-27T17:51:55.356-04:00","sort_order":0,"product_ids":null,"imgix_url":"https://hodinkee.imgix.net/uploads/images/e6cb80a2-a0fc-4c3e-a548-e82bc9de7a56/cosc-2025-hero.jpg?ixlib=rails-1.1.0"},"share_url":"https://www.hodinkee.com/articles/switzerlands-cosc-to-upgrade-chronometer-certification-standards","full_title":"Switzerland’s COSC To Upgrade Chronometer Certification Standards ","tags":["cosc"]},{"id":14295,"slug":"lvmh-names-jean-christophe-babin-as-new-head-of-watches-unit","column_slug":"article","title":"LVMH Names Jean-Christophe Babin As New Head Of Watches Unit","status":"published","working_copy_of_id":null,"published_at":"2025-03-28T09:00:13.517-04:00","created_at":"2025-03-28T06:35:27.832-04:00","updated_at":"2025-03-28T09:01:37.328-04:00","scheduled_for":null,"review_status":null,"package_id":null,"lede":"<p>Bulgari CEO takes over LVMH Watches role from Frédéric Arnault. </p>","hero_media_type":"image","hero_video_id":null,"hero_video_type":"vimeo","hero_homepage_image":null,"gallery_view":false,"legacy_url":null,"multiple_authors":false,"pinned_related_article_id":null,"hero_image_url":null,"hero_homepage_image_url":null,"view_count":13551,"public_token":null,"notification_sent":true,"keyword_targeting":null,"apple_news_id":null,"display_template":"standard","exclude_from_related":false,"comments_state":"comments_enabled","article_type":"default_article","shopify_id":null,"featured_comment_id":null,"noindex":false,"sponsored_by":null,"advertising_enabled":true,"redirect_url":"","automatic_related_articles":true,"show_promotional_frame":true,"show_related_articles":true,"show_editors_picks":true,"sponsor_image_url":"","display_theme":"light","custom_props":{},"content_chunks":[{"data":{"copy":"<p>LVMH has appointed Jean-Christophe Babin as CEO of LVMH Watches, taking over the role previously held by Frédéric Arnault. Babin will oversee LVMH watch brands – TAG Heuer, Hublot, and Zenith – and will remain CEO of Bulgari, Stéphane Bianchi, LVMH Group Managing Director, said in a statement. The move indicates LVMH will continue to run the watches group as a separate division with a lead executive after Frédéric Arnault, one of controlling shareholder Bernard Arnault's five children, moved to head fashion brand Loro Piana.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["b0fc72e2-5aad-4235-9b36-7e5e9f23695c"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>LVMH rival Richemont Group recently moved Emmanuel Perrin, the head of its specialist watchmakers division, <a href=https://www.hodinkee.com/"https://www.hodinkee.com/articles/richemonts-emmanuel-perrin-to-take-over-as-ceo-of-panerai-exiting-role-as-head-of-specialist-watchma/" target=\"_blank\">into the role of Panerai CEO.</a> Perrin's position as head of watches won't be replaced as the Richemont specialist watchmakers division is restructured.<br><br>The CEOs of the three LVMH watch brands in the division will now report to Babin, an industry veteran who joined TAG Heuer as CEO in 2000 and led the brand for a dozen years before moving to the top job at Bulgari in 2013. LVMH recently scored a decade-long sponsorship deal for Formula One valued at more than $1 billion that returned TAG Heuer to the role of official timekeeper for the race series.</p>","dropcap":false},"type":"Block::BodyCopy"}],"migrated_content":true,"meta_title":"","meta_description":"","meta_social_media_headline":"","meta_social_media_description":"","meta_social_media_image":"","artist_name":null,"artist_type":"","internal_notes":"<p>obvs hero photo needs to be reworked</p><p><br></p>","column":{"id":1,"slug":"article","name":"Article","description":"","sort_order":null,"created_at":"2016-07-13T12:24:43.918-04:00","updated_at":"2022-05-04T16:49:00.996-04:00","status":"hidden"},"hero_image":{"id":"6c362966-4543-46ff-b49d-9cc7a3093d56","container_id":14295,"container_type":"Article","url":"https://hodinkee-production.s3.amazonaws.com/uploads/images/df8e6786-6c32-43e1-b59d-eaa1b6b573da/babin-hero.jpg","width":2880,"height":1620,"format":"jpg","render_args":null,"caption":null,"alt_text":"Jean-Christophe Babin","created_at":"2025-03-28T06:35:27.868-04:00","updated_at":"2025-03-28T08:45:00.336-04:00","sort_order":0,"product_ids":null,"imgix_url":"https://hodinkee.imgix.net/uploads/images/df8e6786-6c32-43e1-b59d-eaa1b6b573da/babin-hero.jpg?ixlib=rails-1.1.0"},"share_url":"https://www.hodinkee.com/articles/lvmh-names-jean-christophe-babin-as-new-head-of-watches-unit","full_title":"LVMH Names Jean-Christophe Babin As New Head Of Watches Unit","tags":["tag-heuer","zenith","hublot","bulgari","lvmh"]},{"id":14224,"slug":"private-wine-collection-of-jorg-bucherer-who-sold-family-watch-retail-business-to-rolex-will-be-auct","column_slug":"article","title":"Private Wine Collection of Jörg Bucherer, Who Sold Family Watch Retail Business To Rolex, Will Be Auctioned at Christie’s ","status":"published","working_copy_of_id":null,"published_at":"2025-03-21T13:00:04.142-04:00","created_at":"2025-03-19T13:54:30.414-04:00","updated_at":"2025-03-21T13:01:31.454-04:00","scheduled_for":null,"review_status":null,"package_id":null,"lede":"<p>Sale of rare wines, including first growth Bordeaux, as well as Burgundy and Spanish wines, expected to raise more than £1 million for the Jörg G. Bucherer Foundation</p>","hero_media_type":"image","hero_video_id":null,"hero_video_type":"vimeo","hero_homepage_image":null,"gallery_view":false,"legacy_url":null,"multiple_authors":false,"pinned_related_article_id":null,"hero_image_url":null,"hero_homepage_image_url":null,"view_count":30641,"public_token":null,"notification_sent":true,"keyword_targeting":null,"apple_news_id":null,"display_template":"standard","exclude_from_related":false,"comments_state":"comments_enabled","article_type":"default_article","shopify_id":null,"featured_comment_id":null,"noindex":false,"sponsored_by":null,"advertising_enabled":true,"redirect_url":"","automatic_related_articles":true,"show_promotional_frame":true,"show_related_articles":true,"show_editors_picks":true,"sponsor_image_url":"","display_theme":"light","custom_props":{},"content_chunks":[{"data":{"copy":"<p>Part of the private wine collection of Jörg Bucherer, who sold his family's international watch retail business to Rolex before passing away in 2023, will be auctioned by Christie's and is expected to raise more than £1 million for the charitable foundation named for the late billionaire.<br><br>The Christie's online sale will run from April 16 to 30 and include more than 2,400 bottles across 238 lots featuring some 1600 bottles of Bordeaux from 1970 to 2005 as well as 500 bottles of Burgundy from 1995 to 2003 and more than 300 bottles of Spanish wines.  Among the lots are six magnums of Château Haut-Brion 1989, estimated to fetch between £16,000 and £20,000, as well as a case of Domaine Leroy, Romanée-Saint-Vivant 1999, expected to bring in £45,000 to £60,000. The seller's proceeds will benefit the Jörg G. Bucherer Foundation, believed to be one of the largest charitable trust foundations in Switzerland.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["46e0991e-d1fb-4e58-9968-b0ca07734d5a"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>Jörg Bucherer headed his family's Swiss-based watch and jewelry business for some 46 years, growing the chain to more than 100 stores with locations across Europe, the UK, and the US, acquiring the Tourneau chain in 2018. With no family heirs, he sold the company to Rolex in 2023. Analysts estimated Bucherer's equity value to be more than 4 billion Swiss francs at the time of the sale, which is believed to be the largest-ever acquisition by Rolex and the first significant expansion into watch retail for the top Swiss brand.  <br><br>Bucherer <a href=https://www.hodinkee.com/"https://www.hodinkee.com/articles/jorg-bucherer-head-of-watch-retailer-passes-away-at-87/" target=\"\"><u>died</u></a> just a few months after the deal was announced. His charitable foundation was unveiled one year later and <a href=https://www.hodinkee.com/"https://www.moneyhouse.ch/en/company/joerg-g-bucherer-stiftung-12707666441/" target=\"\"><u>officially registered</u></a> with the Swiss Commercial Registry last month. The foundation will begin funding activities next year, and its mandates include supporting and mentoring creative performance in music, visual arts, and literature, as well as research in natural sciences and technology in Switzerland and the welfare of children in Switzerland with disabilities.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["a6bc00ab-7216-450c-a677-6f5d38d63314"]},"type":"Block::InlineImageContainer"},{"data":{"size":"small","images":["173f4cd2-fcf2-45e1-be3d-3d7486d0d8db","036fca8c-00ea-4824-a44a-1de358d36a3e"],"enforce_aspect_ratio":true},"type":"Block::TwoUpImageContainer"},{"data":{"copy":"<p>According to Christie's, Bucherer was a passionate wine collector who meticulously curated his collection, which was stored in two primary locations – his cellar in Lucerne, Switzerland, and at his Marbella estate in Spain. <br><br>Noted for his discretion and rare appearances in the media, Bucherer was \"the last person still in activity to have known and worked with Hans Wilsdorf, the founder of Rolex,'' the company said when it announced the deal.<br><br>Rolex, which is owned by the Hans Wilsdorf Foundation, a much larger entity that actively supports charitable causes in Geneva, recently <a href=https://www.hodinkee.com/"https://www.hodinkee.com/articles/bilanz-reports-rolex-is-shutting-down-carl-f-bucherer/" target=\"\"><u>decided to retire</u></a> the Carl F. Bucherer watch brand after years of financial losses, Swiss magazine Bilanz reported.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>For more information visit <a href=https://www.hodinkee.com/"https://www.christies.com/en/calendar/" target=\"\"><u>Christie's online</u></a>.</p>","dropcap":false},"type":"Block::BodyCopy"}],"migrated_content":true,"meta_title":"","meta_description":"","meta_social_media_headline":"","meta_social_media_description":"","meta_social_media_image":"","artist_name":null,"artist_type":"","internal_notes":"<p>Embargoed to 7 am CET March 20 so 2 am New York time&nbsp;</p>","column":{"id":1,"slug":"article","name":"Article","description":"","sort_order":null,"created_at":"2016-07-13T12:24:43.918-04:00","updated_at":"2022-05-04T16:49:00.996-04:00","status":"hidden"},"hero_image":{"id":"3e38fcd4-4cad-4344-8169-2a720a2086d2","container_id":14224,"container_type":"Article","url":"https://hodinkee-production.s3.amazonaws.com/uploads/images/a254e73b-48e9-47d6-a4fd-31772dc79480/buchererlarger.png","width":1542,"height":741,"format":"png","render_args":null,"caption":null,"alt_text":"Jörg Bucherer","created_at":"2025-03-19T13:54:30.462-04:00","updated_at":"2025-03-19T16:04:36.608-04:00","sort_order":0,"product_ids":null,"imgix_url":"https://hodinkee.imgix.net/uploads/images/a254e73b-48e9-47d6-a4fd-31772dc79480/buchererlarger.png?ixlib=rails-1.1.0"},"share_url":"https://www.hodinkee.com/articles/private-wine-collection-of-jorg-bucherer-who-sold-family-watch-retail-business-to-rolex-will-be-auct","full_title":"Private Wine Collection of Jörg Bucherer, Who Sold Family Watch Retail Business To Rolex, Will Be Auctioned at Christie’s ","tags":["carl-f-bucherer","bucherer","jorg-bucherer","wine"]},{"id":14228,"slug":"swiss-watch-exports-dip-in-february-as-key-us-market-loses-steam","column_slug":"article","title":"Swiss Watch Exports Dip In February As Key US Market Loses Steam","status":"published","working_copy_of_id":null,"published_at":"2025-03-20T13:00:00.000-04:00","created_at":"2025-03-20T05:46:22.020-04:00","updated_at":"2025-03-20T14:56:42.556-04:00","scheduled_for":null,"review_status":null,"package_id":null,"lede":"<p>Monthly exports fall 8.2% as luxury watch sales face declining demand.</p>","hero_media_type":"image","hero_video_id":null,"hero_video_type":"vimeo","hero_homepage_image":null,"gallery_view":false,"legacy_url":null,"multiple_authors":false,"pinned_related_article_id":null,"hero_image_url":null,"hero_homepage_image_url":null,"view_count":27280,"public_token":null,"notification_sent":true,"keyword_targeting":null,"apple_news_id":null,"display_template":"standard","exclude_from_related":false,"comments_state":"comments_enabled","article_type":"default_article","shopify_id":null,"featured_comment_id":null,"noindex":false,"sponsored_by":null,"advertising_enabled":true,"redirect_url":"","automatic_related_articles":true,"show_promotional_frame":true,"show_related_articles":true,"show_editors_picks":true,"sponsor_image_url":"","display_theme":"light","custom_props":{},"content_chunks":[{"data":{"copy":"<p>Swiss watch exports fell sharply in February as shipments to the key US market declined, and demand for the most expensive timepieces weakened. <br><br>The Federation of the Swiss Watch Industry reports that the wholesale value of exports fell to 1.98 billion Swiss francs during the month, a decline of 8.2% compared to the same month last year.<br><br>The steep monthly drop in shipments of Swiss-made watches to foreign markets suggests an industry-wide slowdown in demand is continuing and raises fresh concerns about the strength of a resilient US consumer. Exports declined in 2024 for the first time since 2020, following three years of record levels by value.</p>","dropcap":true},"type":"Block::BodyCopy"},{"data":{"size":"small","images":["6de2323c-c255-48e9-a4d0-ae3db2691455"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>In February, shipments to the US, the biggest single market for Swiss timepieces, dropped by almost 7% in value. Exports to Japan, which showed strong growth in 2024 amid a tourism boom and a weak Japanese yen, skidded 19% lower. Demand for watches from mainland China and Hong Kong, the main drivers of the slowdown in the industry, remained tepid, falling by 25% and 12%, respectively.<br><br>Only watches with wholesale prices of less than 200 Swiss francs, including the Swatch brand's Omega MoonSwatch collection, which showed growth during the month. Exports of watches with wholesale prices above 3,000 francs fell 7% by value and 16% by number of units. Watches with wholesale prices between 500 and 3,000 francs performed even worse, dropping 15% by value.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"small","images":["f75af2de-ba63-4ed3-a59c-a40ca3a3bf74"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>Some industry executives are concerned about weakening consumer sentiment in the US market amid economic uncertainty created by a raft of new trade policies and threats from the new presidential administration.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"right","images":["e2853096-5146-416f-a7fc-9dd3cfce23a5"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>\"I don't think in my 30 years of career, I've ever seen such a long-lasting, I would say, problematic trend as we have today. Everybody is experiencing this,'' says Georges Kern, the Chief Executive Officer of Breitling, in a recent interview before the February export figures were released.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>Kern says luxury purchases are being delayed, but he predicts that US consumer confidence will improve as trade and economic policies become clearer.