In Parmigiani Fleurier, one discovers a completely unlikely success story; like so many of those, it appeared to occur nearly in a single day but it was a long time within the making. Little question you recognize that that is concerning the Tonda PF assortment since this was the household of watches that modified the trajectory of the model again in 2021. This a lot is apparent, and thus standard knowledge additionally has it that the individual accountable right here is none apart from CEO Guido Terreni. The person himself shouldn’t be so fast to embrace this position within the story to date, though he actually agrees that Parmigiani Fleurier is on the street to a brighter future. We expect he deserves credit score at the very least because the navigator but additionally because the architect of the narrative.
In the newest Morgan-Stanley report on the state of the Swiss watch trade, Parmigiani Fleurier powered into the highest 50 manufacturers (at quantity 46) for the primary time. Whereas this report, and others prefer it, are merely indicative quite than definitive, it nonetheless highlights how far the model has are available in just a few quick years. Again in 2020, as lockdowns had been being eased right here, we wrote that collectors and the neighborhood ought to take the difficulty to reacquaint themselves with Parmigiani Fleurier. Then the agency affirmed our curiosity with the discharge of the Tonda GT Sport, by far probably the most good-looking and commercially oriented assortment to bear the Parmigiani Fleurier badge.
Terreni, who took the helm at Parmigiani Fleurier in early 2021, instructed us that he felt the foundations of a fantastic assortment of watches started with the Tonda GT Sport. On the similar time, he needed to take issues additional as a result of he noticed Parmigiani Fleurier as a model with “a mild and understated soul,” and one thing just like the Tonda GT Sports activities might simply have veered into aggressive territory; there was already a built-in motorsports angle right here in spite of everything. As an alternative, Terreni made a guess on the understated qualities of Parmigiani Fleurier, which critics had lengthy charged had been holding the model again. Terreni’s reply was to go quiet and rework the model by doing the unthinkable in watchmaking: eradicating the model title from the dial.
Sure, the Tonda PF solely has a cartouche with the model brand on the dial, a brand that had by no means been used this fashion dial-side earlier than. By the top of that yr, the brand new Tonda PF was already making waves, and we managed to shoot it for our cowl that yr (#63). Three years later, the virtues of the Tonda PF assortment are well-known, and it’s obvious that the shift to utilizing a badge as an alternative of the model title is clear elsewhere too, even within the distinctive creations such because the L’Armoriale pocket watch (see Highlights this difficulty). To make certain, utilizing a brand as an alternative of a full model title, even when the founder remains to be very a lot within the image, is comparatively odd. In watchmaking, contemplating how small the product is, you may suppose this nothing a lot however you’ll be incorrect. Swiss watchmaking is nothing if not conservative and also you solely must scan via numerous interviews with Terreni to see how typically he obtained requested about this. For the report, we requested him to in our final two chats with him.
For this most up-to-date assembly between ourselves and Terreni, we skipped the model title questions and went in decidedly extra idiosyncratic instructions.
We didn’t get an opportunity to get into your ideas on Watches and Wonders Geneva after we met there so let’s begin there.
Effectively, I’m very keen on worldwide watch gala’s like Watches and Wonders Geneva, particularly qualitative ones. We set our second appointment with the trade, with shoppers and with the press in a continuation of what we had achieved the yr earlier than, after we returned to (a bodily honest) and put Parmigiani Fleurier again on the watchmaking map.
To me, this honest specifically needs to be THE actual appointment of the trade. I might love that each model showcases at Watches and Wonders Geneva as a result of it’s every week wherein the general public tunes in on watches; watches usually are not a purchase order one makes continuously (in the case of the broader public). So not all people’s actually following what the manufacturers are doing (on a regular basis) and if you happen to’re shopping for a watch each five-10 years, it’s not such as you comply with the trade like people who find themselves within the trade. So having an appointment wherein all people is aware of that there’s one thing to comply with and (occasions that one can monitor) to me could be very instrumental.
So you might be constructive on the general public days then?
I used to be used to this in (the now-defunct) BaselWorld, which was open to the general public and was ticketed. The general public, the commerce and the press weren’t separated; they had been all collectively (though appointments had been wanted to stroll into the personal areas inside model cubicles).
Right here, at Watches and Wonders Geneva, the organisers favor to have some separation as a result of the house is smaller, so for logistical causes, it needs to be this fashion (the PalExpo house for Watches and Wonders Geneva is probably going smaller than simply Corridor 1 of BaselWorld, for some context). This yr, there will likely be three days devoted to the general public and I believe (all manufacturers will) be extra prepared this yr than final yr. The general public took us unexpectedly in 2023. There have been greater than 10,000 guests over two days and the typical age was 35. It was actually individuals who had been within the early days of understanding what watches (and the pastime of accumulating watches) is about. You must spend money on (enhancing and elevating the) data of the viewers, and it doesn’t matter if they won’t purchase instantly. No less than they develop their curiosity and so they get to the touch and really feel the merchandise; (the honest) turns into their introduction to the manufacturers.
”You must spend money on (enhancing and elevating the) data of the viewers, and it doesn’t matter if they won’t purchase instantly”
This speaks to one thing we mentioned beforehand – all the brand new folks drawn to watchmaking. How does Parmigiani Fleurier converse to this group, whereas balancing the wants of the established collectors?
