Global expansion at Jaeger-LeCoultre
As the Grande Maison of the Vallée de Joux, Jaeger-LeCoultre has struck just the right balance between nature and culture, innovation and tradition, international expansion and local roots, which are reflected in the brand’s stunning timepieces. Created under the harshest winter climates, the novelties mark innovative excellence combined with captivating artistry
Marking the 25th anniversary of the Salon International de Haute Horlogerie (SIHH) in Geneva, “Day and Night” Magazine caught up with Jaeger-LeCoultre’s CEO, Daniel Riedo, to reflect on recent developments for the brand and business, and to obtain an insight into the watchmaker’s latest marvellous creations.
What were some of the recent highlights for Jaeger-LeCoultre?
Jaeger-LeCoultre focused on anastronomy theme and created two incredible novelties; the Sphérotourbillon Moon that is aimed at men and the Rendezvous Moon, which is a ladies’ watch. The new Sphérotourbillon Moon is a timepiece that evolved from the Sphérotourbillon we introduced around two years ago. What is special about the latest model is the incorporation of the Moonphase calculation. Our skilled technicians ensured that this indicator is the most advanced and accurate Moonphase on the market. Another highlight is the creation of The Rendezvous Moon which is being marketed just for women. The model completes the Rendezvous collection and is a blend of the simple or classical model infused with the high-end complications, for example, like the Rendezvous IVY Minute Repeater, which took a lot of effort and time to manufacture.
How important is the Hybris Artistica Collection for Jaeger-LeCoultre?
The HybrisArtistica Collection is important for two simple reasons. First Jaeger-LeCoultre must demonstrate that it is not only able to develop high-quality innovative movements, but that it is also a power-house enriched with genuine Artisians, and for many years it continues to demonstrate its proficiency in both the technical and artistic spheres. The second reason is that the HybrisArtistica Collection is seen as a source of inspiration for future collections that aim to showcase aesthetically pleasing timepieces.
How has this range been received by the public?
The HybrisArtistica is a unique collection consisting of just three pieces of the 12 models presented last year. Remarkably, everything sold out, but we didn’t create this collection to gain financial advantage, we did it so that the designers could have unlimited freedom to go further with the current novelties we have and to create a source of inspiration.
Regarding strategic expansion, when we spoke last year you mentioned that within 18 months you would reach your target on 80 to 100 boutiques for the brand worldwide, where do you currently stand on that goal?
Yes, we are not far off that target. Currently we have 72 global boutiques and we are planning to open eight more before summer, which will make it 80 in total. We are aiming for a target of around 85 or 95 but it’s more a question of opportunities and locations.
With so many global boutiques open, how do you manage to balance the positive and negative aspects in terms of overexposure of the brand?
That’s part of the Jaeger-LeCoultre strategy, to balance distribution of retail presence. The number of boutiques we currently have is not a large figure, as we are present around the world and not in just one country. We try to be present in major cities, with one or two points of sale, but if we had ten boutiques in one city then that would be too much exposure. We also have key distributors who are multi-brand retailers that stock our timepieces, they account for one third of our sales.
Is e-commerce working well for Jaeger-LeCoultre?
So far it is something that works well in the US market only. We introduced the online development in Europe a few months ago, but it’s still something that we continue to look at in terms of development, as so far it only totals two or three percent of our sales. There is room for improvement, but it is not the main concern for the brand at the moment.
Last year you mentioned that there would be a bit more focus on the U.S market – can you comment on your progress there?
Since last year we have made significant progress with the opening of a new flagship store in Singapore and on Madison Avenue, New York in December. We are also opening a boutiqueon Old Bond Street in London, Geneva and several different locations in and around the US, such as Chicago, Toronto, Vancouver, Bahamas and Miami.
Jaeger-LeCoultre launched the Atmos clocks without much demand from clients. Now it is a market which your competitors are focusing on. How are you coping with the sudden competition?
We have one icon, the mechanical Atmos clock which has a perpetual movement, but we are not looking to be in competition in this segment as the market is still a limited one. We won’t push this range as a high label, but are diversifying this line with developments like the limited edition clocks, such as the one we did last year, the Atmos Hermes clock and the Atmos Marc Newson clock, which we launched two or three years ago.
How would you rate the market for the Middle East?
The Middle East market continues to grow. Last year, we were very successful in the sale of some ladies watches, particularly the Rendezvous line. We think that the next generation of this line, the Rendezvous Moon, will exceed the sales target that we are expecting.
Can you rank Jaeger-LeCoultre in terms of strengths and weaknesses?
We certainly excel in the development, creativity and innovation departments, however we have to work on making progress in the perception of the brand in terms of the brand itself and not just by its products. We want the brand to speak for itself and be more inspirational and that’s what we will focus on in the upcoming few years.
