The Business of Watches [024] Oris CEO Rolf Studer¶
Published on Wed, 6 May 2026 15:00:00 +0000
Studer discusses how Oris maintains its independence, originality, and value-driven pricing (also, we're joined by TanTan Wang).
Synopsis¶
In this episode of The Business of Watches from Hodinkee, host Andy Green explores the independent Swiss watchmaker Oris. The episode begins with Hodinkee editor Tenny Tan discussing takeaways from Watches and Wonders 2025, noting a shift toward commercial, client-focused releases rather than groundbreaking complications. Tan highlights Oris's two standout launches: the vintage-inspired Star Edition celebrating the brand's 1966 victory over restrictive Swiss watch cartel laws, and the redesigned Atelier Complication designed by a 24-year-old to attract younger audiences.
The main interview features Oris co-CEO Rolf Studer at the company's distinctive petrol-colored headquarters in Hölstein, Switzerland. Studer discusses Oris's unique position as an independent watchmaker committed to accessible pricing in an industry increasingly focused on premiumization. He explains how the brand maintains its "citizen" identity in what he describes as the watch industry's "feudalist" culture, refusing to join the luxury tier despite pressure to raise prices. Studer addresses challenges including the strong Swiss franc, geopolitical uncertainty, and tariff volatility, while reaffirming Oris's commitment to mechanical watchmaking, environmental values, and serving customers who "work hard for their money." The conversation emphasizes Oris's philosophy that Swiss watches represent an important cultural export and a statement against throwaway culture, with the brand positioning itself as accessible, independent, and values-driven in an increasingly exclusive industry.
Links¶
Transcript¶
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| Andy Green | Welcome to the business of watches, the Hodinky podcast where horology meets high finance and we go behind the scenes to talk to the executives at the heart of the watch industry. This week we're in Hurstein, Switzerland. We talk about Oris's history and its perennial challenger role as a brand that promises to deliver the best value possible with its distinctive designs and unique positioning that offers customers the chance to be part of something different. But first, I'm joined by my most excellent colleague, Hodinki editor Tanant Tan Wang, who's just back from Geneva and watches and wonders. Tantan, welcome. Thank you for joining me. Thank |
| Tenny Tan | you, Andy. It's always good to be here. Excellent. |
| Andy Green | So uh I just saw you very recently at Watches and Wonders. You were a total renaissance man for Hodinky this year. Writing great pieces, taking photos, charming all the brand representatives that you met. Any, you know, at this point, uh I guess we're over a week out from that. Any big takeaways or standouts that you're still thinking about uh from Watches and Wonders twenty twenty-six? |
| Tenny Tan | Yeah, that's a great question. Uh it's it's funny because I think this still feels too soon to have properly digest everything. You know, Watches and Wonders is such an overwhelming experience in the quantity of both people and watches you get to see in a very short time. You know, for to us, I think working during Watches and Wonders a week kind of feels like an eternity, but you know, it's not all that much when it comes to how many watches you're seeing. So, you know, so I I've still been thinking about that, obviously partially for selfish uh reasons to think about, you know, what watches I might dream about one day. But overall, uh people have I think said this, but I think it's a very true point. This year felt like a very commercial year. I think, you know, some can read between the lines that there didn't feel like a wave of maximalist watchmaking like we maybe saw it last year. You know, last year was a lot of, you know, a lot of records were broken, a lot of new complications, all that kind of stuff. But this year, it kind of felt like many of the hits were iterations of classic ideas. You know, like I'll give you an example. You know, Cartier's prevé showing this year, you know, while all I would say mostly at least great watches, it was literally a best of compilation of years past, right? So this year was 10 years of pre-vey, um, in in sort of the new modern version. And in past years everything would focus on sort of a revival of a new model, if you will. But this year was sort of, hey, you know, let's just celebrate, I guess, by by bringing all it back. And, you know, I think that was an interesting pivot for the brand. |
| Andy Green | Bring out the hits. Yeah, bring out bring out the hits, |
| Tenny Tan | which, you know, again, I've always been of this opinion, right? But I think sometimes we do have to remind ourselves that as as you know more than anyone else, brands are here to sell watches. Right. And so, you know, obviously there's a lot of meaning towards collectors, but you know, the people that buy watches are far more than than us talking and and chatting on the show, you know. So I think they always have to to keep that in mind. So I don't blame them for for this kind of stuff. And certainly my two favorite releases of the show are extremely not groundbreaking, you know, by any stretch of the imagination. If you give me a blank check today, the two watches I'd probably buy from the show are the Vashron Overseas Dual-Time Cardinal Points, you know, the new titanium overseas, and the Chopard, the LUC 1860 with the new blue dial, right? So these are very much not new watches. These are mixes of different metals and colors. But you know, maybe the alternative interpretation here is that this is the year of refinement, you know? |
