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<p>No prizes for guessing who tops the list, but there are a couple of surprise appearances for sure.</p>
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<p class=”category”>News</p>
<p class=”author-name”>By <a href=”https://revolutionwatch.com/author/oliver/”>
Oliver R Müller </a>
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<span class=”date”>Nov 21, 2023</span> <span class=”reading-time”></span> </div>
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<p>Over the last decade, growth of the watch industry has been mainly driven by the high-end brands. The polarization of the industry with just a few brands producing high-value watches and fostered by a strong brand equity, such as Rolex, Patek Philippe, Audemars Piguet and Richard Mille is reflecting the overall trend of the luxury industry, which is moving upwards in all product categories. One very distinctive difference of the watch industry compared with all other luxury product categories is that the privately owned brands are performing far better than the ones owned by listed luxury groups, albeit with one remarkable exception which is Hermès, even though the brand shares more characteristics of a family-owned company than a listed company with only ~32% free floating traded, but foremost a long-term view on the business.</p>
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<p>With this ranking, we are aiming to establish a top 20 wealth list of the owners of watch brands. The watch world being a very secretive industry, we base our estimates on trusted sources such as the yearly Morgan Stanley report on the luxury watch industry that I’m co-writing.</p>
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<p>The estimated wealth of the following 20 individuals, families, trusts, private or listed companies are based on their overall assets. Methodology is based on the estimated value of the market price — in the case of a listed brand or group — or the estimated value, which is a multiple of the estimated sales and EBITDA (the operational gross margin before taxes, depreciations, and amortizations) on which we add the brand equity/goodwill. We also indicate the estimated retail market share of the Swiss made or Swiss owned watch industry to give an idea of how important the watch business is for each person or institution mentioned. These values (in CHF) were taken from the annual Morgan Stanley x LuxeConsult report last published in March 2023 based on the estimated 2022 sales.</p>
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<h2><strong>#1 Bernard Arnault</strong></h2>
<p>Company: LVMH Moët Hennessy Louis Vuitton</p>
<p>Net Worth: CHF 150B</p>
<p>Total Market Share: 6.3%</p>
<p>Brands: TAG Heuer, Hublot, Zenith, Louis Vuitton Horlogerie, Dior</p>
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<p>Even though the recent market correction was quite hefty (-23,5% in 6 months), LVMH is still the most valued luxury corporation in the world at CHF 317B which is still almost twice the value of Hermès and seven times that of Kering. Hence <a href=”https://revolutionwatch.com/power-list-the-establishment/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Bernard Arnault</span></a> is still the second richest man in the world with an estimated wealth of CHF 148B.</p>
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<p>And even though sales of watches account for only 6% of the group’s total revenues with and estimated CHF 4,7B out of CHF 79B, LVMH clearly has big ambitions to grow this business unit. Currently with 6.3% market share, the group is only in fourth position well behind Rolex, Swatch Group and Richemont and everybody knows that Arnault has never been satisfied to play second fiddle in any one of his active market segment.</p>
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<p>We’ve highlighted recently on <a href=”https://revolutionwatch.com/louis-vuitton-watchmaking/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Revolutionwatch.com</span></a> that Louis Vuitton has decided to change gears for its watch business, not loudly, but in a very elegant and smart manner. Even though LV has a huge potential to grow its watch business, the real growth in order to become a major player in the watch business will be through a major acquisition and there aren’t many candidates available out there.</p>
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<p>Interestingly two of Arnault’s five children are now active in the watch division, with <a href=”https://revolutionwatch.com/frederic-arnault-appointed-ceo-of-tag-heuer-stephane-bianchi-ceo-of-lvmh-watches-jewelry/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Frédéric</span></a> as the CEO of TAG Heuer and Jean who is the head of Louis Vuitton Horlogerie. Frédéric is said to be leaving TAG Heuer to take up another position within the same division. Jean is showing promising results at making LV an even more credible player based on <a href=”https://revolutionwatch.com/introducing-the-louis-vuitton-x-akrivia-lvrr-01-chronographe-a-sonnerie/” target=”_blank” rel=”noopener”><span style=”color: blue;”>La Fabrique du Temp’s</span></a> manufacturing capacities and planning to relaunch <a href=”https://revolutionwatch.com/lvmh-announces-the-revival-of-the-gerald-genta-brand/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Gerald Genta</span></a> and Daniel Roth which were dormant at sister brand Bulgari.</p>
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<p>So on the overall, with pure watch players like Hublot, TAG Heuer and Zenith holding fort, along with some sister brands carrying watches in their product offering such as Bulgari, Dior and Tiffany, LVMH already carries quite an extensive brand portfolio which they can — and will — develop.</p>
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<h2><strong>#2 The Pinault family</strong></h2>
<p>Company: The Kering Group</p>
<p>Net Worth: CHF 25B</p>
<p>Total Market Share: < 1%</p>
<p>Brand: Gucci</p>
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<div class=”vc_single_image-wrapper vc_box_border_grey”><img width=”1500″ height=”1000″ src=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1000,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Forbes_Kering_Francois-Henri_web.jpg” class=”vc_single_image-img attachment-full” alt=”” decoding=”async” loading=”lazy” title=”Forbes_Kering_Francois Henri_web” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1000,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Forbes_Kering_Francois-Henri_web.jpg 1500w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Forbes_Kering_Francois-Henri_web.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Forbes_Kering_Francois-Henri_web.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Forbes_Kering_Francois-Henri_web.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Forbes_Kering_Francois-Henri_web.jpg 768w” sizes=”(max-width: 1500px) 100vw, 1500px” style=”width:100%;height:66.67%;max-width:1500px;” /></div><figcaption class=”vc_figure-caption”>Francois Henri</figcaption>
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<p>Even though both Henri Pinault and his son François-Henri are passionate watch collectors, they have never successfully managed a watch brand. Unless Gucci — the main top and bottom-line contributor of the family controlled group <a href=”https://revolutionwatch.com/kering-buys-ulysse-nardin-the-bigger-picture/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Kering</span></a> — becomes a blockbuster seller also in the high-end. Kering owns Gucci, which is the cash-cow of the group, and other iconic luxury brands such as Bottega Venetta. The group is very focused on its main activity which is soft luxury with fashion, perfumes, and cosmetics amongst other product categories.</p>
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<p>When the group bought Bédat & Co. in 2000, it was a fine niche watch brand that was intended to lay ground for a timepiece’s portfolio. Unfortunately, the plans didn’t work out because the market positioning as a Cartier- or Baume & Mercier-inspired brand was not very well managed after Mrs. Bédat and her son had sold the brand. The group had to “resell” the brand in 2009 but ran into the same mistakes a few years later. Kering had to disinvest in 2022 from Girard-Perregaux and Ulysse Nardin after having burned a staggering CHF 1B on these two brands with a very unique legacy.</p>
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<div class=”vc_single_image-wrapper vc_box_border_grey”><img width=”1500″ height=”1000″ src=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1000,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Kering-Group_Gucci_Hypebest_web.jpg” class=”vc_single_image-img attachment-full” alt=”” decoding=”async” loading=”lazy” title=”Kering Group_Gucci_Hypebest_web” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1000,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Kering-Group_Gucci_Hypebest_web.jpg 1500w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Kering-Group_Gucci_Hypebest_web.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Kering-Group_Gucci_Hypebest_web.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Kering-Group_Gucci_Hypebest_web.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Kering-Group_Gucci_Hypebest_web.jpg 768w” sizes=”(max-width: 1500px) 100vw, 1500px” style=”width:100%;height:66.67%;max-width:1500px;” /></div><figcaption class=”vc_figure-caption”>Gucci
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<p>This is the best proof that successfully managing a luxury brand is not only about financial funding, but a lot more about having a long-term vision and teams with the capacities to deliver the job.</p>
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<p>Kering is left with <a href=”https://revolutionwatch.com/gucci-celebrates-50-years-of-watchmaking/” target=”_blank” rel=”noopener”><span style=”color: blue;”>only one watch business which is Gucci timepieces</span></a>, which used to be a license business later on bought back by the group. The recent incursion of Gucci in fine watchmaking is very interesting to observe, but of course marginal in terms of top and bottom lines contribution to the group’s results.</p>
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<h2><strong>#3 The Hermès family </strong></h2>
<p>Company: Group H51</p>
<p>Net Worth: CHF 125B</p>
<p>Total Market Share: 2%</p>
<p>Brand: Hermès</p>
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<div class=”vc_single_image-wrapper vc_box_border_grey”><img width=”1200″ height=”800″ src=”https://revolutionwatch.com/cdn-cgi/image/width=1200,height=800,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Dumas-Heirs-to-the-95-Billion_web.jpg” class=”vc_single_image-img attachment-full” alt=”” decoding=”async” loading=”lazy” title=”Dumas, Heirs to the $95 Billion_web” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=1200,height=800,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Dumas-Heirs-to-the-95-Billion_web.jpg 1200w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Dumas-Heirs-to-the-95-Billion_web.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Dumas-Heirs-to-the-95-Billion_web.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Dumas-Heirs-to-the-95-Billion_web.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Dumas-Heirs-to-the-95-Billion_web.jpg 768w” sizes=”(max-width: 1200px) 100vw, 1200px” style=”width:100%;height:66.67%;max-width:1200px;” /></div><figcaption class=”vc_figure-caption”>Axel Dumas, CEO, Hermès International; Robert Chavez, president and CEO, Hermès USA; Pierre-Alexis Dumas, artistic director, Hermès International; and Henri-Louis Bauer, executive chairman, Hermès International. Kevin Winter/Getty Images</figcaption>
