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PuristSPro Interviews Jerome Lambert, CEO of Jaeger-LeCoultre
PuristSPro Interviews Jerome Lambert, CEO of Jaeger-LeCoultre
By PuristSPro
Transcribed by Ping Tsai & VL Kong
© January 2010
(Interview took place in April 2009 at the JLC Beverly Hills Boutique. Link to Dr. Ming Woo's report: CLICK HERE )
1) The partnership with Aston Martin, The Polo, and The Navy Seals - what are the reasons and values of such partnerships? How do these partnerships fit in with JLC's view of horology? Are these partnerships more for marketing purposes or are they part of a long term plan?
What you can see at first is that all of them are definitely linked with one product family. The Reverso and the Polo do not need any explanation as to why they are a natural fit if you speak from the Reverso and the history. And for the Polo you want to show how it was from the beginning because the philosophy of the watch is to remain aligned with the longer lasting tradition in terms of aesthetic and technique. So as the watch was born for the Polo player, to keep the link with the Polo word, by legitimacy itself of the watch brand is something important. On the second hand, when it comes to the Squadra, we come to explore sports, activities, and the sport field which brings us to the next 2 operations. At JLC, we consider for sports, the challenge of the watch it sold for, and this is the best way in fact to create and boost the innovation of this line.
And if we jump to the second association, for example the Aston Martin, you can see all the links and in fact that the line is being created following the expertise and tradition of a driver watch. In the past, driver watches wear a little bit longer and we have transformed them with more innovation such as with the Amvox2 where we incorporated a vertical trigger which enables you to launch and stop your chronograph, basically coming from the driving functionality. And now we move to the transponder, the same story where you integrate, even into the watches, functionality that we thought for the car. So at the very beginning, it was a good communication platform year after year, and we are signed till 2012. So as of now, a long lasting partnership is more and more a source of collaboration and mutual inspiration. For the crystal key is linked to the sapphire glass of the watch. It is a limited edition of 77 and is similar with what we do with the watches. So you see that's very much coming together.
And for the Navy Seal we explored the same philosophy. For diving watches, we don't want to be just any diving watch. We don't want to have diving watches produced in massive volumes. We want to produce diving watches from the intended perspective that they are to be professional instruments for divers. The philosophy we have with TMT for exploring the sea is what we wanted with the Diving Pro. That is why the Diving Pro has a water resistance of 1000 meters, is very light, etc.
Going further, we then said to ourselves how can we set even higher challenges for these watches through the partnership with Navy Seals. We wanted to further explore new dimensions of diving watches. We used a ceramic bezel because ceramic is scratch resistant, light in weight, and does not reflect light which is an important requirement for a diving watch which we strive to improve upon more and more. Of course, working together with the Navy Seals gives us the opportunity to set new targets and achievements. No wonder the 3 lines are in sports from the Squadra, the Aston, and the diver.
For pure watchmaking watches, all the complications are not sport watches. The watchmaking definition I would say is enough to push the creativity to a higher level. There’s no need to further explore new dimension so that you can push the leverage creativity.
2) The topic of the Re-Editions: The Polaris was released in 2008. Will JLC release another great legend of its past? If yes, which one? Master Reveil? Memovox?
POLARIS has been a fantastic story written with a good friend of the brand. And there are two things that are to be recognized. We have done it 100% according to the rules, respecting all the aesthetics and etc. Also, we have done one edition and that's all. None have been presented in the following SIHH despite we could have sold more, despite it was easy to make it but we said no, it will not be the case. It was 1 edition and that's all. For the time being we do not foresee to do another one. We think it was a good concept. Today we don't see the necessity to explore another re-edition.
3) How has the brand repositioning for JLC, from being a watchmaker's watchmaker, to being a retail high horology BRAND unto itself, come along?
I think it was a natural accomplishment for JLC, to somehow demonstrate in terms of product, what was inside part of the watches. It was already very much the content of the brand. Those who know already before knew JLC's exact creativity and exact capacity to realize the most complicated watches. But, it remains within our world. A big part of it as well was dedicated to realizing the movement for service.
The more we could concentrate and focus on our watches the more we can release the creativity and inventiveness to our watches.
4) JLC has a vast spectrum of offerings - from affordable watches to Dream Watches - and again you presented many high end pieces this year. You now have the Gryotourbillon 1 and 2, the Master Minute Repeater, the Grande Complication a Triptyque, the Extreme Lab, the Master Tourbillon, the Duometre, and finally the Grand Tradition with perpetual calendar - my question is: Is JLC moving more high-end? And are there any segments you're not going to penetrate or further expand into?
We always try not to oppose dream watches and affordable watches. When we realized the Grande Reverso this year with the 976 chronograph, which is the name of the movement, we were also doing capsulate watches and all watches that JLC is capable of doing, square movements, square watches with very classical design seen from the proportions with special design of the leather so anytime really we can benefit from different segments.
