Afleveringen
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This week on The Business of Watches, we take your questions on the business of timekeeping. We're joined by a swath of the Hodinkee team, including Editor-in-Chief James Stacey, Senior Editor Mark Kauzlarich, and Hodinkee Editor TanTan Wang.
We're answering your questions and marking 30 episodes of BoW. You submitted some excellent questions, including how changes in 3D printing technology will impact watch movement manufacturing, whether watch brands consider enthusiasts' preferences in their design and release schedules, and what the future of multi-brand watch boutiques looks like.
Show Notes
1:18 F.P. Journe Souscription Chronomètre à Résonance Achieves $13.9 Million – Becomes Fifth Most Expensive Wristwatch Ever Sold (Hodinkee)
2:35 Kari Voutilainen
2:47 Marteau: The Heat Wave
4:08 The Barrelhand Monolith Has Landed (Hodinkee)
11:45 Ming Polymesh (Hodinkee)
12:40 Seiko Watch Corporation President Akio Naito (The Business of Watches)
13:10 Peanuts Watches by Citizen (collectpeanuts.com)
15:03 Timex
15:50 We Criticize The Wrong Thing When We Attack Date Windows (Hodinkee)
16:40 Hands-On: Understanding The New Breguet Type XX And Type 20
22:27 One To Watch: Brew Watch Co. (Hodinkee)
27:00 A. Lange & Söhne North America boutiques
30:15 Photo Report: The 2025 Toronto Timepiece Show (Hodinkee)
33:05 Rummele's Jewelers Green Bay Wisconsin -
This week on The Business of Watches, a brand we don't talk about a lot on this channel - Jacob & Co. Complicated, audacious, and expensive, Jacob & Co. watches hold a unique position in the industry. The brand enjoyed a strong 2025, growing sales and volumes, according to estimates by Morgan Stanley and LuxeConsult, bucking the industry trend.
And the brand recently got some high-profile exposure on the wrist of the Roland Garros winner with French Open champion Alexander Zverev wearing Jacob & Co. during his matches and on the podium.
We sat down in Geneva with Benjamin Arabov, the Chief Executive Officer of Jacob & Co., to talk about the brand's operations and strategy. You might be surprised at how Jacob & Co. watches are produced, the size of its production, and how the brand is being impacted by the war in the Middle East.
Finally, looking ahead to next week's episode, number 30 in the history of The Business of Watches, we're planning a special Q&A episode and will gather some of the Hodinkee team, including Editor-In-Chief James Stacey and Editors Mark Kauzlarich and TanTan Wang, to answer your business-related questions. Want to offer up a question? Please drop it in the comments on this episode's page on Hodinkee.com. We're looking forward to hearing from you and answering your questions on all things watches and business!
Show Notes
0:40 Rolex And Cartier Are In Another League – A Deep Dive On The Pains And Gains In Morgan Stanley's "Swiss Watcher" Report (Hodinkee)
1:13 Chopard plans to cut jobs in Val-de-Travers (Le Temps) (French, paywall)
2:59 Chopard plans to cut around 30 jobs (RTS Info)
3:20 Swiss Watch Export Data for April (FHS)
4:35 Jacob & Co.
5:45 CEO Benjamin Arabov Triples Sales In Five Years (Bilan French))
10:20 Jacob & Co. Collaborates On Exclusive Watch With Salman Khan (Watch Pro)
13:46 Concepto Watch Factory (company website)
14:35 Jacob Arabo / Arabov (Wikipedia)
15:17 Astronomia Regulator
18:50 Our Favorite Guilty Pleasure Watches Of 2018 (Hodinkee)
21:15 Godfather II Watch (Jacob & Co.)
25:01 In-Depth: How The Five Time Zone Shaped Modern Watch Culture (Malaika Crawford Hodinkee)
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Zijn er afleveringen die ontbreken?
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This week on The Business of Watches, we're talking to the man behind one of the more successful new watch brands in recent years, Studio Underd0g. Richard Benc is just 33, and since 2020, he's built his irreverent, approachable-priced, design-driven brand to a significant size, producing about 14,000 watches last year.
And he's done it all, not from Switzerland or Hong Kong, but from the U.K. Benc has grown his business with intent, making strategic investments in his supply chain, including buying full control of the assembly and after-sales service company that builds Studio Underd0g's distinct timepieces. Studio Underd0g is now the biggest assembler of mechanical watches in the U.K. and isn't only selling watches with drops and collabs, but is building up stock to make more watches available on its website. Next up for Benc and his brand is a new physical, public, and retail location. The 'D0ghouse' will open in Maidenhead this month and serve as a public showcase for the upstart brand and its operations. It's another big step for the company that comes with its own set of fresh opportunities and challenges.
And Benc gives us a tease on what may be coming next - there will be a new 04Series of watches that will take the brand to a place it hasn't been (mechanically) before.
