The Business of Watches [003] Georges Kern: The Breitling CEO Talks Growth Despite Challenges Facing The Watch Industry¶
Published on Wed, 1 Oct 2025 15:00:00 +0000
Industry veteran Georges Kern reveals how Breitling has won market share and what new brands Universal Geneve and Gallet will add to the portfolio.
Synopsis¶
In this episode of "The Business of Watches," host Andy Hoffman interviews Georges Kern, CEO of Breitling since 2017. Kern discusses his transformative tenure at the Swiss luxury watch brand, which has seen the company's valuation soar from under $1 billion at acquisition to approximately $4.5 billion by 2022 under private equity ownership. Unlike typical private equity strategies focused on cost-cutting, Kern has pursued aggressive growth, refining model lines and significantly raising average prices from around 4,500 to 7,200 Swiss francs.
Kern outlines Breitling's strategy of establishing itself as a comprehensive "journalist brand" covering air, land, and sea segments, with heritage lines like the Top Time and Premier complementing professional instruments. He emphasizes the brand's success in gaining market share through improved design, quality, and a more relaxed, welcoming brand positioning that resonates with contemporary consumers. Particularly notable is Breitling's expansion into smaller case sizes (38mm) to meet evolving market demand while maintaining larger sizes for appropriate product lines.
A major strategic initiative involves building a multi-brand portfolio. Kern is reviving two dormant brands: Galais, positioned in the 2,500-5,000 franc entry-luxury segment to capture the price point Breitling vacated as it moved upmarket, and Universal Genève, which will compete in the ultra-high-end luxury space with prices starting around 15,000 francs and reaching into the hundreds of thousands. This "house of brands" approach aims to provide retailers with a complete offering across price segments while leveraging Breitling's manufacturing capabilities and distribution network of 300 boutiques worldwide.
Kern addresses current market challenges with measured optimism, including navigating tariff uncertainties, strong Swiss franc valuations, and elevated gold prices. He maintains a long-term perspective, emphasizing that Breitling hedges appropriately but refuses to make reactive short-term strategic pivots. On U.S. tariffs, he expresses confidence that Switzerland's relationship with America and the impracticality of relocating Swiss watchmaking will lead to resolution. Regarding regional strategy, Kern advocates for diversification across markets rather than dependency on any single region, including measured growth in China. He concludes with surprising optimism for 2023, suggesting that consumers may engage in "post-crisis revenge buying" after prolonged purchase postponement, and emphasizes Breitling's philosophy of only raising prices when delivering genuine added value to customers.
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Transcript¶
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| Andy Hoffman | Welcome to the Business of Watches, where Horology meets high finance and each tip tells a story of markets, margins, mishaps, and mechanical mastery. I'm your host, Andy Hoffman, Senior Business Editor at Hodinky. In this series, we dive deep into the global watch industry, a place where centuries-old craftsmanship intersects with billion-dollar valuations, executive brand strategy, and investor speculation. From Swiss Valleys to Silicon Valley, we trace the movements shaping this uniquely resilient sector. Just how big is the business of timekeeping? Well, some estimates place the entire watch industry from ultra-luxury maisons to smart watches and micro brands at north of $100 billion globally. But behind that figure is a complex web of legacy, innovation, and ever-shifting consumer tastes and demand. This is the podcast for collectors, analysts, watch buyers, and sellers, and anyone who's fascinated by the intersection of wristware and wealth. Because if time is money, then money is most certainly time. So let's get down to business. Among the varied world of Swiss watch brand executives, Georges Cairn is a constant force. He's been in the industry for more than three decades with stints at brands like Tag Hoyer, IWC, and as the head of Richemont's watchmaker division before leaving to join Breitling under new private equity ownership in 2017. It's been a dynamic ride so far. The Breitling brand was purchased from Switzerland's Schneider family for less than a billion dollars. But by the time a stake was sold to a new majority owner, the Swiss private equity firm partners group in 2022. The company was said to be valued at about $4.5 billion. As investors, private equity has earned a reputation for acquiring business and cutting costs and paring them down before selling at a profitable return. But that hasn't been the move for Brightling under Kern. He's taken on a mandate of growth. While volumes haven't gained significantly, model lines have been refined, and the brand's average price has risen quite sharply to well above 6,000 francs. Kern is also building a stable of brands within the company. He paid about 60 million francs for the largely dormant but legendary watch brand Universal Genève. To be relaunched next year, Universal Genève will be positioned as an ultra-high-end watch brand with prices well above Brightling that will compete in the hot, luxury, and jewelry space. Prices for UG are expected to start at around 15,000 francs