highlights


Letter from Italy: A few thoughts as we head into 2004

March 2004


The return of values
In Italy, perhaps more than other countries, the current economic crisis has brought to the forefront the traditional values of Swiss watchmaking. Consumers favour those brands that emphasize their own products according to their own rules. On the other hand, consumers have punished those brands that have given preference to marketing and financial policies and goals. In a period where purchases are declining, the choice is going to inevitably centre on objects that distinguish themselves by a certain added value, a value that is worth the time and money spent. In this context, Italians are looking favourably on new names that are emerging in this market, names that combine exclusivity, quality and refinement, as exemplified by F. P. Journe or De Bethune.
This economic environment, dominated by prudence and sure values, also guarantees a good market for historically traditional and independent brands such as Rolex, Patek Philippe or Audemars Piguet, which are gaining favour over certain brands of the large groups typified by Richemont or the Swatch Group, or even by some flamboyant brands that don’t offer the reassurance required in the current economic context.

The Bulgari phenomenon
One of the main symbols of ‘Italian Style’ in the world of jewellery, Bulgari has also become one of the most important global brands in prestige watchmaking. With its production of 200,000 pieces a year – a veritable feat in itself – Bulgari is nonetheless today following in the wake of Rolex and Cartier. The strength of Bulgari resides not only in, or perhaps because of, its original and easily recognizable design, but also in the fact that the Italian company has acquired the reputation as a real watchmaker in the true sense of the term.
To reach this enviable position, Bulgari has invested in verticalizing its production by creating an industrial unit, with headquarters in Neuchâtel, Switzerland, and acquiring the necessary watchmaking savoir-faire. In 2000, Bulgari purchased Gérald Genta and Daniel Roth, both brands in the haut de gamme sector of the watch industry. And this is only the beginning as Bulgari intends to continue its move into the time sector, as announced recently by CEO Francesco Trapani. A three-year plan has been designed to give new impetus in terms of quality and quantity to timepieces bearing the Bulgari signature. At Basel 2004, Bulgari will present, among other pieces, its first tourbillon.

Franco Cologni founds the Creative Academy
A very Italian initiative, yet with an international spirit, the newly created Creative Academy was founded by Franco Cologni, President of Cartier and the driving force behind the Fondation des Arts et des Métiers financed by the Richemont group. The Creative Academy offers a new curriculum of studies in watch design and creation, with emphasis on research, training and employment in the professional sector for talented young people selected from prospective candidates from around the world.
These courses emphasize conventional design courses in practical watchmaking in such a way that each phase in watch production can be truly original, innovative and even unexpected. The headquarters for the Creative Academy is in Milan. The first year, there are 20-plus admitted students coming from around the world (only two are Italian). This year’s classes are conducted in English and take place every day, from January to November, 2004. The Scientific Committee overseeing the curriculum is made up of Andrea Branzi (Dean of industrial design at Milan’s Polytechnic), Denis Santachiara (designer), Alberto Seassarro (President of the Design faculty at Milan’s Polytechnic) and Ettore Sottsass (architect and designer, known internationally for his work at the head of the Memphis group).

An oversized success
Locman is a typically Italian phenomenon that has, over the last few years, developed into an enterprise that, in 2003, realized a turnover of 50 million euros and that has opened more than 1,000 sales points around the world. And, this phenomenon shows no signs of abating.
Among the many reasons for its remarkable success is its ability to combine creative intuition with entrepreneurial talent. The brand placed its bets on a type of new and original product that could be produced in large volumes at competitive prices. Bold colours, often using tone-on-tone versions with the dial and bracelet, the oversize cases and its decision to move away from the traditional round cases are certainly part of the brand’s success. Among others factors in its public appreciation is the use of lightweight, resistant and avant-garde materials such as titanium, aluminium or carbon fibre.

Source: Europa Star February - March 2004 Magazine Issue