Interview with Richard Mille, Founder of Richard Mille

How do you see the impact of COVID-19 on the watch market?

The brand had no problems because we quickly reorganised. Together with our four partners, we did what was necessary to continue to satisfy our customers. In concrete terms, they call us and reserve the part in question. I would add that we have observed an interesting phenomenon: sales of women's watches have fallen and sales of men's watches have increased. This is certainly due to the closure of the boutiques because the female clientele has returned to the upswing following the reopening of the boutiques.

How do you see the future of traditional watch brands in a hyper-connected world?

I have been thinking about electronics and watches for a long time. For us, it would be possible to take the step under three conditions: the information we offer cannot be provided by the mechanics, the object must continue to function even if the connectivity no longer works, and lastly, we must ensure after-sales service for at least 50 years. These criteria have not been met for the moment. But in our business, art is very important, as is technical development and performance. We can push the technique far, and at Richard Mille, we do it.

With the presence of smart watches, do you foresee changes in consumption patterns in the watchmaking industry?

I lived through the Quartz era. With this technology, we thought that watchmaking was finished. But we see cycles because afterwards there was the renaissance of watchmaking and today we like to celebrate craftsmanship. A lot of brands are doing volume, which I understand, and sometimes the customers even know the products better than we do. Today, the customer makes his own initiatory journey, that is to say that little by little, he becomes a connoisseur of the field, becomes interested in the different brands, then in ours in particular. We offer quality products and the promise is well kept. The demand for our products is increasing.

What are the particular elements that characterise your brand and that your customers particularly value?

As I said, from the beginning we deliver what we promise to the customer. We are a very technical brand, where innovation is important. We want watches that are easy to wear and live with, with a light weight. Ergonomics on the wrist is therefore important. Also, we want the visibility of the time to be good, as well as the useful display information and finally, we pay maximum attention to the hand finish.

Do you see smart watches as a threat to your brand?

No, every type of watch is free to exist. We have never had a demand for smart watches and have a legitimacy to what we do. One is not antagonistic to the other.

Do you plan to offer a smart model in the future and why?

In principle, no.

In your opinion, what would be the reasons for offering, or not offering, smart watches for a traditional watch brand?

There are many ways to express yourself according to the philosophy of the brand.

What do you think of non-technological innovation in terms of competitiveness for the Swiss watch industry? In other words, is innovation based on aspects other than technology interesting to you?

The only interest in the technology would be for the purpose of improving performance. That might not exist.

What do you think about the role of customer experience in the marketing strategies of traditional watch brands?

This is fundamental.

What do you think of hybrid watches?

As said before, the only interest of the technology would be to optimise performance, so it is admissible.