Interview with Ilaria Resta in NZZ

[Audevache]

Zurich's NZZ just published an interview with AP's new CEO.

Not a lot of new insights, but here are some takeaways:

- Currently they are producing 51K watches, stable for this year. She didn't want to communicate on future production volumes, but mentioned the new factory they are building

- She didn't yet see any cooling down of demand for AP

- CPO potentially coming but not before 2025

- Before even getting the job, she did a mystery shopping experience in one of the boutiques, asked for a jumbo and was apparently treated quite correctly. Probably not the Las Vegas boutique then :-) Though she didn't get her jumbo either...

- Good news: her highest priority is keeping the company independent

[vakman]

Then we can shake hands i still dont have a Jumbo also

[VogelPhoenix]

Originally Posted by Audevache

- Before even getting the job, she did a mystery shopping experience in one of the boutiques, asked for a jumbo and was apparently treated quite correctly. Probably not the Las Vegas boutique then :-) Though she didn't get her jumbo either...

It was the boutique in downtown GVA, at least according to one of the SAs there.

[AEV]

Interesting interview. Thanks for sharing the details.
It was about time for her to go out in the media world.

[Vince_76]

Interesting. Is there a direct link to the interview?

Great news to hear that her priority is to keep the company independent.

Also not buying the notion that she hasn’t seen AP cooking as of late. Any late person that even casually follows to watch Mark knows it’s a bit different now.

[VogelPhoenix]

Originally Posted by Vince_76

Interesting. Is there a direct link to the interview?

Great news to hear that her priority is to keep the company independent.

Also not buying the notion that she hasn’t seen AP cooking as of late. Any late person that even casually follows to watch Mark knows it’s a bit different now.

https://www.nzz.ch/wirtschaft/luxusu...bei-ld.1775391

[AEV]

......translation with Google translate....


It is one of the most noticed changes in leadership in the watch industry in recent years. On January 1, 2024, Ilaria Resta took over the leadership at Audemars Piguet (AP). Her predecessor, François-Henry Ben Nimmias, turned the family business from the Vallée de Joux into one of the world's most sought-after luxury watch brands in his eleven years as CEO. Resta, who spent most of her career at Procter & Gamble and most recently worked in the management of the fragrance manufacturer Firmenich, now has the task of consolidating this development and positioning the brand for the future.

We meet the 50-year-old in her office in Le Brassus at the beginning of February. Resta is full of energy and in a good mood. She doesn't see the fact that she has no experience in the watch industry as a disadvantage. What is most important to them is that their own values ​​align with those of Audemars Piguet.

Ms. Resta, you have so far spent your career away from the watch industry. How did you come to Audemars Piguet?

Ilaria Resta: I wasn't actively looking for a new job. But with increasing experience and maturity, the need for meaning and identity in work also grows. This task, which is much more than just a job, was a perfect fit for me.

You previously worked for large companies. How is AP different?

Family values ​​permeate everything in this company: from leadership to corporate culture to daily work. Even at the first meeting with the board of directors, I felt that it was like a big family here. I immediately felt at home.

Jasmine Audemars, the long-time president, is no longer on the board. Have you met her too?

Not in the first round, but I met her before I was chosen. Your commitment to the company's values ​​and identity has strengthened my desire to work here. After the meeting, I felt like I knew the company before I even joined.

When you talk about AP's values, what exactly do you mean?

AP is first and foremost a family, with a strong focus on people. It is also a forward-thinking brand that is continually forging its own path.

They are said to have secretly gone to an AP boutique to get to know the company better.

I did that when I was still a candidate and no one knew me. The experience was great. I went with a friend and said I wanted to buy a “Jumbo” because I knew that this was one of the most sought-after and therefore not so easily available watches from AP. At the same time, I acted like I knew almost nothing about the brand. I was immediately assigned a nice gentleman who took an hour and a half to guide me through the history of watchmaking. That impressed me. He didn't respond to my request to buy the “Jumbo” but instead told me more about the history of watchmaking in Switzerland. I particularly appreciated how respectfully he spoke about all players in this industry. I also consciously asked questions about other brands, and he knew exactly what contribution each brand had made to the history of watchmaking.

What was your relationship with watches and watchmaking before you moved to Audemars Piguet?

On the one hand, I have been living in French-speaking Switzerland for over twenty years, where watchmaking is omnipresent. On the other hand, I have always worn watches. My parents didn't give me a watch when I graduated from university, as is apparently common here since I grew up in Naples. But at the crucial moments of my career, I gave myself a watch, engraved with the place and date. For me, watches are symbols. I strongly believe in symbols and often use them in my leadership work. This office is also a symbol for me. The walls are concrete and empty. I chose concrete to lay a strong foundation. The emptiness symbolizes a new beginning.

