It has been a while since Swiss Haute Horlogerie Parmigiani Fleurier has been at the forefront of our thoughts. Last year, the brand witnessed a gradual resurgence largely attributed to the newly appointed CEO, Guido Terreni. His influence became evident during a media event in Singapore, where some attendees recognised him from his previous role as president of Bulgari Horlogerie, a position he held for a decade beginning in 2010.
Under his leadership, Bulgari transformed into a premier watch brand, earning 57 international watchmaking awards and setting six world records in ultra-thin movements. Drawing from this wealth of experience in the watch industry, he pledges an exhilarating future for Parmigiani Fleurier. The brand remains steadfast in preserving its legacy while embracing innovation and pushing the boundaries of watchmaking craftsmanship.
On his appointment, Terreni says: “I am honoured and enthusiastic about being able to contribute to enhancing Parmigiani Fleurier’s reputation. It is a solid brand, capable of expressing the Swiss watchmaking heritage at the highest level, which has recently been included by Unesco in its List of the Intangible Cultural Heritage of Humanity, whilst also attracting the interest of the most discerning connoisseurs.”
Although Parmigiani Fleurier was founded in 1996, it carries a legacy of over a century’s worth of watchmaking expertise through its founder, Michel Parmigiani, a watchmaker and restorer. Michel embarked on this entrepreneurial venture with the backing of the Sandoz Family Foundation. His deep-rooted passion for horological traditions and visionary approach to contemporary innovation paved the way for establishing the esteemed house that thrives today.
Going beyond mere mechanics, Parmigiani Fleurier has emerged as a symbol of exceptional craftsmanship and steadfast commitment to precision. The maison has introduced many celebrated timepieces seamlessly blending traditional expertise with modern artistic expression. Terreni delves deeper into the Maison’s proficiency and delineates Parmigiani Fleurier’s strategy for sustaining competitiveness in the crowded watchmaking industry.
How confident are you in the sales potential of this year’s watch launches and what factors contribute to this confidence?
This year comes after a record 2023, where Parmigiani Fleurier was able to achieve the best year of our history, being five times the business size [when I joined] in January 2021 and finally profitable. This is a remarkable achievement that is built on a deep understanding of our brand values and those of our audience. We have put the product at the centre of our value proposition.
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For many years, managerial theories pushed managers to focus on storytelling and brand experiences that distract an organisation from its core, which is the capacity to create desirable products that are an expression of a singular identity. We have gone back to the core of what we are — refined watchmakers. We have created a new collection, the Tonda PF, characterised by a minima-rich style, pure in the aesthetics and very rich in the finishings, to appeal to a watch connoisseur seeking a personal choice and a non-ostentatious form of luxury.
We are at the early stages of our renaissance, and our potential in my opinion is far from being attained. We are aware that 2024 has started, as an industry, very differently from how 2023 ended. Hopefully, the speculation bubble, that generated extra sales through “flippers”, is coming to an end and this is good for the industry.
What strategies do you intend to employ to sustain Parmigiani’s leadership status in the luxury watch market?
We have to be very bold in continuing to build the desirability of our maison, and at the same time, be very in line with the sell-out of our business partners. We do not deliver a watch if the previous one has not sold out. There is no sense in stuffing the counters of our partners with stock. We have to work together with them helping them manage their cash, as in our business, this is a key success factor.
What is your take on the grey market that has caused resale prices to soar?
The speculation bubble is coming to an end. [People who thought they could earn] easy money through flipping watches have understood that it isn’t that simple. Now that prices are getting closer to the price lists, speculators are rushing to sell their watches before they lose their money. Hopefully, we will not go back to that reality, and we will again serve watch-lovers who enjoy purchasing for their pleasure.
Is there pressure to follow the trend toward smartwatches, and how does Parmigiani plan to navigate this dynamic?
Absolutely not. There is no connection between connected watches and high-horology.
How does Parmigiani intend to distinguish itself from competitors in the market?
We appeal to a very savvy watch connoisseur who buys for personal choices and not for status recognition. This is why we took out the logo in writing from the Tonda PF, as it underlines the self-rewarding philosophy.
In our creations, we are looking for aesthetic and technical innovations that push the boundaries of watchmaking. I am always questioning why nine out of 10 watches bought today have not been designed in our generation. This is unique to the watch category. We try to move forward and leverage the respect of the watchmaking tradition to innovate and evolve the watchmaking sensitivity towards the future. Our World Premieres, the GMT Rattrapante, and Minute Rattrapante are an expression of this approach.
I believe we are on the verge of a creative decade, where independent brands will drive the creativity of the industry, in opposition to the maintenance of the status quo that big brands are obliged to protect to maintain their P&L that have become very important.
From a marketing perspective, how does Parmigiani plan to evolve its retail presence and distribution strategy to align with shifting consumer behaviours and preferences? Are there plans for e-commerce?
