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Old 24 April 2023, 11:49 PM   #1
Napaswar
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AP's New CEO from outside the horological industry.

Just read the news from Miss Tweed today and wondering is there any case on big brand history especially Holy Trinity got the CEO from outside the horological industry? Interesting to see the future of AP after FHB era.
What do you guys think?

Source: https://www.instagram.com/p/CrYkSFStA3v/
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Old 25 April 2023, 12:06 AM   #2
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Can you share those news? Can't find anything.
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Old 25 April 2023, 12:16 AM   #3
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"Audemars Piguet, one of the world’s biggest watch brands, is set to appoint as its new CEO a Swiss woman from outside the horological industry, industry sources have said. Her identity is not yet known. The watchmaker has declined to comment on such details regarding her profile. However, if confirmed, her nomination would mean that Audemars Piguet’s family owners thought her ability to lead and build the brand further was more important than watchmaking expertise and experience. Audemars Piguet is not alone. Many head-hunters and human resources directors believe that hiring from outside the industry can bring fresh ideas and energy, luxury executives said at Miss Tweed’s Luxury at the Summit conference on leadership in Val d’Isère, the French Alps, held in early April.''

This is what I was able to find.
I recall in a recent interview FHB said he would like his successor to be a woman.
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Old 25 April 2023, 09:16 AM   #4
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"Audemars Piguet, one of the world’s biggest watch brands, is set to appoint as its new CEO a Swiss woman from outside the horological industry,

I recall in a recent interview FHB said he would like his successor to be a woman.
Tina Turner? She’s a swiss citizen and I would dig Simply the Best playing on a loop in every AP boutique. Would have improved todays AP visit substantially.

Me “Starwheel”
Sales guy “LOL good luck”

He literally laughed out loud. Music would have helped.
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Old 25 April 2023, 06:02 PM   #5
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Tina Turner? She’s a swiss citizen and I would dig Simply the Best playing on a loop in every AP boutique. Would have improved todays AP visit substantially.

Me “Starwheel”
Sales guy “LOL good luck”

He literally laughed out loud. Music would have helped.
Jokes aside, I would have expected an internal candidate.
FHB impact has been instrumental and these are big shoes to fill.

Let's see. It could be that this source is not reliable at all.
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Old 26 April 2023, 01:21 AM   #6
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Jokes aside, I would have expected an internal candidate.
FHB impact has been instrumental and these are big shoes to fill.

Let's see. It could be that this source is not reliable at all.
The IG post is not particularly specific, but Miss Tweed does have industry/AP connections (mixed with a lot of self-promotion).
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Old 25 April 2023, 12:52 AM   #7
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Don't need watch making background if your top OKR is to complete a sale! (90% joking, 10% not)
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Old 25 April 2023, 02:09 AM   #8
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Don't need watch making background if your top OKR is to complete a sale! (90% joking, 10% not)

FHB didn't have a watch making background and he did a just about perfect job at AP...if the brand wants to continue being on that forefront of horology and popular culture they can't have some stodgy Swiss watchmaker running the place.
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Old 25 April 2023, 03:17 AM   #9
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FHB didn't have a watch making background and he did a just about perfect job at AP...if the brand wants to continue being on that forefront of horology and popular culture they can't have some stodgy Swiss watchmaker running the place.
Sorry, poor choice of words. I meant outside industry, not literally watch maker.

@reign, gotta be careful who you back in Fame of Thrones!
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Old 26 April 2023, 05:09 AM   #10
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FHB didn't have a watch making background and he did a just about perfect job at AP...if the brand wants to continue being on that forefront of horology and popular culture they can't have some stodgy Swiss watchmaker running the place.
FHB did not have a watch making background? He started to work for AP about 30(!) years ago, so had been working for them for 20 years before he finally became CEO. Should have been enough watch making background, I guess.
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Old 25 April 2023, 02:28 AM   #11
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Disappointing that it’s coming outside of AP. Some of us have many years of relationships built with corporate and it’s almost like hitting the do over button


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Old 25 April 2023, 03:04 AM   #12
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Disappointing that it’s coming outside of AP. Some of us have many years of relationships built with corporate and it’s almost like hitting the do over button


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Care to elaborate?

Not that I have relationships with AP corporate but how are you on some type of advisory council for FHB where you get to recommend adjustments to the corporate AP strategy?

Or is this about watch allocation approvals that I doubt need to go by the CEO (unless you're Arnold or John M)?!
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Old 25 April 2023, 04:15 AM   #13
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Regardless of going with an insider or someone from outside the industry, it's going to be an interesting time for AP. They're more or less committed to increasing production and the boutique/house concept, so can't afford to coast.
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Old 25 April 2023, 08:54 AM   #14
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Regardless of going with an insider or someone from outside the industry, it's going to be an interesting time for AP. They're more or less committed to increasing production and the boutique/house concept, so can't afford to coast.
Are they planning to increase production that much? Thought they were staying similar production ranges?
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Old 25 April 2023, 09:34 AM   #15
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Are they planning to increase production that much? Thought they were staying similar production ranges?
I heard they are shooting to get to 45-50k units a year.
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Old 25 April 2023, 10:31 AM   #16
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I heard they are shooting to get to 45-50k units a year.
They did 50K last year, from what I recall reading they will increase 5% yearly and are building out infrastructure to be able to make 70K units a year.
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Old 25 April 2023, 10:32 AM   #17
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Are they planning to increase production that much? Thought they were staying similar production ranges?
"“The industrial structure that we are currently building could bring us to 70,000 watches, but we are not in a rush...... Mr Bennahmias says in an interview with Switzerland’s Luxury Tribune."