Show Notes
0:40 Business News: Secondary Market Prices Climb, James Marks Jumps To Sotheby's, Christie's Grabs Cartier Watch Record (Hodinkee)
0:50 WatchCharts.com
1:49 The Cartier Crash And The New Value Of Imperfection (MenWith Magazine)
2:42 This Record-Setting Patek Is The Priciest Watch Ever Sold In Asia (Maxim)
3:28 Visit Brighton (Great Britain)
4:40 Studio Underd0g
6:10 A Minions Children's Watch (eBay)
9:17 Hong Kong Watch and Clock Fair
9:23 Inside The EPHJ (Hodinkee Swiss 101)
11:33 Studio Underd0g 01Series Watermelon
13:40 Assembled In Great Britain (Studio Underd0g)
17:10 Studio Underd0g Buys Horologium (Watch Pro)
22:30 The Business of Watches Podcast: Christopher Ward CEO Mike France
24:50 Studio Underd0g 02Series
25:08 Studio Underdog 03Series
29:03 A Fresh Passion Fruit Collab From H. Moser And Studio Underd0g (Hodinkee)
41:27 A Quirky Watch Brand Studio Gets Serious (New York Times)
42:54 Alliance of British Watch and Clock Makers Bellwether Report -
This week on The Business of Watches, we're in La Chaux-de-Fonds to speak to Pascal Béchu, who heads not one, but two Swiss watchmaking brands, Angelus and Arnold & Son.
They're both specialized, low-production, high-horology watchmakers, with very different back stories. While Angelus is a historic Swiss brand known for its repeaters, chronographs, and long power reserve movements, Arnold & Son celebrates the work and innovation of one of history's most important (British) watchmakers, John Arnold.
While quite different in their product and strategies, the two brands share the same parent company in Japan's Citizen Group, and both work closely with movement maker La Joux-Perret, with whom they share manufacturing and office space in La Chaux-de-Fonds.
Pascal Béchu is in charge of both marques. He talks about the history and the future for both brands, some recent successes in the form of celebrity clients for Arnold & Son, and a GPHG prize for Angelus. He also discusses prices and the impact the strong Swiss franc and the soaring price of precious metals are having on corporate strategy and planning.
Show Notes
3:55 Arnold & Son 4:36 John Arnold (Fondation Haute Horlogerie)
4:55 Longitude Act 1714 (Wikipedia)
6:56 Arnold & Son Tourbillon Chronometer No. 36 (GPHG)
7:10 John Arnold and Abraham-Louis Breguet (WatchAffinityUK)
7:52 John Roger Arnold (Antiquarian Horology)
8:00 The British Masters (Federation of the Swiss Watch Industry Oct. 2000)
10:20 Angelus Watches
11:07 Angelus Heritage
12:48 Historic Swiss Brand Angelus Is Back And Presents The U10 Tourbillon Lumière (Quill & Pad)
15:10 Angelus La Fabrique
16:59 The Strange Allure Of The Monopusher Chronograph (Hodinkee)
18:32 Angelus Instrument De Vittesse (GPHG)
19:10 Angelus Télémètre Yellow Gold (GPHG)
22:09 Angelus Flying Tourbillon Titanium Blue
30:00 Angelus Tinkler (released at Watches and Wonders 2026)
30:48 Ed Sheeran Named One of Time's Most Influential And Wears a Patek and Arnold & Son in photos (Hodinkee)
33:30 Arnold & Son Globetrotter
34:27 Arnold & Son DSTB
35:50 Arnold & Son Constant Force Tourbillon 11
43:50 The Business of Watches Podcast: La Joux-Perret CEO Jean-Claude Eggen -
This week on The Business of Watches, we're talking to the head of what's now the largest U.K.-based watch brand, Christopher Ward. Under the direction of Chief Executive Officer Mike France, the Swiss-made, approachable-priced watchmaker has enjoyed outsized growth in recent years, due in part to popular and surprising releases like its Bel Canto chiming watch and its commitment to keeping prices in check.
But first, we're joined by Hodinkee Senior Editor Mark Kauzlarich to talk about the Audemars Piguet X Swatch Royal Pop collaboration and its launch day, which certainly didn't go according to plan at some locations where massive crowds overwhelmed staff and security and forced store closures.
Show Notes:
1:30 Mark Kauzlarich
1:50 Royal Pop (Swatch)
2:40 Hands-On: The Swatch x Audemars Piguet Royal Pop (Impressions, Live Photos, And More) (Hodinkee)
3:30 Sotheby's Sale of the Audemars Piguet 'Grosse Pièce' Shatters Records, Becomes By Far Most Expensive Audemars Piguet At $7,736,000
8:00 Royal Pop Sales Resume After Launch Rush For Audemars Piguet X Swatch Collaboration Forced Store Closures (Hodinkee)
12:05 Watch Spotting: The Watches Of Super Bowl LX (Hodinkee)
16:48 Our Story (Christopher Ward)
17:28 Christopher Ward showrooms
20:39 Windup Watch Fair
22:10 Christopher Ward Forum
26:30 How Christopher Ward Became a £100m Watch Brand (Esquire)
28:29 Mike Pearson (Christopher Ward)
36:41 The Christopher Ward 'C63 True GMT' Adds A Local Jumping Hour Hand GMT To The Lineup (Hodinkee)
44:50 Business News: Christopher Ward To Roll Back U.S. Tariff Price Hit By 29% With Corporate Structure Shift (Hodinkee)
48:47 Business News: Rolex And Cartier Are In Another League – A Deep Dive On The Pains And Gains In Morgan Stanley's "Swiss Watcher" Report (Hodinkee)
49:50 Introducing: The Christopher Ward C12 'Loco' (Live Pics) (Hodinkee)
52:53 Introducing: Christopher Ward Overhauls The Sealander Line With Design Refinements And Upgrades
56:26 Trump tariff refunds begin but consumers likely to miss out (BBC)
1:01:57 In-Depth: How One Chiming Watch From Christopher Ward Turned The Watch World On Its Head -
This week on The Business of Watches, we sit down with Akio Naito, the President of Seiko Watch Corporation. Seiko's Credor brand, the ultra-premium offering showcasing artisanal creations, unique craftsmanship, and design, made its Watches and Wonders debut this year. We talk about Credor's positioning within the Seiko group and its expansion into international markets.
