FeatureRise Of The Independent Watchmakers: Brands That Are Unconventional Enough Not To Follow
While the watch industry has for long been ruled by the two major groups—Swatch and Richemont—there’s been a marked surge in demand for unique offerings by independent watchmakers because of the exceptional value that they bring to the table. We take a closer look at why these family-run enterprises are finding favour with horology aficionados, and why they make for great investments in the current landscape
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If one were to run a Google search today for ‘top luxury watch brands’, it might come as a surprise that the first three companies in the list are independent haute horlogerie brands ie they have no affiliation to any particular giant watch conglomerate. So what do companies such as Rolex, Patek Philippe and Audemars Piguet have in common apart from simply being independent enough not to follow any particular trajectory that’s set out by larger groups like Swatch, Richemont, LVMH or even Kering. Well… they are one of the most high net value-driven brands in the industry and have been able to achieve this solely on their own, without the backing of any external organisation. This has also led them to create a unique style of their own, I mean anyone can spot an Audemars Piguet Royal Oak from a distance, right? For the longest time these three independent brands have commanded immense respect among watch collectors and also boast a terrific legacy but they were probably outnumbered by brands belonging to the major groups. But that’s changing now, at least in the last five years, it’s the independents that have been making a mark with their offerings that are innovative, exclusive and unique in nature. It’s also interesting to note that in the last two years with the pandemic halting travel and on-ground watch fairs (SIHH became Watches & Wonders, and Baselworld has been cancelled until further notice), which have been happening in the virtual realm it’s actually the smaller and more personalised events that have been generating more profits.
A recent study by Deloitte tracking the Swiss watch industry’s performance for 2021 stated: Last year, almost one-fourth of executives (36%) believed that the industry would benefit from smaller, more personalised events with selected partner brands. This was the aim for Geneva Watch Days which promotes itself as a decentralised, self-managed and multi-brand watch event, and also phygital. Launched in 2020, it was founded by 25 brands, and after two consecutive years, it is planned to be held again in September 2022.
Now while the initiative was taken by several brands one cannot help but notice that it includes independents such as Breitling, De Bethune, H. Moser & Cie., MB&F and Urwerk taking the lead alongside Bulgari (LVMH), Girard-Perregaux and Ulysse Nardin (both owned by Kering Group) to form a non-profit association to organise the event. Never before in the history of watchmaking have the independents come out in full force to lead by example since watch fairs were mostly the prerogative of major groups such as Richemont—which organised the classy and exclusive Salon International de la Haute Horlogerie (now Watches & Wonders); and the Swatch Group being the main driving force behind Baselworld, which dates back to 1917! Of course the show was last held in 2019 and since then has been put on hold as the organisers are trying to come up with a new concept for one of the oldest galas in the watchmaking space. And there’s news that Time to Watch, a new event for independent watch brands, is also planned to take place in Geneva in April 2022. So clearly, there’s never been a better time for the rise of the independents, which is crucial for the industry, now more than ever.
What Is An Independent Watchmaker?
If one were to go by the traditional definition, an independent watch brand is more or less a privately-owned company or as they say a family-run enterprise. Here the timepieces are made independently, infused with a distinct design or patent that become part of their DNA. These brands have little allegiance to any groups and for the most part are vertically integrated to even produce their own movements and components. However, independents or ‘indies’ should not be confused with microbrands even though they have a lot of overlapping riders. Microbrand is more of a blanket term associated with small watch brands that operate in the digital space, usually helmed by a single individual. Many microbrands are considered independent, but not all independent brands can b regarded as microbrands. The primary difference being that independent watchmakers are self-sufficient, and can produce an exceptional quantity of watches (by their standards). Also, these boutique brands or microbrands are not vested with the capacity to mass-produce their timepieces, and usually operate as numbered productions or create watches only upon request by their clients. Let’s understand what makes timepieces by independent watchmakers so alluring for horology aficionados, and how they’ve come to hold their own in an industry that’s been besotted by brands belonging to larger clusters; that for the longest time have yielded immense influence in haute horlogerie circles. While we have attempted to explore several categories, one must keep in mind that most are applicable to almost all independent watch brands since these are prerequisites for qualifying as one.