and head much, much higher. Reimagining and relaunching an historical brand like Universal Genève in a different price and retail segment is a massive challenge. And at that lower end of the price spectrum, BrightLink is reviving another mark, Galais. It will also launch next year and will be priced in the below 5,000 franc range to compete with the likes of Tag Hoyer, Oris, and Tudor. The move comes as this more price-sensitive area of the watch market is struggling as consumers turn cautious amid global economic uncertainty. Finally, with a deal to be the official timepiece partner of the NFL, the first luxury watch brand to do so, Breitling is doubling down on the United States at a time when that market is under immense pressure, thanks to the disruptive shifts in U.S. trade policy and economic policy by the Trump administration that is threatening Breitlink's biggest growth engine. Dynamic, relentless, and demanding, Kern is very much the public face of the brand and is in many ways Brightling's biggest ambassador, despite having Hollywood stars like Austin Butler and Charlize Thuron in its stable of representatives. Check out Kern's Instagram account. He's constantly on the move, a jet-setting evangelist for the brand in search of new converts. Recorded several months ago before the latest changes to the U.S. Tariff's policy on Swiss goods and before the NFL deal was unveiled. Here's our conversation with Brightling CEO George Kern. Mr. Georges Kern, the CEO of Brightling. Welcome. Thank you for uh taking the time. Thank you very much for the invitation. It's a pleasure. Excellent. So tell me, you have been the CEO at Brightling now since I think twenty seventeen. Yes. What do you think you've accomplished so far in that mission and the changes that you've made and and what still needs to be done |
| Georges Kern | ? I think Brightling today is a really established brand in the luxury segment. or something. So we are one of the major players in the watch market. And of course the aim is it's it's like in soccer. You're playing second division, first division, then you you play Champions League, then you want to win the Champions League. And this is what the aim is. So we want to further grow and uh yes, uh score more go |
| Andy Hoffman | als. And when you look back on your accomplishments so far, I mean what do you see as the most significant |
| Georges Kern | I think the first thing is we went the whole way. We weren't afraid of stopping in the middle of the bridge we had a vision to establish Brightling as a journalist brand, which it was in the beginning of last century or then after the Second World war. So we relaunched many lines which became very successful, like the top time or the premier. And today we are offering everything from extremely elegant watches like a premiere, for instance, to an instrument for professionals like the uh emergency. And uh yes, we're a truly journalist watch brand. We have three segments air land and sea air being of course the strongest one with three lines the navy timer the classic avi and the avenger but we have another offering which gives us that opportunity to talk to many, many more people than we did seven years ago. Right. |
| Andy Hoffman | And you know, for this year, you've launched a couple of new things. Most recently a a new version, some new versions of the um top |
| Georges Kern | So we want to position the top time, the Premier and, thes Ciclas Avi as really our historic lines, our heritage lines, if you want. And these heritage lines have or had a certain size, and we wanted to offer these products in the classic historic sizes. And as you know, at that time it it was I would say anything between thirty-six to forty, even though the classic AV chrono at that time was even above forty one but it fit the positioning so that's one thing as as a heritage watch or line and the second thing is there is a need for these types of products in the market. And by the way, not only in Asia, where you would intuitively believe they need smaller size, but it's it's a kind of trend all over the world. And um when we took the decision many years back, because you don't launch a product like this overnight, we were you know hesitating and and thank god we decided to go for the thirty eight millimeter with obviously the introduction of our new in house automatic movement the the B thirty one. Would you |
| Andy Hoffman | be able to pinpoint though a trend in consumer tastes in terms of case size and is that something you're moving to or is it more about expanding the offering to to include all the |
| Georges Kern | I think it's a second. What is uh uh striking is whenever we launch a product we are criticized by the size. When we launch a forty six, everybody is criticizing and said it's too big, why don't you have it at 40 or smaller? When we we launch when launched the 38, they said okay it's a baby size, it doesn't correspond to brightling, come back to the big sizes. I think you cannot run a brand like this. You need to do what is right for the brand what fits to each individual line and if it makes sense to make the top time in 38 millimeters let's do it. And we will obviously not stop with big sizes because bigger sizes fit certain lines, like the Avenger, for instance, or one of our best selling products is the Navi Timer 46 millimeter in particular in the US and in the UK. So why would we stop it? No, you have people who want that and some other people want smaller products. The beauty with brighting is that everything we do has been there in the past. I believe we have we are more truthful to the brand than we've ever been. And I think whatever we do is authentic and legitimate. So that product is legitim |