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<p>The epitome of a luxury brand, the maison <a href=”https://revolutionwatch.com/hermes-horloger-presents-new-high-jewelry-and-metiers-dart-timepieces/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Hermès</span></a> has decided about a decade ago to also become a serious player in the field of watchmaking. A luxury brand needs to propose certain accessories to lure aspirational clients into its temple, for instance perfumes, eyewear or writing instruments are a clever way to lower the entry ticket and generate sometimes substantial revenues. However, the value perception by the clients can sometimes be negative if they perceive it as a misalignment with the brand’s overall positioning — and that was the case with Hermès’ watches before the Parisian maison decided to up its game with serious watchmaking.</p>
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<div class=”vc_single_image-wrapper vc_box_border_grey”><img width=”1200″ height=”800″ src=”https://revolutionwatch.com/cdn-cgi/image/width=1200,height=800,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/HERMES-H08_18©DavidMarchon_web.jpg” class=”vc_single_image-img attachment-full” alt=”” decoding=”async” loading=”lazy” title=”HERMES H08_18©DavidMarchon_web” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=1200,height=800,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/HERMES-H08_18©DavidMarchon_web.jpg 1200w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/HERMES-H08_18©DavidMarchon_web.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/HERMES-H08_18©DavidMarchon_web.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/HERMES-H08_18©DavidMarchon_web.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/HERMES-H08_18©DavidMarchon_web.jpg 768w” sizes=”(max-width: 1200px) 100vw, 1200px” style=”width:100%;height:66.67%;max-width:1200px;” /></div><figcaption class=”vc_figure-caption”>HERMES H08</figcaption>
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<p>The collaboration with Vaucher Manufacture of which Hermès owns 25% gave it immediate access to mechanical movements perceived as being credible, but it didn’t land an immediate commercial success. The brand needed also to do a serious clean-up of its existing product collection with too many quartz proposals and overall, too many different product families. Today Hermès is proposing a solid collection with five product families for the men’s and 8 for the women. Specifically, the <a href=”https://revolutionwatch.com/video-new-iterations-of-the-hermes-h08-debuted-at-watches-and-wonders-2023/” target=”_blank” rel=”noopener”><span style=”color: blue;”>H08</span></a> has the potential to become an icon because it ticks all the boxes of the brand’s design codes and an instantly recognizable design and stands for the brand’s ambitions to play a leading role in the sports chic segment.</p>
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<p>The strength and aura of the brand allows it also to sell major timepieces in the elite league of watchmaking with grand complications such as <a href=”https://revolutionwatch.com/introducing-the-hermes-arceau-lift-tourbillon-repetition-minutes/” target=”_blank” rel=”noopener”><span style=”color: blue;”>tourbillon minute repeaters</span></a> selling at more than CHF 300,000. It even creates unique pocket watches with designs that are incredibly creative and not necessarily the ones you would expect from a very conservative maison.</p>
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<p>In just five years, Hermès has more than tripled its sales to CHF 521m in 2022 and is growing a lot faster than the industry’s average and should achieve, an approximate CHF 600m of sales this year. The confirmation that Hermès is on track with its strategy is given by its archrival Louis Vuitton which recently adopted exactly the same approach of positioning its current collection on a much higher level than what it used to be.</p>
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<h2><strong>#4 The Wertheimer family</strong></h2>
<p>Company: Chanel Limited</p>
<p>Net Worth: CHF 90B</p>
<p>Total Market Share: 1%</p>
<p>Brand: Chanel</p>
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<div class=”vc_single_image-wrapper vc_box_border_grey”><img width=”1200″ height=”800″ src=”https://revolutionwatch.com/cdn-cgi/image/width=1200,height=800,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alain-and-Gerard-Wertheimer_web.jpg” class=”vc_single_image-img attachment-full” alt=”” decoding=”async” loading=”lazy” title=”Alain and Gerard Wertheimer_web” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=1200,height=800,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alain-and-Gerard-Wertheimer_web.jpg 1200w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alain-and-Gerard-Wertheimer_web.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alain-and-Gerard-Wertheimer_web.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alain-and-Gerard-Wertheimer_web.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alain-and-Gerard-Wertheimer_web.jpg 768w” sizes=”(max-width: 1200px) 100vw, 1200px” style=”width:100%;height:66.67%;max-width:1200px;” /></div><figcaption class=”vc_figure-caption”>Alain and Gerard Wertheimer</figcaption>
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<p>Very few luxury brands are based on such strong fundamentals as comparable with <a href=”https://revolutionwatch.com/video-new-chanel-timepieces-and-jewelry-presented-at-watches-and-wonders-2023-2/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Chanel</span></a> which is best known for its fashion and bags, but yet has also successfully managed to diversify with other product categories such as watches. And one remarkable accomplishment is the fact that the J12 watch launched in 1999 has already achieved the status of icon not only thanks to a distinctive design, but also a clever marketing. Unlike what<a href=”https://revolutionwatch.com/in-conversation-with-jean-claude-biver/” target=”_blank” rel=”noopener”><span style=”color: blue;”> Jean-Claude Biver</span></a> preaches, you don’t need to be first. What you need to do is make people believe that you master it best and that was what Chanel had done when it launched the <a href=”https://revolutionwatch.com/chanel-interstellar-j12-box-set/” target=”_blank” rel=”noopener”><span style=”color: blue;”>J12 in ceramic</span></a>, 13 years after Rado which is no longer today the “King of Ceramic.”</p>
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<div class=”vc_single_image-wrapper vc_box_border_grey”><img width=”1200″ height=”800″ src=”https://revolutionwatch.com/cdn-cgi/image/width=1200,height=800,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/12-Chanel-J12-Paradoxe-Making-Of_web.jpg” class=”vc_single_image-img attachment-full” alt=”” decoding=”async” loading=”lazy” title=”12-Chanel-J12-Paradoxe-Making-Of_web” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=1200,height=800,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/12-Chanel-J12-Paradoxe-Making-Of_web.jpg 1200w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/12-Chanel-J12-Paradoxe-Making-Of_web.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/12-Chanel-J12-Paradoxe-Making-Of_web.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/12-Chanel-J12-Paradoxe-Making-Of_web.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/12-Chanel-J12-Paradoxe-Making-Of_web.jpg 768w” sizes=”(max-width: 1200px) 100vw, 1200px” style=”width:100%;height:66.67%;max-width:1200px;” /></div><figcaption class=”vc_figure-caption”>Chanel J12 Manufacture</figcaption>
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<p>Chanel immediately signalled that its ambitions in watchmaking were going beyond just making an accessory product. The brand immediately invested in production facilities in Switzerland and began producing ceramic components at a company called Châtelain, it then went on to buy Romain Gauthier’s movement manufacture with which it was already collaborating for mechanical movements such as the Monsieur Calibre. And most importantly, Chanel is one of the three partners of the Kenissi manufacture making mechanical movements for Breitling, Tudor and the brand’s J12.</p>
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<p>Chanel has also taken a 20% stake in FP Journe in 2018, but this seems more patronage than a strategic business move, unless there is a shareholders’ agreement in place with a right of pre-emption to ensure the long-term for the eponymous niche brand.</p>
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<h2><strong>#5 The Hans Wilsdorf Foundation</strong></h2>
<p>Net Worth: CHF 70 – 80B</p>
<p>Total Market Share: 31%</p>
<p>Brands: Rolex, Tudor, CF Bucherer, Bucherer Group</p>
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<p><a href=”https://revolutionwatch.com/rolex-tudor-swiss-watch-industry-report/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Rolex</span></a> is by far leading the luxury watch industry with 31% market share together with Tudor. Rolex has a dominant position in the luxury watches segment that not a single luxury brand can claim to have, with for instance an estimated 40% market share of the US luxury watches market which is also the biggest in the world. The brand sells 1.2m watches per annum in 2022 which generated CHF 9.3B sales. I had written about the Bucherer deal in an article on <a href=”https://revolutionwatch.com/rolex-acquires-bucherer-analysis/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Revolutionwatch.com</span></a> that it was quite surprising that Rolex would leave a good CHF 4,65B on the table by not owning its own retail. Here’s an excerpt: “Now let’s imagine that Rolex decides to integrate their retail network entirely or partially. What would it mean in terms of profitability and the consequences on the worldwide retail structure?”.</p>
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<p>Rolex is the epitome of a well-managed luxury brand, beyond being a company making watches. Having a single shareholder which is a foundation – <a href=”https://revolutionwatch.com/tudor-manufacture-kenissi/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Mr. Wilsdorf’s</span></a> estate – makes things easier in terms of long-term vision, as there is no pressure to pay dividends or showing growing results quarter after quarter as listed companies tends to. Neither the company, nor the Wilsdorf foundation publishes any figures, but the benefits generated by the watch brands — because there is also the sister brand Tudor — are being generously redistributed by the foundation. Rolex itself is also supporting many good causes around the world. Those are substantial amounts of money being given away, as we are talking up to CHF 300m every year through the Wilsdorf foundation alone. Hence buying a Rolex is also helping good causes — which might help take the edge off of waiting six years (probably more) for your Daytona.</p>
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<p>For five years, Rolex and Patek Philippe were “anomalies” in the wake of direct-to-consumer where luxury brands are gearing towards more control of its value chain to the client’s wrist. It’s not so much about capturing more margin, but foremost about controlling the brand’s image and collecting client data. After having launched its CPO with Bucherer, the next step which had been in the pipelines for years, was just logical with the integration of its most important retailer. And for sure Rolex won’t stop in its consolidation of its retail activities. The next acquisitions — yes, plural — are on the radar and this will be significant and game changers, just as the acquisition of Bucherer was.</p>