Quick Turnaround Time On Implementing Decisions
This is extremely important when it comes to any industry, and the luxury watch segment is no different. Many a times, great ideas or suggestions do not see the light of day, thanks to rigid guidelines set out by companies or many projects do not come to fruition because of delays and lags in decision making. This often happens when a company has a layered hierarchical structure where there are too many parties entrusted with decision making. Independent brands omit this aspect since they work with smaller teams hence they are able to implement plans or policies with greater speed as there are fewer sanctions that need approval from the top management. This, however, by no means undermines the output generated by the company. Take for instance Carl F. Bucherer—one of the oldest independent watch manufacturers that has been in existence since 1888. The Lucerne-based company has been dishing out some of the most technologically-supreme and innovative timepieces mainly with a mastery of dive watches with their Patravi line. And it’s impossible to talk about Carl F. Bucherer without referring to their patented peripheral technology—a field in which the brand is the industry’s undisputed leader. Here the parts are not mounted centrally on their axes but rotate around their own peripheries on ceramic ball bearings. This allows for thinner watches and an unobstructed view of the corresponding elements—a highly attractive feature for watch enthusiasts. And the brand have been building on this technology consistently since 2008, patenting the technology for innovation in haute horlogerie. In fact in 2018, when the brand launched their Manero Tourbillon Double Peripheral at Baselworld, whose cage is supported peripherally and is invisible, thanks to three frictionless ball bearings that ensure stability and precise guidance, I happened to meet CEO Sascha Moeri during an interview, who clearly stated that being independent has given them the liberty to experiment with a lot of ideas, which would have been highly unlikely if they had been part of a group and that’s one of the primary reasons that the brand chooses to stay a family-owned business.
Controlled Production
Most independents produce anything between 30 and 1500 watches a year. This means they are more organised since their inventory is easier to manage and this also saves time since there is less stuff to store and try and get rid of later. With brands associated with bigger conglomerates, this is often a challenge since many of them are unable to sell their entire stock, and this is then often sold at great discounts which obviously doesn’t turn out to be profitable for the brand. Also, one must note that acquiring inventory is also a costly proposition. Therefore by regulating and controlling production, one only focuses on the demand and ends up saving money, which can be allocated for ‘passion projects’ or to create one-of-a-kind timepieces that also bring to the for a company’s creativity. Brands also end up saving space, which is another challenge of storing products, which are not sold out in time. Avant-garde watchmaker, Louis Moinet would be a good example here since all their creations are numbered and are sold to highly exclusive clients, who would not settle for run-of-the-mill products. The atelier situated in Neuchâtel, Switzerland, manufactures watches under two broad pillars: Cosmic Art and Mechanical Wonders—with only one-of-a-kind pieces or limited editions that never exceed beyond 60 pieces for any line.
Smaller Overheads
One of the biggest advantages that come with being part of a major watch holding is the regular pumping-in of finances whenever a new ideas need execution. As opposed to this, smaller independent players have to carefully analyse the pros and cons, and watch where the money is being directed. As restrictive as this may be in nature, this may not always be a bad thing since such brands learn early on where to take risks and where to fold one’s cards. Right from having a smaller set-up, to having people involved in most of the processes gives them a better understanding of not just their own area of expertise but also an insight into the day-to-day workings of the business. This bird’s eye view is extremely important in today’s dynamic business landscape. German watchmaker, Nomos is fairly a new and young player founded in 1990, and within no time the Glashütte-based company have been able to establish themselves as the largest manufacturer of mechanical timepieces in Germany. A boutique watchmaking firm that takes pride in itself and does not rest on its laurels, they presented their first in-house automatic movement in 2005, and there’s been no looking back since then. And all this has been achieved with a workforce of under 300 employees! Of course their designs break away from the traditional and classical pieces of yesteryears, but are heavily inspired in terms of their clean lines and uncluttered dials, and offer a fresh appeal to cater to a younger clientele.
Customisation Is Key For Rare Offerings
Another reason for many clients turning towards independent watchmakers is the exclusivity factor. I mean who doesn’t want a watch that’s a conversation starter in collectors’ circles? And while the Rolexes and Patek Philippes (also independent companies) have been a perennial favourite in such gatherings, the younger audience wants something more out of their watch. They want something that not everyone has and something that best fits their personality, and is not just a part of their collection because it is one of the items that they need to check off their bucket list. In the recent times, H. Moser & Cie. have been able to create this experience for watch lovers because of their bold and audacious designs that don’t stick to conventions but at the same time are rooted in Swiss watchmaking know-how. “If you think about the watch industry in Switzerland, the revenue of the biggest watch groups is less than the R&D budget for Apple or Google. We cannot compete with them to develop new operating systems or technologies. But we can partner with them to bring our knowledge and expertise into the product design and the hardware,” Edouard Meylan, CEO, H. Moser & Cie. was quoted in the Deloitte Swiss watch industry report for 2021.
