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Monday, January 31, 2022
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Parmigiani Fleurier Tonda PF: A New Chapter For The Manufacture
Given all the attention we have been giving Parmigiani Fleurier this year, you would think we would not have left anything out. After all, the brand is just 25 years old, and founder Michel Parmigiani only started in watchmaking in 1976. We knew that the new Tonda PF was going to be our cover in our final issue this year so we were concerned about repeating ourselves. Going over our notes though, we realised that we had not covered something fundamental to Parmigiani Fleurier, which Michel Parmigiani himself finds so important that it finds expression in every collection, including this new one. We are referring of course to the Fibonacci sequence and the Golden Ratio. We shall correct the omission here.
Before we get to that, the cover story needs a brief primer, as always. The Tonda PF Micro-Rotor on the cover gets its own space in our cover watch segment, as always, so that is the place to seek the specifications and other relevant information. The top of the line Tonda PF Split Seconds Chronograph gets its due right here, and the manufacture invested in wonderful beauty shots for the entire collection and we have included some here.
You will also find a couple of watches from outside the new Tonda PF collection, which found their way into the studio for our shoot and closer inspection so we will devote a little space to those. The time-only Tonda GT and the Toric Hemisphere Retrograde provide visual continuity for the entire Parmigiani Fleurier range, and supply context for key differences with the Tonda PF. Indeed, for the bulk of this story, we intend to focus on what makes the Tonda PF stand out, and why it has attracted so much attention. It does not represent a break with Parmigiani Fleurier collections of the past, and in fact follows up on the positive vibes generated by the Tonda GT collection last year, and the Tonda collection over a number of years.
Bold Moves
Arguably the boldest move by Parmigiani Fleurier and incoming CEO Guido Terreni with the Tonda PF was to double down on subtlety. Terreni told us that he loves the delicate and quiet soul of Parmigiani Fleurier so going more low-key is perhaps not so paradoxical. He added that he wanted to be careful and deliberate. Still, Parmigiani Fleurier is not Audemars Piguet. To adroitly adopt a logo that abbreviated the brand name as the Tonda PF does, while simultaneously removing the words Parmigiani Fleurier from the dial entirely, is risky.
To break the fourth wall here for a moment, I do not even think Audemars Piguet should be doing that so perhaps I am biased. But, just to be clear, this bias is offset by how attractive I think the Tonda PF is, especially the time and date model, and my feelings about this are evolving, which I will address again by the end of this short story. For now, I will say that I am shielded from getting in over my head here only by my collecting preference for German brands. God help me if Parmigiani Fleurier were to make a perpetual calendar Tonda PF in steel…
Back on point, this brings us to why the Tonda PF Micro Rotor is on the cover. We could have featured the Tonda PF Split Seconds Chronograph instead, and both the brand and its new retail partner Sincere Fine Watches suggested it. However, we felt strongly about the base model. The complication, while superb and fully in-line with our editorial ethos, distracts from the ephemeral beauty of the Tonda PF. Parmigiani Fleurier has been diligently taking up the Tonda PF’s appeal to purists and connoisseurs — a delight for those in the know, as the press release states. While you, dear reader, may not know what to think of the PF logo, if you are a collector and a watch enthusiast, then you must agree that Parmigiani Fleurier needs a standard-bearer watch. To put it another way, everything about the brand needs to flow from now watch, and this watch must be as pure and true as possible.
Serious Watchmaking
This is not about authenticity mind you; Parmigiani Fleurier has been authentic since day one. Michel Parmigiani is probably one of the most genuine watch creators you will ever meet, should you be so lucky. When the brand made its debut in 1996 at the Beau Rivage Palace in Lausanne, Switzerland, it introduced no less than 52 timepieces, which is maybe 50 more than most brands start with. The Toric and Kaipa collections are still with us today, along with the Tonda. Beginning with the Tonda Hemispheres in 2007, this collection began to become more significant, culminating in the Tonda GT last year, which is exactly the sort of high-end sporty watch that the world is hungry for.
On that note, for those who might have tumbled into the virtues of Parmigiani Fleurier recently, it is worth considering the brands accomplishments, briefly. As far as being a vertically integrated manufacture, some observers have compared Parmigiani Fleurier’s ability to do all the important work of watchmaking with that of Rolex. It is certainly true that the Sandoz Family Foundation owns Parmigiani Fleurier, and the various firms that supplies it; the brand only needs outside suppliers for sapphire crystals, synthetic rubies, leather straps and the mainspring.
In terms of movements, the band has created more than 30 in-house calibres over the last 25 years. These include some very impressive standards such as the world’s first series-production 30-second tourbillon calibre (for the Tonda 42 Tourbillon); the masterful high-frequency split seconds chronograph movement (originally for the Tonda Chronor Anniversaire); the world’s thinnest flying tourbillon (for the Tonda 1950 Tourbillon); and the world’s first perpetual calendar based on the Islamic lunar calendar (the GPHG-winning Tonda Hijri Perpetual Calendar). While we have curated this list, the relevance and importance of the Tonda collection must be emphasised. As it happens, it is relevant to the future direction of Parmigiani Fleurier.
“Parmigiani Fleurier is all about very serious high-end watchmaking,” said Sincere Fine Watches CEO Ong Ban. “The new Tonda PF Micro Rotor (for example) has set a new standard in the luxury sports watch segment. It has all the hallmarks of an icon and future classic. The bracelet hugs the wrist in a way very few watches in the market do.”
Golden Ratios
We will return to that very salient point about bracelet design momentarily, but it is best to address hallmarks first because we have yet to get into the Fibonacci sequence and the Golden Ratio. Without getting into the nuts and bolts of the mathematics involved, the patterns that can be derived from the Golden Ratio have informed everything Michel Parmigiani has designed for Parmigiani Fleurier. The brand explains that the Golden Ratio guides the proportions of the hands and counters (if present); the guilloche patterns; the shape of the lugs; and even the case proportions. We have always found it amazing that an irrational number such as the Golden Ratio can produce such harmonious proportions. Needless to say, it has been such a regular feature of the Parmigiani Fleurier publicity strategy that we have since internalised it.