The biggest challenge for Credor, Naito says, will be increasing production for more markets, as the skills required to produce the timepieces are highly specialized and take years to master. We also get an update on Grand Seiko. Naito says the brand has increased its international sales by more than 15x over the past decade, driven largely by success in the U.S. market. Grand Seiko is continuing to update and improve its offerings, including a new ultra-accurate and ultra-luxurious dive watch in a more compact size that clients have been asking for.
We also hear about the growing interest and awareness of Grand Seiko's class-leading 9F quartz movement technology, which is becoming an increasingly popular choice for some clients.
But first, Hodinkee Senior Editor Mark Kauzlarich drops in for a fresh analysis on some of the record watch auction results from the spring sessions in Geneva. Pocket watches were hot, Journe was surging, and Patek showed continued strength with a record result for a rare Patek 2523. So what isn't hot right now? Tune in to find out.
Show Notes
1:18 Auctions: The Five Results That Actually Mattered, From The Spring 2026 Auction Season (Hodinkee)
1:34 Derek Pratt for Urban Jürgensen "The Oval" (Phillips)
3:20 Akrivia AK-06 (Phillips)
3:41 Louis Richard "Triple Detent Constant Force One Minute Tourbillon Chronometer"
5:04 Patek Philippe Ref. 2523 "Polychrome Two-crown World-time", "Doppia Corona Policromo" (Phillips)
6:10 Records Shatter at Sotheby's Hong Kong: Important Watches Auction Soars to HK$414.2 Million / US$52.9 Million
7:25 Audemars Piguet Coussin Tortue (Christie's)
8:22 Audemars Piguet Ref. 5503 (Phillips)
13:33 Credor (company website)
14:22 Interview: Seiko Watch Corporation President Akio Naito On Grand Seiko's Future (Hodinkee)
19:38 Introducing: Credor Makes Its First Watches And Wonders Appearance With Three Novelties (Live Pics) (Hodinkee)
20:00 In-Depth A Tour Of Grand Seiko, Part 1 (Hodinkee)
21:10 Introducing: Credor's Revival Of The Locomotive, A Long-Overlooked Gerald Genta Design (In-Depth, Live Pics) (Hodinkee)
22:53 Credor Studios (Credor)
24:36 Watches And Wonders Attendance Climbs Despite Geo-Politics And Economic Challenges As Brands Make Case For Value (Hodinkee) 25:00 Credor History
28:07 Introducing: Grand Seiko Shrinks Ultra-Accurate U.F.A. Ushio 300 Divers To Less Than 41mm Wide (Live Pics) (Hodinkee)
30:26 Grand Seiko 9F Quartz -
This week on The Business of Watches, we're in Hölstein, Switzerland, near Basel, at the peach-rose colored headquarters of Oris to talk to Rolf Studer, the brand's Chief Executive Officer. One of the 50 largest Swiss brands by sales, Oris is a true independent, making mechanical watches at fair prices, conveying the brand's unique spirit.
Its history dates back to 1904, with boom times in the 1960s that were kick-started by the tireless legal and lobbying work of Dr. Rolf Portmann, an Oris executive (and honorary chairman today), whose efforts led to overturning the Swiss Watch Statute in 1966 that had prevented Oris and many other brands from using Swiss lever escapements in their watch movements.
Some 60 years later, Oris is marking that milestone with its Star Edition, an updated version of the Star, the first Oris watch to use a Swiss lever escapement after the law was changed. Portmann and Ulrich Herzog (now the Chairman) went on to lead a management buyout of Oris in 1982, which solidified the company's position as an independent brand.
Studer, who has been co-CEO since 2016 and was appointed CEO last month, discusses Oris' positioning and strategy in the current market, where the strong Swiss franc is challenging it and fellow watchmakers. Oris has responded with models that not only offer value to customers but also draw on its storied history and the unique community culture it has fostered. Studer makes the case for why crafted mechanical objects like a Swiss-made watch can deliver the satisfaction and joy that come only from a considered, well-made product, and for how Oris remains committed to making watches and operating in ways that continually express its considered, deeply held values.
But first, Hodinkee editor TanTan Wang pops in to talk about Oris and give a brief debrief from Watches and Wonders, noting some of the highlights from the industry's biggest and most important gathering, including offerings from Chopard and Cartier.
