Parmigiani Fleurier Merits Further Examination

People who believe all watch manufacturers are same may be astonished to discover that we visited Parmigiani Fleurier for a second occasion. There remain aspects we could acquire knowledge of during a third visit.

Aerial perspective of Fleurier

We return to Parmigiani Fleurier, this time participating in a guided tour with fellow Asian journalists. Our last article on this remarkable hub of horology – the brand is but one component of the overall structure – addressed all the fundamental aspects of what is referred to as the Parmigiani Watchmaking Centre.

Regrettably, we will not be visiting Atokalpa and Elwin during this run, acknowledging that these omissions constitute notable deficiencies in our otherwise comprehensive coverage. Nonetheless, we obtained a comprehensive overview of the activities at the previously named locations and succinctly summarise them below.

If you are already acquainted with Parmigiani Fleurier or have perused our narrative from three years ago (which is available online), there have been no alterations whatsoever. We have endeavoured to enhance the presentation with commentary on each production location, focussing on their potential value.

In this context, the most significant development at Parmigiani Fleurier in recent years is the revelation that the entire Parmigiani Watchmaking Centre (PWC), encompassing the Parmigiani Fleurier brand, has been, and may still be, seeking a new proprietor.

The Sandoz Family Foundation currently oversees the entire event. This news provides an alternative perspective to deliver facts regarding PWC, which we have duly executed.

We commence with the succinct enumeration of the limitations of Parmigiani Fleurier, which may be referred to alternately as PWC. It consists of merely five elements. Parmigiani Fleurier does not manufacture sapphire crystals, synthetic rubies, leather straps, bracelets, or mainsprings.

Considering the brand's exceptional performance with Tonda PF sales, which Bloomberg reports constituted an astonishing 98 percent of total sales in 2023, it is reasonable to assume that plans are underway to enhance bracelet production at Les Artisans Boitiers or to pursue a strategic acquisition. In summary, there is currently no information to report, and all assertions remain just supposition.

A Foundation in Restoration

The narrative of Parmigiani Fleurier is indelibly connected to its creator, Michel Parmigiani. During the Quartz Crisis of the 1970s, when the Swiss watch industry faced significant instability, Michel founded a studio focused on the nearly forgotten craft of restoring antique watches.

His exceptional ability to revitalise ancient masterpieces attracted a prestigious clientele, including the Patek Philippe Museum and, notably, the Sandoz Family Foundation. Parmigiani Fleurier CEO Guido Terreni frequently asserts that Michel possesses a black belt in watchmaking, attributed to his expertise in restoration.

The foundation, established with the wealth of the Novartis pharmaceutical corporation, assigned Michel the responsibility of preserving its extensive and invaluable collection of historical clocks and automata.

The partnership flourished, and with the foundation's support, the Parmigiani Fleurier brand was formally established in 1996. The inaugural invention, the Toric QP Rétrograde, promptly defined the brand’s character through its unique knurled bezel influenced by classical architecture and its intricate, exquisitely crafted movement.

For Michel, restoration serves as a means to revive technological marvels while preserving the integrity of the original character. This profound comprehension of historical mechanics and notable lack of egotism established the brand's steadfast foundation.

Industrial Titan

Parmigiani Fleurier Tonda PF Sport Chronograph Without Date in Ultra-Cermet

To achieve this vision of unwavering excellence, Michel and the foundation initiated an ambitious project: constructing a vertically integrated manufacturing base centred on Parmigiani Fleurier. The Parmigiani Watchmaking Centre comprises a collection of specialised firms, each an expert in its domain, providing the brand with a degree of self-sufficiency that is rare.

Vaucher Manufacture Fleurier (VMF): The core of the enterprise, VMF designs and manufactures premium movements for Parmigiani Fleurier. It also provides a curated roster of esteemed clientele, including Hermès (which holds a 25% equity position) and Richard Mille. It serves as the brand's central nervous system, managing all aspects from research and development to final assembly and finishing. Carole Forestier-Kasapi, TAG Heuer’s Movement Strategy Director, regards Vaucher as one of the finest in the industry; VMF collaborates with TAG Heuer to manufacture the brand’s split-seconds chronograph movement.