And somehow, the brand is present in these segments. And for us, the idea is to keep the presence in these 4 segments: classic, complication, ladies and sports. Our concept is within the lines that exist. We have not launched new lines within the last 2 years. We developed and improved the lines. That is again, a very natural evolution of this line, to be more technical and more complex. Our lines definitely, day after day, tend to be more technical and move towards more watch-making technicality & higher technical complexity.
5) Why did Eric Coudrey, the designer of the Gyro Tourbillon, leave JLC?
First, JLC has 1300 employees. We had people with the brand for years and years. We had 20 guys like Eric who contributed to JLC. I think the philosophy of JLC and his philosophy were less and less aligned and it was time for him to leave the company because there was no way to further the relationship that was productive and not bringing anything to anybody. That's why we say find your way, do your way and for yourself. At the end of the day, Maison JLC has 176 years of history. It has never been the maison of anybody except for the founder. The brand is important because it is one that goes through history and we all contribute 1 day, 1 month, 10 years, 20 years to the brand. We serve it the best we can. The brand does not serve you. That is very important.
6) And who was responsible for the development of the Gyro Tourbillon 2?
The basic idea of the development of the GyroT 2, if we come back to the point, Stefan Belmont has done a lot in the development of the GyroT2. Somehow GyroT 2 is the son or daughter of the GyroT1. GyroT2 was born when GyroT1 was born, meaning the GyroT1 was not in completion in terms of gyrotourbillons and multiple complications because we wanted to align the gyrotourbillons with two other complications.
The concept of GyroT2 was to explore completely the gyro in its capacities and what it was capable to realize. That's going through Belmont as well who has done a lot in the series. It was very much a team work I would say exploring techniques that we used for realizing the spiral, etc.
7) What are the strengths of JLC watches, and what can be improved upon?
I think that what characterizes JLC is how important for us the invention is. We invest ourselves a lot to somehow be the most inventive manufacturer. Over the last 5 years with one grand complication per year, I think we have proven that we are capable to support the status of having the capacity for grand invention. We have presented a number of complicated watches in the last years, from Extreme Lab, Triptique and even Duometer. All these watches are capturing a lot of what makes JLC different, even the Grand Tradition with the introduction of silicium, exploring the very classical but with advanced techniques so that we can go further in terms of chronometry, in terms of certification of precision. That very much characterizes JLC.
8) 15:06 And what can be improved upon?
Many things, every year. If not we'll be dead and it would have no envy and no holiness for us to consider what would be another accomplishment. Tons of things of course and that’s what is different, the idea that when we see the big fall on the trend, we shall see so many things to come. It’s known by the industry that major watches to come and to be presented in the coming months and season, in terms of grand complication, even in the next SIHH, would also be a major accomplishment. That's the dynamic of JLC, to keep the past and its level of energy. At the end of the day, if one doesn’t like JLC what is to be recognized is the extensivity, the creativity and technicality of JLC and its capacity to say, we can deliver them. It was often said to JLC one and half years ago, “You do things but we never see them.” We say what we do, we do what we say.
PPro: Like the Harry Winston, the Opus 3?
JL: For any brand, none of these watches are easy to realize and somehow they are so exciting because they are technical achievements anytime. We all have maximum humility when we work with these things and any watches that function well after that.
We are very pleased because that is always an accomplishment. Every time, every watch, is such an amazing sum of techniques, knowledge, and team work every month when one of these comes out and is presented to the consumer.
9) How is JLC performing in today's challenging global economy?
Whenever the economical situation is a little more challenging, you have to be even more competitive to become more desireable, and you create more surprises, discovery and give every single client the envy, JLC bloggers to pass the door and to be further interested and to want to further discover things from the brand. That is even more motivation for us to explore this dimension than just to retreat and wait and to say, let’s wait and see. JLC passed through a large number of crises and problems. We have learned through history that it was always through creativity and inventiveness that could make a difference. That further reinforces our conviction that we have to be even better in what we do and even more competitive.
For the 2009 global economic situation, I don't need to comment on for sure. There is enough from the newspapers, books and magazines.
What is globally more challenging is that there is definitely a trend of looking for value in the market. Again out of the manufacture, the inventiveness of JLC is what JLC is well-known for and its value for money. So in a time when people look for perceived value for money, JLC is well-positioned in its offer. We never went crazy in terms of the prices of our watches. Even the countries where we sometimes are highly criticized for doing watches at prices that are never seen for some complications, we try to find our position for lines, in line with the time in which we want to do so.
10) Has JLC lowered production #'s as a result of the slowing economy? Lowering production #'s but with higher average prices to balance out overall sales figures?