2022 was 50k, 2023 plan is apparently 51k. New factory is supposed to be become available in a few years.
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Old 25 April 2023, 12:06 PM   #18
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So, I guess the real question is whether any of these increases will make it easier for new buyers to get a RO from the boutique. So far, it doesn't seem to have made much difference.

Waiting a few years w/ AP could potentially mean finally being able to get a basic RO (like a 15510) at retail, but retail being at or near $40k (given the multiple price increases per year).
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Old 25 April 2023, 05:48 PM   #19
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AP will gradually start increasing production and it will take several years till they can reach output of 70,000
Whether that would be enough or not, time will tell. If they keep doing what they have been doing in the last several years in terms of new releases, demand will still be higher than supply.
They could sell 80,000 watches today, these are figures FHB has been mentioning in interviews.
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Old 26 April 2023, 05:49 AM   #20
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I'll shoot my shot, it's FHB's daughter.
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Old 10 May 2023, 10:11 AM   #21
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Old 11 May 2023, 03:57 AM   #22
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I hope they don't try to ramp up production or go the way of Vacheron and sell out to Richemont or LVMH. I think that would be brand suicide.
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Old 11 May 2023, 04:04 AM   #23
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I hope they don't try to ramp up production or go the way of Vacheron and sell out to Richemont or LVMH. I think that would be brand suicide.
Well, AP is not building the new factory to lower production. But I agree, a sale to one of the big conglomerates would dampen my enthusiasm.
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Old 11 May 2023, 10:29 PM   #24
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I hope they don't try to ramp up production or go the way of Vacheron and sell out to Richemont or LVMH. I think that would be brand suicide.

I would stop buying AP and unload everything


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Old 11 May 2023, 11:26 PM   #25
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I would stop buying AP and unload everything


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Would you really not keep at least one? Genuine question.

@malba2366 as for LVMH I have no doubt to their brand management chops. Most recently with Tiffany and Rimowa slightly before that, all are being managed superbly welll. Richemont…eh…mixed bag right? Because you also have the Panerai score card mixed in too. Either way, they brand they build is not the brand I chose to associate with originally. So I’d still be mostly out.
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Old 11 May 2023, 10:55 PM   #26
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I hope they don't try to ramp up production or go the way of Vacheron and sell out to Richemont or LVMH. I think that would be brand suicide.
That's my biggest concern with J. Audemars stepping down from the board, and M.Friedman and Francois leaving the company.
But all of them are in a way retiring from AP after a very long tenure.
Plus O. Audemars is still in the board.

Francois has been saying that the increase in production will be very gradual as they can't ramp up, build new facilities and hire watchmakers so fast. And that the board has told him that they want the company to be around in the next 150 years as well.
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Old 11 May 2023, 11:11 PM   #27
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I hope they don't try to ramp up production or go the way of Vacheron and sell out to Richemont or LVMH. I think that would be brand suicide.
VC and ALS seem to be doing quite well under Richemont ownership. Both Richemont and LVMH know know to manage luxury brands so It wouldn't be negative for the brand, except in the eye of watch snobs.
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Old 12 May 2023, 06:05 AM   #28
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VC and ALS seem to be doing quite well under Richemont ownership. Both Richemont and LVMH know know to manage luxury brands so It wouldn't be negative for the brand, except in the eye of watch snobs.

I don’t think the last few years can be used as datapoints on how a brand was doing, everyone had record sales. The true test lies ahead imo.


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Old 12 May 2023, 06:44 PM   #29
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VC and ALS seem to be doing quite well under Richemont ownership. Both Richemont and LVMH know know to manage luxury brands so It wouldn't be negative for the brand, except in the eye of watch snobs.
Then there are IWC and Panerai... IWC were an interesting and very innovative brand in the late pre Richemont years under Blümlein. Now not so much as marketing has completely taken over. That said, they may be making a lot of money all the same.

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I don’t think the last few years can be used as datapoints on how a brand was doing, everyone had record sales. The true test lies ahead imo.


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Agree.

AP seems more vulnerable than most in the next couple of years. They'd suffer in a broader downturn like everybody else and on top their core product line will likely become less fashionable again compared to the recent hype years.
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Old 12 May 2023, 03:03 AM   #30
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I hope they don't try to ramp up production or go the way of Vacheron and sell out to Richemont or LVMH. I think that would be brand suicide.
I think that would really dampen my enthusiasm with the brand.
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