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<p>Rolex is one of the very few watch brands which can truly be described as a fully integrated manufacture and is continuously investing substantial amounts of money in its production capacities. The last 20 years has seen billions of CHF being invested both in Geneva and Bienne, where the brand manufactures its movements.</p>
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<h2><strong>#6 The Audemars and Bottinelli families, other minority shareholders</strong></h2>
<p>Net Worth: CHF 15B</p>
<p>Total Market Share: 4.7%</p>
<p>Brand: Audemars Piguet</p>
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<div class=”vc_single_image-wrapper vc_box_border_grey”><img width=”1200″ height=”800″ src=”https://revolutionwatch.com/cdn-cgi/image/width=1200,height=800,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Audemars_Piguet_CEO_Francois-Henry_Bennahmias_AP_House_HK_4_web.jpg” class=”vc_single_image-img attachment-full” alt=”” decoding=”async” loading=”lazy” title=”Audemars_Piguet_CEO_François-Henry_Bennahmias_AP_House_HK_4_web” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=1200,height=800,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Audemars_Piguet_CEO_Francois-Henry_Bennahmias_AP_House_HK_4_web.jpg 1200w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Audemars_Piguet_CEO_Francois-Henry_Bennahmias_AP_House_HK_4_web.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Audemars_Piguet_CEO_Francois-Henry_Bennahmias_AP_House_HK_4_web.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Audemars_Piguet_CEO_Francois-Henry_Bennahmias_AP_House_HK_4_web.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Audemars_Piguet_CEO_Francois-Henry_Bennahmias_AP_House_HK_4_web.jpg 768w” sizes=”(max-width: 1200px) 100vw, 1200px” style=”width:100%;height:66.67%;max-width:1200px;” /></div><figcaption class=”vc_figure-caption”>CEO of Audemars Piguet, François-Henri Bennahmias</figcaption>
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<p>Once thing that the outgoing <a href=”https://revolutionwatch.com/power-list-the-establishment/” target=”_blank” rel=”noopener”><span style=”color: blue;”>CEO of Audemars Piguet, François-Henri Bennahmias</span></a>, can be credited with is the phenomenal value creation he has delivered in his 11 years tenure as CEO. From an estimated CHF 2B brand value with CHF 630m sales, Bennahmias has taken the brand to a staggering CHF 15B valuation. How? First of all, executing a long-term strategy dedicated to transforming <a href=”https://revolutionwatch.com/sports-chic-award-2022-audemars-piguet-royal-oak-perpetual-calendar-blue-ceramic/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Audemars Piguet</span></a> into a luxury brand. Then, it was about adopting a coherent attitude both online and off, as well as reducing the retail presence to mono-brand boutiques rather than multi-brand retailers carrying a multitude of competing brands. Next, focusing the product offering on one iconic product, the <a href=”https://revolutionwatch.com/audemars-piguet-royal-oak-34mm-white-ceramic/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Royal Oak</span></a>, but also taking some risks by launching a controversial new product family, the <a href=”https://revolutionwatch.com/poveys-picks-christies-rare-watches-11th-november-2019-geveva/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Code 11:59</span></a>, which in fact picks up all the codes of the Royal Oak. Incidentally, Code 11:59 is already contributing 12% of the brand’s sales and even though this seems marginal, any other product collection before that never came near to becoming a sustainable product family. In fact the Millenary and Jules Audemars collections were discontinued recently.</p>
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<div class=”vc_single_image-wrapper vc_box_border_grey”><img width=”1500″ height=”1500″ src=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1500,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alessandro-Bogliolo-Chairman.jpg” class=”vc_single_image-img attachment-full” alt=”” decoding=”async” loading=”lazy” title=”Alessandro Bogliolo (Chairman)” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1500,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alessandro-Bogliolo-Chairman.jpg 1500w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=300,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alessandro-Bogliolo-Chairman.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=1024,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alessandro-Bogliolo-Chairman.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=150,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alessandro-Bogliolo-Chairman.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=768,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alessandro-Bogliolo-Chairman.jpg 768w” sizes=”(max-width: 1500px) 100vw, 1500px” style=”width:100%;height:100%;max-width:1500px;” /></div><figcaption class=”vc_figure-caption”>Alessandro Bogliolo (Chairman)</figcaption>
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<p>The company has invested substantial amounts of money into its production facilities with the most recent initiative being the construction of a new manufacture in the Canton of Geneva, after having inaugurated new production facilities in Le Brassus and in Le Locle, canton of Neuchâtel. On top of the verticalization of its activities, Audemars Piguet has also created a museum which is outstanding by its modern scenography and can be only visited in small groups to preserve the unique experience of discovering the brand’s unique heritage. Although the historical collection can’t compete with the Patek Philippe museum in Geneva in terms of collection richness, it is a lot more modern and offers a view on some of the brand’s artisans working at their benches.</p>
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<div class=”vc_single_image-wrapper vc_box_border_grey”><img width=”1200″ height=”800″ src=”https://revolutionwatch.com/cdn-cgi/image/width=1200,height=800,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Oliver-Audemars-Vice-Chairman.jpg” class=”vc_single_image-img attachment-full” alt=”” decoding=”async” loading=”lazy” title=”Oliver Audemars (Vice Chairman)” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=1200,height=800,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Oliver-Audemars-Vice-Chairman.jpg 1200w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Oliver-Audemars-Vice-Chairman.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Oliver-Audemars-Vice-Chairman.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Oliver-Audemars-Vice-Chairman.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Oliver-Audemars-Vice-Chairman.jpg 768w” sizes=”(max-width: 1200px) 100vw, 1200px” style=”width:100%;height:66.67%;max-width:1200px;” /></div><figcaption class=”vc_figure-caption”>Oliver Audemars (Vice Chairman)</figcaption>
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<p>Even though 2022 was already an exceptional year with the 50th jubilee of the brand’s iconic Royal Oak and a firework of limited editions relating to this commemoration, 2025 will mark the 150th birthday of AP and we can certainly expect some marvels.</p>
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<h2><strong>#7 The Stern Family</strong></h2>
<p>Net Worth: CHF 12B</p>
<p>Total Market Share: 5.1%</p>
<p>Brand: Patek Philippe</p>
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<div class=”vc_single_image-wrapper vc_box_border_grey”><img width=”1500″ height=”1000″ src=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1000,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/img-manufature_enBref_stern1920.jpg” class=”vc_single_image-img attachment-full” alt=”” decoding=”async” loading=”lazy” title=”img-manufature_enBref_stern1920″ srcset=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1000,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/img-manufature_enBref_stern1920.jpg 1500w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/img-manufature_enBref_stern1920.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/img-manufature_enBref_stern1920.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/img-manufature_enBref_stern1920.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/img-manufature_enBref_stern1920.jpg 768w” sizes=”(max-width: 1500px) 100vw, 1500px” style=”width:100%;height:66.67%;max-width:1500px;” /></div><figcaption class=”vc_figure-caption”>The Stern Family</figcaption>
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<p><a href=”https://revolutionwatch.com/patek-philippe-high-watchmaking/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Patek Philippe</span></a> has become the referential watch brand in the high-end and the sports chic stainless steel watch with its iconic<a href=”https://revolutionwatch.com/patek-philippe-nautilus-5811g-5990-5712/?swcfpc=1″ target=”_blank” rel=”noopener”> <span style=”color: blue;”>Nautilus and Aquanaut models</span></a>. The brand’s image has been fostered by a very strong communication campaign which since 1996 has stake the claim that “You never actually own a Patek Philippe, you merely look after it for the next generation.” The claim is so strong because it not only implies that the timepiece you acquired is there to stay for the eternity and will be passed on from generation to generation, but foremost it binds the brand into your family legacy.</p>
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<p>Patek Philippe is considered to be the “Rolls-Royce” of watch brands even though it’s neither the oldest, nor always the most successful one. In fact, the Stern family had to buy the brand in 1932 because the company was in great financial despair due to the overall disastrous economic situation of the Great Depression, and owed the Stern dial manufacturing company a lot of money.</p>
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<p>Patek Philippe has invested tremendous amounts of money into its manufacturing capacities in Geneva and elsewhere in Switzerland. Starting with the inauguration of the new manufacture of Plan-les-Ouates in 1996 and steadily increasing the production and sales volumes, the company invested billions of Swiss francs in buildings, machines and last but not least training people. The latest investment amounts to CHF 600m for the building and the machines and everything is self-financed. The company doesn’t owe a cent to any bank and <a href=”https://revolutionwatch.com/the-patek-philippe-minute-repeater-alarm-a-tribute-to-philippe-stern/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Mr. Philippe Stern</span></a> — Thierry’s father and actual owner — paid in advance all the succession fees in 2014 to avoid that his children, Thierry and his sister Christine, would have had to levy a heavy cash burden to pay for those. Those taxes were not paid by the petty cash, but at a whopping CHF 415m, created quite an uproar in the press because everyone was guessing who could have paid that substantial amount of money at once.</p>
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<h2><strong>#8 Johann Rupert</strong></h2>
<p>Company: Compagnie Financière Richemont S.A.</p>
<p>Net Worth: CHF 10B</p>
<p>Total Market Share: 19.5%</p>
<p>Brands: Cartier, Panerai, IWC, Roger Dubuis, Piaget, Jaeger-LeCoultre, Vacheron-Constantin, Baume & Mercier, A. Lange & Söhne, Buccellati, Van Cleef & Arpels, Alaïa, AZ Factory, Chloé, Delvaux, Dunhill, Montblanc, Peter Millar, Purdey, Serapian, Time Vallée, WatchFinder & Co., Yoox Net-a-Porter</p>