Show Notes
1:45 Photo Report The Sights, Watches, And Style Of Watches & Wonders 2026
2:14 Business News: Watches And Wonders Attendance Climbs Despite Geo-Politics And Economic Challenges As Brands Make Case For Value
2:30 Cartier Celebrates 10 Editions of Privé With Six New Editions
3:42 Introducing: The Vacheron Constantin Overseas Dual Time Cardinal Points
3:49 Hands-On: The Chopard L.U.C 1860 In Aeruse Blue
4:43 Introducing: Parmigiani Fleurier Tonda PF Chronograph Mystérieux 'Mineral Blue' Reinvents The Central-Counter Chronograph
7:50 Introducing: Oris Star Edition Celebrates A Turning Point In The Brand's History
11:38 Introducing: The Oris Artelier Complication, A Dress Watch Redesigned For A New Generation
16:04 In-Depth: A Visit to Hölstein, The City That Oris Built
19:31 Waldenburg, Switzerland (Wikipedia)
22:19 The Swiss Watch Statute And Dr. Ralph Portmann (Oris)
34:18 Oris and independence with the Bullseye Big Crown Pointer Date(Instagram)
37:11 Prices, Volumes, And Passion: The Business Of Watches In 2025 And What To Expect In 2026
37:40 Oris Calibre 400
39:08 Swiss franc x USD
40:15 The Swiss - Artisans of Time (Swiss Confederation)
42:42 ASUAG (Wikipedia)
43:04 Oris History including ownership changes (Federation of the Swiss Watch Industry)
55:49 The Oris Yangtze Jiangtun Limited Edition
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It's the final podcast of the fair, and Tim Jeffreys is joined by Andy Hoffman and Jamie Weiss. The discussion kicks off with the official launch of Hodinkee Australia, exploring the region's unique, outdoorsy collecting culture, and moves on to some new watches, including Norqain’s whimsical "Sprinkles" chronograph and Ulysse Nardin’s technically mind-blowing Super Freak.
The team also chats about Audemars Piguet's return to the fair, Zenith's first-ever tantalum watch, the Laurent Ferrier Sport Traveler, and some high-value picks from Frederique Constant and Sinn.
Thanks to Bugari for their support of this episode of Hodinkee Podcast. For more, visit Bulgari.com
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To cap off an exciting day 2 at Watches and Wonders, Ben, Malaika, and James chat about the latest releases from Vacheron Constantin, IWC, Grand Seiko, Oris, Lange, and a few additional models from Rolex. From old-school throwbacks to the dual timers and divers we’ve been begging for, it’s a broad mix of great watches announced this week in Geneva.
Thanks to Bugari for their support of this episode of Hodinkee Podcast. For more, visit Bulgari.com
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It's the first day of the fair in Geneva, and James is joined by Ben and Tim to chat over the brand new releases from Rolex – including the new enamel-dialed 126502 Daytona – as well as Patek's offering for the 50th anniversary of the Nautilus, some curiosities, and line extensions from Tudor as the brand celebrates 100 years, and all that glitters (and is Privé) from Cartier. Also, as a special treat, Ben and Andy Hoffman sit down with Matthieu Humair, the CEO of the Watches and Wonders Geneva Foundation, for a mini-episode of The Business of Watches. The trio chats about how the fair has evolved for 2026, the local program in Geneva, and more.
Special thanks to Bulgari for their support of this episode. Learn more at Bulgari.com.
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This week on The Business of Watches, we're in Geneva marking 50 years of Raymond Weil and an in-depth conversation with Chief Executive Officer, Elie Bernheim. At a time when much of the market is premiumizing and moving upscale, Raymond Weil is leaning in to its value-driven, Swiss-made heritage, producing approachable-priced timepieces that celebrate half a century of watchmaking and design.
Bernheim gives us a rundown of the brand's history, and talks about the "The Fifty", a limited edition version of its wildly popular Millesime that utilizes a new-old-stock Valjoux chronograph caliber from 1976 (of course). There's also a touring exhibition of heritage museum pieces highlighting some of the brand's most compelling watch designs, and, breaking news - they're opening a new Raymond Weil boutique in Geneva's Old Town, giving the company retail presence in the heart of the city that is the center of Switzerland's watch industry.
It's a milestone year for the brand, and Bernheim gives us the insight as to how Raymond Weil has met the challenges and stayed relevant to become a critical part of the industry landscape. Building on the recent success of the Millesime collection, the company is positioning itself for another half-century and beyond.
But first Ben Clymer stops by to talk about what is probably the biggest new watch release so far this year, Rexhep Rexhepi's new flyback chronograph, the RRCHF. Ben tells us how this timepiece raises the bar and sets a new standard for independent watchmakers. He talks about pricing and how the chronograph compares to some of the other most important names in fine watchmaking. It's bonus content on top of his 6,000-word in-depth take on the RRCHF.
Show Notes
1:40 In-Depth: The Rexhep Rexhepi Chronograph Flyback (RRCHF) Ben Clymer Hodinkee
2:53 The Rexhep Rexhepi Chronograph Flyback (RRCHF) As Explained By Rexhep Rexhepi (YouTube Hodinkee)
4:50 Introducing: The A. Lange & Söhne 1815 Chronograph With Black Dial (Live Pics & Pricing) (Hodinkee)
5:01 First Photos: The Patek Philippe 5172G Hand-Wound Chronograph
8:00 Five questions to Elie Bernheim, Raymond Weil CEO
8:50 The Story Of an Independent Watchmaker Raymond Weil
14:23 Raymond Weil: The Legacy Tour
15:20 Introducing: The Fifty From Raymond Weil Celebrates The Brand's Semicentennial By Offering A Piece Of The Past (Hodinkee)
17:30 Hands-On: Did Raymond Weil Really Make A Watch For Watch Enthusiasts? (Hodinkee)
20:45 Introducing: The Raymond Weil Toccata Heritage Brings Classic Shaped Watch Elegance At An Approachable Price (Live Pics) (Hodinkee)
21:42 Business News: Rolex And Cartier Are In Another League – A Deep Dive On The Pains And Gains In Morgan Stanley's "Swiss Watcher" Report (Hodinkee)
29:15 As China Retreats And The U.S. Wobbles, Is India The Next Great Hope For The Luxury Watch Market? -
There is already a bevy of alternatives or side venues to the mighty Watches and Wonders, taking place during what's now known as Geneva Watch Week. Maxime Couturier and Lorenzo Maillard expect there's room for one more. They're the guys behind Chronopolis, a new gathering space in downtown Geneva that's promising to give profile to the 20 or so brands participating during what's arguably the most important week of the year for the industry.