Atokalpa & Elwin: These companies manufacture minuscule, high-precision components that serve as the foundational elements of a movement. Atokalpa specialises in the regulation mechanism, including the escapement, balance wheel, and hairspring, a proficiency held by only a select few manufacturers globally. Elwin specialises in bar turning, producing a wide variety of miniature screws, pinions and spindles with micron-level accuracy.

Quadrance & Habillage: This entity specialises in the art of dial manufacturing. The elaborate hand-turned guillochage and the finely grained finish of the Tonda PF dials, accomplished by painstakingly applying silver powder to a brass plate, imbue the watch face with its essence.

Les Artisans Boitiers (LAB): The casemaker, LAB excels in both contemporary CNC machining and traditional workmanship. It is accountable for the sophisticated, ergonomic cases of the Tonda PF, as well as remarkable bespoke designs such as the white gold double hunter casing of the La Rose Carrée pocket watch. This cohesive framework enables Parmigiani Fleurier to manufacture nearly all components in-house, from intricate calibres to minuscule screws, allowing for the creation of virtually any desired complication.

Quiet Luxury

Toric Perpetual Calendar

Throughout much of its existence, Parmigiani Fleurier has been a brand recognised by connoisseurs, including King Charles III, who notably wore a Toric Chronograph for several years, even throughout his tenure as Prince of Wales. The hiring of Guido Terreni as CEO in 2021 was a significant turning point. Terreni, the architect of Bvlgari’s remarkable Octo Finissimo success, introduced a novel concept of “silent luxury” to the brand.

This was encapsulated in the Tonda PF collection. Introduced in late 2021, it became an immediate phenomenon, and this is no hyperbole. The Tonda PF encapsulated the brand's spirit into a sleek, polished, and very stylish sports elegance timepiece. The design exemplifies subtlety: the delicate knurled bezel, the complex guilloché dial, the seamlessly integrated bracelet, and the understated “PF” emblem. It was a watch that did not proclaim; it murmured. Terreni acknowledged that this was solely feasible due to the remarkable breadth of internal expertise and capability at PWC.

The triumph of the Tonda PF has elevated the brand significantly, with turnover allegedly increasing, as reported by Bloomberg. The range has broadened to encompass unusual complexity like the GMT Rattrapante (see to our commentary in the Moser narrative) and straightforward models, such the renowned no-date Micro-Rotor watch. The company concurrently upholds its classical heritage by reviving the Toric collection, now showcasing superb perpetual calendars and chronographs equipped with solid gold movements and matching gold dials.

In an era of exaggeration, Parmigiani Fleurier distinguishes itself. The brand is founded on the understated assurance of a master restorer and is supported by one of Switzerland's most extensive manufacturing centres. Terreni's refined vision has achieved an ideal balance between its rich tradition and a compelling modern voice, demonstrating that genuine legacy involves not merely maintaining the past but skilfully reimagining it for the future. The collection was created in less than a year, a remarkable achievement that Terreni attributed to the exceptional depth of internal experience and resources at PWC.

The popularity of the Tonda PF has elevated the brand significantly, with turnover allegedly increasing, as per Bloomberg. The line has broadened to feature unusual complexity like the GMT Rattrapante (see to our commentary in the Moser narrative) and straightforward models, including a renowned no-date Micro-Rotor watch. The company concurrently upholds its classical heritage by reintroducing the Toric series, now incorporating beautiful perpetual calendars and chronographs with solid gold movements and matching gold dials.

Amidst a landscape of exaggeration, Parmigiani Fleurier distinguishes itself. The brand is founded on the understated assurance of a master restorer and is supported by one of Switzerland's most extensive manufacturing centres. Terreni's refined vision achieves an ideal balance between its rich heritage and a compelling modern voice, demonstrating that genuine legacy involves not only maintaining the past but also artistically renewing it for the future.