<br><br>\"It's very volatile, and it will come back,'' he says. ''These trade wars are nonsense. This doesn't help anybody.'' <br><br>The Breitling chief says deregulation in the US will boost spending and that he's much more concerned about consumers in Europe.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"left","images":["14ee117d-298c-4f62-bf6f-84584bbf477f"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>Swatch Group AG Chief Executive Nick Hayek says demand in Greater China, including Hong Kong and Macau, remains weak. The region accounted for about 27% of sales for the group, whose brands include Longines, Tissot, and Breguet, and declined by 30% in 2024.<br><br>''China is an elephant,'' Hayek says at a press conference in Biel, Switzerland this week. \"The consumption is waning.''</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>Swatch Group brands have curtailed production but kept most workers at the company's production facilities to prepare for a rebound in demand, which Hayek says could occur in the middle of the year.<br><br>''We don't want to push the retailer to take more stock,'' Hayek says.  <br><br>\"The consumer wants to consume. It just depends on when.\"</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p><a href=https://www.hodinkee.com/"https://www.fhs.swiss/eng/statistics.html/" target=\"_blank\"><i>Click here</i></a><i> to see the full report. </i></p>","dropcap":false},"type":"Block::BodyCopy"}],"migrated_content":true,"meta_title":"","meta_description":"","meta_social_media_headline":"","meta_social_media_description":"","meta_social_media_image":"","artist_name":null,"artist_type":"","internal_notes":"","column":{"id":1,"slug":"article","name":"Article","description":"","sort_order":null,"created_at":"2016-07-13T12:24:43.918-04:00","updated_at":"2022-05-04T16:49:00.996-04:00","status":"hidden"},"hero_image":{"id":"8f67dd30-67af-41a0-9b60-4c86f005732a","container_id":14228,"container_type":"Article","url":"https://hodinkee-production.s3.amazonaws.com/uploads/images/026bd957-aacb-4ff2-9491-76d997a8cd6d/Untitled-5.jpg","width":2880,"height":1620,"format":"jpg","render_args":null,"caption":null,"alt_text":"retail store","created_at":"2025-03-20T05:46:22.075-04:00","updated_at":"2025-03-20T14:56:42.512-04:00","sort_order":0,"product_ids":null,"imgix_url":"https://hodinkee.imgix.net/uploads/images/026bd957-aacb-4ff2-9491-76d997a8cd6d/Untitled-5.jpg?ixlib=rails-1.1.0"},"share_url":"https://www.hodinkee.com/articles/swiss-watch-exports-dip-in-february-as-key-us-market-loses-steam","full_title":"Swiss Watch Exports Dip In February As Key US Market Loses Steam","tags":[]},{"id":14217,"slug":"richemonts-emmanuel-perrin-to-take-over-as-ceo-of-panerai-exiting-role-as-head-of-specialist-watchma","column_slug":"article","title":"Richemont’s Emmanuel Perrin to Take Over As CEO of Panerai Exiting Role as Head of Specialist Watchmakers","status":"published","working_copy_of_id":null,"published_at":"2025-03-18T07:39:20.984-04:00","created_at":"2025-03-18T05:56:50.027-04:00","updated_at":"2025-03-18T07:39:28.763-04:00","scheduled_for":null,"review_status":null,"package_id":null,"lede":"<p>Richemont veteran executive Perrin will step down as head of Specialist Watchmakers to lead Panerai brand.</p>","hero_media_type":"image","hero_video_id":null,"hero_video_type":"vimeo","hero_homepage_image":null,"gallery_view":false,"legacy_url":null,"multiple_authors":false,"pinned_related_article_id":null,"hero_image_url":null,"hero_homepage_image_url":null,"view_count":22360,"public_token":null,"notification_sent":true,"keyword_targeting":null,"apple_news_id":null,"display_template":"standard","exclude_from_related":false,"comments_state":"comments_enabled","article_type":"default_article","shopify_id":null,"featured_comment_id":null,"noindex":false,"sponsored_by":null,"advertising_enabled":true,"redirect_url":"","automatic_related_articles":true,"show_promotional_frame":true,"show_related_articles":true,"show_editors_picks":true,"sponsor_image_url":"","display_theme":"light","custom_props":{},"content_chunks":[{"data":{"copy":"<p>Richemont executive Emmanuel Perrin is taking over as Chief Executive Officer of Panerai and will exit the role as head of the Swiss luxury conglomerate's Specialist Watchmakers division. Perrin, an industry veteran who has led the Specialist Watchmakers unit since 2017, will return to an operational position at the Panerai brand following the departure of Jean-Marc Pontroué after seven years in the job. The Specialist Watchmakers division will continue to operate as a separate entity reporting the financial performance of Richemont watch brands, including Panerai, Jaeger-LeCoultre, and IWC, according to people familiar with the matter. However, Perrin's role as head of the specialist watchmaker division is not expected to be filled.</p>","dropcap":true},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["da40a975-99ab-43fb-854c-f4dad2ade72f"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>The executive changes represent the latest management shakeup at Switzerland-based Richemont under Chief Executive Officer Nicolas Bos, who was appointed to lead the company in 2024 after a successful turn as the head of Van Cleef &amp; Arpels that saw the jewelry brand's sales more than triple under his leadership.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>Jérôme Lambert, who also previously held the role of Richemont CEO, recently returned to lead the Jaeger-LeCoultre brand. Other changes have included former Vacheron Constantin CEO Louis Ferla taking over as the head of Cartier and Catherine Rénier, who previously led Jaeger-LeCoultre, moving to the top job at Van Cleef.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["65dd3c90-aa9b-4665-8f5c-a93e81e69d7f"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>Richemont's Specialist Watchmakers division has underperformed the company's jewelry division in recent financial quarters amid an industry wide downturn. Jewelry brand sales posted a 14% rise in the company's most recent results as the watchmaking division suffered an 8% decline due to a weak performance in China.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"alignment":"interscrollerV2"},"type":"Block::Advertisement"},{"data":{"copy":"<p>Originally founded in Italy and known for supplying watches to the Italian military, the Panerai brand was revived in the early 1990s. It rose to prominence on the wrists of Hollywood action stars Sylvester Stallone and Arnold Schwarzenegger. In 1997, Panerai was acquired by Richemont, then known as Vendôme Group.<br><br>Panerai produced about 55,000 watches and posted revenue of about 493 million Swiss francs in 2024, down from 520 million Swiss francs the year before, according to estimates by Morgan Stanley and LuxeConsult.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>For more information visit <a href=https://www.hodinkee.com/"https://www.panerai.com/en/world-of-panerai.html/" target=\"\"><u>Panerai online</u></a>.