No, JLC always hates to ditch its course of its average price over the last 5 years. So basically the trend we have seen from the complexity of the watches to come, from the average price is to see even more quality in its product for sure. That was the trend. That was already very visible which is even more reinforced for the time being so it conducts even more master and number of watches we put in the market. Even for us, JLC, there’s much more, the number of hours to produce a number of watches that is benchmarked as you said; A Reverso with price $3,000 to $5,000 and even watches of $500,000. Unit per unit, I would say 2,500 which is a yearly production for many brands. So I would say there is a good balance to find between these things and this time it conducts us to move along with energy and resources. We have certain lines to move to other lines so we can definitely adapt ourselves to the current economic situation.
11) How many price increases have you had over the past several years in the US market?
So that many so far. If we consider 5 years, I would say roughly five.
12) And in this current economic climate, some brands have discreetly dropped retail prices on some models. Is JLC considering, in the near future, an across the board price cut?
In the brand we have grand complications for which the price exists only in Euros. When it comes to another country, we quote again and we give a price so there is no problem of discrepancy on high end pieces. And then on new products, we try for the last time it comes to the market to adapt itself to the price so that we are not overpriced because of one year ago price fixation and so on. These two things are already very adapted to the situation and for the set pillar we tend not to do that because it creates a lot of discrepancy afterwards when we begin to shake the things. Even for the consumer it’s very hard to know whether it’s a good day to buy or not a good day to buy, because if you say to yourself, ok, now it goes up, wait for 2 months and it will be -10%. If you go before you will be furious because the price after is then less.
On a 3 to 5 years basis, it seems our balance works out nicely, because 2 years ago it was the American price that was completely out of the market because it was 10% to 15% below the other one. Then I would say the price increase is more in America than in Europe. These years it’s more contrary. Now it’s more Europe where we increase the price and we block the dealer’s price so that we can balance and by doing it that way, we can find out a good balance so there is not too much discrepancy. It’s also our plan as well to know where they are going in terms of pricing.
13) What are your thoughts on the JLC SIHH 2009 novelties? A year of consolidation or innovation? And which model from 2009 is your favorite?
Consolidation in a way because we've work in our line. Innovation if you consider the new movements we have kept introducing and new technique that introduced.
I would say among the line, I like very much Ulysse Nardin. I have two watches that I like very much. I like the Navy Seal Alarm and I like very much the Grand Tradition Tourbillon QP. Those are my two favorite ones. I like Grande Reverso 976 as well. You can wear the watches in different situations. With a suit, I would love to wear a Perpetual QP or Tourbillon. On weekends I would love to wear a Grande Reverso gold in the evening and for sport or casual activities, a drink with a friend in a bar I'd wear a Navy Seal Alarm.
14) What novelty(ies) from your competitors at SIHH 2009 surprised you in the most pleasant way this year?
I love the consistency of our friends from Lange. I like the way they worked on the fusee system along with the long tradition of having the system in the watches since the Tourbillon “Pour le Mérite”.
15) Do you see a new trend of using rubber in watches? Several brands debuted rubberized watches at SIHH 2009. And at SIHH 2008, some brands started using rubber inlay in watch bezels. Will rubber be the new trend such as the recent trend of using ceramics?
For sure it is something that is present and will be further present because there’s a big advantage with rubber. One, ceramic is very rigid and very very costly if you want to have sophistication in the form. Rubberizing a case is much easier in a way. The point is that even in terms of price, a rubberized case or solution is somehow a good way to access the colors and look you have with ceramic. But I would say not so in terms of characteristics, color, dial etc. I think that trend will come along and quite naturally following the trend.
16) Will JLC come out with its first rubberised watch? If so, can you give us a hint at which model?
For sure Squadra is a watch that could go really well and we think the prototype was very nice in ceramic. So it could be very much considered for the future.
17) Do you think thinner and smaller watches are making a comeback? And are you feeling a shift in this market trend of large 44mm+ watches?
I think what is true in this day, is that every market comes back to its point of reference; what is valuable for its market at the time being.
There's very much that you see the market considering, steel and elegance in one part of the world. While in another part of the world you will see much more gold and sophisticated dials. That's a less unique trend. Most probably classic watches go back to their core, sport watches keep their core and the less than mis-matched offers, classic watches, towards the end of the day begin to be more sporty by its volume, size, eccentric dial than the classic ones.
18) The trend of larger watches has put the emphasis on the watch case and look. What is the importance of the calibre in a watch today? Do you believe a smaller sized calibre is always better than a larger sized calibre?
It depends a lot on the watch itself. For sport we need large calibre, large balance wheel, large resistant bridge so all these things we need.
On top of that we want stability for this kind of thing so it’s better to have large. For classic and elegant watches, it’s appropriate to have thin movements so that we can have watches that are classic and elegant.