| Andy Green | Absolutely. Yeah. No, I think I think that's right. I mean, I think you know, we heard from everyone from executives on down that you know the brands wanted to be demonstrating to customers that they were listening, that they were trying to show value in what they were doing. And and, you know, they were well aware that, you know, due to various factors that um you know, pricing and and uh positioning for a lot of brands is um has has moved to a place that uh has has made some some folks on the consumer side, you know, uncomfortable. And so indeed, you know, we heard from you you mentioned Cartier and we heard from some Kartier executives telling us that they're listening very closely to their clients and customers and and trying to connect with them and and give them, you know, what they want. And and you know, that was one of the reasons they said they they brought back the uh the roadster is that that that is what some clients were asking for. And and you know, for me, I think one watch though that maybe stood out as you know sort of separate from that trend was the um Parmesan de Fourier PF Tonda chronograph mysterious which is which was you know on in some ways a an iteration on a sort of design language and a you know technology that we first saw with the GMT retropon, and then we saw with the Minute Retropon. But it was still surprising and sort of revelatory to see that done with a chronograph with five hands uh on on on a single axis there, and yet continuing to have that sort of elegant, refined, um quiet, luxury design language that the brand has you know made its own over the past little while. So I think, you know, and and so there's a steel watch that costs about 44,000 bucks, which sounds really expensive, but at the same time, I think, you know, it was innovative and new and yet, you know, still working within that um scope that the brand has sort of established for itself. So so yeah, I mean I think I think it I it I agree. It was it was very much a client focused, customer focused, commercial driven sort of batch of new watches. But y you know, the the level of enthusiasm and openness was surprising to me, considering sort of where we are in the world right now with geopolitics and uncertainty and and so forth. So we're gonna be talking to Rolf Schuter from Oris, and you talk about value and sort of, you know, iterating on um on what works for the brand. You know, they had they they brought some some interesting, just a couple of pieces to the show this year. I know you're a big fan of Oris. Yeah. What would what did you make of of what we saw from them? |
| Tenny Tan | Yeah, uh you know, as as you know, I very much have a soft spot for Oris. Uh you know, they're a brand I think that sticks to their own lane. Uh if you will, not and thats kind of sound a little harsh. No, I just mean like, you know, they have their own sort of values and philosophy and design language and they just kind of stick to it. And as a result, I think they've sort of carved themselves a niche where you know sometimes I f you know it's easy to forget that they're an independent brand that kind of caters to a very unique price point for an independent brand. And I think that's that's really, really special. And so I think this year, uh, I would say the two highlights for me were two watches that kind of stick at completely opposite ends of the spectrum. And I think that's kind of cool for a launch strategy in the year. So, you know, I think the first one is the Oris Star Edition, which is, you know, a vintage reissue of a 35mm watch from 1966. And when we saw it in person, you know, I remember remarking, like I was like, wow, like this really feels like a vintage watch from 1966, right? They I think they really got, you know, I think it's easy to just get the technical specs correct on trying to do a reissue, but they somehow got the sort of charm in that watch that I haven't seen in a lot of brands that have tried to do something like this. So I think that was really great to see. And you know, I think most importantly, the star edition brings forward a story that's so important to Oris, you know, and and I I believe you g you will be talking about this a little bit later in the show. So I won't kind of spoil it, but long story short, I mean, this watch is meant to celebrate, you know, an anniversary of Oris being able to make Swiss lever escapements for their watches, you know, before they were really held back in that regard due to some really interesting laws and lobbying. So again, I won't spoil anything, but long story short, the Star Edition is here to celebrate that anniversary and to celebrate a man called Dr. Wolf Portmon who was initially hired on as a lawyer to fight this eventually you know came to acquire Oris and is now I believe the brand's honorary chairman. So you know here to celebrate this really important part of Oris heritage um that I think is really, really cool. But you know, you have a 35 millimeter case, which you don't really see that often anymore. You even have an acrylic crystal, which, you know, I'm I'm personally of the of the broad, you know, broad opinion that modern reissues should still be using sapphire, but I a hundred percent, you know, I a hundred percent understand the the decision here. Um but again it just feels like a new old stock vintage watch which I think is great and usually we see these reissues come in a bit larger than the original. Um, so I'm really glad they kind of just stuck to the classic. It's not identical. I believe the dial, you know, some typefaces are different. You have some, you know, I believe you have the more sort of traditional, you know, dial text of like automatic and and stuff like that where the original had something a bit more stylized, but um I I would assume, you know, that's maybe down to, you know, typeface licensing and and and whatnot. But it's a decent price point, you know, $2,300 with a Salita-based movement inside. Sure, you're not beating, you know, micro brands, but micro brands don't have the exact heritage, you know, that they're referencing here. So I think it's nice that it's not a limited edition. So I think it'll sit well as a, you know, kind of a unique option within the Aurus catalog, right? When you go to a go to an aurus display seeing that little guy kind of amongst everything else. It's a it's a nice bit of refreshing, you know, horology there. |