</p>\n\n<p><br></p>\n\n<p><br></p>\n\n<p><br></p>","dropcap":false},"type":"Block::BodyCopy"}],"migrated_content":true,"meta_title":"","meta_description":"","meta_social_media_headline":"","meta_social_media_description":"","meta_social_media_image":"","artist_name":null,"artist_type":"","internal_notes":"","column":{"id":1,"slug":"article","name":"Article","description":"","sort_order":null,"created_at":"2016-07-13T12:24:43.918-04:00","updated_at":"2022-05-04T16:49:00.996-04:00","status":"hidden"},"hero_image":{"id":"62d4fb41-c1dd-4756-9891-16140d553f01","container_id":14217,"container_type":"Article","url":"https://hodinkee.imgix.net/uploads/images/4a89a251-5456-4372-a70e-7198fbc95024/pamrathero.jpg?ixlib=rails-1.1.0&fm=jpg&q=55&auto=format&usm=12&fit=crop&ch=Width%2CDPR%2CSave-Data&alt=","width":2088,"height":1392,"format":"jpg","render_args":null,"caption":null,"alt_text":"a panerai watch","created_at":"2025-03-18T05:56:50.086-04:00","updated_at":"2025-03-18T07:23:03.876-04:00","sort_order":0,"product_ids":null,"imgix_url":"https://hodinkee.imgix.net/uploads/images/4a89a251-5456-4372-a70e-7198fbc95024/pamrathero.jpg?ixlib=rails-1.1.0"},"share_url":"https://www.hodinkee.com/articles/richemonts-emmanuel-perrin-to-take-over-as-ceo-of-panerai-exiting-role-as-head-of-specialist-watchma","full_title":"Richemont’s Emmanuel Perrin to Take Over As CEO of Panerai Exiting Role as Head of Specialist Watchmakers","tags":[]},{"id":14209,"slug":"breitling-to-relaunch-gallet-confirming-ambitions-to-become-multi-brand-watchmaker","column_slug":"article","title":"Breitling To Relaunch Gallet Confirming Ambitions To Become Multi-Brand Watchmaker","status":"published","working_copy_of_id":null,"published_at":"2025-03-17T01:02:00.000-04:00","created_at":"2025-03-14T10:52:45.257-04:00","updated_at":"2025-03-17T08:01:29.849-04:00","scheduled_for":null,"review_status":null,"package_id":null,"lede":"<p>Gallet, once known for robust, sporty chronographs, will return at a mid-level price point in 2026, says Breitling CEO Georges Kern. </p>","hero_media_type":"image","hero_video_id":null,"hero_video_type":"vimeo","hero_homepage_image":null,"gallery_view":false,"legacy_url":null,"multiple_authors":false,"pinned_related_article_id":null,"hero_image_url":null,"hero_homepage_image_url":null,"view_count":45257,"public_token":"8f7b463a35f05a83e187678e6322fd7b","notification_sent":true,"keyword_targeting":null,"apple_news_id":null,"display_template":"standard","exclude_from_related":false,"comments_state":"comments_enabled","article_type":"default_article","shopify_id":null,"featured_comment_id":null,"noindex":false,"sponsored_by":null,"advertising_enabled":true,"redirect_url":"","automatic_related_articles":true,"show_promotional_frame":true,"show_related_articles":true,"show_editors_picks":true,"sponsor_image_url":"","display_theme":"light","custom_props":{},"content_chunks":[{"data":{"copy":"<p>Breitling's corporate strategy to grow sales and volumes by acquiring newly revived marques at varied price levels will start next year as the company adds Gallet to its growing stable of brands. New Gallet watches will be sold in Breitling boutiques alongside the parent brand whose production facilities will also be used to assemble and produce them, says Chief Executive Officer Georges Kern. They are expected to launch mid-year in 2026 and will be priced starting at just below 3,000 Swiss francs up to about 5,000 francs.</p>","dropcap":true},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["48e4f5ce-a8a8-4b8a-822b-91f44cad019e"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>They'll give Breitling, whose average sales price has risen sharply in the past half decade, a value-oriented sister brand aimed at winning new customers. \"Many people who walk into our boutiques are walking out because it's just too expensive,'' Kern says in an interview ahead of the official announcement of the Gallet acquisition on March 18. \"Now we will have something to offer them. We can use the brand in a very meaningful way.''</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>Featuring Sellita or other third-party movements, the updated models will draw on the history of the Swiss Gallet brand founded in 1826. Its best known models included what were among the first water-resistant chronographs, as well as the 'Flying Officer' worn notably by US president Harry S. Truman. Gallet also made pocket watches as well as stopwatches that the Wright brothers used to time the first successful powered and manned flights in Kitty Hawk, North Carolina in 1903, birthing the aviation era. </p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"fullbleed","images":["de04ee16-914a-4e38-ba4f-d7705119873f"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>Utilizing a purchase option held for more than two years, Breitling finalized the acquisition of the Gallet name and various related intellectual property assets about eight months ago. It was the second accord by private equity-backed Breitling, led by Kern since 2017, to buy a once-mighty but now dormant brand.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>In 2023, Kern spearheaded a deal to acquire the once revered Swiss marque Universal Genève. Without giving specific details, he says the cost to buy Gallet was much less. Breitling paid more than 60 million Swiss francs for the UG brand, known for its Polerouter and Tri-Compax chronographs, according to corporate filings in Hong Kong by the seller Stelux Holdings International. <br><br>Like Gallet, Universal Genève is also expected to relaunch during the middle of 2026. But the brand will be positioned at a much higher price point, starting above 15,000 Swiss francs, with some models using precious metal cases and newly created movements. The new UG models won't be sold in Breitling boutiques.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"fullbleed","images":["de2455f0-accc-4704-871e-def7c14fa702"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>The average sales price of a Breitling in 2024 was about 7,400 Swiss francs, according to estimates by Morgan Stanley and LuxeConsult. Known for its Navitimer and Chronomat chronographs and well-made tool watches, Breitling is one of the ten largest Swiss brands, recording sales of about 850 million Swiss francs in 2024, a slight decline from the year before, according to analyst estimates.<br><br>The official announcement of the relaunch of Gallet, on March 18, comes at a challenging time for the industry and at a price segment that has lagged more expensive watches in growth, according to Swiss watch export data. Kern says the fact that the Gallet brand was so popular in the US, now the top export market for Swiss timepieces, should help sales initially. It's likely to be sold in about 2/3rds of Breitling's 300 boutiques worldwide.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"fullbleed","images":["6c1fdf06-7fcd-4246-82f9-7277081aceb5"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>Expect new versions of the Gallet MultiChron, whose Clamshell version in 1938 was one of the first chronographs to be marketed as dust, humidity and rain resistant. There will also be a new Flying Officer, a watch gifted to President Truman as a Christmas present and that he often wore. Kern says Breitling, which is controlled by Swiss private equity firm Partners Group, considered buying an existing brand producing watches at a similar approachable price point.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"fullbleed","images":["1bfcca5a-079d-4573-97e0-82b6b6474094"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>\"We looked into everything,'' says Kern. Most had too much baggage including existing stock, strained relationships with retailers or a manufacture that Breitling didn't need. <br><br>\"We went through many brands and we said, 'listen, forget it.' Let's start with a clean sheet of paper with great stories, great history and great designs that don't have that negative legacy.''