REVOLUTION_International_Vol 54

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.
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