Stephen Urquhart began his professional career working in the Marketing/Product Department of Omega in 1968 and in 1974 moved to Audemars Piguet where he became President in 1987. Ten years later he left to take over the position of Managing Director of Blancpain and in 1999 was nominated as President of Omega by Nicolas G. Hayek.
Steve Urquhart is a very erudite man. To use an Irish term he 'has the gift of the gab' and not only in his mother tongue. Talking with him, a single word is often sufficient to get him started since often he catches the tenor of the question before its completed.

Europa Star: So Stephen, how's Omega doing?

Stephen Urquhart: Overall, despite a difficult environment for all of us, Omega is stronger than ever. One of the main reasons is our incredible heritage, which has given us a unique history in watchmaking and a stream of achievements.
The first thing that comes to mind is the Olympic Games where we were the first ever timekeeper, brought new timekeeping technology such as photo finish and swimming touch pads, to name only these two.
We then expanded our role of timekeeper into other fields and most recently as official timekeeper of the America's Cup, which was won so brilliantly by the Swiss challenger. The second most notable achievement is obviously our involvement in space and the fact that Omega was chosen by NASA to be standard equipment for all manned-space flights. As a result, Omega is the only watch ever worn on the moon.

ES: But Omega had a period where it was a sort of sleeping giant.

S.U: Omega has always been a reference in the watch industry. True, there was a period when the brand waned a little, but ever since its integration into what was the SMH which subsequently became the Swatch Group under Mr. Hayek in the early 80's, the brand has regained its leading position.
Another milestone in Omega's progress was undoubtedly the decision taken by Mr. Hayek to develop within the group George Daniels' revolutionary co-axial escapement which will certainly become the benchmark for mechanical watchmaking in the future.

ES: What are you doing in the way of new collections?

S.U: As you know, Omega is a brand that is talking to a wide array of consumers. And while most brands try to capture one market, Omega has developed a multi-product face. For example, with the Constellation models we serve the lifestyle and fashion conscious consumer and use, amongst others, Cindy Crawford and Anna Kournikova as our ambassadors. In the sports segment, for the active outdoor consumer we have the Seamaster and Speedmaster watches and we use such icons as, for example, Michael Schumacher and James Bond as our ambassadors. And for the watch connoisseurs we have the superb DeVille collection of watches using the co-axial escapement movement.
The future of Omega is more and more catering for consumers who are looking for a young, dynamic image. And we are developing new products within these families. Today's younger generation, those who are into hi-tech, who use laptops, Palms and personal organizers, still appreciate our watches because of the craftmanship and the emotion they evoke. You should never underestimate the value of Omega. We sell a statement and because of this we have also to communicate emotion via our products.

ES: Given the poor economic environment, how has Omega performed over the past couple of years?

S.U: As you know, we don't disclose individual brand sales figures - neither the number of watches sold nor the bottom line statistics. With the stock markets down around the world, the overall economic gloom and the drop in travel, we are happy that Omega has actually gained market ground.

ES: Omega began introducing its own retail outlets a couple of years ago. Has this marketing strategy had any effect on your relationship with your official retailers?

S.U: The Omega boutiques were a logical step for us. It's the ideal means of showing today's consumers our history and brand in the right environment and/or our products such as the new Bijoux collection. They are the Flagships for our brand, consequently they are always placed in the best possible locations and they certainly help to develop our image and generate sales. It's not our policy to take the business away from our partners and I think it's fair to say that the fantastic marketing and branding would also help the trade in general. Results up to now have proven us right. The Flagship stores have created no animosity whatsoever and we continue to have a great relationship with our partners.

ES: Given the charismatic presence at the top of the Swatch Group, just how independent are you in running Omega?

S.U: The Swatch Group's portfolio of brands is very vertical and each brand has its own distinctive position and role. The group has been carefully guided and is now in a unique situation. As far as independence goes, although Mr. Hayek has always been extremely involved in all major decisions, he is adamant about allowing every one of the Swatch Group's brands to express itself in its own individual manner.

ES: How do you see the future of the Omega brand?

S.U: As far as the product is concerned, we will continue to develop new products and use the co-axial movement across the board for our watches. That's our aim and eventually it will be the benchmark for Omega watches in the future. In the not too distant future, people will look back and say that it was one of the most innovative and important improvements ever made.
As for the brand, the successful strategy that was put into place over 10 years ago to rejuvenate and revitalize the brand will be continued and adapted to the future market needs.
People are very important to Omega. We have a great team here and part of our success stems from the fact that we act and react like a family. That is why Omega will always maintain its Swiss watch aura.