For examples of the Golden Ratio at work in nature, we prefer the example of the artichoke and the sunflower over the commonly use nautilus shell. That is simply because the latter is not truly an example of the Golden Ratio. In any case, turning to the Tonda PF in particular, we think the logo itself is an example of the Golden Ratio at work, mainly because it is not new; Michel Parmigiani designed it himself and the eagle-eyed may have spotted it on the rotors or crowns in the past. Terreni called it the brand’s poinçon de maître in describing it to WatchTime’s Roger Ruegger; he expanded on this point to us, telling us that the idea of using this logo more prominently as CEO this year. It was amongst the creative ideas he had for the brand before he even joined.
“In my experience, a design that doesn’t come quickly usually isn’t strong. If you are turning in circles on a creative idea, maybe that idea itself isn’t that powerful and you better abandon it and look for a new one,” said Terreni. He responded to our questions on the Tonda PF via email.
Pleasure for the Wearer
That captures our sentiment with the Tonda PF Micro-Rotor too, because the watch absolutely shows how a design establishes success for itself. Consider that not only is there a paucity of brand messaging on the dial, but that the elaborate engine-turned guilloche pattern is so unobtrusive that you have to get pretty close to really see it. This is a little different to previous presentations of the same craft on the dial, as you can see from the Toric and Tonda GT models here, and makes the watch more of a pleasure for the wearer. Ditto the lack of a second hand; people who celebrate time do not need to worry about the brutish passage of the seconds.
“I have known Parmigiani Fleurier for 20 years, and I have always admired the prestige it was able to convey. Yet I had the feeling the consistency of the style and its appeal was fading amongst the watch purists of today. Therefore, I asked for a minimal and pure style, but to be crafted with the highest finishing, that has always been a hallmark of the brand, adding a more contemporary touch.”
This point got us more interested in Terreni’s direct involvement in the development of the Tonda PF, which seems a little incredulous because the collection must have been in the works for some time before Terreni took the reins at Parmigiani Fleurier. Not for the first time, we were completely wrong because Terreni is indeed the driving force behind the collection.
“I felt the urgency to innovate, because the Covid-19 crisis hit the brand harder than the industry in 2020. I saw the encouraging signals shown by the Tonda GT, just launched the year before, and I sensed the need for a more elegant mood, personal to Parmigiani Fleurier complementing the FT sporty collection.”
Risky Business
Terreni explains the time, ironically, was certainly not on his side when it came to the Tonda PF, conceding that he needed to take some “calculated risks.” He believed it was possible to make a success of the collection for three reasons, the most practical of which was that no new movements were called for — everything was already available at the manufacture at Fleurier.
Terreni also found that he had extremely competent teams at his disposal, and what he calls “phenomenal internal production capacity in cases and dials.” Terreni knew that with all the in-house production capabilities of the manufacture, the brand was the master of its own destiny. “I would never have taken such a challenge without such an in-house capacity.”
We can say, quite fairly, that the Tonda PF demonstration of Parmigiani Fleurier’s power. Remember that the knurled platinum bezel of the steel models is finished by hand, and the Grain d’Orge guilloche on all the dials is also done by a master craftsperson (using a hand-driven engine-turning machine). Yes, the movements are existing examples of Parmigiani Fleurier’s know-how and capacity, but creating a collection at this level takes much more. It requires a crack team with a powerful spirit, especially when you face Terreni’s timeline.
“The creative process of the Tonda PF went smoothly. Design was validated in the hard milestones on February 19, leaving finishings and dial colours to be finalised in parallel during the development. The first prototypes saw the light March 8, and the whole collection was finalised at the end of June, and presented with production pieces in Geneva Watch Days on August 30; deliveries to clients started in the second half of October.”
Tomorrow’s Collector
If you are the collector Terreni is starting with the Tonda PF — the person looking for something quite different because he has everything else that he wants — then the process of developing the collection might shock you. Look at the four models showcased here, and bear in mind how quickly the look came together. To begin with, as a recap, the Tonda PF collection consists for four distinct models, distinguished by complication: the Tonda PF Micro-Rotor; Tonda PF Chronograph; Tonda PF Annual Calendar; and the Tonda PF Split Seconds Chronograph. Many of the elements cited thus far are common to the entire Tonda PF collection. The Micro-Rotor is the mainstay here, being a two-hander with date, and it showcases the characteristics that define the Tonda PF.
Tonda PF Chronograph is a high frequency chronograph with date; by high frequency here, we mean 5 Hz. In the Tonda PF, dimensions are by turns restrained and extravagant. As normal in the Tonda, the chrono pushers share design cues with the lugs, which we have always felt is a welcome touch that not every design can accommodate. Water-resistance is 100 metres thanks to a screw down crown, which is common to all Tonda PF models.
Also common to all models is the highly unusual dial, which espouses the same purity of purpose we discuss elsewhere. While it is not entirely appropriate, comparisons with the recent Tonda GT Tondagraph will be inevitable. Both the dial and logo make this Tonda PF quite different, even once you equalise for the absence of the annual calendar module. The all-new indices from the mind of Terreni also make a difference — this is a very handsome chronograph that is a pleasure to look at as well as use. It is available in rose gold and steel.
Speaking of annual calendars, the Tonda PF Annual Calendar gives this complication space to breathe in its own variant. This one has attracted considerably less attention than all other variants, as far as we can tell, but it represents great quality and legibility, while not announcing itself at all. You should take notice though because Parmigiani is not offering this complication in this form, complete with moon phase and retrograde date, in any other collection.
In fact, when we saw this watch for the first time during Geneva Watch Days, we had to be reminded that manufacture has used this retrograde date function previously for the annual calendar — we only recalled the Toric model, as seen here but that is a dual time watch. Our own archives show that the annual calendar with retrograde date first appeared on the Quator model in 2011 (now discontinued) and a previous Tonda in 2018 (also out of production). The Tonda PF Annual Calendar is simultaneously more elegant and subtle, while being perfectly legible. Water-resistance here is also 100 metres. It is also available in steel and rose gold.