Armed with a hipster watch enthusiast persona, Couturier, Maillard, and their crew of dealers, collectors, and friends, embody what makes the watch scene cool and fun in Geneva. Now they're trying to bring that same attitude to Chronopolis with brands paying for the privilege of being part of their scene. In a discussion ahead of the show, we discuss why there's a need for yet another watch fair and what's the best way to get young people excited about watches.
But first, Hodinkee Senior Editor Mark Kauzlarich has covered plenty of watch fairs in his time, and he drops in to discuss the current state of industry trade shows and salons. We discuss where they're headed and how they're adapting to the current realities and demands of collectors and enthusiasts.
Show Notes:
4:46 Furlan Marri
4:58 Hazemann & Monnin Wins The Second Edition Of The Louis Vuitton Watch Prize For Independent Creatives (Hodinkee)
6:35 Time To Watches
7:10 AHCI
10:10 Chronopolis Independent Watch Fair
12:00 Marché de Plainpalais (Ville de Genève)
14:05 Heist Out (Instagram)
16:40 Area 51 (Sotheby's and Heist Out Auction)
19:20 Watches and Wonders
19:53 ApresDemain Agency
21:01 Hegid
24:43 Tom DuCarouge
32:18 Breda
38:13 Watches and Culture (FHH) -
This week on The Business of Watches, we get to the heart of what makes a mechanical or quartz-powered watch tick. Jean-Claude Eggen is the Chief Executive Officer of La Joux-Perret, a Swiss movement manufacturer that's on the rise as it competes with rivals, including Sellita, as a supplier to brands ranging from mainstream mass market players such as TAG Heuer to upstart micro-brands, including Kollokium.
Eggen doesn't pull punches when discussing what's driving growth at LJP as he talks prices, movement development, and technology, and how to keep clients coming back. LJP has experienced massive increases in volumes and production under his leadership since 2020. From fewer than 10,000 movements annually less than a decade ago, LJP is now producing about 200,000 watch movements a year. He tells us how they got here and where they might go next, with new products boasting greater precision and smaller movements in both quartz and mechanical.
But first, a good news initiative about a new non-profit organization in Switzerland that's looking to give young watchmakers the skills and machines they need to carry on the metiers d' art (or specialized skills) that make high-end watchmaking so unique. Baudouin van Es is the young man behind Tad Kozh, and he drops by to tell us what the new program is and where it gets its unusual name.
Van Es has convinced some heavy hitters to help out with Tad Kozh, gathering a who's who of industry artisans, craftspersons, and veteran business executives to oversee and govern the program, with some exciting watch collaborations to come.
Show Notes
2:30 Tad Kozh
2:40 Tourbillon Watch (Beaudouin van Es)
3:05 Brittany region of France (Wikipedia)
5:26 Metier d'art in watchmaking (The Watch Pages)
6:50 Tad Kohz New Talent Award
8:04 Schaublin 70 Lathe in Action (YouTube)
8:05 Hauser Jig Boring machine (Exapro)
8:20 Luc Monnet (Europa star)
9:09 Jean-François Mojon (WorldTempus)
9:19 Pietro Tomajer (Monochrome)
10:30 Tad Kozh collaborations
14:07 Anita Porchet (FHH)
15:01 Ressence Watches
17:49 Théo Auffret (Hodinkee)
20:50 Max Büsser (Talking Watches Hodinkee)
21:17 Marc André Deschoux
21:44 Alex Ghotbi (Phillips)
21:44 Roy Davidoff (Instagram)
21:57 Guillaume Tetu (The Naked Watchmaker)
28:20 Jean-Claude Eggen (Dubai Watch Week bio)
28:57 La Joux-Perret 32:32 ETA (Wikipedia)
32:45 Sellita
33:40 LJP G100
34:10 Business News: Switzerland's COSC Unveils 'Excellence Chronometer' Level Of Certification (Hodinkee)
40:34 TAG Heuer Introduces The Formula One Solargraph (Hodinkee)
41:06 Business News: LVMH Buys Minority Stake In Swiss Movement Maker La Joux-Perret From Japan's Citizen Group (Hodinkee)
42:10 Citizen Group
43:06 Alpina Alpiner Solarmetre
44:10 Let The Sun Shine In: There's A New Day Rising for Solar-Powered Watches (Watchonista) -
This week on The Business of Watches, a Swiss brand that resonates with much of the Hodinkee community, Doxa. Founded in Le Locle, Switzerland, and now based in Biel/Bienne, it has more than a century of history and is responsible for designing and producing some of the most iconic dive watches ever built. With links to legendary figures, including Jacques Cousteau and author Clive Cussler, Doxa has served as a case study for how to revive, rebuild, and grow a brand by zeroing in on the best parts of its story while keeping prices approachable at a time when the industry trend is tilted very much to premiumization.