</p>\n\n<p>For more information, <a href=https://www.hodinkee.com/"https://www.breitling.com/us-en//" target=\"_blank\">visit Breitling online</a>. </p>","dropcap":false},"type":"Block::BodyCopy"}],"migrated_content":true,"meta_title":"","meta_description":"","meta_social_media_headline":"","meta_social_media_description":"","meta_social_media_image":"","artist_name":null,"artist_type":"","internal_notes":"<p>Not for wire. Embargoed to 6 am Central European Time Monday, March, 17 &nbsp;- final embargo time to be confirmed by 18:00 CET, Mar. 14</p><p><br></p>","column":{"id":1,"slug":"article","name":"Article","description":"","sort_order":null,"created_at":"2016-07-13T12:24:43.918-04:00","updated_at":"2022-05-04T16:49:00.996-04:00","status":"hidden"},"hero_image":{"id":"bf65d025-4392-4d7e-a113-9191d59d432b","container_id":14209,"container_type":"Article","url":"https://hodinkee-production.s3.amazonaws.com/uploads/images/b1054311-9b1f-4d5b-a53d-330dbebf573b/brielting-gallet-announcement-2025-hero.jpg","width":2880,"height":1620,"format":"jpg","render_args":null,"caption":null,"alt_text":"gallet watches ","created_at":"2025-03-14T10:52:45.312-04:00","updated_at":"2025-03-15T17:17:05.527-04:00","sort_order":0,"product_ids":null,"imgix_url":"https://hodinkee.imgix.net/uploads/images/b1054311-9b1f-4d5b-a53d-330dbebf573b/brielting-gallet-announcement-2025-hero.jpg?ixlib=rails-1.1.0"},"share_url":"https://www.hodinkee.com/articles/breitling-to-relaunch-gallet-confirming-ambitions-to-become-multi-brand-watchmaker","full_title":"Breitling To Relaunch Gallet Confirming Ambitions To Become Multi-Brand Watchmaker","tags":["breitling","gallet","2025"]},{"id":14202,"slug":"tag-heuer-reveals-retro-inspired-track-clocks-for-new-f1-sponsorship","column_slug":"article","title":"TAG Heuer Reveals Retro-Inspired Track Clocks For New F1 Sponsorship","status":"published","working_copy_of_id":null,"published_at":"2025-03-13T13:00:11.714-04:00","created_at":"2025-03-13T07:27:43.268-04:00","updated_at":"2025-03-13T13:01:26.419-04:00","scheduled_for":null,"review_status":null,"package_id":null,"lede":"<p>TAG Heuer unveils new Formula 1 and Monaco-themed pit lane and track clocks for the start of the F1 season this weekend. &nbsp;</p>","hero_media_type":"image","hero_video_id":null,"hero_video_type":"vimeo","hero_homepage_image":null,"gallery_view":false,"legacy_url":null,"multiple_authors":false,"pinned_related_article_id":null,"hero_image_url":null,"hero_homepage_image_url":null,"view_count":23315,"public_token":null,"notification_sent":true,"keyword_targeting":null,"apple_news_id":null,"display_template":"standard","exclude_from_related":false,"comments_state":"comments_enabled","article_type":"default_article","shopify_id":null,"featured_comment_id":null,"noindex":false,"sponsored_by":null,"advertising_enabled":true,"redirect_url":"","automatic_related_articles":true,"show_promotional_frame":true,"show_related_articles":true,"show_editors_picks":true,"sponsor_image_url":"","display_theme":"light","custom_props":{},"content_chunks":[{"data":{"copy":"<p>LVMH's TAG Heuer is giving a nod to its Formula 1 model from the 1980s with new pit lane clocks featured on F1 racetracks this season and kicking off in Melbourne this weekend as part of the French luxury group's multi-brand sponsorship deal. A cluster of LVMH brands, including TAG, won the role of Group Partner with Formula 1 in a decade-long agreement, believed to be worth more than $1 billion in total, and announced late last year. The new deal will see TAG Heuer takeover as official timekeeper of Formula 1, knocking Rolex out of a position held since 2013.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"fullbleed","images":["b7c24db3-a14a-4aab-b266-53d102fe2eaf"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>The gold-colored-fluted-bezel and white dialed Rolex clocks will be replaced by red fiberglass-timing-bezel clocks from TAG at the first race in Melbourne this weekend, officially called the Formula 1 Louis Vuitton Australian Grand Prix. Featuring a white plexiglass dial, aluminum hands and LED illumination, the new TAG pit lane clocks measure 1200 millimeters in diameter and weigh 35 kilograms. They're clearly inspired by the brand's one-time top-seller Formula 1 model which debuted in 1986 and was revived<a href=https://www.hodinkee.com/"https://www.hodinkee.com/articles/the-tag-heuer-formula-1-kith/" target=\"_blank\"> in a collaboration with streetwear fashion brand Kith last year</a>. The watchmaker says that as the season continues, the pit lane clocks will feature at every race and will ''evolve'' with fresh designs and colors to reflect particular themes, events, and stages in the series.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>In addition to its logo being visible around the racetrack, the brand says TAG Heuer Monaco clocks, reflecting the square-cased chronograph that debuted in 1969 and was notably worn by Steve McQueen in the 1970 film Le Mans, will be seen in other locations around race venues such as the paddock and at F1 lounges.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"fullbleed","images":["88ab972a-ac8c-455a-a182-a0e3345709e1"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>The brand has sponsored the Red Bull Racing team since 2016 and is also a sponsor of four-time Formula 1 World Drivers' Championship winner Max Verstappen. TAG has a long association with motorsport and Formula 1 as it was the official timekeeper of the race series from 1992 to 2003. <br><br>The reveal of the pit lane clocks follows news that Frédéric Arnault, the CEO of LVMH Watches and who played a role in LVMH winning the F1 sponsorship deal, will soon move to the position of CEO at fashion brand Loro Piana. LVMH says a new head of the LVMH Watches division, which includes TAG, Hublot and Zenith, will be announced shortly.<br><br>For more information, <a href=https://www.hodinkee.com/"https://www.tagheuer.com//" target=\"_blank\">visit Tag Heuer online</a>. </p>","dropcap":false},"type":"Block::BodyCopy"}],"migrated_content":true,"meta_title":"","meta_description":"","meta_social_media_headline":"","meta_social_media_description":"","meta_social_media_image":"","artist_name":null,"artist_type":"","internal_notes":"","column":{"id":1,"slug":"article","name":"Article","description":"","sort_order":null,"created_at":"2016-07-13T12:24:43.918-04:00","updated_at":"2022-05-04T16:49:00.996-04:00","status":"hidden"},"hero_image":{"id":"ebc28b6a-a65a-49d3-a545-35bb67eb02c6","container_id":14202,"container_type":"Article","url":"https://hodinkee-production.s3.amazonaws.com/uploads/images/46fe32b2-d2e1-47f2-b161-63e57dafeeb7/Tag-F1-Clock-hero.jpg","width":2880,"height":1620,"format":"jpg","render_args":null,"caption":null,"alt_text":"tag heuer f1 clock ","created_at":"2025-03-13T07:27:43.347-04:00","updated_at":"2025-03-13T10:09:44.983-04:00","sort_order":0,"product_ids":null,"imgix_url":"https://hodinkee.imgix.net/uploads/images/46fe32b2-d2e1-47f2-b161-63e57dafeeb7/Tag-F1-Clock-hero.jpg?ixlib=rails-1.1.0"},"share_url":"https://www.hodinkee.com/articles/tag-heuer-reveals-retro-inspired-track-clocks-for-new-f1-sponsorship","full_title":"TAG Heuer Reveals Retro-Inspired Track Clocks For New F1 Sponsorship","tags":["rolex","tag-heuer","steve-mcqueen-monaco","heuer-monaco","formula-one"]},{"id":14189,"slug":"sowind-appoints-former-iwc-executive-marc-michel-amadry-as-girard-perregaux-managing-director","column_slug":"article","title":"Sowind Appoints Former IWC Executive Marc Michel-Amadry as Girard-Perregaux Managing Director","status":"published","working_copy_of_id":null,"published_at":"2025-03-12T13:00:20.784-04:00","created_at":"2025-03-10T08:26:25.753-04:00","updated_at":"2025-03-12T13:01:36.391-04:00","scheduled_for":null,"review_status":null,"package_id":null,"lede":"<p>Sowind Group's Girard-Perregaux named Marc Michel-Amadry as Managing Director as the Laureato-maker looks to recharge sales.