Finally, the Tonda PF Split Seconds Chronograph is the undisputed top-tier offering, and we will use it to discuss a couple of outstanding points about the entire collection. Quite unusually, the dial of the watch is solid platinum, just like the case and the bracelet. The model we shot and had a little time with was a press sample so we will not comment on the feel, but it does look noticeably different to the other Tonda PF models, being sandblasted. In its own way, it preserves the low-key aesthetic of the rest of the collection.
What is truly interesting here is calibre PF361, which the manufacture reminds us powered the GPHG winning Chronor. That watch was created for the 20th anniversary of Parmigiani Fleurier’s founding, and the manual-winding calibre is extensively skeletonised. It boasts a mainplate and bridges in rose gold, and these are thoroughly finished to an extraordinary level. This model is limited to 25 pieces in honour of the 25th anniversary.
Like A Second Skin
Needless to say, this watch represents the apotheosis of the Tonda PF, and the alternating polishing and satinating of the case and bracelet are amazing, especially when one considers that the material is platinum 950. The bracelet design for the Tonda PF is entirely new, even though it resembles that of the Tonda GT. As Ong Ban noted, it wears exceptionally well, like a sort of fabric that is made of metal. Hodinkee’s Logan Baker reports the same, and notes that Terreni also helped to develop the bracelet.
The satin finishing must be given special mention, on the case as well as the bracelet as it does truly reflect the word satin. There is no hint of industrial-style brushed finishing; pay special attention to the case middle when you see the watches in person. Back to that bracelet specifically, it has truncated links but no half-links, giving it more play, as they say, and making adjustment simpler. On that note, the links are screwed, which is only to be expected at this level.
Finally, about that logo, which is of course common to the entire collection. It is not merely printed on, being a solid gold (platinum in the case of the Split Seconds Chronograph) vertical oval double-edged applique. The more you look at it, and inevitably compare it with the full brand name on the dial in the Tonda GT for example, the stronger your feelings will become.
In my opinion, the logo is much better suited for the dial, and probably should have been there all along. Parmigiani Fleurier is a beautiful brand, but the name has a lot of letters, leading to plenty of examples of cluttered dials. The logo is the right idea, and we will stand by that. From what we have heard so far, the Tonda PF is a success in the making and the design decisions here will probably be felt across the entire range in future.
Speaking of which, it is now down to building bridges between Parmigiani Fleurier and the collector of tomorrow that Terreni wants to reach. He notes that the brand is hardly a monolithic construct, or part of a faceless conglomerate, so he believes in building connections between human beings — that is to say between the watchmakers and the collectors.
- READ MORE: Keeping It Real: Michel Parmigiani
“Our clients don’t deal with an organisation that follows procedures, but with people personally engaged,” said Terreni. “That’s part of the beauty of being niche. It’s a dimension at a scale that allows us to have a relationship with our clients, (and) our retailers. We can back them up in helping them manage their direct relationship with the end-customer. They can grasp that the soul of the founder, Michel Parmigiani, is still present, as well as mine.”
Given Sincere Fine Watches’ approach, which Ong Ban says is a good match for Parmigiani Fleurier’s vision, building these human relationships is a given. “Presenting a brand to a mature market such as Singapore, engaging collectors on the strengths of the brand, and finally putting the timepiece on their wrists are all journeys we embark upon with our clients. Along the way, they experience Sincere Fine Watches’ passion and know-how and get an understanding about why we brought these new products to the market (and why we are confident about them). Finally, they must be convinced that they feel enough love for the timepieces before acquiring them.”
Science repeatedly tells us that we are more emotional than rational, and the new Tonda PF excels at stimulating emotions. Like us, you might understand that these new Parmigiani Fleurier watches are not that different from the watches from the past, but the Tonda PF feels new regardless. And we mean that viscerally, thanks to the beautiful bracelet. While we have tried to steer clear of very specific references to similar watches, these have no doubt occurred to you. Feeling the Tonda PF Micro-Rotor on your wrist is the best way to discover your true feelings about it. Do it while it is still available to try.
For more watch reads, click here.
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Sunday, January 30, 2022
Moncler Joins Gucci, Prada and Burberry To Go Fur-Free
Moncler has released its second Born to Protect collection. The collection initially dropped last January and reflects the brand’s dedication to protecting the planet.
All of its products in the Born to Protect collection are made from lower-impact materials such as recycled nylon, polyester, organic cotton, wool and down — all of which are sourced according to specific sustainability standards. The latest drop goes beyond jackets to a full range of ready-to-wear clothing and accessories.
Moncler goes on to announce plans to go fur-free after its Fall/Winter 2023 collection. It will also stop sourcing fur this year to remain in line with its Sustainability Plan.
The sustainability plan is built around five pillars: climate action, circular economy, fair sourcing, enhancing diversity and giving back to local communities. It also strengthens the brand’s long-term engagement with the Italian animal rights organisation LAV (Lega Anti Vivisezione) as a representative of the Fur Free Alliance.
Moncler was also named as one of the most sustainable fashion brands in the world, alongside Burberry, by S&P Global in its Corporate Sustainability Assessment.
Moncler plans for 50 per cent of nylon used in its collections to be sustainable by 2025, zero single-use conventional plastics by next year, and to utilise 100 per cent renewable energy at its own sites worldwide by 2023, and according to WWD, it intends to have more than 80 per cent of its suppliers achieve the highest grades of the company’s social compliance standards by 2025.
- READ MORE: Tom Holland Stars in Prada’s Newest Campaign
This move follows closely after Kering’s CEO had announced a company-wide ban on fur in September. There has been a broader shift towards sustainability in the fashion industry, which has seen a growing number of brands go fur-free in recent years.
Legacy names including Gucci, Prada, Bottega Veneta, Coach, and Burberry are all brands that pledge to no longer use fur in their products.
Also in fashion news, Miu Miu had teased its New Balance 574 collaboration during its Spring/Summer 2022 runway show last year and the sneakers are now available for pre-order on its website. The sneakers are available in three colourways, presented in denim with frayed edges.
For more fashion reads, click here.