Jan Edocs is the executive leading Doxa these days, and in a wide-ranging interview recorded last year, he lays out the brand's plans for measured but steady growth. Once available only online, Doxa is now in retailers across the U.S., Japan, the Middle East, and Australia, with plans to eventually be in more than 300 retail locations. At a time of cost inflation and tariffs, a significant challenge is keeping prices approachable while telling Doxa's unique story and history to fresh customers with new products. There are plenty of lessons on how to position a brand and company to weather both storms and sunny beach days, where a Doxa might just be the ideal wristwear.
But first, Hodinkee Deputy Editor Tim Jeffreys drops in for his BoW debut. We talk about Grand Seiko's big move to sign baseball superstar Shohei Ohtani as a global ambassador and what it might mean for the brand.
Show Notes
1:30 Tim Jeffreys
4:46 Shohei Ohtani Joins Grand Seiko As A Global Ambassador
7:41 Akio Naito and Munehisa Shibasaki On Grand Seiko In America And The Future Of All Things Seiko (Hodinkee)
10:04 Jan Edocs, CEO of Doxa
11:40 Doxa History
12:56 Jenny Watches may be a Brand you've Never Heard of, but it's left a Significant Mark on Dive Watch History (Monochrome)
14:22 Walca Watches
16:19 Doxawatches.com
21:05 The Incredible Calypso: Jacques Cousteau's Crazy Exploration Vessel (Calum YouTube)
21:50 Introducing The Doxa Sub 300T Clive Cussler Special Edition (Live Pics) (Hodinkee)
23:30 The Doxa Sub 200 (Hodinkee)
43:00 CHFxUSD 44:20 Watchmaking in Biel/Bienne (Swiss Tourism)
47:36 The Doxa SUB 250 Ahmed Seddiqi 75th Anniversary Limited Edition (Monochrome)
49:00 Introducing Doxa Sub 300 Carbon Seafoam Limited Edition (Hodinkee)
1:07:45 The Doxa Sub 200T – A Smaller Take On The Classic Doxa Design
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This week on The Business of Watches, we're in La Chaux-de-Fonds to talk to the man heading Greubel Forsey, one of the most revered and respected brands in independent watchmaking. The company had been on a recent roll, with Meta CEO and chairman Mark Zuckerberg seen wearing its pricey timepieces and a 'Mechanical Exception' win for its Nano Foudroyante at the Grand Prix d'Horlogerie Genève (a watch also in Zuckerberg's collection). Then news broke that Stephen Forsey, one of the brand's founders, was stepping down from the board, and, in a widely-seen social media post, Forsey said he had been "disengaged" from his duties by the board and chose to resign.
Nydegger tells us some of the backstory to the situation and how the company plans to move forward under stable ownership. Greubel Forsey isn't looking for investors, and should Forsey want to sell his minority stake, Robert Greubel, his fellow co-founder and majority owner, has a right of first refusal on the shares. So where is Greubel Forsey headed? Nydegger says the only thing shrinking will be the size of its timepieces as it continues a push to make its watches more wearable and possibly prices as they are trying to produce an entry-level watch in the lineup priced at around CHF 120,000 or less. They haven't quite got there just yet.
But first, we're joined by Arthur Touchot, the co-founder of Marteau & Co., to talk about his upstart auction house's plans to cut independent watchmakers in on the sale proceeds. For its sophomore edition, called 'The Echo', Marteau is auctioning off watches from independents, including Simon Brette, a Berneron Mirage Tiger Eye, vintage Daniel Roth, and an Audemars Piguet Starwheel. So will mighty AP be in line for 3% of the hammer price? Tune in to find out.
Show Notes
1:30 Arthur Touchot
2:40 Marteau & Co.
4:13 New Swiss Auctioneer Aims To Bring 'Artist's Resale Right' Concept To Independent Watchmaker Sales
6:21 The Echo catalogue (Marteau & Co.)
11:40 M.A.D. Gallery Geneva
12:52 AHCI
14:11 Audemars Piguet Starwheel (Hodinkee)
16:08 Greubel Forsey (The Art of Invention)
19:14 Greubel Forsey Gets New CEO - Michel Nydegger (SJX)
20:20 Introducing The Greubel Forsey Double Tourbillon Technique Black, The First Titanium Watch From Greubel Forsey
20:40 Guy Takes $600,000 Greubel Forsey Double Tourbillon 30 Degrees Technique Swimming, Resists Heart Attack (Hodinkee)
24:02 Quadruple Tourbillon The History
24:50 Interview: Giulio Papi, Director Audemars Piguet Renaud & Papi (Hodinkee)
29:59 Greubel Forsey Watches: A Division of Labor (NYT paywall)
32:01 Micro-machinist in watchmaking (FHH)
38:20 These Watches Used To Be A Secret Of The Ultra Rich. Not Anymore. (Bloomberg paywall)
46:30 Stephen Forsey, Co-Founder Of Greubel Forsey, Steps Down From Company Board (Hodinkee)
49:02 Michel Nydegger acceptance speech GPHG 2025 Mechanical Exception prize (GPHG Youtube)
54:40 Mark Zuckerberg Wears $900,000 Watch To Announce End Of Meta Fact Checks (Bloomberg paywall)
55:30 Greubel Forsey Family
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This week on The Business of Watches, we talk to the man who runs the brand that makes the mighty El Primero movement. Benoit de Clerck has been in the CEO chair at Zenith Watches for a couple of years now, and that's coincided with a challenging time for the sector and one of the industry's most storied brands, with more than 160 years of history and still located in its original manufacturing location in Le Locle, Switzerland.