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<p>The specialty watchmakers, as Richemont calls them, are brands are mostly positioned in the premium and luxury price segments with the exception of Baume & Mercier. And it is no coincidence that the only brand in the mid-price market segment is probably the worst performing one and losing money since years. Richemont has certainly a strong know-how and expertise in luxury as the recent success of Vacheron-Constantin is showing, with the brand is moving steadily up the rankings; this was certainly helped by the success of its Overseas product family which allowed it to attract a younger clientele.</p>
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<p>By far the most important brand within the Richemont brand portfolio, <a href=”https://revolutionwatch.com/in-conversation-with-cartier-ceo-cyrille-vigneron-at-watches-and-wonders-2023/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Cartier</span></a> generates approximately 25% of the group sales and x% of the group’s profits. Cartier is one of the very few brands perceived as being genuinely a luxury player and for which the value perception is higher than its actual market positioning. For instance its feminine watch segment is competing against pure players such as Omega, which might seem surprising but the maison is generating its “bread and butter” with watches priced at an average worldwide retail price of CHF 5,400 which is even slightly below the entry price of an Omega. The magic of such a brand is that despite generating quite a high volume with circa 620,000 watches last year, it keeps the aura of a luxury brand with a high brand equity. There is only one other comparable that comes to my mind when asked if there’s any such brand around, and that is the LVMH-owned Tiffany & Co.</p>
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<p>Panerai on the other hand has lost traction in recent years, due to some questionable product choices, but also due to the demanding task of growing a brand with a mono-product. But the brand has a strong legacy and a very clearly defined brand territory of combat divers which allows for an authentic and compelling storytelling.</p>
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<p>The group has also succeeded to develop a formidable manufacturing pool with movement manufactures dedicated not only to a single brand such as Jaeger-LeCoultre, but also serving sister brands in need of R&D and manufacturing capacities. And Richemont owns Valfleurier which fulfils the task of producing high volume calibers for some of its brands and thus reducing the dependency from Swatch Group’s industrial arm, ETA. And this vertical integration, although often questioned by financial analysts for its capital and labor costs intensive needs, brings a lot of value for the group.</p>
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<h2><strong>#9 The Hayek family</strong></h2>
<p>Company: The Swatch Group Ltd</p>
<p>Net Worth: CHF 3B</p>
<p>Total Market Share: 19.8%</p>
<p>Brands: Breguet, Harry Winston, Blancpain, Glashütte Original, Jaquet Droz, Léon Hatot, Omega, Longines, Rado, Union Glashütte, Tissot, Balmain, Certina, Mido, Hamilton, Swatch, Flik Flak</p>
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<p><a href=”https://revolutionwatch.com/product-vendor/swatch/?swcfpc=1″ target=”_blank” rel=”noopener”><span style=”color: blue;”>The Swatch Group</span></a> is at the center of the Swiss watch industry not only for managing 16 brands which are almost exclusively — with the exception of Harry Winston which is an iconic jewelry brand also making watches — selling watches. Nicolas Hayek Senior is often credited with saving the Swiss watch industry by creating SMH, the predecessor of the Swatch Group, in 1983 and merging two fledgling groups to form one strong entity where two brands were the cornerstones: Swatch to regain lost ground from the Japanese competitors and Omega to become the jewel crown again.</p>
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<p>Hayek’s theory was mainly built on the concept of a pyramidal positioning of each brand and mutualizing the production capacities rather than having dedicated production capacities for each brand. Every brand got also its territory (besides a price positioning) in order to make sure that two brands wouldn’t have overlapping and hence competing products and communication efforts. This worked very well positioning the Swatch Group as the biggest watch group in the world and at the same building strong brands and a unique manufacturing entity.</p>
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<div class=”vc_single_image-wrapper vc_box_border_grey”><img width=”1500″ height=”1000″ src=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1000,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/06-Swatch-Flymagic.jpg” class=”vc_single_image-img attachment-full” alt=”” decoding=”async” loading=”lazy” title=”06-Swatch-Flymagic” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1000,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/06-Swatch-Flymagic.jpg 1500w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/06-Swatch-Flymagic.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/06-Swatch-Flymagic.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/06-Swatch-Flymagic.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/06-Swatch-Flymagic.jpg 768w” sizes=”(max-width: 1500px) 100vw, 1500px” style=”width:100%;height:66.67%;max-width:1500px;” /></div><figcaption class=”vc_figure-caption”>Swatch</figcaption>
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<p>In recent years, however, things have become a little more complicated with the group’s no. 1 Omega losing ground against Rolex – which has become more aggressive in recent years – and being challenged by other brands such as Cartier for women’s watches and Breitling on the overall. The market has changed considerably with an ongoing polarization in the top end, with high-end brands such as Rolex, Audemars Piguet and Patek Philippe becoming luxury brands and surfing on an overall positive trend for the whole luxury industry.</p>
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<p>Apart from Omega which is leading the field in its core range price positioning (an average worldwide retail price of CHF 6,500) and generating one third of the group’s sales, but approximately 60% of the operational margin, the market headwinds have taken their toll on the Swatch Group with a decreasing market share over the years.</p>
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<p>The challenges are multiple for a group still strongly lead by the family with Nick Hayek Junior performing as the CEO of the group, Nayla Hayek – his sister – is the chairman of the board and Marc Hayek – her son – officially taking care of the luxury segment, but who is mainly looking after Blancpain. Strongly challenged by the success of the smartwatches Swatch and Tissot have suffered a great deal, although they managed to bounce back recently with the success of the MoonSwatch (a collaboration between Swatch and Omega) and the successful Tissot PRX respectively.</p>
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<p>The Swatch Group is very important for the whole structure of the Swiss watch industry, because it is a systemic part of it. The group manufactures and sells two thirds of the overall volume of the Swiss watch industry and is stricto senso the only fully integrated industrial manufacture, even though one can argue that Rolex and Richemont are de facto at the same of industrial integration at least for the mechanical watches.</p>
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<h2><strong>#10 The Scheufele family</strong></h2>
<p>Net Worth: CHF 2 – 3B</p>
<p>Total Market Share: 1%</p>
<p>Brand: Chopard</p>
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<p>Owner of Chopard, the Scheufele family bought the Swiss watch brand in 1963 to reinforce their legitimacy in the watch industry. The family was already active as a jewelry manufacturer with its own watch brand under the name Eszeha since 1904. Chopard is one of the very rare brands competing in different luxury product categories, but the vast majority of the top line — an estimated 97% — is being generated by jewelry (55% of the 97%) and watches (45%). The diversification into accessories was never successful and the only product category generating a substantial positive gross margin are the perfumes which are a pure franchise business.</p>
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<p>Unlike the main competing brands — such as Hermès and Cartier — and despite having been one of the first jewelry and watch brand to go into direct-to-consumer with a substantial number of brand-owned stores (~35 worldwide) and franchisees (~110), Chopard has yet to truly establish success with its accessories, except in their own boutiques as gifts.</p>
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<p>Chopard has a unique brand asset or USP (unique selling proposition) with the legendary Happy Diamonds even though it is no longer patent protected. Happy Diamonds is an extraordinary product concept because it can be endlessly re-interpreted in different colors, sizes, materials, patterns and even shapes. It is certainly Chopard’s hero product, generating a substantial proportion of the brand’s sales in its different versions, and iconic both for the watches and the jewelry. The flip sideof owning such a wonderful asset is that the brand lost a lot of traction especially in the watch business by not innovating enough. The Mille Miglia product family launched in 1988 had shown the way by increasing the sales fivefold when it was still managed by a talented product director — Jean-Frédéric Dufour, no less, and yes, the same one who’s now running the show at Rolex.</p>
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<p>Somehow Chopard never managed to establish the L.U.C in the elite league of mechanical watches, despite having developed top-notch movements which doesn’t have to fear any comparison with the likes of Patek Philippe or A. Lange & Söhne, but lacks brand sexiness for the die-hard collectors. It will be interesting to see how the third generation (who is in fact the sixth generation if we take into account the pre-Chopard legacy of the family) will rejuvenate the brand and bring it back on a virtuous circle.</p>
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<h2><strong>#11 Richard Mille</strong></h2>
<p>Net Worth: CHF 1.6B</p>
<p>Total Market Share: 3%</p>
<p>Brand: Richard Mille</p>
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<p><a href=”https://revolutionwatch.com/richard-milles-time-odyssey-then-and-now-revo-talks/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Richard Mille</span></a> is the perfect case study for any luxury marketing student because it reunites all ingredients needed for a success story. First a price positioning which was so bold when the brand was launched in 2001 that it shocked the world of high-end watchmaking. Selling the RM 001 at CHF 156,000 was seen as a “crime de lèse majesté” towards a brand like Patek Philippe who at that time was selling only one tourbillon and for a lot less. Asked about this audacious price positioning, Mr. Mille replied: “We’re not competing with anyone!”</p>