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For China, Good News is Bad News
China’s trade surpluses are beating all their historic records. Despite the stagnation of its national consumption, China is racking up trade surpluses in the way of US$94 billion per month. This good news is however not so good because of the strong correlation between a nation’s trade balance and its overall consumption.
These enormous figures of China’s in no way reflect the country’s industrial power. The ballooning of its trade surplus, in reality, shows only the great difficulty it has in balancing out its economy and controlling its colossal amounts of debt. While China has nearly doubled its trade surplus in the space of two years, the reason for it is a simple mechanical one, with its exports having increased compared to its imports that have been in free fall due to dwindling national consumption. And while increased exports generally mean good news for a country on a macroeconomic level, China cannot and should not be excited over its excellent figures, because they are above all the symptom of persistent — endemic, even — income inequality amongst its population.
At most, China’s trade surpluses allow it to maintain production — and therefore to avoid layoffs — with a backdrop of debt that is only getting worse. China has now effectively reached a point where it can only control its spiralling debt with help from massive trade surpluses that have only come about due to its national consumption being in constant decline. The impasse that the leaders of China now find themselves at, after reaching the limits of their country’s growth model, has forced them to adopt a strategy of double circulation, that being rising exports combined with — and complemented — by gross national demand being relaunched with gusto.
However, no coherent plan has yet been adopted in this regard, and at this very moment, China is suffering from a structural problem, that it also shares with the other great exporting nations like Japan and Germany. In fact, the country’s competitiveness carries with it the germs of its own contradiction and of its own precariousness, because their exports are only competitive if their workers get paid as little as possible relative to their productivity. Nations that show, with pride and arrogance, chronic and long-term export surpluses are also those where social welfare and salaries are the lowest when compared with those of their trade partners in any case.
A huge player in the export game, China has clearly not escaped this macroeconomic madness that demands that its competitiveness comes off the back and at the expense of its workers who find themselves in peril with their purchasing power compromised. Countries as differing as Vietnam, China, Germany, and Japan, therefore, owe their exporting successes to the fact that a smaller proportion of their GDP is repaid to their population, their households, and their workforce. These champions of exportation are also all suffering from the same intrinsic weakness in their stagnant, even anaemic, consumption, due to a voluntarily deficient redistribution plan.
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Even worse in China is the repartition of its GDP towards its citizens in the way of only 55 per cent, whereas this number is 75 per cent for households of Western countries. Hence, a second structural fault — a major one, this one — adding to this country’s shocking inequalities is that the government is keeping 45 per cent of national GDP for itself to reroute to companies and to local governments. Recovering China’s consumption will therefore necessarily go through a decrease of subsidies granted to these two aforementioned actors, and notably those that have been gobbled up and mismanaged by the different provinces racking up some US$5 trillion of debt.
As it would be difficult to withdraw this aid from the business world that has already been led astray by many resounding bankruptcies and other solvency problems, it is the local governments of China that must now expect to see a gradual drying up of Beijing’s support, despite their debt having already rocketed up by 25 per cent over two years.
China’s financial stability finds itself fundamentally comprised. Hence the exhortations of “common prosperity” coming from the central authorities, pointing their finger “in Chinese style” at this squaring of the circle that they must urgently endeavour to solve, with all the political risks that come with it.
For more information about Michel Santi, visit his website: michelsanti.fr/en
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JunBugg, A Luxury Fitness and Lifestyle Social Network
Based in Beverly Hills, JunBugg is a one-of-a-kind premium luxury fitness and lifestyle social network brand, being the first of its kind to offer unique fitness solutions.
JunBugg uses its NextGen platform that uses computer algorithms and Artificial Intelligence to promote a higher quality of life. It also positions itself uniquely from other training programs by using the somatotype human body-type classification system.
JunBugg created a new market that targets health-conscious — GenZ and Millennial consumers, who desire a better body, higher quality lifestyle, and status. These luxury consumers don’t think of health and wellness as just a trend and want the best of the best. To enhance elite fitness, JunBugg is adding an exclusive DNA test service, the pinnacle in fitness excellence.
As a social network, members of JunBugg with similar body types and health conditions share fitness strategies and solutions to efficiently achieve your fitness and health goals.
“This is the same concept that has allowed humankind to progress — learn from someone that has already achieved what you want to do. This is an amazing way of empowering people,” said Louis Green the founder of JunBugg.
JunBugg’s NextGen Search Database allows members to customize searches for members that better match their genetic makeup, such as — body-type, age, gender, and ethnicity. There are over 50 searchable attributes that members can perform searches on, to get personalized training solutions.
In addition to that, JunBugg has a similar algorithm as Netflix and Amazon where it recognises patterns of successful fitness solutions and recommends them to newsfeeds for a more curated fitness approach.
For more information about JunBugg fitness offerings, visit — www.junbugg.net
For more wellness reads, click here.
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Friday, January 28, 2022
ASICS Takes Design Cues From 1990’s GEL-MAI For the GEL-QUANTUM 180 RE
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Cirrus Aircraft’s 2022 G6 SR Takes Personal Aviation To New Heights
The new 2022 G6 SR from Cirrus Aircraft is the company’s latest innovation which is set to redefine personal aviation. Built with the latest state-of-the-art technology and design elements, the 2022 G6 SR model is more fuel-efficient and owners can get better insights through syncing with the Cirrus IQ mobile app.
The SR Series is one of Cirrus Aircraft’s most popular models and has led the market as the “best-selling, high-performing, single-engine piston aircraft for 20 years in a row”. Over 8,000 units have been sold.
Continuing this momentum is the 2022 G6 SR model with its sleeker and more aerodynamic design. This is the fastest mode of the SR series all thanks to the redesigned wings, tail surfaces and wheel pants. As a result, the aircraft’s true airspeed is now nine knots faster than the previous models. “The new model’s ice panel transition seams are smoothed and wheel pant tolerances tightened to reduce drag,” the company said in a statement. These refinements contribute to reduced fuel consumption and faster flight segments.
Other than offering shorter flight times, the luggage compartment of the aircraft has also been redesigned. Access to the luggage compartment is now done with a key fob, unlocking the door wirelessly. To open, just push the button on the door and it springs up gently — going past 90 degrees and stays open during loading. The storage size has also been increased.