Under de Clerck's leadership, Zenith is responding to the challenges with a multi-pronged approach. It's throttling production to keep sell-in and sell-out balanced, he says. But it's also stepping up its movement, making production expertise and supplying more calibers to other brands, also under the LVMH watch group umbrella. As for those reports and rumors that Zenith is up for sale? We ask de Clerck straight up if the El Primero maker is on the selling block. Have a listen to hear his forceful and fulsome response.
But first, former Hodinkee editor Logan Baker drops in to give his take on Zenith, as well as reports that the valuation of Breitling has been reduced by its private equity ownership. Logan also has a few of his unique vintage Zenith watches on hand for us to check out.
Show Notes
1:30 Logan Baker (Hodinkee)
1:40 A Watch Enthusiast's Guide to Geneva (Logan Baker, Phillips)
2:34 Zenith Manufacture Le Locle
5:13 Zenith Chronometer Calatrava Circa 1964
6:50 Square case Zenith Defy with integrated bracelet
7:34 Zenith Elite Movement
9:45 Morgan Stanley Swiss Watcher Report
10:50 Private equity owners slash valuation of Swiss watchmaker Breitling (FT paywall)
13:15 Zenith Celebrates Its 160th Anniversary With CEO Benoit de Clerck (YouTube, Watch Adviser)
15:25 Hands-On: Zenith's Resurrected Caliber 135-Powered 'G.F.J.' (Hodinkee)
15:49 Hands-On: The Zenith Chronomaster Original Triple Calendar Lapis Lazuli (Hodinkee)
17:01 GPHG Chronometry Prize 2025
18:40 I Spend All Day Researching Vintage Zenith Watches – Here's Why This El Primero Is So Important To Me
20:03 Introducing: Zenith Defy Chronograph USM (Hands-On And Live Pics)
26:03 LVMH response to report Zenith brand is up for sale (Hodinkee story on Baume & Mercier sale) 27:30 Tiffany's New Watch Courts The Male Buyer (New York Times)
32:07 Hublot Big Bang With Zenith Movement (Monochrome)
37:01 Zenith: The Heart of Watchmaking (YouTube)
39:05 Zenith A Visit To The Manufacture
41:02 Zenith GFJ
42:32 CHF x USD (Yahoo)
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This week on The Business of Watches, we go behind the scenes with the man who compiles and crunches the numbers for the Morgan Stanley Swiss Watcher report, the most influential and widely read annual financial league table on the industry. Oliver Müller has been around the sector for some three decades, beginning his career at Omega before executive roles at a series of brands, including Laurent Ferrier, where he served as Chief Executive Officer. He's now a consultant to the industry and has helped shape brand strategy and positioning for the likes of Akrivia and Rexhep Rexhepi, among others.
Müller's most high-profile gig these days is compiling the estimates of Swiss brand revenue and volumes for the Morgan Stanley report. It's the top league table for the sector, and he tells us how he calculates and decides on the estimates that get published. Not everyone is a fan. Swatch Group has long criticized the report, now in its 9th edition, and Müller tells us why he believes Swatch and its leadership don't always appreciate the numbers.
But first, Hodinkee founder Ben Clymer drops in for his Business of Watches debut. Ben tells us about his recent trip to Geneva and what he's hearing from some of the big brand executives. He also gives us his take on some of the data deep inside the Morgan Stanley report.
Show Notes
1:30 Ben Clymer (Hodinkee)
2:11 Watches of Switzerland Group
4:10 Gold price 4:42 USDxCHF
6:40 Audemars Piguet CEO Ilaria Resta Drives Double-Digit Sales Increase For Brand's 150th Anniversary Year
10:20 Cartier Santos de Cartier in Titanium (And Steel) — The Watches You Want From Cartier, Whether You Know It Or Not (Hodinkee) 12:55 Cartier's NSO – Or "New Special Order" – Watch Program Is Over, At Least As We Know It (Hodinkee)
15:00 LuxeConsult (Oliver Müller)
15:15 Morgan Stanley
18:15 Richard Mille
18:34 Bucherer
24:13 When Banks Try To Unlock The Watchmaking Secret (Le Temps) (In French)
32:47 F.P. Journe
32:50 H. Moser & Cie.
37:30 MB&F
39:20 Raymond Weil
39:25 Frederique Constant
39:30 Christopher Ward
43:05 Jacob & Co.