What particularly struck you when you started here?

It was the emotional aspect that surprised me. I knew that people were key in this company, but I was not prepared for so much passion and attention to detail. For example, on my first visit to the factory I met a watchmaker who was polishing a tiny piece. When I asked her what she was doing, she explained that she wasn't happy with the finish yet because there was an unwanted fine line. She couldn't even see the line, but she felt it was there. This is more than professionalism, this is passion.

How were you received in the industry outside of Audemars Piguet?

Interestingly, the first step of my onboarding program was not meeting our own people. It was about getting to know the valley and its residents. To understand the brand, you have to go to its roots and understand where it was created. I had great encounters with artists, watchmakers and the mayors of the valley. It is our job to preserve the savoir-faire of watchmaking in the valley. I've already met some colleagues from other watch companies here, but I'm still at the beginning.

What are your first priorities?

Our company has a clear course. But the environment is constantly changing. The market dynamics are changing and there is a generational shift among our customers. Generation Z is very different from Millennials, and within Generation Z there are big differences in behavior. We need to examine what is happening in this new context. Our primary goal is to secure the company's independence and family spirit in the long term.

What about growth? AP produces 51,000 watches today.

We are keeping production at this level for the current year. We will communicate what comes next in due course.

AP is building a new 17,000 square meter factory in Le Brassus. This should make higher quantities possible.

This new building, which we call “L'Arc”, will be handed over to us by the general contractor this year. Our existing Manufacture des Forges will then be demolished and replaced by a new building by summer 2027. The new factory will bring together under one roof most of our industrial activities, currently scattered across the Vallée de Joux.

Your predecessor pointed out early on that the used watch business was “the next big thing”. Some watch brands, including Rolex, have now entered the so-called certified pre-owned business. Where is AP written?

The used watch market is exciting and we are interested in contributing, especially as a service to our customers and all watch lovers. However, we won't be ready until 2025.

In recent years distribution has been greatly reduced. AP now has fewer than a hundred outlets. What's next?

In this phase, two things are particularly important to me: the quality of the service and the expertise in our boutiques and AP houses. Our AP Houses are not sales points, but meeting places for customers and people interested in watchmaking. You will also see new openings, like these days in Milan.

AP has not taken part in watch trade fairs for several years. Can you imagine taking part in the Watches & Wonders Geneva watch salon in the future?

I can't make a clear statement on this at the moment. This requires reflection and is not what I am thinking about most at the moment.

Have you also noticed that the market environment has cooled down in recent months?

As far as AP is concerned, I can say: no. There is still great interest in our watches. Statistically speaking, however, we are not relevant to the overall market because we are too small. In general, there is a lot of uncertainty in the market. People have become more careful with their purchases, be it in the luxury segment, watches or investments in general. At the same time, there is a great need for emotional experiences. The product alone is not enough, the shopping experience has to be right. People want to create memories.

Post- Covid, there was a period of “revenge shopping” where people shopped like crazy. Is this over?

Things have calmed down and people are acting more thoughtfully again. They don't just buy, they look for things that align with their values ​​and offer them beautiful experiences. They want to be perceived as individuals. For example, at AP I hear from people who love our museum and say that buying a watch after visiting the museum was part of a great experience. I'm glad that we don't just focus on transactions. Our goal is to build relationships with our customers. This creates a strong emotional connection to our watches.

You talk about an increased demand for experiences. Is AP also offering more personalized watches?

No, we rarely do that. Personalization is more about finding the model that best suits someone, both in terms of size and complications. It is valuable when customers share their stories with us. For example, one customer recalled that the first watch he saw on his father was a perpetual calendar. When he bought a watch in his first job, he also chose a perpetual calendar and had his father's name engraved on it. This is the kind of personalization that is valuable to us.

[Vince_76]

Originally Posted by Audevache

Zurich's NZZ just published an interview with AP's new CEO.

Not a lot of new insights, but here are some takeaways:

- Currently they are producing 51K watches, stable for this year. She didn't want to communicate on future production volumes, but mentioned the new factory they are building

- She didn't yet see any cooling down of demand for AP

- CPO potentially coming but not before 2025

- Before even getting the job, she did a mystery shopping experience in one of the boutiques, asked for a jumbo and was apparently treated quite correctly. Probably not the Las Vegas boutique then :-) Though she didn't get her jumbo either...

- Good news: her highest priority is keeping the company independent

Originally Posted by AEV

......translation with Google translate....

Thank you both.

[Steele]

Thank you for sharing