Paired with the new 2022 G6 SR is the Cirrus IQ software that not only provides information about the flight’s navigation status, owners can get insights into the overall performance of the aircraft. Information such as the aircraft status, inspection intervals and warranty expiration can be accessed through this new application.
Eight colourways are available for customers to choose from and the Cirrus Xi team has worked with Sherwin Williams Aerospace to develop a new paint formulation process to further enhance the colour definition and flexibility.
“The model year 2022 G6 SR is refreshed to seamlessly sync with your life –taking you further, keeping you connected and distinguishing your style in the air and on the ramp. This latest update to the G6 embodies our passion for continued innovation and commitment to design,” said Ivy McIver, Director of the SR Series Product Line. “We are excited to continue introducing more people to personal aviation and empowering their Cirrus Life story.”
“The new G6 SR Series is a testament to our devotion to constantly enhance both comfort and safety features across our product lines,” Zean Nielsen, CEO of Cirrus Aircraft further adds. “In 2022, we are poised to continue as the market leader in personal aviation and streamline the flying experience with the G6 SR Series aircraft.”
For more jet reads, click here.
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Miu Miu and New Balance’s 574 is Finally Here
Miu Miu had teased its New Balance 574 collaboration during its Spring/Summer 2022 runway show last year at Paris Fashion Week and now it is finally available for pre-order.
The Miu Miu and New Balance 574 shoes has the same signature silhouette, with a few luxurious touches. The sneaker is presented in denim with frayed edges and in three colourways: White, Royal Blue, Colonial Beige.
Each sneaker features co-branded tongue tags and a denim “N” emblem on the lateral mid-panel. A rubber sole underpins the denim material and the “White” and “Colonial Beige” colourways sport a gum outsole, while the “Royal Blue” colourway has a grey outsole.
The “Royal Blue” colourway sees more distressing work on the midsole, along with uncleaned dye on the white rubber. Rounding out the shoe is the heel clip and New Balance branding on the rear, as well as co-branded insoles.
Miu Miu’s New Balance 574 is available for pre-order now and costs US$695 on Miu Miu’s website.
Elsewhere, Dior and Birkenstock had collaborated for the fashion house’s men’s Fall/Winter 2022 collection. Two Birkenstock clogs had been redesigned by Thibo Denis, the designer behind the Dior B27 sneaker. The designs were inspired by Monsieur Dior’s love for gardening and nature.
For more fashion reads, click here.
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The WOW Conversation: Sustainability in Watchmaking
Sustainability is a hot topic, and the conversation is getting a little shrill in the wake of COP26 and a variety of dire warnings from experts. Watchmaking is only a tiny part of this, and yet there is no question that brands want to be on the right side. In our previous issue, we spent a lot of pages getting into the meat of this subject, and we are unlikely to leave it at that given the continuing topical relevance of sustainability. In other words, this is a developing story with generational reverberations. There is no telling when the last word will come.
For us, the media and watch collectors, our part remains to ask questions; we cannot afford to hang back when our readers have questions. One of those questions is why give so much play to this issue when the issue of flipping and the grey market may be more directly relevant. This is a fair point, and is part of what the editors of WOW Singapore and Thailand get into. Of course, the pre-owned market plays an important role in keeping watchmaking sustainable, and we may yet get into this more directly. Stay tuned!
For now though, sustainability is a richer subject because right and wrong seem like open questions. To use the subject of flipping watches by way of contrast, we can all agree that when watches appear on the pre-owned market complete with factory seals and stickers, something is very wrong. One might even say it is unacceptable. What is the equivalent in the area of green, clean and ethical watchmaking? As far as we know, no brands are using forced labour to make watches, and wristwatches continue to tick without any emissions of any sort.
Even as watch brands continue to try to stay ahead of the game, there are troubling signs that all of us are failing to read the room. The World Wildlife Fund report we cited raked many brands over the coals mainly because watchmaking brands are far from ready for tough questions. At the same time, far too many brands are busy singing their own praises, seemingly oblivious to the fact that even their Wikipedia entries have been darkened by that 2018 report. WOW Singapore and Thailand try to get this subject out of the dark by having an open discussion.
Ruckdee Chotjinda: I can’t believe it has been three months! I always look forward to this conversation series of articles. In fact, it is probably the most enjoyable piece of writing in each quarterly print issue of mine. We find a subject we are either passionate about or find worthy of discussion in public. And so here we are, exchanging thoughts on this trend of sustainability in watchmaking.
Ashok Soman: That is indeed what I am proposing… and yes I do enjoy these little chats. I’m told the readers like it too, so let’s not disappoint! No pressure. To be fair, I started on this controversial subject last issue in Singapore, but have been planning for it since earlier this year. Before you say it, it was not the Panerai e-LAB ID that triggered it!
RC: Why do you say that the subject of sustainability is controversial? Or do you mean it is controversial from the marketing standpoint?
AS: Probably a little of both, but first I must thank you my dear friend, because you inspired this discussion… in particular our roundtable discussion with a certain CEO.
RC: Me? How? When? I am hardly an environmentalist, just a regular guy who tries to reduce waste here and there.
AS: Let’s backtrack a little then because I think this gets to the heart of the controversy bit, and why I even had reservations about exploring this topic. So, the CEO in question was of course none other than Francois-Henry Benahmias, and it was on the occasion of the launch of the Black Panther watch. Remind me of the question again.
RC: Ahhhhh… that day. I remember asking a question about actions Audemars Piguet might consider to correspond with the trend towards sustainability in watchmaking. The question could have a slight bit of political correctness and Millenial angle in it. It came to me on the spot so I don’t have it in writing. I’m sorry.
AS: The answer was quite pointed, but the part that sticks with me is Benahmias’ assertion that young people (presumably those interested in watches) would not forgive us if we didn’t act in good faith with regards to our fellow humans and the planet. Is that a fair interpretation?
RC: I wish we had a video replay of that session so we can quote correctly, but it was something along that line. What I remember better than the wording was the level of swiftness and assuredness of his response.