| Andy Green | Absolutely. Yeah. No, it it it it does certainly give that nice, you know, different case shape and size option in the permanent catalog. And yeah, I mean it reminds us of Oris's important historical position in the Swiss industry and its long term position as sort of, you know, a bit a bit of an outsider, an independent that had to fight for everything that it's um that it's received and and continues to do so today. And so I think, you know, you'll hear more of that from our our conversation with Rolf Studer. So yeah, the Star wasn't the only new release we saw from Oris this year at Watches and Wonders. We also got a sort of redesign a of the Atelier, which is a another sort of you know dressier watch that's long been in the catalog. And um yeah, we saw it in quite a different form and and and factor um from Oris this year. What did you make of that one? |
| Tenny Tan | Yeah, I think, you know, as I mentioned before, the Artellier, and specifically I think I want to focus on the new Artelier Complication. You know, so they I believe they came out with a few sort of time-only versions. Um they brought back, you know, the the the business calendar and some larger Arteliers, but the Artelier Complication is the other launch that I mentioned that sits on the other end of the spectrum opposite of the Aurus Star Edition. You know, whereas the Star Edition Aurus kind of pays tribute to an iconic figure in the brand's history, they're really championing a new young designer for this Artellier, which I think is really, really interesting. And it shows in the designs, you know, the new, the new watches, they're credited to a 24-year-old product designer at Oris. And I apologize if I if I mispronounce this name, but it's goes to a a young woman called Lena Hughweiler, and you get a very modern dial design with a moon phase at 12, a second time zone subdial at 6. It's very much cleaned up from a lot of the arteliers which you've seen in the past, which I would argue honestly felt a little dated at this point. So I think this is a really fresh revival of this line. And, you know, for me, something that's really important to me in in watch design is typography. Um, it's something that I think most brands don't get right, or at least don't get, you know, 90% right. And I think the sort of new revamped typefaces for the artelier actually go a long, long way. And you know, at $3,150 on bracelet, you know, there are some compromises for the watch to to kind of hit that price point for Oris. You know, I think one thing to point out is you don't really have um quick adjust for the moon phase, which we kind of saw when handling the watch. |
| Rolf Studer | But aside from that, you know, I think |
| Tenny Tan | the watch is a unique option for a moon phase and GMT, you know, combined at this price point. And I think it'll do really well to attract a newer and younger audience to Aurus. I think that's what the brand certainly needs, right? When we think about Ouris as as sort of collectors, we think about things like, you know, Diver 65 or we think about the big crown pro pilots. Artelier, I think we don't really give a ton of love to, but I think Oris has an opportunity now to take this line and kind of point it in a different direction. And I think this will get people that might not really know too much about watches really interested in in something that's a little more complicated than they might be used to. |
| Andy Green | Yeah, no, exactly. And I and I think um what we heard from the designer herself was that indeed, you know, she diah was attempting to make a watch. I think she's twenty four, so she's um quite young and she's certainly, you know, in that age bracket of the of the the the target group that they're they're looking to um attract with this which is like an urban sort of um uh young audience and and and yeah you know very minimalist quite understated and yet you know offering a bit of value in terms of the complications and and uh you know, uh uh a moon phase used in a way that I think, you know, we don't necessarily sort of think of as being s you know, um front and center as a as a complication there. So yeah, it was quite a it was quite a unique and and interesting take on the Artelier complication for sure. So Tin Tin, thank you very much. That was um always a pleasure to uh to chat with you and get your take on things and uh I hope it won't be long until I see you again soon. |
| Tenny Tan | I'll see you on the next one. Thanks Andy. |
| Andy Green | And now as we throw to our conversation with Rolf Studer. Please note that this episode was recorded just before Watches and Wonders and before Rolf became the sole CEO of Oris, as his co-CEO, Claudine Gertheiser, moved up to the position of deputy chair while continuing her role on the financial ledger as chief financial officer. So with all that said, here's our conversation with Aura CEO Rolf Studer Good Morning. We are in Hulstein at the headquarters of Oris and I am with Rolf Studer, the co-chief executive officer of Oris. Rolf, thank you for joining us on the business of watches. |
| Rolf Studer | Hi, Andy. Good to have you. Thank you so much |
| Andy Green | for welcoming me. This is my first time visiting your your manufacturer and your headquarters here. And it is as envisioned. Um I mean, let's just you know talk about the color of the building here and the history of the building here. Um |
| Rolf Studer | what should people know about Oris's |
| Andy Green | home here? Well, we have been |
| Rolf Studer | here in Hölstein since 1904. This was always our home since the beginning. This is where everything oris starts. The color you're talking about is the color of the building, which is Petros, which is also our korporets color. It hasn't always been Petros but for a number of decades and our chairman Ulrich at some point decided that it didn't want to have a boring grey building anymore, but that it that he wanted it to stand out a little bit |
| Andy Green | Indeed. And and we see that I I got to visit um your new retail store in Zurich last year. And um indeed we see that colorway, that theme continue there. And when we see you at Watches and Wonders, at least in the past, um which is coming up just in a couple of weeks now, y you carry on that colorway and and and talk about you know what you do with your you know your booth and theme at Watches and Wonders. I mean we were just chatting off mic here and and it's a different experience and feel that you're going for as compared to maybe some of the other brands. |
