Guido Terreni, CEO of Parmigiani Fleurier Navigates The Way forward for Luxurious Watchmaking

In Parmigiani Fleurier, one discovers a wholly 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 doubt 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 particular person accountable right here is none aside from CEO Guido Terreni. The person himself just isn’t so fast to embrace this function within the story to date, though he actually agrees that Parmigiani Fleurier is on the street to a brighter future. We predict he deserves credit score at the least because the navigator but in addition because the architect of the narrative.

In the newest 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 reasonably than definitive, it nonetheless highlights how far the model has are available a couple of brief years. Again in 2020, as lockdowns have been being eased right here, we wrote that collectors and the group 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 essentially 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 an important assortment of watches started with the Tonda GT Sport. On the identical time, he wished 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 have 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 emblem on the dial, a emblem 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 a substitute of the model identify is clear elsewhere too, even within the distinctive creations such because the L’Armoriale pocket watch (see Highlights this situation). To make certain, utilizing a emblem as a substitute 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 fallacious. Swiss watchmaking is nothing if not conservative and also you solely need to scan by way of varied 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.

Nicely, 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 honest) and put Parmigiani Fleurier again on the watchmaking map.

To me, this honest particularly needs to be THE actual appointment of the business. I might love that each model showcases at Watches and Wonders Geneva as a result of it’s per week through which the general public tunes in on watches; watches will not be a purchase order one makes steadily (with regards to the broader public). So not all people’s actually following what the manufacturers are doing (on a regular basis) and should you’re shopping for a watch each five-10 years, it’s not such as you observe the business like people who find themselves within the business. So having an appointment through which all people is aware of that there’s one thing to observe 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 have been all collectively (though appointments have been wanted to stroll into the personal areas inside model cubicles).

Right here, at Watches and Wonders Geneva, the organisers choose 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 can be three days devoted to the general public and I feel (all manufacturers will) be extra prepared this yr than final yr. The general public took us without warning in 2023. There have been greater than 10,000 guests over two days and the common age was 35. It was actually individuals who have been within the early days of understanding what watches (and the pastime of amassing watches) is about. It’s a must to spend money on (bettering and elevating the) data of the viewers, and it doesn’t matter if they won’t purchase instantly. At the least they develop their curiosity they usually get to the touch and really feel the merchandise; (the honest) turns into their introduction to the manufacturers.

”It’s a must to spend money on (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 folks drawn to watchmaking. How does Parmigiani Fleurier communicate to this group, whereas balancing the wants of the established collectors?

Nicely, it’s fairly pure; I feel you need to adapt…to customize your speaking factors. (If somebody already is aware of the model story) you’ll be able to skip this and instantly go on to a topic that’s particular and deeper. All of it is dependent upon who you will have in entrance of you. So normally folks buy groceries in a bodily retailer to be educated, as a result of they’ve been launched to the watch or the model once they noticed it on the wrist of a buddy, 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. After all, 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 setting. Parmigiani Fleurier works with many companions although and is most seen in a multi-brand setting. What’s your method right here?

I feel Parmigiani Fleurier is clearly engaging to someone 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 check; he likes to be suggested by someone who is aware of greater than him.

And while you go right into a mono-brand retailer, the workers there know quite a bit about their very own model, however they lose observe of what’s occurring exterior. So, you will have 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 might 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 have been very avid collectors – each rich and younger. Certainly one of 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 a substitute 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 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 one of the best multi-brand retailers).

That is why 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’ll be able to move 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 are business.

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 recognize there are such a lot of novelties yearly and you can not 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 business. 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 nicely in a mono-brand setting (and even) in a multi-brand one since you are targeted on the business commonplace collections. Once more, because of this the SHH is fascinating to me. That is the correct factor to do for the multi-brand retailer who desires to outlive this battle as a result of there’s a hidden battle between manufacturers which are integrating their distribution and multi-brand retailers which are dropping sure fascinating manufacturers as a consequence. To outlive, they’ve to offer a service which is larger than the only relationship with (sure) manufacturers that they carry.

If I have been a multi-brand supplier, 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 completely different kinds that (are naturally current) in a multi-brand setting. I’m not a multi-brand retailer, in order that they do what they need, but when I have been them that is what I might do!

Duly famous, and will probably be revealed! Talking then of micro-rotors and the retail expertise, one closing query on the Tonda PF. This can be a watch that it’s good to see up shut and really feel, particularly with the knurled bezel and the bracelet being as it’s. Superficially, it appears to be like very very similar to the Tonda GT Sport, however it is rather completely different. The retail expertise should be paramount right here? And the way does the model go about ensuring that match and really feel are glorious?

Nicely, 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 fact till you set it in your wrist.

And to design a cushty watch is an artwork. It’s actually not straightforward, and it has quite a bit to do with the burden (of the watch head, and of the supplies used); with the way in which the watch sits in your wrist. It has quite a bit to do with the pliability of the bracelet. All these substances have to return collectively to make an expertise which is comfy and I feel the Tonda PF with micro-rotor is essentially the most important instance – this watch began the whole lot and varieties 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 very versatile bracelet nevertheless it’s a semi-rigid one, mainly the designer has to decide on an arc. This arc is a statistical curve of the whole 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 pliability of the bracelet is extraordinarily necessary.

And there’s additionally the preferences of various markets the place typically persons are OK with having the watch type of sit all the way in which 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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