Parmigiani Fleurier, top-of-the-line independence

Parmigiani Fleurier, to offer an extremely concise definition, is part of the very narrow circle of great Swiss high-end brands. The aim of our article-interview, however, is to draw attention to several aspects – some of which are still little known – that make PF truly unique in the world of high watchmaking.

Let’s go step by step. I had the pleasure of meeting Michel Parmigiani some fifteen years ago in his atelier in Fleurier, which even then was simply incredible in terms of charm and wholeness (more on this later). My namesake – yes, because at the civil registry in Couvet, canton of Neuchâtel, Parmigiani is registered under the Italian name Michele – told me how fundamental it was for him to have started his entrepreneurial adventure with the restoration of antique watches, built without compromise. For a simple reason: he learnt that only watchmaking of absolute quality, made with true craftsmanship, is able to transcend time and become immortal. As a giant, his other vision – at the time and still today of disarming foresight – was that in order to be able to make top-of-the-line watches, you need an equally top-of-the-line and complete supply chain upstream.

PARMIGIANI AND SANDOZ: WHERE STORIES OF EXCELLENCE MEET

In 1976, when the so-called ‘quartz crisis’ was devastating the traditional (and therefore mechanical) watchmaking world, Michel opened a workshop dedicated mainly to the restoration of important antique pieces, including some from the Patek Philippe Museum. He quickly became one of the number one watchmakers in the milieu, and in the 1980s he was entrusted with the maintenance of Maurice-Yves Sandoz’ legendary collection. That name, Sandoz, has been synonymous with the pharmaceutical company since the late 19th century. And also with inestimable wealth. The partnership between Michel and the Sandoz Family Foundation resulted in the birth of the brand that all true enthusiasts are familiar with today: Parmigiani Fleurier. The year was 1996 and the new independent company, the pride of Val-de-Travers, immediately started off with very important resources.

With the new models, there were also new super-finished high-end manufacture movements (from time-only, even with tourbillon, to super-complicated). Like, for example, the Cal. PF110 for the Ionica Hebdomadaire, and the Cal. PF333 for the Toric Quantième Perpétuel Rétrograde. Or the Bugatti trilogy, which has stunned the world with three pieces holding an incredible three-dimensional longitudinal movement – inspired by the striking French supercars born in 1909 from the genius mind of Italian designer Ettore Bugatti. The series was inaugurated in 2004 by the Type 370 with the Cal. PF370. It was followed by the Super Sport (Cal. PF372) in 2010 and the Type 390 (with Cal. PF390) in 2017.

In addition, along with many phantasmagorical one-off pieces, we cannot fail to mention the Tonda 42 Tourbillon of 2008, the ethereal ultra-flat Tonda 1950 of 2010 (to celebrate Michel’s 60th birthday), the Oval Pantographe with telescopic hour and minute hands of 2011, and the GMT Rattrapante of 2022. Over time, the catalogue has been rationalised and, also thanks to the contribution of Milanese super-manager Guido Terreni, CEO from 2021 and at Fleurier since 2018 – a Bocconi degree, double Italian-Swiss citizenship, twenty years at Bulgari Horlogerie including his eight-year presidency, and before that a long managerial experience in the global company Danone –, two collections have been consolidated, getting to us in great shape: Toric and Tonda.

TORIC AND TONDA, WHAT A SIGHT!

The Tonda collection includes several models (more or less sporty, from time-only to complicated, without forgetting the very successful ladies’ models with 36 mm diameter cases). And this year’s new addition, the Tonda PF Micro-Rotor with a bracelet integrated into the steel case, which for us is one of the most harmonious on the entire market (moreover, given the competition, at a very fair price: 23,500 Swiss francs). While the Toric collection – with the Petite Seconde in two versions, with a platinum or rose gold case, and the Chronographe Rattrapante in rose gold (in a limited edition of 30 pieces) – is all new and truly a great sight of classic style revisited in a modern key. With impeccable lines and finishes, very textured ‘hand-grained’ dials and, even, movements made in 18-carat rose gold! Absolutely spectacular!