| Rolf Studer | Yes, here we are near Basel, so for decades we used to go to Basel World, which was kind of our home, right? Tan with Wats and Vonders komming up. It was kidding for us. Honestly. To gå to Kiniva. To go there where watchmaking komms från. Ver det bigga old brands uh come from, we here from the Waldenberg Valley now go to Geneva. I honestly I had a lot of respect doing that, but we decided to stay true to ourselves and go there with the values that we have that we stand for. And in this show where you have uh the plazzos of all brands, um the big houses, we decided to have not um a castle but a piazza. This piazza layout stands for a place of interaction, of exchange, of diversity, |
| Andy Green | a place where people meet and feel |
| Rolf Studer | comfortable. When you are in a hall, often it's um yeah, you feel that there is a master, right? Uh you subordinate to something, otherwise you don't have to because we are on an eye to eye level with our customers and I believe this is what you feel when you come to our booths at Watches and Wonders. |
| Andy Green | Yeah and for those who don't know, I mean Oris obviously is a historic brand here in it in a part of Switzerland, which, you know, not the western part of Switzerland, not the part of Switzerland that we think of as the sort of center of watchmaking. You know, you're an approachably priced brand, you're independent. You know, talk about this location and why we are here in this part of Switzerland and what you know the sort of industrial history is here and how it ended up with a watch brand like Oris. |
| Rolf Studer | The Waldenburg Valley used to be on the routes from Börn to Basel. Used to be that old transport way over the Hauenstein to the Valdenberg valley. And at the beginning of the 20th century they built a railroad from Bern to Basel. So that whole business that people had here with um looking looking after travelers vanished. We also had an industry for colored ribbon bands, silk bands that people made here. And they went out of fashion. These colors, by the way, are the base of what today is the Basel pharmaceutical industry. |
| Andy Green | Right. The chemical industry. And and then which you know we sort of evolved into the pharmaceutical industry. Yeah. |
| Rolf Studer | Absolutely. And local governments try to take care of their people who were unemployed and incentivis enterprenörers who creat work. So they brought here people from the vesend part of Switzerland to open watchmaking facilitis. This is how Oris was established in 1904, and that's where it all started. |
| Andy Green | And you know, that is certainly a sort of government-aided, government facilitated initiative and program that ended up creating certainly this brand that persists today more than a century later. Let's jump to where we are in the current economic reality being in Switzerland, you are a Swiss watchmaker in the Swiss industry. What role does government support and help, you know, play in the industry right now um on both a local and a and a federal level. Obviously we hear from every CEO that the strength of the Swiss franc is is um difficult. |
| Rolf Studer | Yes, it's interesting how government was always involved in this industry. Uh just talked about the origins of forests then the watch statutes, the watch cartel in Switzerland that uh was started in nineteen thirty-four, then was abandoned s under leadership of Horace, actually. |
| Andy Green | Indeed. Well let's talk about this. I mean this this has uh yeah, this is a sort of key moment in Horus' history and and talk about um the people that were involved with this and and how Horus sort of led a legal fight or a a you know a a a lobbying challenge to really |
| Rolf Studer | Yes. Following uh the economical crisis of the nineteen twenties in nineteen thirty-four there was a law imposed that led to the regulation of the watch industry and in the case of Oris kept us at making |
| Andy Green | pin lever movements which were good |
| Rolf Studer | movements but not movements of superior quality. So you |
| Andy Green | couldn't make movements with Swiss Lever escape. |
| Rolf Studer | Exactly. And obviously leadership at Oris, Mr. Herzog who was CEO for many decades from the 1920s to the 1970s. He wanted to challenge that and fight that, so he hired Dr. Portman in 1956, who was a long yo lawyer, being the son of the sales director of Horace at the time, and he was tasked with lobbying against the law. Hm took him ten years, and in nineteen sixty five the law was weakened to a level that Ores could present in nineteen sixty six the first Swiss lever escapement movement which was a big victory for Oris. |
| Andy Green | Indeed and it's interesting you're tying that back um to a current offering or a novelty, the Aura Star. I mean, talk about how that new watch sort of calls back and reminds us of that critical moment and victory in in Oris's history. |
| Rolf Studer | I think this historical movement really shows who we are and shows our spirit, right? Independence is core to who we are and trying to strive for the next level, doing things better. This is what makes us. Even though we had to make we were forced to make um pin level movements, we brought them to a level of quality that we got chronometer certificates for them. This is the spirit at Oris. So to be able now to make Swiss lever escapement watches was really a big moment for us. And this we celebrate this year with an anniversary edition. We celebrate sixty years of the abandonment of the Swiss watch kartel with the Oris Star that we will show and launch at Wash and Wonders that's coming up very soon. |
| Andy Green | Indeed. And and talk about you know the design of the I watch. We were just taking a look at it and to me it looks very classic. It's got sort of a a n not a traditional round case, but um it you know, it certainly makes me think back um to that era of the sixties and seventies, very cool design, but quite minimalist too. Um but as you were saying, I mean at the time it was kind of uh you were pushing things forward in terms of you know producing a watch looking like that. |