I may be counter-trending here, but I am a true defender of multi-brand brick-and-mortar distribution. It is perfect for a watch connoisseur, who when shopping, wants to be advised professionally by someone who knows the whole industry, not just one brand. Connoisseurs want to compare and learn. This is why we work with partners who are knowledgeable and professional in presenting our brand to the right audience. E-commerce is not a priority now. We want to build solid human relationships with our partners and their clientele. This is why we have reduced the distribution by two-thirds since my arrival. Quality over quantity.
Are there emerging trends or technologies that you believe will significantly influence the watch market, and how is Parmigiani preparing for them?
Of course. The savvy and younger audience is seeking their points of repair. The fact that a brand is competent and not well-known is a sort of plus for this kind of audience. Being interesting becomes more important than being known or endorsed by a celebrity under contract. Creativity and credibility become key success factors for a non-follower crowd.
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Could you discuss Parmigiani’s target market and the key demographics it aims to reach with its products?
We seek to appeal to the watch purists of tomorrow. People who are true watch-lovers, discerning in their choices, and who are fed up with seeing the same watches around the table when they go out dining.
How does Parmigiani stay relevant in a constantly evolving industry, and what strategies do you employ to adapt to changing consumer preferences?
I always say that nobody needs another watch in the industry. So if you have to launch one, it better have something to say. You must always be curious and keep your eyes wide open, trying to catch the economical and societal moves or moves to come. Easy to say, difficult to materialise.... Luckily, it’s a question of sensitivity. There is no rule. You need to mix the magic of intuition with the rational elements needed to build a foundation that will win the test of time while staying true to the brand values that never change.
What challenges and opportunities do you foresee for the timepiece industry in the coming years, and how is Parmigiani positioned to address them?
Creativity will be the challenge and the opportunity for the industry if we will hopefully go towards a non-homologated luxury.
Finally, what are your long-term goals and vision for the future of Parmigiani as a timepiece brand?
We aspire to become a reference for a private and refined luxury, for a discerning and non-ostentatious watch connoisseur. This moves us and will continue to be at the heart of our decisions.
The Tonda PF Hijri Perpetual Calendar
Based on the Hijri Calendar Table Clock created by Michel Parmigiani in 2011, the wristwatch version was born.
Inspired by the restoration of a pocket watch showcasing an Arabic calendar, Michel Parmigiani created a clock that was later miniaturised into the Hijri Perpetual Calendar wristwatch. This remarkable innovation earned the Maison the 2020 Grand Prix d’Horlogerie de Genève (GPHG) Innovation Prize.
The reissued timepiece is housed in a stainless steel case with a Viridian green dial. The Tonda PF Hijri Perpetual Calendar pays homage to the Tabular Islamic calendar, originating from the 8th-century insights of Muslim scholars and astronomers. This calendar system facilitates the conversion of Islamic dates to Gregorian dates, enabling the creation of the Hijri Perpetual Calendar. Notably, the Hijri calendar’s inception in 622 CE aligns with the Prophet Muhammad’s Hijrah, signifying his migration from Mecca to Medina in present-day Saudi Arabia. The lunar Hijri calendar follows the moon’s cycles, as it operates on a 30-year cycle, with each year comprising 12 months of either 29 or 30 days. Within this cycle, there are 19 common years consisting of 354 days and 11 abundant years consisting of 355 days.
The timepiece features a stainless steel case, water-resistant up to 100m, displaying alternating satin and polished finishes. Its fluted bezel is crafted from 950 platinum, complemented by a corresponding stainless-steel bracelet secured with a folding clasp. The Viridian green dial is meticulously hand-finished with a Grain d’Orge guilloche pattern. Applied hour markers and skeletonized delta hour and minute hands are fashioned from 18k gold with rhodium plating, while the second hand and calendar subdial hands are constructed from rhodium-plated steel.
Powering the Tonda PF Hijri Perpetual Calendar is the Caliber PF009 automatic movement, boasting a frequency of 28,800 vibrations per hour (4 Hz) and a 48-hour power reserve. This intricate movement features bevelled bridges, while its skeletonised rotor, crafted from platinum, exhibits a polished and sandblasted finish. Just like the case and dial, the movement is meticulously adorned with Côtes de Genève and perlage finishes throughout.
The Tonda PF Hijri Perpetual Calendar presents all essential information directly on its dial. At the 12 o’clock position, a subdial delineates the 30-year cycle, showcasing abundant 355-day years in beige and standard 354-day years in white. Positioned at 3 o’clock, another subdial marks the numbered months of the year, with the ninth month, Ramadan, highlighted in vivid red. Meanwhile, the 9 o’clock subdial displays the days of the month, with an aperture indicating whether it’s a 30-day abundant month or a 29-day common month. A white aperture represents a 29-day month, while an activated beige aperture signifies a 30-day month, with the number 30 inscribed in Arabic as ۳۰.
