2009 January | Perpetuelle

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TheTimeTv.com and Perpetuelle.com Announce Partnership
by Kyle Stults on January 29, 2009

TheTimeTV, the first the first themed 24/7 television channel for watchmaking enthusiasts and professionals, and Perpetuelle.com, a new online community for watch owners, collectors & enthusiasts, are proud to announce a new collaboration which will advance the online luxury watch experience to new heights.

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With this collaboration, TheTimeTV’s high quality, sophisticated watch videos will be broadcast on Perpetuelle.com’s World Watch Forum. Through this harmonious partnership, TheTimeTV and Perpetuelle.com are able to offer an entertaining and engaging media format for watch owners, collectors, and enthusiasts, while simultaneously allowing watch brands to gain a deeper understanding of the unique interests and desires of this audience.

“Perpetuelle.com, with its unique social media platform and one-of-a-kind watch forums, is pleased to partner with TheTimeTV.com, the undisputed leader in online television for watchmaking enthusiasts and professionals,” stated Kyle Stults, Founder & President of Perpetuelle.com. “The combination of TheTimeTV.com’s innovative video content and Perpetuelle.com’s interactive watch forums will greatly benefit both watch brands and watch enthusiasts by bringing them together. Perpetuelle.com looks forward to elevating the online watch experience to an unprecedented level in collaboration with TheTimeTV.”

Aymeric Dejardin-Verkinder, Managing Director of Neo Channels (TheTimeTV) reiterated: “We are very happy and excited with this new collaboration with Perpetuelle.com. Perpetuelle.com has proven to be very passionate about this project, and we believe that potential of Perpetuelle.com to grow into one of the leading watch-related forums is definitely there. At the same time, this partnership will allow TheTimeTV to gain an in-depth look into the minds of the watch lovers, thus helping us to further improve the value and relevance of TheTimeTV’s innovative and unique content.”

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Defying the Economic Crisis: Romain Jerome’s “Crisis Tourbillon” “
by Kyle Stults on January 27, 2009

Fancy

It appears that the economic slowdown is not affecting all brands equally – as would be expected! But one manufacturer/brand, Romain Jerome, seems intent on making a bold statement with its latest piece, the “Crisis Tourbillon” – that it is in fact defying the economic crisis outright!

With the release of the Crisis Tourbillon, Romain Jerome also seems to send a metaphorical message that the crisis only affects those who would let it affect them it’s latest press release noting that the Chinese ideogram for crisis, Wei Ji, comprises two parts: “Wei” meaning “danger” and “Ji” meaning “opportunity”.

The Romain Jerome Crisis Tourbillon

Featuring the Yen, Euro, Pound and Dollar

a unique piece (quantity of 1), with a “crisis defying”
price tag of 197,000 CHF ($175,000 US)

The prevailing pessimism has not affected the Geneva watchmaker, according to Yvan Arpa, its Managing Director (pictured below): “We don’t only manufacture luxury products, we create luxury. The materiality of the crisis has not affected the environment and values we have established.”

More than just lip service, Romain Jerome has released its sales and profitability figures for 2008 and the first month of 2009 to back it all up:

2008 Total sales of CHF 25 million, three times initial objectives for 2008 and six times total sales for 2007
Ratio EBIT (Earnings Before Interest and Taxes)/Turnover exceeds 20%
2009 January sales: year-on-year increase of 400%

Following the 2006 appointment of Yvan Arpa as Managing Director of Romain Jerome, the company has released some very unique and head-turning collections – the Titanic-DNA (2007), and Moon Dust-DNA (2008), and now the one-of-a-kind Crisis Tourbillon.

I admire this company’s bravado!

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SIHH 2009 Ends Amidst Global Slump: Some Perspective on the “State of the Watch Industry”
by Kyle Stults on January 23, 2009

Fancy

Amidst all the excitement of SIHH I wanted to share some of my broader perspective on the luxury watch industry. The last 10 years have overall been very good to the luxury watch industry. The revitalization of innovation and consumer interest in mechanical watches led to a robust resurgence in demand, and also a vast proliferation in the number of new brands. Most of these brands, some with history and a story to tell, some without, were all seeking their piece of the “watch boom.” Many of the brands preferred to establish themselves under the moniker of “independent”, while others tried to “mainstream” themselves (presumably) to build their brands into the next Omega or Rolex. Through all these years, times were generally (very) good, all were generally (very) happy:

Salon de la Haute Horlogerie (SIHH) Attendance and

Swiss Watch Export Trends

Source: SIHH & Banc of America Securities – Merrill Lynch estimates.

Good Times No More

Now that times have changed and global economic growth is anemic and likely to remain so in the near term or longer, it is inevitable that the industry will experience a shakeout. In these times and conditions, there are too many brands chasing too few wallets (no matter how thick or thin those wallets are).

Although it must be said that the decline in sales at the major watch houses is not as severe as many have predicted, there is no doubt the cracks are starting to show:

Richemont - recently reported its Q3 results – the watch segment (26% of Richemont sales) showing -5% growth vs. Q3’08, but are still +6% on a year-to-date basis (9 mos.)
In its quarterly report Richemont stated “Demand for luxury goods…has fallen dramatically”; “Richemon is currently facing the toughest market conditions since its formation 20 years ago”; “…we see no cause for optimism” and “We must assume that there will be no significant recovery in the foreseeable future.”
Swatch – analysts forecast +3% organic sales for the second half of 08

Some of these numbers are positive, you say. Yes, but keep in mind these are the LEADERS in the market whose scale puts them in arguably the best position to weather economic storms. What about the smaller, independent brands?

Only the Strong Will Survive

Brands will fail and cease to exist. Others will be purchased by their bigger, stronger competitors who have the ability to withstand long term economic cycles. Consolidation is inevitable.

The shakeout has already started:

1) Villemont – the “first” casualty, bankrupt

2) Bedat & Co. – rumored to be shut down

“I never heard of these brands anyway”, you mi