| Rolf Studer | Yeah, now you look at this watch and it looks like a vintage piece, right? But at the time it was very modern, very contemporary. Classic watches at the time were rounds and golden. And this watch is of steel and in a cushion shape, so very much forward driven as we always were showing that we always want to reach for the next level and yeah this spirit is with Oris uh to this day. |
| Andy Green | Indeed. And let's talk about, you know, um being an independent brand because I think that that position and that image of independent brands has certainly come into focus a lot more in the pandemic and post-uh pandemic era with you know consumers being better informed about the brands and and who's making their watches and where they come from. So talk about, you know, it's actually quite unusual for a watchmaker of your size and with your history to be independent. What role do you see a sort of volume brand like Oris, an approachably priced brand like Oris, having as an independent these days. What does it mean to be independent and and and a you know um historical Swiss watchmaker? Aaron Powell |
| Rolf Studer | It's really interesting how the role of independence has changed over the past few years. I remember when I went to China ten or twelve years ago, they didn't really want me to talk about that so much because it was a sign of strength to belong to a group. And only recently that has changed, also in China, that they want me to talk about that because it's a sign of an individual approach, of heartblood, of passion, of emotion to be independent. And I think this is very much true. If you have a role within a group that's defined and this is the limits of what you can do, it is such a different situation to who we are independently owned, free to develop whatever we want, only responsible to the brands and to doing the right thing for the next generation. There is so much energy coming from being independent and at Oris it really defines who we are. And also for me it's very important. Also as a culture within our organization, I don't want to have people with the same opinion. I want to have a team with the same attitude and everyone is free to have their opinion. If you have the same attitude you go, you push into the same direction with what you're good at and not limited to what someone tells you to do. And I think this is really what makes us. And makes a big difference to if you're just in a conglomerate of some kind. And to me, it's a very important part of my personal quality of work and also quality of life. |
| Andy Green | Indeed. And you know, talk about how many people, how many employees you have here, how many watches that Oris produces a year? I think Morgan Stanley estimates between thirty and forty thousand with revenue of around fifty million Swiss francs. There's been a lot of talk about the Morgan Stanley estimates lately, talk about the size of |
| Rolf Studer | Yes, we are about ninety people here. We are about uh two hundred around the world. We are a very lean organization. We have to be as a as an independent company. We do everything ourselves from finance to IT to product development. Things that when you're within a group, you have shared services. This is all on our own when you're truly independent like we are. Yes, the Morgan Stanle Report has been very much a topic of discussion. Uh we don't publish our numbers, so I don't think it's fair to comment on that or to uh to complain about it. Either you publish your numbers then it's clear or you let them do their work and uh their analysis, but uh to comment on that while uh not giving um details to these uh figures I I don't think is the right thing to do. |
| Andy Green | Fair enough. You are a pr a privately held company and uh have every right to do so for sure. Being an independent privately held company, it's interesting though. I mean, obviously uh the trend or you know trajectory of the industry over the past you know decade or so has been you know lower volume, more uh price uh premiumization. Oris is, you know, um certainly decided to stick within its price point and at times has moved up a bit. But I mean, talk about you know that decision and why you haven't you know decided to premiomize like uh like so many others. Aaron Powell |
| Rolf Studer | Yes this really is uh foundation of our brand, you know if you think about this industry. It's one of the few industries that still lives in feudalist times that hasn't seen the age of enlightenment. |
| Andy Green | What do you mean by you go |
| Rolf Studer | to court, you drink a glass of champagne, you're happy to bow and you don't realize that you're not free. Grown up people who are very successful in what they do stand in line uh to purchase a very expensive timepiece. I really wonder what's going on, right? I uh think it's very interesting. And U at Oris, being away from the big centers of this industry, we have always been the citoyen in this feudalist world, the citizen, the enlightened person, and we've always also made watches for these people. People who work hard for their money, who are happy to spend their money, but who think before they do so for these people we make watches. We always have, we always will. And with that comes an obligation to also remain reasonable with your price point. We've always been a brand for the community. We've been a brand for people who get into the passion of collecting or owning watches and we owe these people a lot. We want to stay true to them also as they have stayed true to us. And these are the people we make watches for. With our own movements, with calibre four hundred plus, caliber 100 and 10 plus we've also introduced higher price points, but still we offer mechanical watchmaking that really makes sense in itself from a mechanical perspective, also from a pricing perspective. And this is who we are and this will not change. And this is what we do. |
| Andy Green | And you know, talk about what role though, you know, producers like yourselves play in the industry now to be making approachably priced um you know these are expensive objects but I mean you know the industry doesn't seem to be set up. And certainly what we see in the statistics from the Swiss watch exports is that these categories are the ones that are most challenged. I mean, why should you know watch consumers be looking to you know products like yours, well-made, Swiss made, approachably priced products for an object that isn't uh a necessary tool anymore, right? I mean it's an affectation. Why do I want to be seen wearing an aurus watch as a you know, as opposed to uh something else? |