</p>","hero_media_type":"image","hero_video_id":null,"hero_video_type":"vimeo","hero_homepage_image":null,"gallery_view":false,"legacy_url":null,"multiple_authors":false,"pinned_related_article_id":null,"hero_image_url":null,"hero_homepage_image_url":null,"view_count":11702,"public_token":null,"notification_sent":true,"keyword_targeting":null,"apple_news_id":null,"display_template":"standard","exclude_from_related":false,"comments_state":"comments_enabled","article_type":"default_article","shopify_id":null,"featured_comment_id":null,"noindex":false,"sponsored_by":null,"advertising_enabled":true,"redirect_url":"","automatic_related_articles":true,"show_promotional_frame":true,"show_related_articles":true,"show_editors_picks":true,"sponsor_image_url":"","display_theme":"light","custom_props":{},"content_chunks":[{"data":{"copy":"<p>Girard-Perregaux appointed watch industry veteran Marc Michel-Amadry as its new Managing Director to lead day-to-day operations as the Swiss brand navigates an industry-wide downturn in demand. Michel-Amadry started in the newly created role last month, says Sowind Group Chief Executive Officer, Patrick Pruniaux, who is also the CEO of Sowind-owned Girard-Perregaux and Ulysse Nardin. With extensive experience in watchmaking and a strong knowledge of international markets, Pruniaux says Michel-Amadry will ''continue building on the brand's successes while strengthening its image and presence.''</p>","dropcap":true},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["aa4af8f0-2f27-49a0-bff4-84e091a6eec7"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>The move comes as the La-Chaux-de-Fonds-based watchmaker deals with a challenging market that has dented sales and prompted a temporary reduction in working hours for some employees under Switzerland's short-time work program. The program allows companies to furlough workers to avoid permanent layoffs.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>Michel-Amadry was previously Chief Commercial Officer at IWC from 2017 until October last year. He disclosed the new job in a recent <a href=https://www.hodinkee.com/"https://www.linkedin.com/feed/update/urn:li:activity:7302211160332787713//" target=\"\"><u>post on LinkedIn</u></a>. ''The depth and richness of GP's history, the brand's DNA to constantly innovate and push the limit of mechanical precision over time, and the quest to constantly incarnate the true spirit of an independent watch manufacture since 1791, humble me in my new responsibilities,'' Michel-Amadry says in the post.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["e2b54887-31d0-4e27-8428-7bb53b140187"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>Girard-Perregaux produced about 7,900 watches in 2024 with sales of about 63 million Swiss francs, a revenue decline of about 23% from the previous year, according to estimates by Morgan Stanley. The management change at GP follows a similar move at fellow Sowind Group brand Ulysse Nardin as long-time executive Matthieu Haverlan was appointed Managing Director of the watchmaker best known for its \"Freak\" collection in February, 2024.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>For more information, <a href=https://www.hodinkee.com/"https://www.girard-perregaux.com/" target=\"_blank\" rel=\"noopener\">visit Girard-Perregaux online</a>. </p>","dropcap":false},"type":"Block::BodyCopy"}],"migrated_content":true,"meta_title":"","meta_description":"","meta_social_media_headline":"","meta_social_media_description":"","meta_social_media_image":"","artist_name":null,"artist_type":"","internal_notes":"","column":{"id":1,"slug":"article","name":"Article","description":"","sort_order":null,"created_at":"2016-07-13T12:24:43.918-04:00","updated_at":"2022-05-04T16:49:00.996-04:00","status":"hidden"},"hero_image":{"id":"e9f2166f-31d0-41d2-b5ad-28e48a167549","container_id":14189,"container_type":"Article","url":"https://hodinkee-production.s3.amazonaws.com/uploads/images/bb15ca62-0fdd-4109-af4a-507be662b2ab/GPCEOhero.jpg","width":2880,"height":1620,"format":"jpg","render_args":null,"caption":null,"alt_text":"Marc Michel-Amadry","created_at":"2025-03-10T08:26:25.812-04:00","updated_at":"2025-03-12T09:25:21.224-04:00","sort_order":0,"product_ids":null,"imgix_url":"https://hodinkee.imgix.net/uploads/images/bb15ca62-0fdd-4109-af4a-507be662b2ab/GPCEOhero.jpg?ixlib=rails-1.1.0"},"share_url":"https://www.hodinkee.com/articles/sowind-appoints-former-iwc-executive-marc-michel-amadry-as-girard-perregaux-managing-director","full_title":"Sowind Appoints Former IWC Executive Marc Michel-Amadry as Girard-Perregaux Managing Director","tags":["girard-perregaux","business news","marc michel-amadry","ceo"]},{"id":14192,"slug":"legendary-casemaker-jean-pierre-hagmann-passes-away-1940-2025","column_slug":"article","title":"Legendary Casemaker Jean-Pierre Hagmann Passes Away: 1940 – 2025","status":"published","working_copy_of_id":null,"published_at":"2025-03-10T15:00:12.393-04:00","created_at":"2025-03-10T11:45:11.967-04:00","updated_at":"2025-03-10T15:01:21.538-04:00","scheduled_for":null,"review_status":null,"package_id":null,"lede":"<p>With a career spanning Patek Philippe to Rexhep Rexhepi, Hagmann left an indelible mark on more than just his cases. </p>","hero_media_type":"image","hero_video_id":null,"hero_video_type":"vimeo","hero_homepage_image":null,"gallery_view":false,"legacy_url":null,"multiple_authors":false,"pinned_related_article_id":null,"hero_image_url":null,"hero_homepage_image_url":null,"view_count":17198,"public_token":"a98a1384f8a04ea379f0160f843d9a58","notification_sent":true,"keyword_targeting":null,"apple_news_id":null,"display_template":"standard","exclude_from_related":false,"comments_state":"comments_enabled","article_type":"default_article","shopify_id":null,"featured_comment_id":null,"noindex":false,"sponsored_by":null,"advertising_enabled":true,"redirect_url":"","automatic_related_articles":true,"show_promotional_frame":true,"show_related_articles":true,"show_editors_picks":true,"sponsor_image_url":"","display_theme":"light","custom_props":{},"content_chunks":[{"data":{"copy":"<p>Jean-Pierre Hagmann, the most celebrated watch casemaker of the past half century and best known for his work with Patek Philippe, has died. His passing was announced on social media by watchmakers and industry executives close to the diminutive craftsman who was born in 1940.</p>","dropcap":true},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["cdca99d7-3c3a-474d-983d-4255ca75dfa2"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>During a multi-decade career beginning as an apprentice in 1956, the Geneva-born Hagmann went on to produce watch cases for nearly all the top marques in Switzerland from Svend Andersen's Andersen Genève to Franck Muller and Blancpain. Hagmann's artisanal cases can be identified by their makers' mark, the initials JHP, that have become coveted by collectors. Among his most enduring works are a series of minute repeater cases made for Patek Philippe, revered for their extraordinary sound quality.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>In 2018, at the age of 78, Hagmann transferred ownership of his workshop to Vacheron Constantin. He had served as a trainer in jewellery and casemaking for the company as well as a restorer of vintage pieces. It was his second retirement and he returned to work again in late 2019 to join Rexhep Rexhepi's Arkrivia workshop in Geneva where he added a series of new cases including the <a href=https://www.hodinkee.com/"https://www.hodinkee.com/articles/rexhep-rexhepi-chronometre-contemporain-ii-akrivia-2022/" target=\"\"><u>Chronomètre Contemporain II</u></a> to his portfolio while sharing an unparalleled knowledge and experience with a fresh group of colleagues.