Europa Star: In the galaxy of watch brands, Parmigiani occupies a place apart: very close to the firmament, recognized as ultra-selective, yet largely unknown to the general public…



Michel Parmigiani: We have been a brand as such only since 1996. As we are only seven years old, we obviously cannot compete in terms of reputation with companies that have been in existence for over a century. On the other hand, we are very well established in the largest collectors' circles and with people who appreciate fine watchmaking. The challenge for us now is to become better known to a larger audience.

ES: Does the recent reorganization of your enterprise, dividing it into two separate units, play a role in the strategy of opening up to the general public?



MP: It will play a large role, that is for sure. But this reorganization, that goes back to June 1, 2003, was necessary because of, or thanks to, our determination to develop a true movement manufacturer, which is the only way to conserve our independence and excellence. We obviously cannot create an entire industrial structure simply for the Parmigiani production. To create an original movement is an arduous, complex and very costly task. Today, Parmigiani produces between 1,500 and 2,000 pieces a year. Even if we could rapidly reach our objective of 5,000 per year, we still could not support the whole movement manufacturing branch, which besides our own team of 30 people, has some 105 employees.



ES: Then, will the movements stamped 'Vaucher' be used to equip brands other than your own?



MP: This is already the case. And, I can assure you that the demand is so great that we cannot meet all of it. There are two factors playing in our favour: the high quality of our offer and the general context of the Swiss industry that is actively seeking new and independent sources for movements. But whatever happens, our offer, because of its quality, will always remain relatively small. The goal of Vaucher is to produce 20,000 movements per year. This is not enough to change the landscape but certainly is enough to bring a bit of welcome diversity.

ES: What are the strong points of your offer?



MP: Vaucher's battle horse is our automatic calibre 331, which enjoys a very strong demand from the marketplace. This basic movement will include new functions such as, for example, a perpetual calendar, chronograph, etc… But beyond all this, is the alternative that we propose for the prestige and haut de gamme sectors of watchmaking.



ES: What is the degree of integration of Vaucher?



MP: We already dispose of a great level of autonomy in production, which we are going to gradually strengthen. Our vertical integration is already well under way. Starting with basic materials, we produce the quasi totality of the key component parts necessary both for movement production as well as for cases and dials. Over time, we would like to be able to say that the only thing we buy from the outside is the leather for our watch straps. This is not yet the case, but our new technical installations are a giant step in that direction. Once operational, they will permit a definite rise in strength. It is a difficult and risky road, a complex configuration, but it is the only way to ensure our future. It is also a considerable investment on the part of our owner, considering that it takes five years to develop a movement.



ES: What differentiates your own production from that intended for other brands?



MP: There is industry and there is industry. As far as we are concerned, we want to say that we are situated in the artisanal segment of the industry. This means precisely that the hands of a craftsman still have a major role in the creation of a watch, as much in terms of finishing and decorative added value as in terms of the various operations. We want to have the best of both worlds. Each of our employees is responsible for a large portion of work. The distinction between our production and that reserved for commercialization is found mainly in the finishing, that can be more or less sophisticated and individualized. Some finishing is therefore exclusive to us. And, it is Parmigiani that tells Vaucher what quality specifications we desire to attain. This is precisely what was at the origin of the 'manufacture'. We wanted movements of a particular quality that could not be found in the marketplace. Moreover, we are conducting a number of exclusive projects, such as the totally revolutionary movement that we are developing for our Bugatti watch.



ES: We will come back to this point, if you don't mind. But first, I would like to know what this new separation of responsibilities will mean to you directly, you Michel Parmigiani, master watchmaker.



MP: It is good because it allows me to better affirm my role as a watchmaker at Parmigiani. It relieves me of a number of technical worries and lets me spend my time not only exercising my art, but also overseeing the commercial development of the brand. In this regard, I must assume an important educational role. In the opinion of a lambda consumer, the difference between one watch and another does not leap out at him. Certainly, the product speaks for itself and does communicate its particularities, but we need to continuously educate and re-educate the entire distribution chain right down to the final consumer.



ES: From the point of view of distribution, you were innovative with your 'ambassadors' who carried the message of the brand to the four corners of the earth…



MP: This strategy was suitable for our private production. Today, our operations have changed dimension. We have returned to a more classic network of agents and independent traditional retailers. An independent retailer is someone very strong, who has an established clientele, a network of close relationships. An independent retailer has a memory and an irreplaceable understanding of the field. Today, we have about 110 sales points, but we still must refine this network while conducting training activities and increasing support to our agents and retailers. For example, we are writing a real sales guide for our products.



ES: Your products occupy a particular place, somewhere between classicism and modernity. There is, certainly, a specific Parmigiani style…



MP: Through everything we do, we want to demonstrate our consistency. We want to be strong and remain authentic. Being independent allows us to be in total agreement with the very demanding quality specifications that we strive for in our watches. This must translate on all levels, that means technically in our movements and stylistically in our originality. Our difference is the product and it is affirmed by the product whether it is a grand complication or a unique piece (in time, this means around 1,000 complicated pieces a year out of a total of 5,000 pieces produced by Parmigiani), such as is our current offer, if one can use this term.



ES: As an example, let's talk about the amazing Bugatti movement that you are working on…



MP: Vincent Bérard presented this project to us, but we are the ones who developed it. And what a development it is! The Bugatti is the first transversal watch movement in history. Result, the movement is not in the form of a stepped disk, but rather in the shape of a tube with a dial at the end. Stylistically, it has never been seen. Technically, it is completely original. We have totally redesigned it and, inspired by a Bugatti motor, have introduced surprising elements such as bolts, springs that look like a car's shock absorbers, tapered gear teeth… But more importantly, this transversal construction, which created a lot of usable space, lets us add functions, complications and other unusual elements. For example, we hope to be able to increase the power reserve to 15 days, which has never been done before. The movement, very visible from all sides, does not have a crown but is wound thanks to a sort of 'pen'… To sum it up, everything is new in this watch. It will be officially launched at the SIHH 2004, at the same time as the incredible Bugatti Veyron 16B automobile.



ES: The paradox, if there is one, is that you still continue your work as a restorer of antique clocks and watches…



MP: Our restoration atelier, which refurbishes exceptional pieces that are a part of watchmaking's heritage, provides us not only with a great deal of satisfaction, but also keeps us involved in the continuity of the art of watchmaking. When we see the quality and inventiveness of the work by early horologers, we cannot help but be disappointed with the decrease in the standards of quality watchmaking today. It is moving off course, and there is an absence of creative and original solutions. Restoring old pieces is both a lesson in humility and a constant reminder to look towards the future.