| Rolf Studer | Yes, because you show that you know about watches, you show that you're independent, and you show that you care with all the things that we do for the environment. You show that you're yourself. This is why you wear Norris and this is why you should wear Norris because you always challenge for the next step, because you're forward driven and you're not just living in a status quo because you're not someone who stands in line just because others stand in line, you go your own way. |
| Andy Green | Right. This is why to be Oris. |
| Rolf Studer | Now about the price points. To me, the relevance of this industry doesn't come from being able to ask for higher and higher price points. It comes from being able to talk to as many people as possible to have a relevance, to have a cultural relevance that has a certain audience that you talk to. And I personally think it's dangerous the way the industry has risen. Also, we have risen with the industry. I think we must be very careful to continue to offer products and price points that are within reach for people. If we become an industry for just a very happy few. First of all, we won't be an industry anymore. We will lose the industrial competence here in Switzerland. And second, we really lose the th importance and the relevance uh within the world. If you are just talking to a secluded um group of people, you are not relevant um to the world anymore and I think we as an industry should avoid that and also it is my personal belief that we need to stay relevant and with people like you and me who work for their money um to have a base for Swiss mechanical watchmaking. |
| Andy Green | Hmm. But how d do you as the economics change and the challenges be you know financially become How does, you know, Switzerland making approachably priced watches continue? How do you continue to do that? Does it about taking less margin? Is it about um yeah, how do you how do you continue to do that when there's so much pressure and competition? |
| Rolf Studer | Yeah, it's uh it's really interesting. And it's tough at the moment. People think our products get more and more expensive. There are two things behind that. First, we saw especially during the pandemic and after the pandemic, that people knew much more about mechanical watches. They understudde much more what mechanical watches are, what is possible. And they were asking for higher level products also. This didn't necessarily lead everyone to make higher level products, but also led to price increases for similar products, of course. But also and, that is what we saw with the Calibre 400, our five day power reserve, 10 year warranty antimagnetic own movement that we introduced during the pandemic. That people saw what this is about and why they should pay a premium for it. So if it's backed up by technology, people are very much willing to pay for it. But we should not forget people who just enter that game. Right? And the other thing is the strong Swiss franc, which we can't do much about you. You mentioned the role of government in Switzerland before. There has been complaints that the Swiss government isn't doing enough against the strong Swiss frank and the government. I heard |
| Andy Green | that from lots of uh. I believe that's too. |
| Rolf Studer | And this really makes it different when you have uh currencies in Asia that lost half of their value towards the Swiss franc in five or six years. That means that the very same product, without us taking more margin, would be double the price. The US dollar last year lost thirteen percent plus So you also see it with the numbers that the big groups publish these days that uh that their profits really have uh shrunk compared to previous years and the Swiss franc has a lot to do with that. So unfortunately, our products get more expensive because the Swiss franc is so strong. And I hope that we will find ways to keep it at a level that people still can appreciate what we make. |
| Andy Green | I mean, you know, in a sensier w what we're trying to portray here is that the equation for, you know, buying a Swiss watch and and a Swiss watch that comes from an industry that's been around here for so long um and has developed this savoir faire and and this this you know skill set and and is an industry made up of various disparate parts and suppliers and, you know, it it it literally takes a village in a country to make a watch here. I mean, yeah, w you know, how and why should um the industry here continue to be making that case? |
| Rolf Studer | Because it's a culture. It's a culture that informs people and that I personally think is of great value to the world. You could have the same argument with wine, for example, right? You don't need it. But you like to have it, and there is very different wine across all segments, and it would be such a pity and such a loss of joy in life if we wouldn't have wine anymore. And to me, the same is for watches. And we see now how watches also bring people together, right? These communities around the world who spend time and passion talking about watches, enjoying mechanical watchmaking, talking about that, celebrating that. I think that is of a lot of Plus it is also and that's a very important aspect to me of our industry. It's a it's a strong statement against the throwaway culture we live in today. A mechanical watch is made here to stay like a good tool, like other traditionally made things and we need more of that back and my hope is that when people get into appreciating the Troy for Mechanical Watch that they also appreciate the joy of something being well made, being more expensive, but being here to stay. And if we would have more of that in our daily lives, I think this would make this world a better place. Aaron Powell |
| Andy Green | So if I'm hearing you right, I mean, you know, we should certainly be thinking of of Swiss watches as a cultural export. |
| Rolf Studer | Absolutely. Let's go back to the |