| Andy Hoffman | ate and the success shows it. Yeah, yeah, you have great heritage to draw on and and you're gonna continue to do that, exploring those archives and and exploring their everything that the brand has. Moving forward to the present, I mean this year, it's been quite volatile and there's been lots of news that have that's changed things. But what what is your number one priority this year, and and do you know do you think you can still grow the brand in this challenging environment? And is it a goal to be part of that billion-franc revenue club? So first of all |
| Georges Kern | , we need to concentrate on what we can influence. I cannot influence politics, wars, uh I wish, but I cannot. So I need to deal with the situation and tell my team my team, let's optimize what we have, let's improve on issues we can improve and and control. So this is what we're doing. We constantly improve our products, we constantly improve our distribution, we constantly improve quality uh movements and we try of course to be innovative and there will be great new products coming also now in in summer and later on to gain market share. We need to gain market share. We've been stable last year, which I think in this environment has been a kind of not a miracle, but has been quite a good performance. We wish to do more, but when you have headwinds uh like we have in the industry, you have to concentrate to be better than competition. And I'm I'm convinced that we are better than competition and that we gain market share. But of course our ambitions is to grow this this this brand, this uh a maison uh far above one billion uh in turnover for sure. Do you have a goal of when you you know maybe able to do that timing wise no uh I mean this is impossible. Uh I wish I had a crystal ball. I don't uh we're confident that what we have as a brand in terms of history roots, and we had our 140th anniversary last year. What we have in terms of diversity in design and concepts, what we have in beautiful boutiques around the world and brilliant partners around the world, we will continue to to outperform. But we are now in a phase of search for excellence, again to not only gain market share, but to be prepared when the market will come back again, because the market will come back. Again, I'm a cyclist. I know that sometimes you have to climb the mountain, which is painful, and sometimes you go down the mountain. And after any whatever period up and down, there's the reverse phenomenon coming. So the market will improve. |
| Andy Hoffman | You know, you talked about a major goal being gaining market share. Sum up for me how a brand like BrightLink does that, how it takes market share or gains market share within a market and from competitors. What do you do? |
| Georges Kern | You know, uh the interesting thing is everybody sees what we're doing. And it's easy to say let's do better design, better technical content, better quality, better image, etc. Then you have to do it. You know, there's no checklist of performance or a book describing how to make a brand successful. I think as everything we've created, also the positioning of I would say more sustainable, relaxed brand with the style we have, this modern retro style, the sports we engage with like surfing, uh triathlon, all of that fits the current social environment. In terms of design, you see it in our boutiques, people feel comfortable. It has a welcoming, I would say, decoration, people like to come in, like to stay, because it doesn't reflect the classic luxury, even though our products are as expensive as the ones from our competitors. But it gives the consumer a different experience, a more relaxed experience. So everything we've been doing in terms of positioning, in terms of implementation of our um concepts in terms of products we are launching works and again, in my opinion, fits very well the needs of the consumers of today in our current difficult environment. And this is why I think we're winning market share. |
| Andy Hoffman | But also when you when you talk about price, when you talk about consumer segment, you're going to be launching new brands or reviving a couple of old brands, Galais and Universal Genève, both in 2026. Talk about the strategy of having these correlated brands and the overall intention here, I mean are you creating an yet another watch group like SWATS or like Richmo |
| Georges Kern | ? No. Of course not. We are still much, much, much smaller, and we don't want to call ourselves a group. We want to call ourselves a house of brands, if you want. What happened with Brighton is that over the last seven years, we have introduced much more in-house movements. We have dramatically increased the production of RB01 movement. We have now hundred percent coverage of our basically all our chronographs with our in-house uh B zero one. And now it's the same thing for uh the B thirty one, our automatic movement. Meaning that our average price increased uh of the last seven years from roughly four thousand five hundred to uh roughly seven thousand two hundred. So we left a price point which we want to cover with Galais, which will be positioned between two and a half and five thousand. And that is still a very promising segment. I don't believe in these statements, and I read it sometimes, that only the super high end is doing well. I can give you many, many