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<p>Second ingredient is a bold brand claim: “A racing machine on the wrist.” This says it all for the product inspiration taken from racing cars and their perpetual quest for new materials and new concepts. Richard Mille is always at the forefront of using new materials for the sake of innovation and inventing new mechanical marvels. Despite what some critics moan — who most of the time don’t have the necessary technical background — the watches are very sturdy and reliable. Tennis legend <a href=”https://revolutionwatch.com/introducing-the-richard-mille-rm-35-03-automatic-rafael-nadal/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Rafael Nadal</span></a> has demonstrated many times by wearing the RM watches playing high-intensity games. Conceiving a tourbillon such as the RM 027 capable of resisting a few G’s each time Nadal hits the ball is a remarkable achievement.</p>
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<p>And last but not least you need a very distinctive design which Richard Mille achieved right off the bat, with a barrel shaped case and quite massive dimensions. Any new reference is a limited edition and needless to say that all of them are instantly sold through and reach tremendous prices on the secondary market.</p>
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<p>The brand’s unique success which is to be compared with what Franck Muller achieved in the late 90s, early 2000s is also built on a very strong business strategy. One partner, Dominique Guenat, is in charge of manufacturing and Richard Mille is in charge of branding. Three other partners are taking care of the worldwide distribution and managing the 41 mono-brand stores selling exclusively the 5,200 watches sold last year. Roughly half of those boutiques are brand-owned and the other half are joint ventures with a 15% gross margin left for the JV partner.</p>
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<p>The value of Mr. Mille’s wealth is estimated on his stake in the brand’s equity taking into account that, one, Audemars Piguet owns 10% which gives Richard Mille unlimited access to APRP (previously known as Renaud & Papi) and two, that the retail activities are split on three different regions and owned by other business partners. Therefore, the overall brand value with consolidated sales at CHF 1.3B in 2022 can be estimated at CHF 10B due to what is probably the highest margin of the watch industry and a totally integrated value chain with an integrated manufacture and a 100% direct-to-consumer retail network.</p>
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<h2><strong>#12 Jacob Arabo</strong></h2>
<p>Net Worth: CHF 900m</p>
<p>Total Market Share: <1%</p>
<p>Brand: Jacob & Co.</p>
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<p>Jacob & Co. is an incredible success story based on the vision of one man, Jacob Arabo, of making 3D fine watchmaking. When he was explaining his vision for his products to his manufacturing partners in Switzerland they would politely listen to him, but wouldn’t buy into his weird ideas. One day an incredibly talented and creative watchmaker, Luca Soprana, presented him the concept of a highly complicated triple-axis tourbillon combined with three other arms each displaying either a sphere and “Jacob cut” diamond with 288 facets and finally the time display each turning at a different speed.</p>
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<p>The extraordinary idea behind the mechanical concept which is already a feast for anyone interested by mechanical complications is that the variations of displays are almost infinite. Jacob & Co. timepieces and jewelry — accounting for 75% and 25% of the brand’s sales respectively — are bold and very distinctive. The brand has seen a very strong acceleration post-Covid of its sales which grew 132% from 2020 to 2022.</p>
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<p>Certainly, it is a very interesting dual brand capable of creating marvels for affluent clients around the world who dare to wear very distinctive watches and jewels — and who are capable of paying north of CHF 600,000 for an <a href=”https://revolutionwatch.com/jacob-co-astronomia-in-depth/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Astronomia timepiece</span></a>. The Swiss watch industry is by now not laughing anymore at that crazy American’s vision of a different way of making watches.</p>
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<h2><strong>#13 Vartan Sirmakes</strong></h2>
<p>Net Worth: CHF 600 – 700m</p>
<p>Total Market Share: 1%</p>
<p>Brands: Franck Muller</p>
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<p>If there is one brand deserving the title of being the first success story of the new era of watchmaking going back as far as the 1990’s and the rebirth of modern watchmaking, it would be Franck Muller. Launched in 1991, the brand quickly had a tremendous success with oversized barrel shaped watches dubbed Cintrée Curvex. The watches were not only a lot bigger than any other wristwatch back around then, but the bold dials with oversized numbers were instantly recognizable. The commercial success came overnight when some Italian — yes, the very place where good taste was born and watch trends are launched — football coaches and players started wearing Franck Muller’s watches.</p>
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<p>The brand was not only about bold design, but also about mechanical inventions and the race for the title of the most complicated watch in the world. The mechanical complication of the Crazy Hours for instance is very much the expression of creativity at Franck Muller with a very playful way of indicating the time.</p>
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<div class=”vc_single_image-wrapper vc_box_border_grey”><img width=”1500″ height=”1000″ src=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1000,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Franck-Muller-Pweb.jpg” class=”vc_single_image-img attachment-full” alt=”” decoding=”async” loading=”lazy” title=”Franck-Muller-Pweb” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1000,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Franck-Muller-Pweb.jpg 1500w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Franck-Muller-Pweb.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Franck-Muller-Pweb.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Franck-Muller-Pweb.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Franck-Muller-Pweb.jpg 768w” sizes=”(max-width: 1500px) 100vw, 1500px” style=”width:100%;height:66.67%;max-width:1500px;” /></div><figcaption class=”vc_figure-caption”>Franck Muller</figcaption>
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<p>Coming from the suppliers’ side, Vartan Sirmakes decided to invest as much as possible into the brand’s own manufacturing capacities. This strategy not only served the purpose of being reactive and cost-efficient but also lay the groundworks for the narrative of being a watch manufacture. Even if the brand has lost a lot of traction since more than a decade, it is still a relevant player in the high-end segment with an estimated 21,000 pieces and CHF 250m in watches sold last year. That is a lot, but still a lot less compared with the first decade of this century when it was selling for north of CHF 600m a year. Without taking away any credit from Richard Mille’s phenomenal success, it is beyond questioning that Richard Mille took some inspiration for the product design from Franck Muller.</p>
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<p>On the negative side, the brand which is part of an eponymous group, never succeeded in diversifying its brand portfolio beyond the main brand. All the projects — Karbon, MHR, European Company Watch (the name is already program) and Pierre Kunz — ended in the cemetery of the watch industry. Even Cvstos which is founded and managed by Vartan Sirmakes’ son Sassoun is not exactly a success story inasmuch as it’s surviving thanks to cross sales from the parent company.</p>
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<h2><strong>#14 Ted Schneider</strong></h2>
<p>Net Worth: CHF 600m</p>
<p>Total Market Share: < 1%</p>
<p>Brand: Norqain</p>
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<p>Even after he’s sold the majority of Breitling to CVC in 2017, Teddy Schneider had to show that he was still capable of having success in the watch industry. Hence his investment in <a href=”https://revolutionwatch.com/norqain-leads-the-way-in-sustainable-watchmaking/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Norqain</span></a> which is a fast growing generalist brand with a quite conventional branding made of testimonials — sports and wildlife preservation — and contemporary brand values such as the ocean cleaning. The board is advised by industry legend Jean-Claude Biver (him again!) which is probably a good decision to bring some out of the box thinking to the table.</p>
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<p>We will never know why Mr. Schneider and his sisters decided to sell the family business and if they regret doing so. Seeing the value of the company quadrupled in 5 years may trigger some regrets at some point. Nonetheless, CHF 1B for Breitling was good money to cash in.</p>
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<h2><strong>#15 Miguel Rodriguez</strong></h2>
<p>Company: The Festina Group</p>
<p>Net Worth: CHF 300m</p>
<p>Total Market Share: < 1%</p>
<p>Brands: Festina, Lotus, Candino, Jaguar, Kronaby, Calypso, Lotus Style, Lotus Silver</p>
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<p>Any self-made entrepreneur has a good story to share when explaining how he built up his wealth. In the case of Miguel Rodriguez, the sole shareholder of the Festina Group, the story is true that he came to work in Switzerland as an operator of production machines for the watch industry. He also likes to tell the story of how he was smuggling watches to Spain to make some money on the side which later on allowed him to buy his first Swiss watch brand, Festina. This laid ground to a group comprising other brands like Candino, Jaguar, Lotus (watches and jewels) and Perrelet. The brand portfolio also includes Swedish brand, Kronaby which is making hybrid smartwatches. This links to the know-how of Soprod Quartz, one group owned manufacturing company capable of developing smartwatches from with proprietary technology.</p>
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<p>On top of this, the group also owns Soprod which is manufacturing mechanical and quartz calibers and other smaller production facilities in Switzerland, Spain and Asia capable of producing in-house both watch and jewelry components. Festina had a very strong momentum in the 1990’s and 2000’s selling almost 5 million watches a year. Today the production is probably around 1,5m pieces with Spain and France as its main markets.</p>
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<div class=”vc_single_image-wrapper vc_box_border_grey”><img width=”1500″ height=”1000″ src=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1000,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alex-Marquez-Marc-Marquez-Miguel-Rodriguez-Baselworld-2015_web.jpg” class=”vc_single_image-img attachment-full” alt=”” decoding=”async” loading=”lazy” title=”Alex-Marquez-Marc-Marquez-Miguel-Rodriguez-Baselworld-2015_web” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1000,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alex-Marquez-Marc-Marquez-Miguel-Rodriguez-Baselworld-2015_web.jpg 1500w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alex-Marquez-Marc-Marquez-Miguel-Rodriguez-Baselworld-2015_web.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alex-Marquez-Marc-Marquez-Miguel-Rodriguez-Baselworld-2015_web.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alex-Marquez-Marc-Marquez-Miguel-Rodriguez-Baselworld-2015_web.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Alex-Marquez-Marc-Marquez-Miguel-Rodriguez-Baselworld-2015_web.jpg 768w” sizes=”(max-width: 1500px) 100vw, 1500px” style=”width:100%;height:66.67%;max-width:1500px;” /></div><figcaption class=”vc_figure-caption”>Alex Marquez, Marc Marquez, Miguel Rodriguez Baselworld 2015</figcaption>
