REVOLUTION_International_Vol 54

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A SPECIAL HOUSE Parmigiani CEO Davide Traxler shares his growth plans for the Fleurier-based watch brand amid shifting market conditions. WORDS ADAM CRANIOTES When it comes to vertically integrated manufactures, Parmigiani stands tall. Not only do they manufacture fully 100 percent of their timepieces in-house, but they’re also OEM suppliers for some of the most vaunted and sought-after brands on the market today. Even so, the brand is still somewhat of a mystery for many collectors. To address that Parmigiani appointed industry veteran Davide Traxler as CEO in 2018. We recently had the opportunity to sit down with Mr. Traxler to discuss the brand’s past, present and future, and gain some insight into the mind of the man who is steering their course through an increasingly crowded and complicated landscape. 126 BACKTOTHEFUTURE
How does Parmigiani differ from the brands that you have managed in the past? All brands are rather different, and they’re even more different from what you’d expect when going in. I find that whenever I join a company, within three months my opinion of the company and product changes completely. Especially [with] the feedback from the market. That’s the part of the business that I enjoy most — going out and listening. So, what’s different about Parmigiani Fleurier? To me the biggest difference is our restoration services, which are unique. The other difference lies in our manufacturing and the fact that we are trusted by the most trusted brands. And to be a trusted partner of the most trusted brands, to me, is very special. No brand is a competitor, but every brand is a colleague. These two key differences build a positive feeling around Parmigiani which is unique in the industry. You’ve been with Parmigiani for a little over a year; what challenges have you identified in that time? I would say that there has been too little focus and too much dispersion. We need to focus and to understand what we want to have as a message to the market. Not only product-wise, but also message-wise. Today it’s difficult to explain the brand in three words and that’s what we have to come down to. What we’ve been doing is reinforcing our board of directors. We have someone from a leading Swiss accounting firm, someone who led a multinational foundation, and we’ve recently added Daniel Riedo, former CEO of Jaeger-LeCoultre. These are three unique and vital perspectives, and we are in daily conversations with them. Together we’re going through every part of the company to give us the best chances of success. Which markets present a challenge? Which markets are the strongest? We decided immediately that we had to follow the markets and shift investments. We were over-invested in Europe as far as offices, presence and sponsorships [were concerned]. The European consumers simply weren’t celebrating success in that way, i.e. buying watches. The biggest market in the world for us is greater China, followed by the United States and then the Middle East. Together these are our number one, two and three markets. And while Europe is still deeply important, it has become more important as a travel retail destination, so you have to invest in the markets where consumers are still in the mood to celebrate success. You have a standalone boutique in Miami, are you thinking of opening anymore? Not at the moment. I’m one of the few that believes that the multibrand retailer is the best solution for the consumer. The consumer is not faithful to one brand in general; they have different needs in different moments and I think that the educated and prepared retailer is the best solution. What is it like to work alongside [brand founder] Michel Parmigiani? He’s in the company every day. In fact he lives right behind the manufacture. His passion remains where he came from: restoration. Most often you can find him in the restoration department. We meet every day in the office and he’s kind enough to take engagements abroad. He has the energy and will to go on meeting people and go out to different markets, and it’s a great luxury for us. How do you select brand ambassadors? These are people who came to Fleurier who understood our philosophy and decided to partner with us. None of them are paid; it’s not that kind of relationship. It’s a relationship based on them enjoying who we are and what we do, and we have respect for what they’re doing in their trade. They’re not “brand ambassadors” in the strictest sense, they’re our friends. Firstly, you don’t choose friends, it just happens. And diversity is the beauty of these friendships. When you put Mr. [Evgeni] Malkin with Jessica [Korda] and a cybersecurity expert from Russia [Ilya Sachkov], I promise you that the conversations are extraordinary. 2019 marked your first SIHH, now [known as] Watches & Wonders. How was that experience? I think that it’s a different sort of approach. SIHH is more organized, a bit more subdued in atmosphere. Baselworld is more lively and you hear more “buzz” in Basel. One is a very well-oiled machine, while the other is more of a fair. I think that both have advantages and disadvantages. As far as the trade is concerned I think that there’s a huge amount of value in having these fairs. It’s the best chance for a brand to have 100-percent feedback from the journalists, the experts and the collectors and you get it all in three days. It really is a very rich moment for a brand. If we do lose these shows in the years to come I think that we will have lost something very extraordinary. Given the marketplace, where do you see Parmigiani headed in the future? Overall, I’d say that the market is becoming more global in nature. The difference in sizes and tastes have been reducing over the years. It’s becoming more of “one market”. And that simplifies life, but it’s been a rapid change, which is interesting. For us we have a clear path — we built a three-year plan to profitability, and we’re right on target. On the other side, the market is still very healthy, but we’re only six months in so we still have two and a half years to reach our goal. Can you speak about your women’s collection? We are a gender-balanced brand; the women’s market is 50 percent of our sales. In fact, I think that the women’s market is the biggest opportunity for the whole trade and, in general, I think that the market just doesn’t understand women properly. There’s a big way forward there and we’re confident that we’re approaching it correctly. What are you wearing? I’m wearing the Tonda Metrographe in rose gold with blue dial and the 300-series movement. Do you have a favorite Parmigiani? I usually wear a watch for about three months because I like to understand how it feels. I look at all the details. The first impression is not enough for me, but after three months I really feel as though I know every single detail of it. BACK TO THE FUTURE 127
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