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["fbfc8773-31a2-4231-91a7-db31cbff0313"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>His mastery of traditional casemaking tools and machinery and a rejection of modern computer aids was explored in-depth in this 2022 <a href=https://www.hodinkee.com/"https://www.hodinkee.com/articles/jean-pierre-hagmann-casemaker-rexhep-rexhepi-akrivia-geneva-2022/" target=\"\"><u>Hodinkee profile of Hagmann</u></a> by Logan Baker as the octogenarian returned to his craft. The piece showed how the artisan continued to use reams of paper, pencils and a compass rather than digital tools to design watch cases.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>''He was the man for special cases no one else could make. We will miss him,'' said Peter Friess, the director of the Patek Philippe Museum in Geneva in a post on LinkedIn on Monday.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["5624d6f2-986b-4588-9e1b-d7dfffb6a24d"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>Hagmann was awarded a special jury prize at the 24th Grand Prix d'Horlogerie de Genève last year honoring his life's work. During <a href=https://www.hodinkee.com/"https://www.gphg.org/en/videos/special-jury-prize-2024/" target=\"\"><u>his acceptance speech</u></a>, he listed many of the notable watchmakers he had made cases for from Audemars Piguet, to Breitling, from Blancpain to Patek Philippe and beginning with Svend Andersen, his first client. <br><br>''The watch world has lost one of its most talented and loyal servants,'' said Andersen Genève in a social media post on Monday.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>''Jean-Pierre Hagmann was arguably the most famous maker of watch cases of the late 20th century. Guided by his principle of \"simple is better but quality is important\", Mr Hagmann was one of the few component makers in Swiss watchmaking who has become a marquee name in his own right.''</p>","dropcap":false},"type":"Block::BodyCopy"}],"migrated_content":true,"meta_title":"","meta_description":"","meta_social_media_headline":"","meta_social_media_description":"","meta_social_media_image":"","artist_name":"James Kong","artist_type":"photographer","internal_notes":"","column":{"id":1,"slug":"article","name":"Article","description":"","sort_order":null,"created_at":"2016-07-13T12:24:43.918-04:00","updated_at":"2022-05-04T16:49:00.996-04:00","status":"hidden"},"hero_image":{"id":"e88ca7b3-24dd-4521-86e5-6762609687d8","container_id":14192,"container_type":"Article","url":"https://hodinkee-production.s3.amazonaws.com/uploads/images/d050f417-c217-47b8-a336-49db41c3e0f2/hagmann-obit-hero.jpg","width":2880,"height":1620,"format":"jpg","render_args":null,"caption":null,"alt_text":"Jean-Pierre Hagmann","created_at":"2025-03-10T11:45:12.022-04:00","updated_at":"2025-03-10T11:45:12.022-04:00","sort_order":0,"product_ids":null,"imgix_url":"https://hodinkee.imgix.net/uploads/images/d050f417-c217-47b8-a336-49db41c3e0f2/hagmann-obit-hero.jpg?ixlib=rails-1.1.0"},"share_url":"https://www.hodinkee.com/articles/legendary-casemaker-jean-pierre-hagmann-passes-away-1940-2025","full_title":"Legendary Casemaker Jean-Pierre Hagmann Passes Away: 1940 – 2025","tags":["patek-philippe","rexhep-rexhepi","obituaries","jean-pierre-hagmann"]},{"id":14183,"slug":"artificial-scarcity-rolex-availability-and-value-sub-brands-your-watch-business-questions-answered","column_slug":"article","title":"Artificial Scarcity, Rolex Availability And Value Sub-Brands: Your Watch Business Questions Answered","status":"published","working_copy_of_id":null,"published_at":"2025-03-07T09:00:03.083-05:00","created_at":"2025-03-06T11:11:54.107-05:00","updated_at":"2025-03-07T09:01:22.827-05:00","scheduled_for":null,"review_status":null,"package_id":null,"lede":"<p>Many thanks to the Hodinkee community who submitted a slew of insightful questions about the business of watches.</p>","hero_media_type":"image","hero_video_id":null,"hero_video_type":"vimeo","hero_homepage_image":null,"gallery_view":false,"legacy_url":null,"multiple_authors":false,"pinned_related_article_id":null,"hero_image_url":null,"hero_homepage_image_url":null,"view_count":82937,"public_token":null,"notification_sent":true,"keyword_targeting":null,"apple_news_id":null,"display_template":"standard","exclude_from_related":false,"comments_state":"comments_enabled","article_type":"default_article","shopify_id":null,"featured_comment_id":null,"noindex":false,"sponsored_by":null,"advertising_enabled":true,"redirect_url":"","automatic_related_articles":true,"show_promotional_frame":true,"show_related_articles":true,"show_editors_picks":true,"sponsor_image_url":"","display_theme":"light","custom_props":{},"content_chunks":[{"data":{"copy":"<p>Much of the global watch industry is still suffering from a post-pandemic hangover. An unprecedented boom for timepieces, fueled by cheap borrowing costs, excess cash, and millions working from home with more time to learn about watches, exploded in 2020 and 2021, sending prices and demand soaring. Brands and component suppliers rushed to boost production and add staff to fill the supply gap. That demand surge is over now as inflation, higher interest rates, as well as geopolitical conflict, and economic uncertainty have turned some buyers cautious. China, which was long the biggest destination for Swiss watch exports, is reeling from a major economic downturn that has ripped through the watchmaking industry and luxury brands in general. The U.S. has grabbed the title of the biggest export market for Swiss watches thanks to a surprisingly resilient economy and consumers. It has plenty of room to grow as American watch enthusiasts still spend less per capita on timepieces than many European and Asian countries.</p>","dropcap":true},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["93356d31-0572-424e-9950-cb2cc98a3eaf"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>As watchmakers and parts suppliers are cutting production and even staff work hours to better align with the new reality, the biggest Swiss independent brands not owned by luxury conglomerates like Swatch, Richemont and LVMH - think Rolex, Patek Philippe and Audemars Piguet - continue to thrive. These players sit largely insulated from the post-pandemic shift in consumer behaviour. At least for now.</p>\n\n<p>Here are my replies to a few great questions we received this week. Let us know if you want me to answer more–the thread had plenty–I'd be happy to do a second round in the coming days. </p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"h3","headline":"Question 1: Production And Scarcity"},"type":"Block::Headline"},{"data":{"size":"inline","quote":"<p>Burning questions? Sure. I'd love to see a piece directly addressing the so-called artificial scarcity of brands like Rolex, AP, Patek, etc. I've always been skeptical that Rolex or their dealers are secretly withholding stock–they make money *selling* watches after all–but have never really put in the legwork to look into it too much. Is there anything more to the story than simple supply being outpaced by demand?</p>","source":"\"Rehaut\""},"type":"Block::PullQuote"},{"data":{"copy":"<p>Managing production to meet customer demand is a top priority for watch brand executives. It is a key part of the job. They want to hit the sweet spot. More than one CEO has said they'd like to produce exactly one less watch each year than there is demand for. Of course, no one ever gets it exactly right. Long waiting lists for most Rolex professional models and the most sought-after Patek Philippe watches have become the norm. Demand outstripping supply is good for brand image and desirability, but making a watch 'unobtainium' risks alienating core customers.