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<p>On the side, Mr. Rodriguez owns privately the brand L. Leroy and a dedicated manufacture called MHVJ. The reasons for not consolidating those two companies in his Festina holding are given to the nature of the brand, which is probably amongst the finest names of the French watchmaking legacy. Founded in 1785, the brand boasts an incredibly illustrious collection of clients’ names, such as Marie-Antoinette, Napoleon III, General de Gaulle and many others. The Maison L. Leroy was also appointed watchmaker to the King of France, and also to Queen Victoria of the United Kingdom. And the other reason is the fact that both the manufacture and the brand are heavy cash-burners.</p>
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<p>In recent years, the group has lost some of its splendor but is still profitable and even though Miguel Rodriguez will never compete with the Swatch Group, as he was dreaming of at some point, this company remains an important player of the low mid-price market segment.</p>
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<h2><strong>#16 Jean-Claude Biver</strong></h2>
<p>Net Worth: CHF 150m</p>
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<div class=”vc_single_image-wrapper vc_box_border_grey”><img width=”1500″ height=”1000″ src=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1000,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Jean-Claude-Biver-Chairman-of-Hublot-and-President-of-LVMH-Watch-Division_web.jpg” class=”vc_single_image-img attachment-full” alt=”” decoding=”async” loading=”lazy” title=”Jean-Claude Biver, Chairman of Hublot and President of LVMH Watch Division_web” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1000,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Jean-Claude-Biver-Chairman-of-Hublot-and-President-of-LVMH-Watch-Division_web.jpg 1500w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Jean-Claude-Biver-Chairman-of-Hublot-and-President-of-LVMH-Watch-Division_web.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Jean-Claude-Biver-Chairman-of-Hublot-and-President-of-LVMH-Watch-Division_web.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Jean-Claude-Biver-Chairman-of-Hublot-and-President-of-LVMH-Watch-Division_web.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/11/Jean-Claude-Biver-Chairman-of-Hublot-and-President-of-LVMH-Watch-Division_web.jpg 768w” sizes=”(max-width: 1500px) 100vw, 1500px” style=”width:100%;height:66.67%;max-width:1500px;” /></div><figcaption class=”vc_figure-caption”>Jean-Claude Biver</figcaption>
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<p>In 1992, SMH, the company which had emerged from SSIH and ASUAG, bought back Blancpain and added F. Piguet, the movement manufacture, to its industrial portfolio. Biver and Piguet cashed in more than CHF 60m which made their return on investment for the brand quite incredible having bought it for just CHF 18,000.</p>
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<p>Biver can be considered as one of the watch entrepreneurs that have re-enchanted mechanical watchmaking after the quartz crisis which literally killed traditional watchmaking. Biver and his partner rolled out a fantastic storytelling which was partly based on historical facts relating to its founder, Jehan-Jacques Blancpain, and some “interpretations” of his role in watchmaking history.</p>
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<p>Like any artist, Jean-Claude Biver dreams of dying on stage while performing his last masterpiece which in his case is JC Biver, the watch brand he launched with his son Pierre in 2022. A larger-than-life character, Biver has mastered three times what others could only dream of achieving once in their lifetimes. He revived Blancpain, a sleeping beauty in the portfolio of SSIH (the predecessor of the Swatch Group) which he bought with his business partner Jacques Piguet in 1982, and cleverly mixing classical watches with a very distinctive design and a reinterpretation of all mechanical complications.</p>
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<p>Biver the market genius and Piguet the grounded technician were the perfect duo much like many success stories of the watch industry – Czapek & Philippe, Vacheron & Constantin and many others – and more recently Richard Mille and Dominique Guenat who associated their talents to make Richard Mille the most extraordinary success story of the last 30 years in watchmaking.</p>
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<p>Biver then went on to revive Omega, the flagship brand of the Swatch Group which had been revived by a team around Mr. Hayek Senior, but was still not at full speed. Biver decided to heavily push on the brand testimonials to capture a maximized attention and decided to go only for the no. 1 in each field. For example Cindy Crawford, as the ultimate supermodel, incarnating the brand’s claim “My Choice.” Even though it was not Mr. Biver who decided to sign a long-term collaboration with the producers of the James Bond movies, he was the one who brought in the magical equation of 1+1 = 3. Meaning that investing in sponsoring requires the same amount in promoting it and thus enhances the result. Many watch brands at that time haven’t understood that being somewhere associated with an event or a brand ambassador is only fruitful if you are capable of investing the money needed to promote it.</p>
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<p>After leaving the Swatch Group, Mr. Biver was contacted by the owner of Hublot, Mr. Carlo Croco, who had taken the decision to retire from the brand’s daily operations. When Biver got into the game with his longtime lieutenant, Ricardo Guadalupe, who had worked alongside Biver at Blancpain the brand still had an iconic watch which had been very successful back in the 1980 and 1990’s. Merging rubber with precious metals was a very bold move back then and Biver summarized it with the “Art of Fusion.” But he sensed that the brand also needed a bolder product design to re-boost it and that watch became the Big Bang which angered some people in the Vallée de Joux who — rightfully — sensed that too much inspiration had been taken from their iconic watch.</p>
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<p>In five years from 2004 to 2007, Biver increased Hublot’s sales fivefold which attracted the attention of LVMH who then bought the brand in 2008 for CHF 430m. Biver cashed in an estimated CHF 86m and continued to manage the brand until 2014 when he received the mission of bringing TAG Heuer and Zenith back on track. Biver tried what any successful brand manager does, by applying a recipe which had proven to be magical already three times. Trying to give more visibility to the brands by product placements in movies and brand endorsement by celebrities.</p>
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<p>During the four years until 2018, Biver and his teams tried all the recipes, but didn’t really manage to bring neither TAG Heuer nor Zenith back on the path of growth. To be fair the expectations towards Zenith are not in line with the brand’s intrinsic potential. Everyone sees it as one of the magical names of the Swiss watch industry, besides owning the iconic El Primero movement. TAG Heuer has been at the forefront of modern times branding but somehow got lost in trying to re-invent mechanical concepts, such as the V4 or the Mikrograph which were technical marvels, but generated abyssal losses for bottom line.</p>
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<p>Will the last act of Mr. Biver’s recital, the eponymous JC Biver, be successful? Certainly, commercially speaking, but will it become a sustainable brand in the long run after Mr. Biver’s stay on earth ? Time will tell, but the watch industry will remember a marketing pioneer who based all his success stories on the same sound principles of: Be first, unique and different!</p>
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<h2><strong>#17: The Bernheim family</strong></h2>
<p>Net Worth: CHF 100m</p>
<p>Total Market Share: <1%</p>
<p>Brand: Raymond Weil</p>
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<p>Raymond Weil used to be the first choice when you were looking for an affordable alternative for pricey institutional brands. Extremely successful in the 1990’s and beginning of the 2000’s with emblematic products and campaigns such as the “Parsifal”, the brand has however lost a lot of traction these days. Existing competitors, such as Tissot or Longines and new ones such as, Frédérique Constant, have made life hard for this brand competing with such heavy weights. The third generation of the owner family is still involved in the management of the brand but does not show a tremendous passion to reboost Raymond Weil to the path of growth. With the recent acknowledgement by the GPHG however, for the Millésime Automatic Small Seconds which was awarded the Challenge Watch Prize by the Jury, Raymond Weil appears to be making a timely return to the forefront.</p>
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<h2><strong>#18 F.P. Journe</strong></h2>
<p>Net Worth: CHF 100m</p>
<p>Total Market Share: <1%</p>
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<p>Probably one of the most talented watchmakers of his generation, <a href=”https://revolutionwatch.com/invenit-et-fecit-a-short-documentary-on-f-p-journe/” target=”_blank” rel=”noopener”><span style=”color: blue;”>François-Paul Journe</span></a> has not only created a unique product signature, but foremost a brand. F.P. Journe is one of the very rare so-called independent watchmakers having understood and managed to create a brand which will survive the eponymous creator. It is a fine watch brand with a very distinctive product signature paying tribute to fine French watchmaking of the 18th century. His timepieces are paying tribute to the finest and most disruptive watchmakers of the golden age of fine watchmaking, such as Breguet, Berthoud, Leroy amongst others. Someone who is literate about watchmaking history would have no problems understanding what Mr. Journe is doing when he works on the Resonance or his Centigraphe which is an astonishing piece of micro-mechanics.</p>
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<p>But the man is also capable of making his own electromechanical watches as seen in the Elégante collection dedicated to women. The concept is the perfect combination of the best of the mechanical world and quartz technology. The Maison FP Journe also owns its own manufacturing capacities producing its movements, cases and also dials.</p>
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<p>The brand relies on a very selective retail network and owns 11 mono-brand stores around the world. But what impresses me most is the sheer devotion by his clients who adore the man as if he was the head of a cult. Another detail — which is in fact important — is the decision not to print or engrave the word “Swiss”, because Mr. Journe considers the Swiss made hallmark not stringent enough for his creations. Instead, you’ll find a engraving on the movement saying “Geneva Made.” And the “Invenit and Fecit” (invented and made) tagline of the brand is a manifest of the DNA based on creating unseen concepts.</p>