AS: While you consider that, it raised for me the spectre of what’s called greenwashing, and the simple claim in traditional watchmaking that mechanical watches are inherently sustainable. I know, that is a bit of a tangent from the charitable effort Audemars Piguet was promoting then, but it is related, in the sense of watch companies doing good in general. And then you suggested we discuss Only Watch, and that sealed the deal for me. As in there is enough material here to get into a pretty interesting dialogue.
- READ MORE: The WOW Conversation: Only Watch
RC: Excellent. Where I lack knowledge, I compensate with curiosity. That probably works in our collective favour I guess.
AS: Curiosity is part of the job! There’s room for plenty of perspectives with regards to sustainability of course, but I think the first thing watch companies can do is recognise that questions from people like us are genuinely about the good of the trade. I mean, we are not climate activists or business transparency advocates. As I often say, climate change and sustainability are not science topics; the science is decided, it is only people who are not. How companies address these sorts of doubts can be a big deal.
RC: Very well said. So, where do we go from here?
AS: So a couple of things. One is the infamous WWF 2018 report about sustainability in watch and jewellery (you would have been at the SIHH that year, I was not), and the second is your own perspective on the same subject. I never asked any of the other editors their specific points of view, but I noticed that everyone from the New York Times to Revolution has jumped into this business of discussing if watchmaking can be sustainable.
RC: OK. First of all, I think we need to look at the big picture and separate the two layers of reality from each other. All businesses need to try and minimise environmental impacts on nature, and they need to make sure consumers know that they are complying with the expected norm in order to secure their business with them.
Watch companies need to strike a good balance here, in order to appear sincere. As you mentioned, it is very easy indeed to seem as if one is just greenwashing. Having said that, the straps were a good place to start for the watch companies, both in terms of real needs and marketing. There is scientific latitude to play with. It is external to the watch. And, unlike the case or the dial, the straps need to be replaced from time to time.
AS: Replacing straps is an important consideration in our markets, as we noted in our other chat about bracelets! That nice alligator strap is going to come apart, sooner or later.
Straps are also one area that watch brands are coming up with innovative solutions. I congratulated IWC in print last issue for its new straps, and for being ahead of the game in suggesting that watchmaking could be truly green. To be specific about the straps there, that is a reference to the TimberTex straps that are made of 80 per cent natural plant fibres from sustainably managed forests. Richemont in general is making a lot of waves in this area, with Cartier offering its own take (in their case, straps made of 40 per cent apple fruit waste in the Tank Must Solarbeat). The group is also the only one, amongst the big luxury groups, to have issued a third-party audited sustainability report.
- READ MORE: The WOW Conversation: Intergrated Bracelets
RC: Oh, I think I need to pay more attention here. I have not read that report myself.
AS: You know those readers I mentioned? Well the Richemont CSR/ESG Director got in touch with me via LinkedIn about the sustainability feature once I published it on LUXUO. His thoughts aside though, I wonder what you think of this business with straps, since we have had so much news in the last couple of years about this.
RC: I am open to new, greener possibilities, even if they come with slightly higher cost. When Panerai, Ulysse Nardin or Breitling introduced their synthetic straps from recycled or upcycled materials, I applauded. When Greubel Forsey announced their straps will be animal-free from 1 January 2022, I applauded.
Sustainability aside, I am in favour of killing fewer animals. I am a gun enthusiast but I have zero interest in game hunting. I may even become vegetarian one day when I am older. So if they can make alligator pattern straps from plants, I will be happy to buy them. I just need the alligator look because I am accustomed to that, because I was socially conditioned to have this expectation with certain watch styles. I won’t wear my more expensive watches — and certainly not my slimmer dress watches — on an obviously canvas-looking strap.
And I will not respond kindly to individuals who dictate how one should not use animal-derived products if they themselves are not completely vegetarian. Let’s say I am a consumer who appreciates the need to change, and am even willing to change. But I will not submit to the practice of extreme political correctness, so to speak.
AS: I’m with you there, and I do find that political correctness is the opposite of what’s useful. For watches, if we can discuss what sorts of straps are appropriate for, let’s say, a minute repeater or a grand complication, that would be useful. What I mean here is that for watches of a certain standard, the look and feel is important — and should not be held hostage by activist points of view.
On the other hand, I also think that sustainability itself might become a status thing. As in, my watch is greener than yours… which I’m not sure is a good thing. You can almost feel this coming in future advertising materials… You can just imagine the scenario: “My watch uses Fairmined ethical gold… I even got it with a matching bracelet to support the artisanal workers. And yours?”
RC: That shift in advertising is more likely I guess. With younger people joining watch companies, and with customers our age exiting the buying arena, many things will have to change in order for the watch brands to remain in favour of the next generation of buyers. Once again, it is up to them to ensure a good balance and not venture too far into the field of smoke and mirrors.
AS: Code41 is the best example I can think of where a brand makes one of its virtues — transparency in this case — a selling point. This is as opposed to, say, Greubel Forsey or A. Lange & Sohne talking up their finishing techniques. I’m very comfortable discussing finishing, and I think it can make a real difference in the value of a watch. I’m not so comfortable making the same case for transparency, and I am a big advocate of transparency in watchmaking. It is more like a useful thing that all brands should do, rather than some kind of special trait that might have a marketing use.
RC: You are right. Transparency should come as a standard. And even when and where it is lacking, the collective force of the consumers will weigh in to provoke positive changes.
AS: Also, who’s exiting the buying market? Are you pretending again? In our other story about celebrating time, we both talk up watches we bought this year!
RC: Ha ha. You got me there. Well, I retired from watches once around 2005 because I got all the pieces I wanted and could afford. The ones I could not are possible now but not feasible, considering aging parents and other responsibilities in life. But the joy of lifelong watch collecting is the subject of our next conversation piece, maybe? So, back to sustainability for now.
AS: Every one of these chats is about the joy of collecting, somehow, but I digress. So, what does sustainability mean to buyers? Well, to begin with, on the practical front, it probably means higher prices. There is a cost to going green, not including any potential carbon tax or anti-consumption tax, and it is likely that all of it will be borne by the public. Personally, I don’t mind paying a little more for a watch, if the reason for doing so is transparently evident.