Whether one talks about their minimalistic Endeavour collection or the more sporty Pioneer collection; there’s something for everyone. And how can one miss the Streamliner collection with their steampunk aesthetic? A nod to the sleek automotive and locomotive designs of the 1920s, it combines the codes of minimalism and contemporary elegance. Originally designed from the integrated steel bracelet up, every detail of the individual links and cushion-shaped case has been meticulously finished here.
Complex Creations
When one talks about haute horlogerie, complications are a given at any point. However, for the longest time this were associated with the larger groups and their brands churning out ultra-complicated timepieces. No one could fathom independent players, especially the newer ones to break into that bastion and offer some truly magnificent watches with highly complex structures. Czapek, named after 19th century Polish watchmaker, Franciszek Czapek, was relaunched in 2012 and has since then stunned with some of its most complex creations such as the Quai des Bergues No. 33bis, which also won the coveted Public Prize at the 2016 edition of the Grand Prix d’Horlogerie de Genève. Every year since, Czapek have launched a new collection with a new complex calibre: the Place Vendôme in 2017, the Faubourg de Cracovie in 2018 or their Antarctique collection, launched last year.
Handmade Value
There is no denying that some of the independent players command an exorbitant price for their creations, which is solely based on their exquisitely crafted watches and their movements. One of the maisons that perhaps has achieved mastery of such ultra-luxe and magnificent pieces is Parmigiani, another relatively young brand founded in 1996 by eminent watchmaker and restorer Michel Parmigiani, with the support of the Sandoz Family Foundation. Rich in technical and artisanal know-how, the brand is guided by the vision and quest for excellence of its founder, who gets involved in each of its creations. In order to control the entire production process, Parmigiani decided to create its own manufacture where all the movements and their components are produced. This also allows them to design, produce, decorate, and assemble all the components of each of its timepieces, thereby controlling every stage of the production process. It’s not just their dials that are hand decorated with techniques such guilloche but even the watch cases are hand polished. But the real treat lies in the ornate movements that have refined hand finishings—all carried out painstakingly by skilled artisans. Each of the calibres produced has a surface finish of exceptional quality, thanks to operations such as the decoration and bevelling by hand of all the components.
Creative Independence For Unique Offerings
When one is up against well-established brands that wear years of heritage as a badge of honour, it can be quite a daunting task to create something that truly stands out. This is why creativity is of utmost importance when it comes to setting the tone of your products and even positioning your brand. This is where the freedom from any ties to the bigger conglomerates gives the indie watchmakers an upper hand because they can easily direct resources to carry out groundbreaking projects, of course if it merits that kind of time and energy. So while after a point certain designs might end up looking similar, an independent watchmaker will never settle for the usual. For example Louis Erard is one such brand that take pride in offering high-quality watches crafted with utmost expertise. They believe that more than a machine, the movement is the soul of their watches, and are known for their quirky regulator timepieces, chronographs and moon phase watches.
And while we are talking about unique offerings, how can we not mention Urwerk? Anyone who loves the brand knows pretty well that their watches are not everyone’s cup of tea. Well that’s the whole idea behind investing in an independent watch brand, right? Founded in 1997, Urwek’s mission is clear: to design and craft haute horlogerie timepieces blending tradition with futuristic vision. “When we innovate, we enjoy the freedom of tolerating no restrictions or taboos. We began essentially as a core group of artists who wanted to interpret time differently,” say Felix Baumgartner and Martin Frei, co-founders, Urwerk. And their futuristic timepieces do utmost justice to creativity whether it’s their UR-Satellite or UR-Chronometry collections or special projects that carry their distinct, unique DNA.
