Launched in 1737, Favre Leuba, the world’s second oldest watch model (Blancpain based in 1735 is the oldest) has had a chequered historical past. It fell sufferer to the Seventies quartz disaster however was relaunched in 2011 after it was purchased by Titan. Nonetheless, in 2020 Titan pulled the plug on additional funding because it was unable to make successful of the model.
The model languished till final 12 months when it was as soon as once more given a contemporary lease of life when Silvercity Manufacturers purchased it and put trade veteran Patrik Hoffman on the helm. Hoffman with over three a long time of expertise within the Swiss watch trade relaunched the model but once more on the Geneva Watch Days in August.
In a freewheeling dialog with Enterprise As we speak, Hoffman who’s the chairman and CEO of Favre Leuba speaks in regards to the relaunch, challenges, significance of India as a market and the Swiss watch trade, amongst others. Edited excerpts:
What’s your technique to revive the model and what sort of challenges do you foresee?
The concept is to relaunch the model. After all, we’re conscious that previously 30 years there have been fairly a couple of relaunches, however they’ve all failed. However I consider now we’re on the proper time with the appropriate product. I am the sort of one that begins backside up, which implies I begin with the product. The product is the important thing in our improvement, in our planning, and additionally it is the hero. We realise now we have to construct the model over the following 10-12 years. In our planning we name it revival. As we speak the watch market could be very a lot into classic fashions, so now we have taken a few of our classic collections and now we have made it up to date. In order that was the primary half. The second half is to be true to the DNA, to the heritage of the corporate, as a result of the corporate has such a deep-rooted heritage. We’ve got saved that alive within the design codes, and likewise, by way of pricing or positioning available in the market. In order that was key.
We showcased our first time items on the Geneva Watch Days in August at a world launch and the suggestions reveals that we’re heading in the right direction.
How essential is India as a marketplace for you?
It’s the proper time to relaunch the model significantly right here in India as India is flourishing proper now and Favre Leuba has such a deep historical past in India. We’re taking a look at India as our essential market proper now and for the foreseeable future. Virtually half of our present manufacturing of 4,000 watches is for the Indian market. We’re taking a look at 30 factors of sale in India. We’ve got an unique partnership with Ethos. We hope to open our first boutique in India in 2026.
Did you face any challenges with the relaunch?
Once you launch a mechanical product, you want the experience. You want people who find themselves going that can assist you produce the timepieces. This might have been a problem, however our timing was proper. The downturn within the Swiss watch trade helped us as a result of many doorways opened up for us. Two years earlier they might have stated they didn’t have the capability.
From the starting stage to once we launched our 22 fashions in Geneva, it was solely 10 months. We’ve got labored at breakneck velocity. We began supply inside 14 months.
What sort of manufacturing capability do you may have proper now? What are you taking a look at?
In the intervening time, now we have 4,000 watches in manufacturing. After which we’re going to improve the capability to eight,000 items yearly subsequent 12 months. And in 10 to 12 years, we wish to be at round 100,000 timepieces a 12 months.
That are the markets that you’re focusing on moreover India?
Central Europe with international locations like Austria and Switzerland. Then now we have jap Europe international locations like Poland and Czechoslovakia because the model is well-known there. Then now we have Japan, which has a historical past with the model, adopted by the Center East and later this 12 months the US.
Who’s your audience for the revamped watch?
Favre Leuba has an enormous fan following. They’re collectors. After all, as soon as we transfer to 100,000 items, we develop into extra mainstream. Our finish client is usually male who’s in search of nice worth for the buck. We’re priced between 2,200 Swiss francs and 4,400 Swiss francs.
You stated it is male primarily based, however are you taking a look at a feminine assortment?
Completely. We’re in product planning. We hope to launch a women’ line by finish of the 12 months or undoubtedly in 2026. Women’ watches are a part of our DNA. We’ve got previous catalogues which present improbable girl timepieces.
Do you see the digital watch as a risk to the trade?
No. Are there sure manufacturers that are damage due to it? Positive, there isn’t any doubt about it. However not the trade as such. I believe it is complimentary because it encourages younger individuals to put on one thing on their wrist. Sooner or later they determine to maneuver to a extra assertion piece. And do not forget, the Swiss watch trade will not be such an enormous trade. So, now we have to be on high not solely by way of product, but in addition by way of communication.
What are your ideas on the present state of the Swiss watch trade?
Nicely, proper now we’re in a downturn. But it surely all the time comes again. So, for me, the query will not be is it coming again? The query is, is it coming again in 2025 nonetheless or in 2026? Okay, that is my reply. The trade will bounce again throughout the subsequent 18 months.