On that note though, transparency is something buyers already appreciate, as we already pointed out, but probably do not want to pay more for. To be specific, IWC prices have been creeping upwards for the longest time, and this makes people unhappy enough, without them ever hearing the Richemont’s ESG programmes are responsible. My research shows that if one uses ethical gold, for example, it costs maybe 10 per cent more on average than regular gold.
RC: I am happy to pay 10 per cent more without fussing if the watch company in question can give me concrete evidence on what or who is helped by that 10 per cent, despite the fact that I am buying the watch for my personal enjoyment, not to support a cause. I don’t typically buy a product because it contributes to something noble. If I want to help with a situation, I make a direct donation to the organisations or people on the frontline.
AS: For source materials, it is kind of down to third parties such as the RJC, or whoever manages the certification. This does not establish price, but it does regulate demand; the RJC says a source is clean and good so all brands who need the certification pile in, kicking up prices. Watch brands have not even been decent at explaining the basics of their pricing strategy so I’m not confident they will handle it well; in fact the opposite probably! Even now, brands are really bad at explaining their market position, and they struggle to talk about price in an open way — I guess for me it is all down to how watchmaking handles transparency, which is a point I keep coming back to.
This is why I suggested that the Swiss government can enter the picture, and incorporate sustainability requirements into Swiss Made. For sure a number of brands did raise prices when the law changed in 2017 to raise the percentage of the watch’s value that has to be from Switzerland, but they do not say that unless you ask them. So, I suppose the brands will also have to proactively address issues… the prospects of which I am not upbeat about.
RC: Interesting. That is pretty deep, about integrating sustainability requirements at the Swiss Made law level. I thought a separate, co-existing certification may be easier to comply with for the watch companies, and may even result in less significant price increase for the consumers. We probably have to go check how often the Swiss Made law was revised in the past and that may give us an idea of the likelihood of what you are suggesting right now.
Regulations aside, we still have to think about public pressure. Do you think it will come to a time when the majority of watch buyers decide against less green or less sustainable products? After all, we are talking about very diverse customer demographics here with dynamics of age, education and conscience at play. We can see already that the younger buyers pay more attention to the production or logistic practices of the makers of non-watch products, or how they are limiting waste. Surely, this lens will be applied to watch companies in due time.
AS: Well, I guess that is part of what Benahmias was talking about, and something Cartier CEO Cyrille Vigneron mentioned too — managing the expectations of the buying public. We also published a related story in our last issue, with former F1 champ Nico Rosberg talking about sustainability in yachting (his new endeavour), and he too pointed out that these products will turn people off when they learn that either people (the workers) or the environment is suffering because of how the products are made. That is bad because, in his view, one of the reasons to have such things is to impress others.
RC: That reminds me of when a US senator proposed space tourism tax to offset the pollution it caused. It made sense in principle, but it too can be heavily influenced by various agendas in real life.
AS: Now, I do not necessarily think we all buy watches to impress, but it is part of the price tag. I mean, we all understand that the cost of marketing is included in any given watch’s retail price. Once again, this is all easier to accept if we all accept broad standards, which is why I come down on the side of regulators setting official rules. Relying on the market to police itself is a recipe for disaster — look at social media!
RC: Ha ha. Talk about the complexity of the human minds!
AS: Going back to taxes, these can be onerous for sure! Any sort of rich people tax is going to play out badly — not just because of the buyers. Again, this is why standardised rules help, especially for legacy trades like watchmaking. Unlike space tourism, traditional watchmaking is already really close to being sustainable, relative to the new business of making smartwatches. There will probably be a sales pitch pitting the green values of the traditional watch against the inherent disposable nature of the smartwatch. Our favourite watchmakers just have to play their cards right and not mess things up. No scandals in watchmaking yet, but the WWF report is already reflected in the Wikipedia entries of all the brands noted there.
RC: I anticipate that one day some groups will come out and say that mechanical watches are obsolete, and that the processes involved are unnecessary burdens to the environment. They will say you can check the time from your phone and other wearables. It will be very puritan like the whole objective of life is to preserve the earth, not to have some kind of joy in life.
AS: That sounds like the Greta crowd! Reduce and reuse, and so on. That is fine, and maybe people should buy fewer watches overall and focus on better quality… there are murmurs about that already. This would solve the issue of flipping, and yet will do nothing to help overcome the apparent Rolex-stealing crime wave in Europe! But the point is that people will not stop doing something they like totally, and the mainstream argument is only that no harm comes to anyone in the making and selling of goods. That is what I subscribe to, certainly. If any watchmaker is found to be employing child labour, that would be unacceptable, to revisit one example I used. It is also the reason I asked every CEO I could find how they handled the pandemic — because demand might be hot, but if anyone at the manufactures got Covid and suffered for it, I would feel very bad about that.
RC: Well, the flexibility practiced by employers large and small throughout 2020 must have helped carry everyone along. I am sure that any pent-up demand was quickly satisfied once people received their vaccination and returned to their workplace with relative safety.
AS: As far as agendas go, there are relatively few when it comes to the very niche world of watches and jewellery, but I’ll take the opportunity to clear something up here as far as my agenda goes. I noted in the sidebar to the story that all 15 brands cited in the WWF report were watchmaking names. This does not mean that no jewellery brands are included. If I take issue with anything, it is only that no brand that primarily makes jewellery was included. This is easily explained as far as this report goes because not many jewellery brands make their wares in Switzerland. So ends my caveat emptor segue.
RC: I did not study that report in detail until I knew I would be writing about this subject today. I consider it a solid starting point where accountability and transparency are concerned, but it should not be considered a final word on anything yet. Half of the brands cited are not ranked in favourable positions, and even listed as non-transparent, because they did not actively participate in the evaluation process. But now that eyes are on them, and that most of them received poor ranking in the first study, the brands are more likely to furnish the required data on the next occasion in order to improve their scores.