Customers’ Disenchantment With Bigger Brands
Let’s face it, while the aura around bigger brands and groups is something that has for long been a given in the luxury watchmaking space, but then again, the times were different. The younger clientele doesn’t want the unnecessary frills attached or even the high snob value that’s commanded by a lot of old timers in the industry. I mean after all, we are not living in the Victorian era any longer! Thanks to the advent of social media and globalisation, the customers’ outlook has changed drastically and they are now more well-informed as compared to the previous generation. They are more tech-savvy and know exactly what they want. This has somehow led to a certain disenchantment with the bigger brands that for some may come across as a bit pretentious. Earlier, these biggies had full control over how they influenced the consumer and the markets, however, the scenario has changed drastically. People may want brands that are more ‘real’ and have an authentic connect with their customer than a brand that’s mostly detached. Raymond Weil one of the slightly older brands that was established in 1976 has been able to achieve this with its classical creations that speak honestly to their buyers.
Embracing The Online Revolution
While it comes as a surprise that Breitling is still an independent company, considering their wide array of legendary watches, maybe it’s this freedom that has helped them stay ahead of the game all these years. Breitling have been one of the leaders when it comes to adapting to the changing industry trends or the churn in markets. And last year they launched their Breitling Summit, which was viewed by four million people across the globe. “Boutiques are still the place for the 360-degree brand experience. We invest nearly 70 percent of our marketing budget into digital communication platforms. Why? Because a consumer’s decision process is predominantly made online and not offline,” Georges Kern, CEO, Breitling was quoted in the Deloitte report. And they also helmed the Geneva Watch Days digital event, which was met with immense success. With the proliferation of online channels and the democratisation that the internet provides, watch enthusiasts (and buyers) can reside anywhere. Watch fairs in contrast take place in a selective number of locations. Last year showed the importance of staying close to your consumers and reaching them on the channels on which they are active. Several brands successfully launched new products virtually to a global audience, using the digital tools to which we all grew accustomed in 2020.
Value For Money
Since independent watchmakers are in in complete control of their manufacturing processes, inventories and the supply-chain, this allows this to also control the cost of production, which translates to the final product. A movement with original parts gives a timepiece more value and distinction, and independent brands are able to offer this along with exclusivity, in both the design and technical departments. However, the only difference here is that, they are able to offer this at a reasonable value since they are the sole proprietors. The bigger brands may not be able to do this due to obvious reasons such as sourcing components from third parties. One such example is Oris. Their independent set-up has allowed them to develop a mechanical altimeter watch—something that you certainly don’t witness in many watches. Or even their groundbreaking calibre 400—with a five-day power reserve, anti-magnetism, and a 10-year warranty—that’s changing the nature of the game, and that too, without burning a hole in your pocket.
So, while brands belonging to bigger groups will certainly remain timeless, they may not be able to look at watchmaking from a different lens, as the independents are able to. Maybe that’s why they choose to retain their freedom, which translates to their exemplary timepieces.
Shop The Story
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Breitling Navitimer
AB01212B1C1A1
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Louis Erard Excellence
74359TT02.BTT88
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Carl F. Bucherer Manero
00.10919.03.43.01
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Carl F. Bucherer Manero
00.10919.08.33.21
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Carl F. Bucherer Manero
00.10919.08.93.01
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Carl F. Bucherer Manero
00.10919.08.33.02
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Carl F. Bucherer Manero
00.10919.03.13.01
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Carl F. Bucherer Manero
00.10919.08.53.01
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Carl F. Bucherer Manero
00.10919.03.33.01
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Louis Moinet Mechanical Wonders
LM-79.50.35
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Nomos Glashutte Metro
1114
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Nomos Glashutte Metro
1115
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H. Moser & Cie. Streamliner
6200-1200
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H. Moser & Cie. Streamliner
6902-1201
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H. Moser & Cie. Streamliner
6812-1200
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Czapek Place Vendôme
1399
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Parmigiani Tonda PF
PFC914-2020001-200182
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Parmigiani Tonda PF
PFC914-1020001-100182
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Czapek Place Vendôme
1399
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Raymond Weil Freelancer
2780-STC-52001
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Breitling Navitimer
AB01211B1B1X1
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Breitling Navitimer
AB01219A1G1X1
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Oris Aquis
01 400 7769 4157-07 8 22 09PEB
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Oris Aquis
01 400 7769 4135-07 8 22 09PEB
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Oris Aquis
01 400 7769 4154-07 8 22 09PEB