Effectively, it’s fairly pure; I believe it’s a must to adapt…to customize your speaking factors. (If somebody already is aware of the model story) you possibly can skip this and instantly go on to a topic that’s particular and deeper. All of it depends upon who you might have in entrance of you. So often folks buy groceries in a bodily retailer to be educated, as a result of they’ve been launched to the watch or the model after they noticed it on the wrist of a good friend, or they examine it. There’s a type of analysis that the client does – particularly when going up in worth (of any given watch), you might be typically going deeper into watchmaking content material. In fact, not all people is a watch lover. Lots of people are simply shopping for the look ahead to the hype or as a result of it’s cool…they just like the aesthetics. What drives folks is private, you recognize, so the model has to narrate to the viewers individually.
So, we all know how a model would work this on the bottom, in its personal surroundings. Parmigiani Fleurier works with many companions although and is most seen in a multi-brand setting. What’s your strategy right here?
I believe Parmigiani Fleurier is clearly enticing to any person who’s well-educated in watchmaking and who often prefers to buy in multi-brand environments. It’s because a collector or a watch lover likes to browse and likes to match; he likes to be suggested by any person who is aware of greater than him.
And once you go right into a mono-brand retailer, the workers there know loads about their very own model, however they lose monitor of what’s taking place outdoors. So, you might have an expertise which is one-to- one on the model, however you can’t evaluate. I do know this from my expertise with my earlier firm (Bulgari, the place Terreni was answerable for watchmaking). The advisor who works in an expert multi-brand retailer is extra of a impartial marketing consultant who builds a relationship with a collector, and advises him on what works (or might work) for him.
Let me offer you an instance: I used to be in Germany, in Hamburg, and had dinner with two collectors that had been very avid collectors – each rich and younger. One in all them was residing in Berlin and I used to be going to Berlin the subsequent day. I requested him why he drove three hours to have dinner with me as an alternative of assembly me the subsequent day. He instructed me that he was following his advisor, who had moved from Berlin to Hamburg (after a promotion). So this collector remains to be served by the identical advisor as a result of he trusts him; there may be clearly a bond there (and that is what occurs at one of the best multi-brand retailers).
For this reason I’m so eager to see how the brand new idea Honest is doing in KL will go. The SHH house is extra of a lounge than a retailer the place you possibly can cross the time, take pleasure in your pastime, and share your ardour with people who find themselves skilled. (As a consequence) you don’t solely see issues which might be industrial.
And that is your tackle the multi-brand retail expertise versus what some watch manufacturers try to do by creating their very own mono-brand shops?
(As talked about), the multi-brand (retail) advisor turns into a type of marketing consultant working within the pursuits of the watch lover (and naturally the retailer) and creates a bond primarily based on belief. You already know there are such a lot of novelties yearly and you can’t navigate this, caring together with your job, with your loved ones, etcetera. It’s not everybody who has the time (and inclination) to check the trade. And so yearly, you (the collector) ask your advisor what’s new, what’s thrilling? What do you suppose would go well with me? You can’t do very properly in a mono-brand surroundings (and even) in a multi-brand one since you are targeted on the industrial customary collections. Once more, for this reason the SHH is fascinating to me. That is the correct factor to do for the multi-brand retailer who needs to outlive this warfare as a result of there’s a hidden warfare between manufacturers which might be integrating their distribution and multi-brand retailers which might be shedding sure fascinating manufacturers as a consequence. To outlive, they’ve to provide a service which is greater than the only relationship with (sure) manufacturers that they carry.
If I had been a multi-brand vendor, I might not do an occasion with a single model. I might do an occasion on micro-rotor watches; I might do an occasion on chronographs; on calendars; or on the totally different kinds that (are naturally current) in a multi-brand surroundings. I’m not a multi-brand retailer, in order that they do what they need, but when I had been them that is what I might do!
Duly famous, and it will likely be printed! Talking then of micro-rotors and the retail expertise, one closing query on the Tonda PF. This can be a watch that you could see up shut and really feel, particularly with the knurled bezel and the bracelet being as it’s. Superficially, it seems to be very very like the Tonda GT Sport, however it is vitally totally different. The retail expertise should be paramount right here? And the way does the model go about ensuring that match and really feel are wonderful?
Effectively, what you’re asking could be very sensible as a result of it’s very troublesome to convey the consolation of any given watch with only a image; to indicate it to a movie. You don’t grasp the truth till you set it in your wrist.
And to design a cushty watch is an artwork. It’s actually not straightforward, and it has loads to do with the burden (of the watch head, and of the supplies used); with the best way the watch sits in your wrist. It has loads to do with the flexibleness of the bracelet. All these elements have to come back collectively to make an expertise which is comfy and I believe the Tonda PF with micro-rotor is probably the most important instance – this watch began the whole lot and types the matrix of the whole lot that we’re doing. So, on the bracelet we did for the Tonda PF… If you design a bracelet, which isn’t a completely versatile bracelet but it surely’s a semi-rigid one, principally the designer has to decide on an arc. This arc is a statistical curve of your complete inhabitants. It’s not your wrist; it’s not my wrist. OK, so in centimeters, my 17 1/2 wrist is totally different from yours as a result of my bone construction is totally different from yours and so forth.
And it’s not the wrist that has to adapt to the arc of the design; it’s the watch that has to adapt. To me, that’s why the flexibleness of the bracelet is extraordinarily vital.
And there’s additionally the preferences of various markets the place typically individuals are OK with having the watch type of sit all the best way in the direction of the top of the wrist, and a few folks insist that no, no, it should sit (snugly) earlier than the (protrusions of) the wrist bones.
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