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<p>Last but not least, the fact that Chanel — a major player in the luxury industry — has taken a 20% equity stake of F.P. Journe is a huge compliment for a brand created only 30 years ago with the first wristwatches launched in 1999. And I would like to finish with an anecdote from Baselworld that year where Mr. Journe attended with his business partner to meet some collectors. One evening, the whole team of the brand I was working at was celebrating another record day with eight-figure total orders and we were wondering who that man at the back of the bar was. One colleague told us that “His name is Journe and someone told me that he will be the star of artisan watchmaking.” But when he followed up that the guy was making less than 20 watches a year we had a good laugh. Such is life.</p>
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<p><strong>#19 Georges Kern</strong></p>
<p>Net Worth: CHF 90-100m</p>
<p>Total Market Share: 3%</p>
<p>Brand: Breitling</p>
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<p>Mr. Kern has done a tremendous job by balancing the brand on three distinctive pillars linked to air, sea and land, and brand ambassadors, dubbed “squads” to imply that they’re part of the brand. The most obvious — and for some diehard fans of the brand — shocking part of the rebranding was to cut the wings in the brand’s logo which stood for Breitling’s dedication to aviation. Coming from IWC where he had taken a lot of “inspiration” from Breitling to focus on aviation, Mr. Kern wanted to diversify the brand’s positioning and give it a broader basis in order to connect with younger demographics.</p>
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<p>When Georges Kern decided to leave Richemont in 2017, some people — including me — questioned if he had just made the right decision to leave a very well-paid job as the head of the specialty watchmakers to join a brand which had definitely lost momentum. The price paid by CVC for the initial 80% stake seemed even more questionable at CHF 850m valuating the company at more than CHF 1B. CVC then successively resold a major part of its equity to another private equity firm, Partners Group, which now owns the majority stake and values the company at a staggering CHF 4,2B.</p>
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<p>The first product launch under the new era was the Navitimer 8 which failed to attract new clients, and worse, disappointed the existing ones. Why? Because the Navitimer became an iconic product with its design of an instrument for the wrist for pilots and many more clients dreaming of being one. Taking these codes away simply did not resonate with the core and target audience.</p>
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<p>That was a wakeup call telling the brand that modernizing icons might be a better idea than trying to reinvent them entirely, and since then, Breitling’s ride on the neo-vintage wave has been a lot more successful with for instance the launch of the Premier or Top Time which are taking their legitimacy from the brand’s legacy. In addition, the partnership in the Kenissi manufacture, a joint venture where Breitling is partnering with Chanel and Tudor, is also giving the brand a lot more horological credibility.</p>
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<p>Last but not least, Breitling is also an innovative transversal business model offering ancillary services such as financing your watch with monthly instalments which is a clever way to give access to younger demographics to the acquisition of luxury goods. Breitling was also amongst the first adopters of the NFT technology in order to track a watch during its decade long itinerary. The most recent extension of the brand are the opening of cafés and restaurants to create branded spaces of conviviality where selling products is not the primary purpose, but creating bonds with the clients is more important.</p>
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<h2><strong>#20 Maximilian Büsser</strong></h2>
<p>Net Worth: CHF 80</p>
<p>Total Market Share: <1%</p>
<p>Brand: MB&F, MAD Gallery</p>
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<p>When <a href=”https://revolutionwatch.com/power-list-the-best-of-independent-watchmaking/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Max Büsser</span></a> explained me the first time what MB&F was about, he lectured me on the fact that he wasn’t launching a brand, but a lab. I must admit that I took it more for arrogance, than a brilliant idea. But that was 17 years ago and his first timepiece the HM01 had not yet been launched. It took me time to understand that Max was serious about reinventing the way a timepiece shows time. The disruptive part of his concept is that each machine is totally different from the previous one and is a 3D sculpture showing mechanics with very bold designs taking a lot of inspiration from cars — not from today, but from the golden age of supercars in the 1960’s and 1970’s when car designers would dare to create spaceships. For instance, the HM5 immediately reminded me of the Lamborghini Miura which is still in my top 10 of the most beautiful cars ever.</p>
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<p>The success of MB&F is very much based on Max’s charisma, but it would be unfair to reduce it to his good looks and intelligence. Max is very literate about watchmaking’s history and knows a thing or two about product design and coherent product concepts, having worked at Jaeger-LeCoultre and Harry Winston where he created the legendary Opus collaborations with independent master watchmakers. He took that idea over when he created the MB&F concept and started collaborating with for example Kari Voutilainen on a Legacy Machine which is Büsser’s way of paying tribute to fine watchmaking of the 18th century. And the “F” in the brand’s name is not only about the friends storytelling, but about being transparent on who does what.</p>
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<p>When I look at all those new brands popping up every other month with a new “Mozart of watchmaking” making the exact same watch as every independent, focusing more on the perfect polishing and engaging angles on the movement than on a real innovation, I appreciate MB&F’s true innovative way of creating timepieces. Even though I hadn’t understood how disruptive Max’s approach would become, I was proven right at least on one aspect and that is, MB&F is a brand. And a fine and successful one employing 45 people and generating sales of more than CHF 40m this year.</p>
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<p>*The values on this article are taken from the annual <a href=”https://professionalwatches.com/morgan-stanleys-top-20-swiss-watch-company-ranking-for-2023/” target=”_blank” rel=”noopener”><span style=”color: blue;”>Morgan Stanley x LuxeConsult report</span></a> last published in March 2023 based on the estimated 2022 sales.</p>
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<div class=”basic-grid–header”><h3 class=”heading”>EDITORS’ PICKS</h3></div><div class=”vc_grid vc_row vc_pageable-wrapper vc_hook_hover” data-vc-pageable-content=”true”><div class=”vc_pageable-slide-wrapper vc_clearfix” data-vc-grid-content=”true”> <div class=”vc_grid-item vc_clearfix vc_col-sm-12″>
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<a href=”https://revolutionwatch.com/cartier-a-santos-story/” class=”article-item-link”>
<img width=”2560″ height=”1707″ src=”https://revolutionwatch.com/cdn-cgi/image/width=2560,height=1707,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/04/01-Cartier-Santos-Story-scaled.jpg” class=”article-item-image attachment-full” alt=”” decoding=”async” loading=”lazy” title=”01-Cartier-Santos-Story” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=2560,height=1707,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/04/01-Cartier-Santos-Story-scaled.jpg 2560w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/04/01-Cartier-Santos-Story.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/04/01-Cartier-Santos-Story.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/04/01-Cartier-Santos-Story.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/04/01-Cartier-Santos-Story.jpg 768w, https://revolutionwatch.com/cdn-cgi/image/width=1536,height=1024,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/04/01-Cartier-Santos-Story.jpg 1536w, https://revolutionwatch.com/cdn-cgi/image/width=2048,height=1365,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/04/01-Cartier-Santos-Story.jpg 2048w, https://revolutionwatch.com/cdn-cgi/image/width=1568,height=1045,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/04/01-Cartier-Santos-Story.jpg 1568w” sizes=”(max-width: 2560px) 100vw, 2560px” style=”width:100%;height:66.68%;max-width:2560px;” /> </a>
</div>
<div class=”article-item-block–content “>
<div class=”category”><a href=”https://revolutionwatch.com/category/reference/”>Reference</a></div> <div class=”author”>By <a href=”https://revolutionwatch.com/author/felix/”>Felix Scholz</a></div>
<a href=”https://revolutionwatch.com/cartier-a-santos-story/” class=”article-item-link”><span class=”title”>Cartier: A Santos Story</span></a>
<div class=”meta”>
<span class=”date”>May 3, 2023</span>
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<a href=”https://revolutionwatch.com/ulysse-nardin-freak-one/” class=”article-item-link”>
<img width=”2560″ height=”1707″ src=”https://revolutionwatch.com/cdn-cgi/image/width=2560,height=1707,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/03/08-UN-Freak-One-2023-scaled-1.jpg” class=”article-item-image attachment-full” alt=”Freak One 2023″ decoding=”async” loading=”lazy” title=”Freak One 2023″ srcset=”https://revolutionwatch.com/cdn-cgi/image/width=2560,height=1707,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/03/08-UN-Freak-One-2023-scaled-1.jpg 2560w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/03/08-UN-Freak-One-2023-scaled-1.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/03/08-UN-Freak-One-2023-scaled-1.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/03/08-UN-Freak-One-2023-scaled-1.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/03/08-UN-Freak-One-2023-scaled-1.jpg 768w, https://revolutionwatch.com/cdn-cgi/image/width=1536,height=1024,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/03/08-UN-Freak-One-2023-scaled-1.jpg 1536w, https://revolutionwatch.com/cdn-cgi/image/width=2048,height=1366,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/03/08-UN-Freak-One-2023-scaled-1.jpg 2048w, https://revolutionwatch.com/cdn-cgi/image/width=1568,height=1046,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/03/08-UN-Freak-One-2023-scaled-1.jpg 1568w” sizes=”(max-width: 2560px) 100vw, 2560px” style=”width:100%;height:66.68%;max-width:2560px;” /> </a>
</div>
<div class=”article-item-block–content “>
<div class=”category”><a href=”https://revolutionwatch.com/category/editors-pick/”>Editor’s Picks</a></div> <div class=”author”>By <a href=”https://revolutionwatch.com/author/weirevolutionmagazines-com/”>Wei Koh</a></div>
<a href=”https://revolutionwatch.com/ulysse-nardin-freak-one/” class=”article-item-link”><span class=”title”>Ulysse Nardin Freak One: The Rise of the Freaks</span></a>
<div class=”meta”>
<span class=”date”>Mar 27, 2023</span>
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</div>
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<a href=”https://revolutionwatch.com/the-way-of-resonance/” class=”article-item-link”>