| Andy Green | you know most sort of significant ownership shift for Auris in the past few decades. And so that involved and I only learned about this um a little while ago, but that involved sort of management bio-like talk about, you know, basically Oris was part of a group at this time and management was able to do a transaction to acquire the company. And so so talk about how that happened and you know how it sort of set the tone for the for the company going forward. Aaron Powell |
| Rolf Studer | Yes. When Oskar Herzog died in nineteen uh seventy-one, which was also in a very difficult time for the Swiss watch industry. The company was sold to Azuak, that later became the swatch group. And Dr. Portman, who joined the company in nineteen fifty six was still here at the helm of the company. Ulrich Hurzog, our now chairman, he joined in nineteen seventy-eight and at that very difficult time in this industry, |
| Andy Green | this is the quartz crisis. Almost |
| Rolf Studer | every brand was for sale. And in 1982, the denagement led by Dr. Portman and Ulrik Herzog, they decided to buy the company together with a small group of people from Azuag and to be independent again in a very dark hour of this industry. They made this very bold move because although they had this desire to be independent, um to be free and uh yes, that's that's what they did in eighty two and the rest is history. |
| Andy Green | Indeed, and how did that set the tone, do you think, you know, for both the products and the attitude and philosophy of Oris going forward? I mean, you know, we were talking is is Oris a disruptor? Is it an outsider? How is that set the tone |
| Rolf Studer | Well, it's certainly brought back this fighter spirits, this this independent mind that we have that informs our values and that led to another bold decision at the time, which today seems very natural, but at the time it was not at all, to only make mechanical watches. In a time when um people still saw the future of the watch in quartz movements, including the very big and biggest companies of this industry. This company decided no, we are going to make only mechanical watches. And it came because uh Ulrich was traveling the worlds and in Japan, the country that brought us quartz, he felt a desire with young people for the mechanical watch again. And he thought that if Japan wants mechanical watches again, then this will come to other markets uh within a few years. And so it was. And there we were one of the few brands at the time at our price point to only make mechanical watches, which was really a um standalone selling point at the time. |
| Andy Green | And and that's the the path that you've continued on. So here we are, we're at the end of March in in twenty twenty six. Last year, so much uncertainty, so many surprises, so many challenges from geopolitics. We still have plenty of those challenges, and it seems like there's new ones every day. How do you make a business plan for the year? How do you budget for the year? I mean, what is your outlook for um for the industry uh in the in the short and and medium term? |
| Rolf Studer | From a business perspective, it's vi really very difficult to plan these days. You don't know what's happening what's happening um next. All you can do is influencing the things that you can influence and not care about um things that are beyond your control and planning is uh yeah is difficult to uh uh level that last year when we started a process for the United States with the tariffs in place at 39% on top, it was just not possible to plan for our biggest market to make profitable uh result. And that is so frustrating until it changed and um was reversed from 39 um to plus now ten then plus fifteen or fifteen or including now I |
| Andy Green | think yeah. Who knows exactly, |
| Rolf Studer | right? And this shows the level of uncertainty we are in. All we can do is make the best product we can, tell the most interesting story we can, um advance that cultural thing we do to the next level and uh just make beautiful watches that people want and and and talk about and everything else is really beyond uh control at the moment. |
| Andy Green | But all that volatility and and the surprises and challenges with the US market and the US is your biggest market, I think, um by by quite a margin. Does it make you reconsider though um you know targeting markets and looking for new markets and and countries um to find customers for your watches? |
| Rolf Studer | When you are in Switzerland, yes it does. Because there are many markets around where you see a fast growth in appreciation of what we do, um the industry grows very well. When you're in the US, you feel the law for Swiss mechanical watchmaking. And there's so much passion there. And this doesn't want you to stop investing there because the community is growing and appreciating what the industry does, what we do. So no, we certainly won't stop pushing in the US. But yes, we want to push also in other places where we see that things Aaron |
| Andy Green | Powell Would it be right to think that consumers for your products in that price point are certainly more susceptible to shifts in consumer confidence and, you know, that decision to buy a a watch for two thousand or, you know, up to five thousand uh dollars, francs. Um I mean, you're more v vulnerable at this price point to shifts in consumer confidence. Is that the way you see it or or yeah? |
| Rolf Studer | Yes, it certainly is the case. Our customer is more affected by rising cost of living, rising cost of energy, uncertainty, uh for the future. Every customer is, but ours maybe a little more. But this is just how the world is. No reason to complain about it. Just cope with it and um make the best watches we can. |
| Andy Green | And you know, you've done some really, you know, some lovely uh design and novelties lately. You know, we started the year with um the bullseye, which is certainly um a a design or design cues that you've had in the past. How is, you know, these sort of you know more challenging times, how is it being reflected the in the the new products that you're doing, if at all. How elastic are you or how r you know, how much do you respond to shifts and and or try to anticipate consumer tastes changing? |