44:00 How The Five Time Zone Shaped Modern Watch Culture (Hodinkee Malaika Crawford)
49:20 Tudor sales slump by 23% but Rolex turnover ticks up 5% to CHF 10.6 billion (Watchpro)
53:20 IWC
54:15 Jaeger-LeCoultre 59:20 Richemont Sells Baume & Mercier
1:01:30 Swatch Group Brands
1:06:20 Rolex careers and work locations including Biel / Bienne -
What's in a name? More specifically, what is a name worth? Gerald Genta, likely the most famous watch designer in history and responsible for conjuring iconic models from the Audemars Piguet Royal Oak, the Patek Philippe Nautilus, the IWC Ingenieur, and the Universal Geneve Polerouter, among others, sold his eponymous watch brand and name to what is now Bulgari and LVMH in the early 2000s. Then he started another brand - using his middle name instead of his family name - and that became Gerald Charles. It was sold to the Ziviani family in Italy in 2003, as Genta remained employed at the company as chief designer until his death in 2011.
The brand continued producing mostly one-off, bespoke pieces on a small scale for wealthy clients until 2019, when Federico Ziviani, then in his early 20s, took over as Chief Executive Officer and pushed the Gerald Charles brand to a new phase. That would see it draw on designs from Genta's era with the company, most specifically the 'Maestro' case, and sell watches to consumers, first online and then through retailers.
Production has climbed from about 200 watches a year to more than 1,500, and prices have climbed as well, to an average of about CHF 27,000, Ziviani tells us in an interview recorded at the company's operations in Geneva, where it has an atelier and a small museum that traces the history of the brand and its production. Ziviani is enthusiastic and passionate about the family-owned company that is now sold in about 100 retail stores globally. And he makes the case for why he thinks Gerald Charles watches deserve their hefty price tag.
But first, we jump into some of the recent business headlines in the watch world. Rolex has consolidated its position as the dominant Swiss brand for watches priced above CHF 3,000 francs with more than 60% market share by sales, according to Swiss bank Vontobel. The bank also ranks the top brands by estimated sales, and we consider the list. And the Contrôle Officiel Suisse des Chronomètres, or COSC, is launching a new higher-tier standard to test the accuracy and precision of Swiss watches. We discuss what that might mean for the Swiss industry, brands, and customers.
Show Notes
1:40 Rolex Trimmed Production In 2025 According To Swiss Bank Vontobel
7:06 Gold price (Yahoo)
7:30 Switzerland's COSC Unveils 'Excellence Chronometer' Level Of Certification
14:20 Gerald Charles
15:00 Gerald Genta (Wikipedia)
15:49 Gerald Genta Gefica Safari (Europa Star)
17:11 Audemars Piguet Italia (Bloomberg)
18:20 Giampaolo Ziviani and Gerald Genta (Instagram)
26:20 Gerald Charles website
27:30 Ticino, Switzerland (Wikipedia)
38:30 Gerald Charles Ambassadors
42:15 Swiss Made or Swiss Charade? (ScrewDownCrown)
45:00 Gerald Genta (LVMH)
46:30 Gerald Charles History
48:00 USD x Swiss Franc (Yahoo)
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This week on The Business of Watches, we head to La Chaux-de-Fonds and sit down with a CEO that running a very different business than most watch brands. Mitchell Wein is the scion of a family that's been in the watch business for more than a century, and the Marathon brand launched back in 1939, supplying timing instruments for the Allied Forces in World War II.
Selling watches, stopwatches, and clocks to governments and military organizations is still the bulk of Marathon's business these days. Wein says 80% of the watches they sell, by volume, are for these kinds of clients. For a company based in Toronto that makes its watches in Switzerland, that comes with a special list of challenges, particularly in the current geopolitical landscape, where conflicts are heightening, and more trade barriers are being erected. Marathon notably supplied the U.S. military with field watches during the Gulf War way back in the early 1990s, and even today, Wein says the company always has to be ready for a potential war and a potential big order from a military looking to outfit its soldiers with a watch able to withstand the rigors of modern armed conflict.
But first, we're joined by another Canadian from the wide world of watches. Hodinkee Editor-in-Chief, James Stacey, drops in to talk about a recent trip to Japan and the launch of the Louis Vuitton X De Bethune LVDB-03 Louis Varius Project, a very exclusive travel watch that, if you're in the right price bracket, comes with a Sympathique clock that serves as a docking station to wind and set the watch.
Show Notes:
2:04 Introducing The Louis Vuitton X De Bethune LVDB-03 Louis Varius Project (Hodinkee)
5:16 Denis Flageollet
6:40 F.P. Journe Reveals Why He Paid More Than $6 Million For A Breguet Clock He Designed
9:30 Hands-On: The DB25 Starry Varius (Hodinkee)
11:01 Exclusive: Hermes heir takes aim at LVMH's Arnault in missing shares civil lawsuit, court document shows (Reuters)
13:02 Travels With A Marathon Watch In Search Of Adventure (Cole Pennington, Hodinkee)
13:40 The Marathon Navigator – Now With A Steel Case! (Hodinkee)
14:30 Marathon X Jeep
18:00 Marathon Our Story (Marathon)
26:00 Comparison of Marathon Navigator Steel vs. Plastic (You're Terrific YouTube)
30:02 Doxa
34:15 Marathon Limited Edition ADANAC Stainless Steel Navigator Pilot's Automatic
40:05 Electromagnetic Pulse (EMP) Following a Nuclear Detonation (U.S. Dept. Health and Human Services)
42:16 IntroducingThe Marathon Navigator 'Blue Yonder' Limited Edition (Hodinkee)
48:11 NATO Stock Numbers (Wikipedia)
1:02:30 Robertson Screw (Wikipedia)
1:10:12 Marathon Clocks (Amazon)
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