<img width=”2560″ height=”1707″ src=”https://revolutionwatch.com/cdn-cgi/image/width=2560,height=1707,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/01/01-Resonance-scaled-1.jpg” class=”article-item-image attachment-full” alt=”The Breguet Resonance Pocket Watch No. 2788 was acquired by the Prince Regent as a gift to his father, King George III, in 1818. (Image: Sotheby’s)” decoding=”async” loading=”lazy” title=”The Breguet Resonance Pocket Watch No. 2788 was acquired by the Prince Regent as a gift to his father, King George III, in 1818. (Image: Sotheby’s)” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=2560,height=1707,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/01/01-Resonance-scaled-1.jpg 2560w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/01/01-Resonance-scaled-1.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/01/01-Resonance-scaled-1.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/01/01-Resonance-scaled-1.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/01/01-Resonance-scaled-1.jpg 768w, https://revolutionwatch.com/cdn-cgi/image/width=1536,height=1024,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/01/01-Resonance-scaled-1.jpg 1536w, https://revolutionwatch.com/cdn-cgi/image/width=2048,height=1366,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/01/01-Resonance-scaled-1.jpg 2048w, https://revolutionwatch.com/cdn-cgi/image/width=1568,height=1046,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/01/01-Resonance-scaled-1.jpg 1568w” sizes=”(max-width: 2560px) 100vw, 2560px” style=”width:100%;height:66.68%;max-width:2560px;” /> </a>
</div>
<div class=”article-item-block–content “>
<div class=”category”><a href=”https://revolutionwatch.com/category/editors-pick/”>Editor’s Picks</a></div> <div class=”author”>By <a href=”https://revolutionwatch.com/author/cherylrevolutionmagazines-com/”>Cheryl Chia</a></div>
<a href=”https://revolutionwatch.com/the-way-of-resonance/” class=”article-item-link”><span class=”title”>The Way of Resonance</span></a>
<div class=”meta”>
<span class=”date”>Jan 30, 2023</span>
</div>
</div>
</div>
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</div>
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<a href=”https://revolutionwatch.com/rolex-explorer-everything-you-need-to-know-about/” class=”article-item-link”>
<img width=”2560″ height=”1707″ src=”https://revolutionwatch.com/cdn-cgi/image/width=2560,height=1707,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2021/06/01-Rolex-Explorer-Shop-scaled.jpg” class=”article-item-image attachment-full” alt=”” decoding=”async” loading=”lazy” title=”01-Rolex-Explorer-Shop” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=2560,height=1707,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2021/06/01-Rolex-Explorer-Shop-scaled.jpg 2560w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2021/06/01-Rolex-Explorer-Shop.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2021/06/01-Rolex-Explorer-Shop.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2021/06/01-Rolex-Explorer-Shop.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2021/06/01-Rolex-Explorer-Shop.jpg 768w, https://revolutionwatch.com/cdn-cgi/image/width=1536,height=1024,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2021/06/01-Rolex-Explorer-Shop.jpg 1536w, https://revolutionwatch.com/cdn-cgi/image/width=2048,height=1365,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2021/06/01-Rolex-Explorer-Shop.jpg 2048w, https://revolutionwatch.com/cdn-cgi/image/width=1568,height=1045,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2021/06/01-Rolex-Explorer-Shop.jpg 1568w” sizes=”(max-width: 2560px) 100vw, 2560px” style=”width:100%;height:66.68%;max-width:2560px;” /> </a>
</div>
<div class=”article-item-block–content “>
<div class=”category”><a href=”https://revolutionwatch.com/category/editors-pick/”>Editor’s Picks</a></div> <div class=”author”>By <a href=”https://revolutionwatch.com/author/ross-povey/”>Ross Povey</a></div>
<a href=”https://revolutionwatch.com/rolex-explorer-everything-you-need-to-know-about/” class=”article-item-link”><span class=”title”>Rolex Explorer everything you need to know about</span></a>
<div class=”meta”>
<span class=”date”>Jun 2, 2021</span>
<span class=”reading-time”>6 minutes</span>
</div>
</div>
</div>
</div>
</div>
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<div class=”vc_clearfix”></div>
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<div class=”vc_grid-item vc_clearfix vc_col-sm-12″>
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<div class=”article-item-block–image”>
<a href=”https://revolutionwatch.com/the-complete-history-of-the-chronograph-movement-1940s-1980s/” class=”article-item-link”>
<img width=”1500″ height=”1000″ src=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1000,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2021/02/01-Rolex-Phillips-Chrono.jpg” class=”article-item-image attachment-full” alt=”(Image: Phillips.com)” decoding=”async” loading=”lazy” title=”(Image: Phillips.com)” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=1500,height=1000,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2021/02/01-Rolex-Phillips-Chrono.jpg 1500w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=200,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2021/02/01-Rolex-Phillips-Chrono.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=683,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2021/02/01-Rolex-Phillips-Chrono.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=100,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2021/02/01-Rolex-Phillips-Chrono.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=512,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2021/02/01-Rolex-Phillips-Chrono.jpg 768w” sizes=”(max-width: 1500px) 100vw, 1500px” style=”width:100%;height:66.67%;max-width:1500px;” /> </a>
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<div class=”article-item-block–content “>
<div class=”category”><a href=”https://revolutionwatch.com/category/editors-pick/”>Editor’s Picks</a></div> <div class=”author”>By <a href=”https://revolutionwatch.com/author/cherylrevolutionmagazines-com/”>Cheryl Chia</a></div>
<a href=”https://revolutionwatch.com/the-complete-history-of-the-chronograph-movement-1940s-1980s/” class=”article-item-link”><span class=”title”>The Complete History of the Chronograph Movement: 1940s–1980s</span></a>
<div class=”meta”>
<span class=”date”>Mar 4, 2021</span>
</div>
</div>
</div>
</div>
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</div>
<div class=”vc_clearfix”></div>
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</div></div>
</div>
</div> <div class=”featured-product-item”>
<div class=”thumbnail-area”>
<h4 class=”heading”>FEATURED FROM THE SHOP</h4>
<div class=”column product-item-wrapper”><div class=”product-item”><a class=”product-item-atw-link add-to-wishlist” href=”https://shop.revolutionwatch.com/collections/all/products/parmigiani-fleurier-tonda-pf-micro-rotor-purple-reign-x-revolution-klxfz?event=atw&product=8808512913683&variant=47092206108947″ data-href=”https://shop.revolutionwatch.com/collections/all/products/parmigiani-fleurier-tonda-pf-micro-rotor-purple-reign-x-revolution-klxfz?event=atw&product=8808512913683&variant=47092206108947″><svg width=”16″ height=”16″ viewBox=”0 0 16 16″ fill=”none” xmlns=”http://www.w3.org/2000/svg”><path d=”M7.99967 1.33337L10.0597 5.50671L14.6663 6.18004L11.333 9.42671L12.1197 14.0134L7.99967 11.8467L3.87967 14.0134L4.66634 9.42671L1.33301 6.18004L5.93967 5.50671L7.99967 1.33337Z” stroke=”#272727″ stroke-width=”0.7″ stroke-linecap=”round” stroke-linejoin=”round”/></svg></a><div class=”product-item-inner”><div class=”product-item-block”><a href=”https://revolutionwatch.com/products/parmigiani-fleurier-tonda-pf-micro-rotor-purple-reign-x-revolution-klxfz/” class=”product-item-link”><img width=”1080″ height=”1079″ src=”https://revolutionwatch.com/cdn-cgi/image/width=1080,height=1079,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/10/01_2078_DI_Final_01_1080-h9odVm.jpg” class=”product-item-image attachment-full” alt=”” decoding=”async” loading=”lazy” title=”Parmigiani Fleurier Tonda PF Micro-Rotor “Purple Reign” x Revolution (Pre-Order)” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=1080,height=1079,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/10/01_2078_DI_Final_01_1080-h9odVm.jpg 1080w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=300,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/10/01_2078_DI_Final_01_1080-h9odVm.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=1024,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/10/01_2078_DI_Final_01_1080-h9odVm.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=150,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/10/01_2078_DI_Final_01_1080-h9odVm.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=767,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/10/01_2078_DI_Final_01_1080-h9odVm.jpg 768w” sizes=”(max-width: 1080px) 100vw, 1080px” style=”width:100%;height:99.91%;max-width:1080px;” /><img width=”1080″ height=”1079″ src=”https://revolutionwatch.com/cdn-cgi/image/width=1080,height=1079,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/10/03_2042_DI_Final_01_1080-YIqWE7.jpg” class=”product-item-hover-image attachment-full” alt=”” decoding=”async” loading=”lazy” title=”Parmigiani Fleurier Tonda PF Micro-Rotor “Purple Reign” x Revolution (Pre-Order)” srcset=”https://revolutionwatch.com/cdn-cgi/image/width=1080,height=1079,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/10/03_2042_DI_Final_01_1080-YIqWE7.jpg 1080w, https://revolutionwatch.com/cdn-cgi/image/width=300,height=300,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/10/03_2042_DI_Final_01_1080-YIqWE7.jpg 300w, https://revolutionwatch.com/cdn-cgi/image/width=1024,height=1024,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/10/03_2042_DI_Final_01_1080-YIqWE7.jpg 1024w, https://revolutionwatch.com/cdn-cgi/image/width=150,height=150,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/10/03_2042_DI_Final_01_1080-YIqWE7.jpg 150w, https://revolutionwatch.com/cdn-cgi/image/width=768,height=767,fit=crop,quality=80,format=auto,onerror=redirect,metadata=none/wp-content/uploads/2023/10/03_2042_DI_Final_01_1080-YIqWE7.jpg 768w” sizes=”(max-width: 1080px) 100vw, 1080px” style=”width:100%;height:99.91%;max-width:1080px;” /></a><div class=”product-item-block-inner”><p class=”vendor”><a href=”https://revolutionwatch.com/product-vendor/parmigiani-fleurier/”>Parmigiani Fleurier</a></p><a href=”https://revolutionwatch.com/products/parmigiani-fleurier-tonda-pf-micro-rotor-purple-reign-x-revolution-klxfz/” class=”product-item-link”><span class=”title”>Parmigiani Fleurier Tonda PF Micro-Rotor “Purple Reign” x Revolution</span></a><div class=”product-item-price-atc”><span class=”wps-product-individual-price css-18n4oo-priceCSS” itemprop=”price” data-price=”26400.00″ data-USD=”$26,400.00″ data-AUD=”$41,400.00″ data-CAD=”$36,300.00″ data-CHF=”CHF24,200.00″ data-EUR=”€25,200.00″ data-GBP=”£21,800.00″ data-HKD=”HK$208,000.00″ data-SGD=”$36,300.00″ data-USD=”$26,400.00″>$26,400.00</span></div></div></div></div></div></div> </div>
<div class=”specs-area”>
<h4 class=”heading”>TECH SPECS</h4>
<div class=”specs”>
<table>
<tbody>
<tr>
<td>Movement</td>
<td>Self-winding caliber PF703; 48-hour power reserve</td>
</tr>
<tr>
<td>Functions</td>
<td>Hours, Minutes, Date</td>
</tr>
<tr>
<td>Case</td>
<td>40mm; polished and satin-finished stainless steel with platinum knurled bezel; water resistant to 100m
</td>
</tr>
<tr>
<td>Dial</td>
<td>Purple; rhodium-plated applied hour markers
</td>
</tr>
<tr>
<td>Strap</td>
<td>Polished and satin-finished stainless steel bracelet
</td>
</tr>
<tr>
<td>Limited Edition</td>
<td>Limited and numbered edition of 50 pieces</td>
</tr>
</tbody>
</table>
</div>
</div>
</div>
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