VAUCHER: A UNIQUE SUPPLY CHAIN

Before having a chat with Terreni, in order to get the full picture of PF’s power – and potential – it is worth going back to the importance of a complete supply chain, constituted in this case by their subsidiary Vaucher Manufacture Fleurier. With it, as we said above, PF has become a unique entity on the world stage. From the early 2000s, through the strategic acquisition of specialised companies (Les Artisans Boîtiers, Atokalpa, Elwin and Quadrance et Habillage), in a short time PF succeeded in creating a colossal integrated watchmaking pole that was not only able to satisfy all the production requirements of the parent company (from the movements’ components including hairsprings, to cases, dials, etc.), but which, as a ‘subcontractor’, also satisfies the needs of around fifty other watch brands (yes, you read that right: about fifty!) – mostly in the premium category! Including the now historic and acknowledged partnership with Richard Mille, Vaucher being their well-known and well-established supplier.

INTERVIEW WITH GUIDO TERRENI

Guido, we know you as a great product expert and, in general, as an Italian gourmet and a very refined style enthusiast. How much of these two aspects have you conveyed in Parmigiani Fleurier?

I consider these two aspects to be fundamental, along with another: luxury’s true meaning. It has taken me ten years of career to be able to tell myself that I know something about watchmaking. Even more so regarding style which, besides being innate, has to constantly be cultivated. Then there is a deeper concept of luxury, one that must be able to move people. Through Michel Parmigiani’s original vision, these aspects can be considered innate for PF. And we pursue them with the idea that our watches must succeed in expressing an all-embracing vision of technical savoir-faire, with superior finishes; at the same time, however, it must also be a stylish accessory, a complement wisely meeting the personality of the wearer. These, for us, represent the true substance of luxury watchmaking.

Can you tell us how you see PF from your leadership position?

In the world of watchmaking, in its centuries-long history, with its 30 years of activity PF is a young brand, which from the outset – thanks to Michel’s talent – managed to build a prestigious image. For example, the Kalpa Hebdomadaire’s rectangular case left its mark in the years it was launched. Michel is a legend, he is the master of restoration, and he was able to make his valuable content transit into the mainstream. Then, with the intellectual honesty that distinguishes me I must admit that at a certain point, physiologically, the brand had lost its lustre. In terms of turnover, 2020 was the worst year in our history. We understood the mistakes we had made, we went back to our original values, with the three aspects I listed before clear in our minds, and within a short period of time we were back on the upswing. In 2022, some of our models, such as the GMT Rattrapante, were on the waiting list, and 2023 turned out to be our best year ever. Today, we can say that we know perfectly the size of the brand and its important potential, controlling a growth that feels organic, natural, not driven.

How was the new Toric collection born?

In general, some time periods are very creative, like the 1930s which left us with immortal products such as the Santos, the Reverso and the Calatrava, or like the 1970s with the Royal Oak and the Nautilus. In the 2000s, high-end watchmaking stopped creating. We have to start doing it again. For us, the product is at the heart of the brand; as is the customer, who is the conjunction ring. With the new Toric collection, while maintaining PF’s philosophical canons, we wanted to redefine the ‘classic watch’ concept which, as a stylish accessory, is able to embrace the evolving codes of men’s refinement. Where timeless craftsmanship meets a free and casual approach to fashion, capable of handling the rhythm and versatility of modern life. The technical quality of the movement and finishes are impeccable, and the aesthetics turn to a nuanced classicism – perfect for Brunello Cucinelli t-shirts and Loro Piana loafers. The Toric collection, which has crazy components – such as the ‘garnet’ dial and the incredibly finished movements made of 18-carat rose gold – has only one flaw: it is not photogenic! In contemporary watchmaking, there are so many photogenic products that when you see them in person disappoint you, and then there are the models that when you see them in person and wear them, you realise their true value and go crazy. Torics belong to this last category.

Can you describe the watch enthusiast who wears PF?

The brand lives on the customer’s wrist. And our customer is like us: multi-faceted. He knows the brand and its products. He is cultured and loves fine finishes. He is certainly not a hedonist, i.e. not a customer who chooses a product to follow trends. Ours is a discreet customer. He is an enthusiast who does not need to show off. We are lucky in this sense: our customers represent the apex of the pyramid of high-end watchmaking. Statistically, therefore, we do not have a clientele by nations, but by values. Being a PF customer is a matter of education.

In conclusion, how important is it for PF to have Vaucher Manufacture Fleurier at its side?

You have already said everything about VMF. I would add one more substantial aspect: Vaucher is useful to PF because serving demanding brands constantly pushes us toward absolute excellence!

By Michele Mengoli