| Rolf Studer | Yes, who we are is given. We make mechanical wash since nineteen oh four and there have always been difficult times. There this is a cyclical industry, and just because times are difficult now, we will not change who we are. Of course, nevertheless, you try to cope with the times. I think the bullseye is a good example for that. It is a peace that has its roots in our history. It tells a lot about who we are. Point of date complication that we made since 1938. That is somewhat our signature complication. A price point that's right. Has sold very well because that's the kind of watch that resonates with our customer in these times. We will not stop pushing with our |
| Andy Green | Do you think um Oris uh you know sort of stands out singularly, certainly has its own uh legitimacy and and history. Do you think though there are too many watchboards, too many products competing for the same consumer. Obviously, we're seeing some of the groups consider or in some cases actually sell brands to other buyers um out of the group. Does this industry need more consolidation and what role might Aurus play in that kind of scenario? |
| Rolf Studer | Well no, I don't think that there are too many brands, and at the end that's a decision the market is going to make itself. In our industry, where it's about creativity, where it's about making people smile and making people dream. There are so many different visions of making people do that. And with all these microbrands that you have seen coming the last few years. I really d love what what they are doing and every one of them has their own vision of realizing his or her own dream, of making people dream. And when you go at färs like to wyjnd up, for example, and in such a small spas, you see so many way of approaching the idea of watchmaking of mechanical watchmaking. This really makes me happy. And I don't think this is competition at all. Quite the opposite. I think it's a mutual pushing things to the next level, um, creating interest for what we do for a product that you want that you don't need. And if brands that vanish, we lose one view of how to approach that uh one aspect of creativity. |
| Andy Green | Indeed. And you know, last thing, I mean what is your outlook for the year? Are you looking to um increase sales? Do you think the industry can um increase sales this year? Or is it are we still in a in a in a period where people have to be conservative and hope for the best uh amid all these economic challenges? |
| Rolf Studer | Well we plan for increase we started in to this year well. Now we have on top of all these things that happen around the world. We also have the situation in the Middle East. It's really hard to predict how the year will end. And also, it doesn't matter so much. We will do the best we can to make as many people smile as we can with our products and there we put all our efforts and all our energy and then a year from now we can see how two thousand twenty six turned out to be. |
| Andy Green | Have you seen any indication of shifts in consumer behaviour um, you know, since the start of the conflict uh in the Middle E |
| Rolf Studer | Of course in these markets that are directly affected there you see that and also it adds another element of uncertainty to this world and uncertainty is uh always a thing that's not very welcome, especially in our industry, but it's how the world is and it's how things are and we will do the best to make Oris thrive in 2026. |
| Andy Green | Obviously the pol you know the global political winds have shifted in that, you know, perhaps it's not so in fashion or favor to be um as concerned about environmental issues and the environment uh in general. But you have long created products and and and part of the business, you know, philosophy is to be ecological and and and environmentally focused. Is that going to continue? |
| Rolf Studer | Well, you're right. It's not that much in the focus the topic than it used to be, but that doesn't make it go away. And I think it's more important than ever to be conscious about the world we live in and do the right thing. And we at Oris we believe that our customer who can afford to buy a mechanical watch is the one who can make a difference. And we see our role in inspiring our customers to make the right choice. We don't want to teach them. We want to inspire them. And why should we shy away from our values just because the topics of discussion have changed. We will continue to support good causes. We will continue to try to inspire people to make good choices when it comes to the environment. And times will come back when we will talk about that more again and then people will know what brands just were opportunistic and gave it up at all, or what brands stood by what they said and by their values and continued to do the right thing and I don't think that this time we'll be |
| Andy Green | So y y indeed, you think um there's certainly no plans to roll any of that back and and and you think that you know that attitude will and and that commitment will remain for the company for sure. |
| Rolf Studer | Absolutely. And also for us, it's really it's our values, you know. The most ecological thing y you can do is to look after your own means and to be careful in how you do things. And as an independent company, going through decades of good and bad times, you always had to do that. So it's really in our DNA to behave in that way and I hope this will continue to inspire people and it's part of who we are. |
| Andy Green | Indeed, and it resonates with some consumers. I mean you've recently launched a piece um focused on uh sort of environmental issues um in in Asia. Um and and indeed there there are plenty of consumers that these issues and ideas still resonate with. |
| Rolf Studer | Yes. And I think we shouldn't think about it the way how many people does it still resonate with. It's who we are, it's what we do. And if that is not so much in fashion right now, that is okay. That will change again. No reason to be untrue to your values. Very |
| Andy Green | good, sir. We will leave it there. Ralph Studer, co-CEO of Horus. Thank |
| Rolf Studer | you. Thank you. Thank you, Andy. And |
| Andy Green | 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. |