top-end brands which are totally underperforming and failing in what they're doing, and I can give you many entrance luxury brands which are doing very well. So it's not a question in which segment price segment you are. The question is how good you are in implementing your strategy or the product. So the Galais will be positioned between let's say two and a half and five thousand, Brighton between five thousand and let's say twenty thousand. I'm talking about the eighty percent of them of of what we're doing. And then Universal between fifteen thousand and upwards to two hundred or three hundred thousand. And the second aspect is that we would like to come with a complete offer to our uh retailers. As you know, many brands left the retailers to do vertical uh exclusively with uh with their own boutiques. And um I think there's a space which we can jump in, and uh we've now showed uh both lines, both scale and universal at uh watching wonders in Geneva, and people love it. So um I'm very confident and it was and it confirmed our feeling that we are we're doing the right thing. And uh yes, I'm I cannot wait to to present it to the wider public in twenty twenty six |
| Andy Hoffman | . And let's just talk about that um you know sort of approachably priced um entry level that you're trying to capture with Galais. I mean, as you say, there are many people who think that this price segment is th there's no opportunity here. People at that price level are not buying Swiss made watches. I mean, tell me what you see there in terms of the opportunity and and and the market for that kind of priced timepiece. So first of all |
| Georges Kern | , it is a brand which is another copy of Brighton. It has a distinctive history with distinctive designs, like the flying officer, uh with uh distinctive heritage like timing the first flight you know of the Wright brothers, etc. That's an important point. When we looked into dormant brand we we were looking towards brands with a real heritage, number one. Number two, we will start distribution in our own boutiques. So there will be a small area in our boutiques. We have three hundred boutiques around the world where you will uh find this uh this line. Again, we will then have an offer including in our boutiques from two and a half to let's say twenty or thirty thousand, and we will fill in that gap which we left with Brightling. The point is it will have the industrial seal of Brightling. So the consumer will know it is the same quality. It comes out of the same um house if, you want, we give the same guarantee. So it's a kind of reassurance uh in a way to the to the consumer towards that line and and having it in um I would say controlled environment where we control the sale, I think will help that brand to grow. Of course, there are many retailers which will take that brand on board, retailers which are very close to us. But then I I would like to see that product close to the brightling corner so that people can make the link of both brands. And if we build this slowly with the beautiful products we have, with the heritage we have, in particular with Galais, with the design codes we have under that control distribution. I am very confident that this will add real value to the market. A |
| Andy Hoffman | aron Powell And then let's contrast that with Universal Genève, which is a different, I think, branding, marketing, and retail strategy. I mean, you know, we've heard a lot about it so far. Um, you know, it was quite a significant acquisition of a dormant brand, probably the best, you know, known dormant brand that was out there. How is it gonna look different in the market and give us the latest that he can on that? Well, I |
| Georges Kern | cannot tell you too much. Uh in a separate way from Brightling. So we basically build different teams. We have uh different general manager with uh Gregory Butin, we have um developers, we have designers, we have marketing people, salespeople, et cetera. They will be moving to Geneva. So it will be a totally independent brand. Of course, we are still in the incubation phase and we we help the child to grow. This line is positioned at the, as I mentioned earlier, at a total different price point, but very much different in a different way than what you see and know about the classic high end luxury market. I'm not going to tell you more than that. That next year, but it will be very different from what you have in that market today. It would have been useless for us to do something the others have. Nobody needs another one of these brands at that price point, etc. So we need to be different. And um same thing, I was extremely encouraged by the presentations we we we gave to the retailers in Geneva. All the big retailers in the world saw it, uh love uh the line and will take it on board. And um actually the the response was enthusiastic. So um I'm very confident now we have to to make it happen obviously next year. But um this was a very encouraging uh week we had in in Geneva. Can No, we showed prototypes. We should we showed prototypes of uh um you know all these lines because why would we buy a brand if we wouldn't relaunch some of these products? It it doesn't make sense. With Universal you have some iconic designs, you know, the pull router of Geraldenta, the compacts, the cabriolet, and many other And of course we're going to relaunch these lines and um yeah it will be fascinating to see how the reaction will be next year |