AS: How do you feel about sustainability pressures then? I raised all kinds of points in the section you are running after all! I mean, we all kind of chuckled when manufactures started announcing being carbon neutral in their new buildings maybe 10 years ago…
RC: I have many feelings about the situation. Quite often, I feel that watchmaking companies may be spending more time than necessary to please everyone with regards to these matters that there is less real watchmaking going on!
Without sustainability pressures, the watch companies need not worry so much about awareness. If they can find ways to reduce their carbon footprint, they are already making impactful changes to the future of mankind. But, of course, a product made of some innovative, recycled or upcycled material is always more tangible and likely to be picked up by the media than, say, a thermal energy system installed in a nondescript building. So I understand their needs to do what they do: produce timepieces with mass appeal.
AS: I guess selling virtue is the toughest pill to swallow, meaning I can’t quite bring myself to cheer shallow moves. I don’t feel the need to criticise, but I really don’t want to be patting people on the back for merely doing what is decent!
RC: Agreed. And to have to do something because it is expected by the masses is equally sad.
AS: Indeed, when I hear of some brand doing some little act of whatever for whoever, and then the PR company sends me a release and suggests how timely and relevant it is, well I roll my eyes so hard I worry that they will fall into my skull!
RC: I can imagine your face from right here in Bangkok. And we are talking about just one industry in the whole wide world of businesses.
AS: So yes, I am definitely on your side about virtue-signalling. I mean, I prefer wealth-signalling to that! For heaven’s sake, do not wave your watch in someone’s face and tell them how good you feel that you are making a positive impact in the world. Make your impact and let the watch speak for itself, for those who care.
RC: That makes me think of a future where someone brags that their watch is greener than the next guy instead of the typical their house is bigger or car is flashier of bygone days.
AS: This is where greenwashing comes in, and I think plenty of watch brands are going to fall into this trap. Everyone made a big deal about recycling and upcycling at Watches & Wonders but H. Moser & Cie CEO Edouard Meylan smirked and noted that transparency and being responsible about the supply chain are what is important. Those things are hard to get credit for, or use in marketing campaigns though. Again, I hope brands really are looking at Code41 and watching how that pans out.
RC: It is up to journalists like us then to shine more light into the less visible areas of the industry, so that more consumers can decide for themselves where they stand in this whole scenario.
AS: Hopefully someone will pay us to do that! Honestly, all the coverage over many years has not uncovered serious wrongdoing, and this is where traditional watchmaking has an opportunity. Don’t get me wrong — there is plenty of criticism of wrong thinking and evidence of the same in watchmaking. I like to think that is part of what we are doing right now! I will continue to transparently advocate for transparency as the minimum position in watchmaking. It is not even the radical transparency of Netflix that I am suggesting so I think the bar is low enough to suit everyone. If we don’t take the opportunity now, other forces will raise the bar.
RC: You paint a very convincing picture indeed. And I will help do my part from Thailand! Thank you for your time and thoughts on this matter. This is certainly a very different “conversation” from the ones we had before.
AS: I have put you in the uncomfortable position of questioning sustainability in watchmaking, taking the role I played in our major section on this! No doubt we will revisit this rich topic because we are far from ready for the final word. I guess the word sustainability itself indicates that, like a mechanical watch, things will wind down and get wound up again! Next year in Geneva!
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The post The WOW Conversation: Sustainability in Watchmaking appeared first on LUXUO.
from LUXUO
LVMH Doubles Profit in 2021, Remains The Leader of Luxury Goods
French luxury conglomerate LVMH Moët Hennessy Louis Vuitton has had an outstanding 2021 with growth exceeding expectations. The owner of Louis Vuitton, Dior, Bvlgari and TAG Heuer recorded revenue of €64.2 billion last year. This represents a 44 per cent increase when compared to 2020 and up 20 per cent when benchmarked against 2021.
The company’s profit doubled year-on-year to €17.15 billion, which is a staggering 107 per cent jump compared to 2020 and a 49 per cent increase when compared to 2019. “The performance for the year confirms a return to strong growth momentum following the severe disruption to the first half of 2020 resulting from the global pandemic,” LVMH said in a statement.
Growth at the world’s largest luxury company continues to be driven by its iconic brands from the Fashion & Leather Goods business unit. It recorded organic revenue growth of 47 per cent in 2021 compared to 2020 and 42 per cent compared to 2019. Profit from recurring operations was up by 79 per cent compared to 2020 and 45 per cent compared to 2019.
Leading the charge are the brands Louis Vuitton and Dior, where the former celebrated the bicentenary of its founder’s birth. 2021 was also the year when the fashion world saw the premature departure of Virgil Abloh, Men’s Artistic Director of Louis Vuitton. The Maison paid tribute to the life and legacy of the celebrated designer with the Miami fashion show, “Virgil Was Here”.
At Dior, the momentum continues with the collections by designers Maria Grazia Chiuri and Kim Jones. These were presented in Athens and Paris and most had received tremendous reception. The other brands such as Celine, Loewe and Marc Jacobs, also performed outstandingly well
In the Watches & Jewellery division, the acquisition of Tiffany & Co. helped the business group to record a revenue growth of 167 per cent in 2021 compared to 2020. Last year was the first time Tiffany was consolidated within the division. The profit from recurring operations was about six times more than in 2020 and a 128 per cent increase when compared to 2019.
The company stated that Tiffany’s “record performance” was a result of its numerous impactful innovations and collaborations. The American jeweller enlisted the help of big names such as Jay-Z and Beyoncé for its “About Love” campaign and also worked with trending artists like Daniel Arsham for a limited-edition collection.
Other brands such as Bvlgari also had a great year with the launch of its High Jewellery collection Magnifica and new boutique openings. TAG Heuer had also done well with its partnership with Porsche and the release of its Super Mario smartwatch collection. For Chaumet and Zenith, both also had been highly successful with their own product releases.
“Within the context of a gradual recovery from the health crisis, LVMH is confident in its ability to maintain its current growth momentum,” the company said.
“The Group will continue to pursue a strategy focused on developing its brands building on strong innovation and investments as well as a constant quest for quality of their products, of their desirability and of their distribution.”
With this record-breaking result, LVMH is entering the new year with confidence and continues to take point in the global leadership position in the luxury world.
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