For example the Duometer 13mm height, the watch could have been 16mm! We worked to have it thinner. We used many eccentric ways of representing the time, the best way not to have a huge watch. At JLC we have the privilege to develop the movement case to case. So that something, which is for us important, is to be capable to align that. Of course the target is not the same for the Compressor, Diving, Duometer, and Grand Tradition.
19) This year's chronometric contest is a proof that chronometry is not dead in the heart of watch collectors. Can we hope to see Jaeger-LeCoultre launch a new high end simple manual wind calibre to perpetuate the Geophysic heritage?
The Geophysic is indeed as important to JLC as in fact Polaris was. Polaris was the diving in the past, but not only for chronometry. The Geophysic, when it was launched, was a sports watch idea. It was a watch to be worn in any condition, at anytime like the Milgauss Rolex. It was the same pitch - a watch that is water resistant, chronometer, anti-magnetic. It was a watch to wear while exploring the poles, Himalayas, etc. That watch is important in terms of philosophy for our watches. It's something that we will consider again for the future, not for the chronometer platform but much more for the performance of the watch as can demonstrate.
On the part of the chronometer, we are much more in the Grand Tradition. Indeed with the escapement we created for the Triptyque, it's not impossible that in 2 to 3 years time we further explore this escapement with only the purpose of purely the chronometer platform.
20) In terms of turnover (dollar and units) where is MJLC within the Richemont group? Is this par with its brand prestige/equity? If not, why?
Sorry to say it’s a brand that’s part of a group. The only time that some information is to be quoted is when Mr. Rupert speaks for the brand itself.
He had to himself, on a Monday, deny the rumor that I was fired and as you see I am still alive, and that we are firing 200 people, the same kind of rumor we are announcing nicely that we had fired 300 six months ago. They are still there. From what I read and what he said, the comments seem to say between what JLC will present in turnover and in terms of value, it was a good alignment, a natural evolution of the two together. Indeed I said during the last 5 years, a good level of performance.
21) What are the relations between JLC and the specialized internet fora in horology? Do you see the internet as a detriment or a useful tool?
For sure it is useful. There is no question about it. At my age, if I considered the internet to be a danger or problem in somehow I would not have the privilege to be in my age at my position. Definitely the internet is such a powerful tool to be able to send information, to communicate to brand-bloggers, to exchange and to have a level of exchange that you hardly have with other major media these days. It is very interesting to see that today even many magazines that were only magazines now have their website part because they have seen it was important to communicate to people and associate more and more things. And I do think there are very much interesting aspects with the song, volume, video, and so on. And we have a dedicated part even on Youtube where we put our videos when they are coming so that brand-lovers could find them. If you imagine today, you are in Malaysia, Singapore, Japan and in the middle of the midwest and you want a video of JLC , you go on Youtube and download it. Before we have to find you (PPRO), send you a CD, maybe afterward you will upload it.
Now it is so easy to say the DVD is there you can see for pleasure, feed your passion, and find more information. A good example is tonight, where in fact a specialized website creates networks and develops networks to get to know people and exchange and communicate with them. That’s a very good thing. It’s a level of control of information that is not at the level of rigor you can have on the other format. It’s to belong to part of the game.
22) Do you have anything you wish to say to the PuristS community?
Definitely because PuristS community has been historically the first internet specialized community, the first forum around the brand 9 years ago. So a long long time. The points of view that are always very interesting to the brand and it is interesting to see as well the coming along with the website with us as has created a bridge and things like that. And somehow the re-edition of the Polaris is as well the son of this long lasting common history and exchange that we had with the website and I love to see that the community is larger and larger. I love to see that there are always new people having interest in different aspects of the brand.
I just can say "Long Life to the PuristS".
Copyright January 2010 - PuristSPro.com - all rights reserved
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Comments, suggestions, and corrections to this article are welcome.
This message has been edited by AnthonyTsai on 2010-01-13 20:23:36 This message has been edited by amanico on 2010-01-16 22:59:20
PuristSPro Interviews Jerome Lambert, CEO of Jaeger-LeCoultre
Great Interview; Super in-depth information!
Patrick_Y......
Thanks MW!
Hey patrick....
The very next SIHH will bring you some answers, Patrick.
PuristSPro.com Jerome Lambert additional photos.....
He is wearing PG DUO......
Always interesting to read interviews from (imo) the most talented and dynamic *H. CEO
You're indeed right, POY, about the Polaris.
Maybe "friend" is a generic term and not a 'counting word'
About 'team work' you are absolutely correct
It's almost like Being There....
Thank you to the interviewers and to Mr. Lambert.
Thank you Mssr Lambert. One of the best CEO Interviews ever!
Thank you.....
Thanks.
Thanks for the interview
Good to hear his comments on re-editions
really enjoyed reading this interviews...