| Andy Hoffman | . Obviously, you know um the market and the outlook is you know changing by the day. But one of the things we have is a very strong Swiss franc. We also have a very high price of gold. Universal Genève, obviously, there'll be a lot of precious metals in that high-end product. What can a company like Brightling and your other brands now do to mitigate or offset those pressures Again, we cannot |
| Georges Kern | influence the the price of gold. What we can influence is the desirability of of a brand. How much you want the brand. I mean this is what luxury is all about. You don't respond to a need, you create a need. And you have this in in in the super luxury, it's exactly about that. No woman on that planet needs another hair mask bag, but everybody they all want a new one. It's the same for all these luxury brands and groups. They create a need, also in jewelry in particular. And this is what we have to excel in to creating a need and to create that desirability, you know how you you say it for the product. And we have to deal with the rights, we have to deal with the gold price, we have to to to to deal with the terrorists, we have to deal with everything. But I mean yeah, we're not only sunshine captains when running a watch company. No, exactly. But I mean |
| Andy Hoffman | of y you know, do you ever consider hedging uh we do this. We we hedge. Of course |
| Georges Kern | we do this. Do uh with with |
| Andy Hoffman | like everybody else, I guess. Has it, does it, or could it impact your choices in say case material? Would you make less gold watches? No. No, no |
| Georges Kern | , no, no, no, no, no. We we have to stick um to our strategy I think it's a it's a mistake to only match short term because you would go left and right and left and right. Now you need to have a certain vision. You have to to keep a certain direction. And then of course there are tactics, right? You have to deal with the situation on the short term. But I'm so convinced that the watch industry will further grow with new populations in Asia, in India, with growth of wealth around the world, of growth of new generations which are buying luxury goods and watches in particular. So, you know, when I look at the luxury market since the 1980s and to the capitalization of the luxury groups since the 1980s, it has been going up, up, up, up. Of course, then here and there you have a dip, but the trend is there and these brands and these groups are growing. So the market is there because we're humans. We are Epicureans, we want to enjoy life. It's about carpetiem. I think people also get tired about bad news, and at a certain stage they want to reward themselves. And in a way, life continues for everybody and therefore yeah I don't think that humankind will change and I I I truly believe that uh um there's a big future for us and for the whole uh luxury industry. Life goes on |
| Andy Hoffman | and and um people do indeed uh continue to make those choices. We are in basically in the middle of April the tariffs were announced, then they were rolled back. Tell me what you if anything you've done so far, how this has impacted your planning for the year, and you know what if any insight you can give us into the U.S. market right now. Some CEOs have said everybody is all of a sudden in a wait and see place and isn't making any major big ticket decisions. What do you |
| Georges Kern | see? So I'm confident that the historically good relationship between Switzerland and and the US will help to mitigate or even abort these uh these tariffs. We all work at our level to talk to the administration. Um, I do it on my level, talking to people, the Swiss American Chamber of Commerce does it, the uh Federation Orlog is doing it, we all work into the same direction. I'm I'm convinced, in particular in the watch industry, uh that uh you know I'm convinced that we'll find a solution because you cannot just we we don't take jobs away from the Americans because there's no Swiss watch industry in the US, right? And you cannot just transfer 250 years of uh watchmaking to the US. You cannot transfer suppliers to to the US. It's just impossible. Because first of all, our industry is much too small, and it wouldn't be efficient at all. So I think at a certain stage um the new administration will understand that. And anyway, I think considering the good relationship we have in Switzerland with the US, that A |
| Andy Hoffman | aron Powell Okay. So you're quite um optimistic that this will be resolved. In the meantime, what di at this moment have you seen any reaction yet? And have you taken |
| Georges Kern | any action yet well we in terms of prices. We shipped a lot of watches before then the terrorists came into place, but they were into place for half a day, half a day. So um again it was zero it had zero impact on us or on any of the watch uh watch companies, and now we have to negotiate and now we have to to make clear what all this is all about. And the fact that Switzerland is an independent country, the fact that Switzerland is not part of the EU, I think should help. So you've taken no action on pri I mean we've seen some of the other groups uh change prices. We no we we will increase prices also, but this was planned anyway. This has nothing to do with the terrorists. This has more to do with the uh high Swiss franc and this has more to do with with uh you know the increased costs, but this has nothing to do with the terrors. But anyway, bright thing, we have been extremely careful with prices over the last couple of years. I believe in price increases only if you have a real added value in the product. If you change movement, for instance, or material. But as many other fashion companies did, they just increased prices for the sake of increasing price. I think that's a huge mistake. And this can be an incredible backlash. So I believe that Brighton has one of the best price quality ratio in the industry, and we have been reasonable also for instance with the B thirty one, with the top time, it's it's around five thousand uh seven hundred, five thousand eight hundred. I think it's an unbeatable price in the market. We |
