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 many years within the making. Little question 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 clear, and thus standard knowledge additionally has it that the particular person accountable right here is none aside from CEO Guido Terreni. The person himself is just not so fast to embrace this function within the story to this point, though he actually agrees that Parmigiani Fleurier is on the highway to a brighter future. We predict he deserves credit score no less than because the navigator but additionally because the architect of the narrative.
In the latest Morgan-Stanley report on the state of the Swiss watch business, 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 slightly than definitive, it nonetheless highlights how far the model has are available a number of brief 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, advised us that he felt the foundations of a terrific assortment of watches started with the Tonda GT Sport. On the identical time, he needed to take issues additional as a result of he noticed Parmigiani Fleurier as a model with “a delicate and understated soul,” and one thing just like the Tonda GT Sports activities may simply have veered into aggressive territory; there was already a built-in motorsports angle right here in spite of everything. As a substitute, Terreni made a wager 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 remodel the model by doing the unthinkable in watchmaking: eradicating the model identify 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 tip 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 identify is obvious elsewhere too, even within the distinctive creations such because the L’Armoriale pocket watch (see Highlights this subject). To make sure, utilizing a brand as an alternative of a full model identify, even when the founder continues to be very a lot within the image, is comparatively odd. In watchmaking, contemplating how small the product is, you would possibly suppose this nothing a lot however you’d be improper. Swiss watchmaking is nothing if not conservative and also you solely must scan by numerous interviews with Terreni to see how typically he obtained requested about this. For the document, 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 identify questions and went in decidedly extra idiosyncratic instructions.
We didn’t get an opportunity to get into your ideas on Watches and Wonders Geneva once we met there so let’s begin there.
Effectively, I’m very keen on worldwide watch festivals like Watches and Wonders Geneva, particularly qualitative ones. We set our second appointment with the business, with shoppers and with the press in a continuation of what we had carried out the yr earlier than, once we returned to (a bodily truthful) and put Parmigiani Fleurier again on the watchmaking map.
To me, this truthful particularly needs to be THE actual appointment of the business. I’d love that each model showcases at Watches and Wonders Geneva as a result of it’s every week through which the general public tunes in on watches; watches usually are not a purchase order one makes regularly (in terms of the broader public). So not everyone’s actually following what the manufacturers are doing (on a regular basis) and when you’re shopping for a watch each five-10 years, it’s not such as you comply with the business like people who find themselves within the business. So having an appointment through which everyone is aware of that there’s one thing to comply with and (occasions that one can observe) to me could be very instrumental.
So you might be optimistic 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 non-public areas inside model cubicles).
Right here, at Watches and Wonders Geneva, the organisers desire to have some separation as a result of the area is smaller, so for logistical causes, it must be this fashion (the PalExpo area for Watches and Wonders Geneva is probably going smaller than simply Corridor 1 of BaselWorld, for some context). This yr, there shall 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 abruptly in 2023. There have been greater than 10,000 guests over two days and the common 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. It’s a must to put money into (bettering and elevating the) data of the viewers, and it doesn’t matter if they won’t purchase instantly. A minimum of they develop their curiosity and so they get to the touch and really feel the merchandise; (the truthful) turns into their introduction to the manufacturers.
”It’s a must to put money into (bettering 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 individuals drawn to watchmaking. How does Parmigiani Fleurier communicate 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 may skip this and straight go on to a topic that’s particular and deeper. All of it is determined by who you’ve got in entrance of you. So normally individuals 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 pal, or they examine it. There’s a kind of analysis that the client does – particularly when going up in value (of any given watch), you might be typically going deeper into watchmaking content material. After all, not everyone 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 individuals is private, , 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 anyone who’s well-educated in watchmaking and who normally prefers to buy in multi-brand environments. It is because a collector or a watch lover likes to browse and likes to match; he likes to be suggested by anyone who is aware of greater than him.
And while you go right into a mono-brand retailer, the employees there know rather a lot about their very own model, however they lose observe of what’s occurring outdoors. So, you’ve got an expertise which is one-to- one on the model, however you can not examine. I do know this from my expertise with my earlier firm (Bulgari, the place Terreni was answerable for watchmaking). The advisor who works in knowledgeable multi-brand retailer is extra of a impartial marketing consultant who builds a relationship with a collector, and advises him on what works (or may work) for him.
Let me provide you with 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 every of them was dwelling in Berlin and I used to be going to Berlin the following day. I requested him why he drove three hours to have dinner with me as an alternative of assembly me the following day. He advised me that he was following his advisor, who had moved from Berlin to Hamburg (after a promotion). So this collector continues to be served by the identical advisor as a result of he trusts him; there’s clearly a bond there (and that is what occurs at the most effective 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 area is extra of a lounge than a retailer the place you may cross the time, get pleasure from 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 kind 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 not navigate this, worrying along with your job, with your loved ones, etcetera. It’s not everybody who has the time (and inclination) to check the business. And so yearly, you (the collector) ask your advisor what’s new, what’s thrilling? What do you suppose would swimsuit me? You can’t do very properly in a mono-brand surroundings (and even) in a multi-brand one since you are centered on the industrial customary collections. Once more, this is the reason the SHH is attention-grabbing to me. That is the fitting factor to do for the multi-brand retailer who needs to outlive this battle as a result of there’s a hidden battle between manufacturers which might be integrating their distribution and multi-brand retailers which might be dropping sure attention-grabbing manufacturers as a consequence. To outlive, they’ve to present a service which is greater than the only relationship with (sure) manufacturers that they carry.
If I had been a multi-brand vendor, I’d not do an occasion with a single model. I’d do an occasion on micro-rotor watches; I’d do an occasion on chronographs; on calendars; or on the completely 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’d do!
Duly famous, and it will likely be revealed! Talking then of micro-rotors and the retail expertise, one last query on the Tonda PF. This can be a watch that you must see up shut and really feel, particularly with the knurled bezel and the bracelet being as it’s. Superficially, it appears very very like the Tonda GT Sport, however it is extremely completely different. The retail expertise have to be paramount right here? And the way does the model go about ensuring that match and really feel are glorious?
Effectively, what you’re asking could be very good as a result of it’s very tough to convey the consolation of any given watch with only a image; to point out it to a movie. You don’t grasp the truth till you set it in your wrist.
And to design a snug watch is an artwork. It’s actually not straightforward, and it has rather a lot to do with the load (of the watch head, and of the supplies used); with the way in which the watch sits in your wrist. It has rather a lot to do with the flexibleness of the bracelet. All these substances have to return 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 all the pieces and types the matrix of all the pieces that we’re doing. So, on the bracelet we did for the Tonda PF… While you design a bracelet, which isn’t a completely versatile bracelet nevertheless it’s a semi-rigid one, principally the designer has to decide on an arc. This arc is a statistical curve of your entire inhabitants. It’s not your wrist; it’s not my wrist. OK, so in centimeters, my 17 1/2 wrist is completely different from yours as a result of my bone construction is completely 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 generally persons are OK with having the watch kind of sit all the way in which in direction of the tip of the wrist, and a few individuals insist that no, no, it should sit (snugly) earlier than the (protrusions of) the wrist bones.
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