Stagnation is one word that certainly cannot be used to describe the elite watch-making industry, after a series of leadership changes took place in 2014, and this trend is set to continue as the start of a new year gets under way. Changes in leaders at the helm of big-name Swiss horology brands is normally regarded as a strategy undertaken to alter course and direction and bring new blood to a business that may have seen a drop in sales or the need for a fresh approach. The shake-up of CEOs of major watch-makers may also have been prompted following global trends that saw a loss of sales, such as conditions in China and Russia, which affected the watch industry as a whole. Despite a buoyant year for the watch industry as a whole last year, it appears that a change in direction is set to be on the cards for many big-name players this year.
All Change at Rolex
Rolex experienced big changes in 2014, with a new head hired to steer the upmarket brand. Rolex took on Jean-Frederic Dufour, formerly of Zenith, to replace Gian Riccardo Marini. This strategic change marked the third new CEO for Rolex since 2008, which is quite a transformation for the company bearing in mind that it had just three CEOs altogether in its first 100 years of operations. There was no reason given by Rolex for the change in CEO last year, and the company has continued to thrive. Many insiders, therefore, argue that the company may have been pre-empting possible changes with a new strategy likely to keep the firm at the top of its game for the year ahead.
Departure for Corum's CEO
Corum also experienced big change last year as the Swiss brand said goodbye to CEO Antonio Calce, who left in late spring. As of yet, he has not been replaced, and it does not look like the watch giant is in any hurry to find someone to step in his shoes. Having said that, business decisions are currently being made by a committee of employees, and this strategy appears to be working well for Corum.
Takeover of Ulysse Nardin Marks New Changes
Ulysse Nardin experienced a corporate buyout by Kering which saw a complete restructure of operations, from the top down, in the past year. Such procedures suggest an implementation of change in strategic direction.
Gucci Boss Steps Down
Michele Sofisti, CEO of Gucci's watch division, called it a day last year and resigned from the fashionable brand, with no indications yet about where he plans to move on to next. For many industry insiders, this departure was seen as somewhat of a shock, since he had successfully steered Gucci for a number of years.
Restructure of LMVH
2014 was a big year for LMVH, as its head Jean-Claude Biver restructured its brands, resulting in the resignation of Tag Heuer's boss Stephane Linder. Rumours have since been rife that Michele Sofisti, formerly of Gucci, could be set to replace Stephane, although no confirmation has been made either way as of yet.
New Direction for La Montre Hermes
The CEO of La Montre Hermes, Luc Perramond, also appeared to have stepped down from his role at the Parisian giant. Reports suggest that he is to now head up Ralph Lauren's watches and jewellery division in an effort to grow this sector for the brand.
With so many changes having taken place, it is set to be an exciting year for the upmarket horology industry.