| Andy Hoffman | hear a lot from consumers about price increase. They they have become price conscious certainly uh of the increases we've seen over the past few years. I mean, what kind of price increases are you planning and and do you think you know you |
| Georges Kern | have that? No, I I believe especially if I look at in the US or even in Japan, not everybody is traveling like we do. So uh these consumers are local consumers. They they they live I don't know in Texas, in in in Miami, etc. they they might not travel and they just see a product going up from I don't know three thousand to five thousand to six thousand and at a certain stage the consumer will say no. And therefore we, have to be very careful. And we have been careful since the beginning. And again, uh, our philosophy is we can have price increases if you have an added value in the product. If you improve the product in a way that the consumer can understand it and that we can explain it. Abs |
| Andy Hoffman | olutely. And you know the last thing this US situation, you've had great success with the brand in the US, but this US situation has made everybody think about alternative growth markets and other places. Brightling isn't as strong in China as some brands, which has been the great growth engine for others in uh previous decades and years. Where do you see opportunity? What are you where are you moving and pooling resources in the rest of the world I had a for |
| Georges Kern | mer boss Bernard Fornas who at the time was uh CEO of Richemont and he always said we need a plane with five engines, okay? So if one engine falls apart, you have a uh three or four uh running, and this is valid both for products and for for regions. So the Middle East is doing extremely well, Switzerland is doing very well. Europe is is recovering, Spain, France is recovering. US is going at this moment in time, I guess, because all the consumers believe that there will be a price increase soon in the in a month or two. So we don't know how sustainable that growth in the US will be, I'm convinced has to do with the expected price increases. You're right, we still have a a long way to go in China. I'm quite happy that we haven't been that big in China because uh we haven't had that decrease than most of our competitors had, and we don't want to be dependent on any of of the countries anyway. So yes, uh we work on China, we have an amazing team. We're growing in China. I think we can double or triple our turnover in China, but I want to do it in a in a in a slow way and uh I want to be sure that the growth we have in in particular new regions or countries are sustainable and are not at risk and as I said earlier, I don't want to be dependent on any region or country, I don't want to be dependent on tourists, I don't want to be dependent on any trends because we're here for the long run. |
| Andy Hoffman | And last thing, I mean what do you think this year is going to look like for this industry? I mean, every executive that I've spoken to so far has basically intimated that they will produce less volume and will, you know, try and increase sales with higher added value, higher price product. Is that the trend of this industry long |
| Georges Kern | term? Well, I don't know what the others are doing. As I said, we don't think like that. Are we we are very flexible in terms of manufacturing, we can increase, we can decrease. We are not going to change our launch plan of products whatsoever because of the situation. Because we've planned these products three, four years ago, or maybe we have cycles, it might surprise you, but I'm very optimistic even for this year. I'm I'm uh I wouldn't be surprised if the market would uh recover because I think that humanity at a certain stage is tired of not consuming. And of course you need a certain level of revenues, but rich people didn't disappear or don't disappear. It's just psychological, you know? In our industry, you postpone a purchase. In consumer goods or in F and B or in tourism, if you cancel a travel, it's it's lost. In our industry, you just postpone the purchase. And I think consumers at our price point have been postponing for quite a while. And we've seen that after COVID also, you had this revenge after COVID purchases. And uh and perhaps you will see a phenomenon of post-crisis revenge buyings, because people are fed up of of everything and they wanna because you you only have one life, right? So uh why not enjoying life as it is today? Carpidm. Carpadium indeed |
| Andy Hoffman | . And that's the business of watches for this episode. We hope you enjoyed. Please head on over to hodinky.com where you can join the discussion and leave any comments or questions about this episode or the business of watches in general. Who knows? We might even answer your question on a future episode. Thanks for listening and see you next time. We'll be back in two weeks with a fresh episode of the business of watches. Until then, I'm Andy Hoffman, and I'll see you on hodinky.com. |