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"large","images":["37a768ff-c04b-436e-a610-7b94a09b3609"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>Top brands are imbued with the ability to manage rarity. For example, out of the total annual production of about 50,000 watches, executives have said that Audemars Piguet makes no more than 1,200 examples of its most popular models, like the Royal Oak Jumbo, each year. There are no signs that will change anytime soon. Of course, there are risks going the other way. In 2017 and 2018, Richemont, which owns Cartier and Vacheron Constantin, among other brands, spent about 250 million euros buying back watches from over-stocked retailers. Joe Thompson covered it <a href=https://www.hodinkee.com/"https://www.hodinkee.com/articles/still-too-many-watches-in-the-world-says-richemont-group/" target=\"\"><u>here</u></a>, and his piece included this great quote from Richemont chairman Johann Rupert summing up the situation:</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>\"Our retail partners, the big and the small, are still being force-fed like geese producing foie gras with people (i.e. brands) who still sell in more than they sell out. It's bad for the whole industry,\" Rupert said at the time.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p>It is exactly this kind of situation that all watch brands want to avoid. In the current downturn, executives are more attuned than ever to balancing 'sell in' (watches sold to retailers) with 'sell out' (watches sold to clients). Most are utilizing digital software tools to monitor these metrics. And that is why we have seen Swatch Group, Richemont and Sowind brands temper production. Even industry giant Rolex, which accounts for about one-third of Swiss watch sales, cut production in 2024 by a relatively minor 2%, according to Morgan Stanley and LuxeConsult. While sales increased by about 5% due to higher prices and product mix, it is the first time Rolex has produced fewer watches than the previous year since the Global Financial Crisis in 2008 and 2009, LuxeConsult head Oliver Müller said in an interview.</p>\n\n<p>Rolex declined to comment on the Morgan Stanley production and sales estimates.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"h3","headline":"Question 2: Submariner Availability"},"type":"Block::Headline"},{"data":{"size":"inline","quote":"<p>Great appointment. Just wondering if Andy knows when and if we will be able to once again go into a Rolex store and buy a Submariner off the shelf without having to wait years or go on queue to get one?</p>","source":"\"Dominics\""},"type":"Block::PullQuote"},{"data":{"size":"large","images":["044d79cb-4bed-4fae-8274-88082f309841"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>Which brings us to another popular question regarding the availability of the most in-demand Rolex models. Wait times for some Rolex models are getting shorter and according to Morgan Stanley and WatchCharts more references are trading below retail on the secondary market, indicating better availability. But the steel Submariner, especially the GMTs and Daytonas, remain the most hard-to-get models, with demand still far outstripping supply. Prepare to wait.</p>\n\n<p>Yet the supply/demand equation could soon further improve. The Swiss company, controlled by the Hans Wilsdorf Foundation, will commence operations at temporary production sites in the Swiss canton of Fribourg beginning this year, which could add to its annual production of about 1 million watches. The temporary sites are in anticipation of a new permanent facility in Bulle, also in Fribourg, slated to start operating in 2029. Rolex has said it will invest about 1 billion Swiss francs in the new operation that will employ about 2,000 workers.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"size":"h3","headline":"Question 3: Prices And Value Spin-Off Brands"},"type":"Block::Headline"},{"data":{"size":"inline","quote":"<p>Given the mounting frustrations among enthusiasts related to rising prices as well as the runaway successes of more playful, lower-end offerings from celebrated brands (e.g., the Swatch x Omega/Blancpain collabs, the MAD 1 watches, et.), in your opinion, do you think that other brands are likely to pull from the Swatch Group's and MB&amp;F's playbook or is do you think this is a passing trend?</p>","source":"\"phobiaofwolves\""},"type":"Block::PullQuote"},{"data":{"size":"large","images":["44c6ba72-4593-4fe9-b198-406cd8adebec"]},"type":"Block::InlineImageContainer"},{"data":{"copy":"<p>Absolutely. </p>\n\n<p>Much of the Swiss watch industry has been chasing the margin benefit of lower production and higher prices, but the current economic reality and uncertainty have many enthusiasts seeking a better bang for their buck. In the wake of the M.A.D.1 and MoonSwatch, we are going to see more. Rolex is the OG in this category, and Tudor offers customers a great watch at a more affordable price. Now Breitling, led by CEO Georges Kern, has acquired the Gallet brand and is expected to relaunch the more budget-friendly marque known for its chronographs soon. </p>\n\n<p>It's notable that these sub-brand or spinoff successes come at a time when demand for entry-level and mid-priced watches is suffering far more than higher-priced models. According to the Federation of the Swiss Watch Industry, Swiss watch exports for watches with wholesale prices below 3,000 Swiss francs plunged by more than 15% in value in 2024. That compares to an overall decline of 2.8%. </p>\n\n<p>When well executed, these successful sub-brand spinoffs leverage the appeal of their pricier parent brands in a budget-friendly package. Those of us watching our wallets would welcome more of these worthwhile initiatives.</p>","dropcap":false},"type":"Block::BodyCopy"},{"data":{"copy":"<p><strong>[If you have a question for Andy about the business of watches, please let us know in the comments below. Thanks so much to everyone who offered questions for this round.]</strong></p>","dropcap":false},"type":"Block::BodyCopy"}],"migrated_content":true,"meta_title":"","meta_description":"","meta_social_media_headline":"","meta_social_media_description":"","meta_social_media_image":"","artist_name":null,"artist_type":"","internal_notes":"","column":{"id":1,"slug":"article","name":"Article","description":"","sort_order":null,"created_at":"2016-07-13T12:24:43.918-04:00","updated_at":"2022-05-04T16:49:00.996-04:00","status":"hidden"},"hero_image":{"id":"7809da88-4618-4bcc-9ce6-aa13e742b1c3","container_id":14183,"container_type":"Article","url":"https://hodinkee-production.s3.amazonaws.com/uploads/images/f3c6b798-c8d0-4168-919c-895d8eb3d311/Ask-Andyg-1-hero.jpg","width":2880,"height":1620,"format":"jpg","render_args":null,"caption":null,"alt_text":"ask andy vol 1","created_at":"2025-03-06T11:11:54.162-05:00","updated_at":"2025-03-06T12:18:38.678-05:00","sort_order":0,"product_ids":null,"imgix_url":"https://hodinkee.imgix.net/uploads/images/f3c6b798-c8d0-4168-919c-895d8eb3d311/Ask-Andyg-1-hero.jpg?ixlib=rails-1.1.0"},"share_url":"https://www.hodinkee.com/articles/artificial-scarcity-rolex-availability-and-value-sub-brands-your-watch-business-questions-answered","full_title":"Artificial Scarcity, Rolex Availability And Value Sub-Brands: Your Watch Business Questions Answered","tags":["rolex","swatch","patek","business news","moonswatch","andy-hoffman"]}]}">