Exclusive: In conversation with William Asprey of the Asprey jewellery family

Aug 18, 2007,00:51 AM
 

Across the road from the Patek Philippe boutique along London’s New Bond Street sits Asprey, jeweller to the Crown since the time of Queen Victoria. Founded in 1781, the firm built its reputation supplying jewellery and other luxury goods to kings, queens as well as the merely rich. Even the Cabinet Office of the British government lists “silver collections comprising… Asprey silver platter, silver box [and] cutlery” amongst its assets.

 

Since the sale of Asprey to Prince Jefri of Brunei in 1995, Asprey has ceased to be a family business. Its most recent owners are a pair of American private equity firms who acquired the jeweller last year. Under the new owners Asprey has been recast as contemporary and cool - the “ultimate authentic British luxury lifestyle house” according to its website - and counts Victoria and David Beckham amongst its clients.

 

William Asprey, scion of the Asprey family, left the jeweller in 1999 to found William & Son. Located at 10 Mount Street in the upmarket Mayfair district of London, William & Son is much like what Asprey was before it became a large business - an exclusive jeweller and retailer of all manner of luxury items, including watches, objets d’art, fine china and even firearms - William & Son makes no claims to be ultimate or authentic or ‘lifestyle’.

 

But William Asprey’s involvement in the watch industry runs deeper than just being a retailer; he is also Chairman of The British Masters S.A., owner of the Graham and Arnold & Son brands. Mr Asprey very kindly agreed to speak to ThePuristS in an exclusive interview that is reproduced below.

 


William Asprey

 

Many thanks to Paul Westwater of William & Son for arranging this interview and providing photographs.

 

 

 

Su JiaXian (SJX) : Can you tell us a bit about yourself and your background?

 

William Asprey (WA) : I am the Chairman of William & Son, which is a luxury goods shop in Mayfair, London where we sell watches, jewellery, silver leather goods, china, glass and guns, and I started this in August 1999.  Prior to that I spent 10 years working at The Asprey Group, both in Bond Street and at various other stores such as Mappin & Webb and Watches of Switzerland. Before that I spent 4 years in the British Army as an officer in the Royal Green Jackets.  I am married and have 3 children, two girls and a boy.

 


William & Son at 10 Mount Street

 


Inside William & Son

Vase in foreground is made from citrine, jade, white opal, mountain ash and 18k gold

 

SJX : You were involved in Asprey & Garrard, and later set up William & Son. Why did you decide to strike out on your own?

 

WA : I left Asprey & Garrard because it had become a very frustrating place to work.  The new management had no idea how to run a business such as Asprey and were very restrictive in what they allowed their employees to do.  It was also no longer a family business and so there was no personal attachment to the business and I thought that I could do a better job on my own!

 

SJX : In your opinion, what are the major trends in the Swiss watch industry in the next 5 to 10 years?

 

WA : This is a hard question to answer, but I think that in order to see the future we must also look to what is available now and what has been in the past.  There is a demand now for large watches and a number of manufacturers are catering to that market.  There are also some manufacturers such as F. P. Journe and Moser who are producing more classical watches in size but with added complications. Then we have the new materials that are being used such as forged carbon by Audemars Piguet, the extreme lab by Jaeger-LeCoultre, and carbon fibre by a lot of others. 

 

Perhaps when these processes have been perfected they will make them smaller, add complications and the wheel will come full circle!

 

In the future I think there will be an increase in the use of different materials in order to produce watches that are lighter more accurate and durable.  Perhaps when these processes have been perfected they will make them smaller, add complications and the wheel will come full circle! I think that it is important for every watchmaker to be individual and to maintain their own look and style and those that don’t will just become one of the crowd.

 

SJX : The watch market has grown tremendously in recent years, and prices are steadily increasing, both at retail level and in the secondary market. Many collectors lament this trend, what do you think of this?

 

WA : Like every collector I want to buy everything as well as I can, and of course high prices can be off putting, but the number of people buying watches has hugely increased, and perhaps the success of the secondary market has only increased the interest in the new market.  Maybe we all need to be more selective, find new makers and wait longer for a return, but also look on the bright side in that what you have already collected will hopefully now be worth more!  Also the manufacturers are squeezing the margins for the retailers and the manufacturers are setting up their own boutiques to control the market from beginning to end, and this also has had an effect on prices and kept them high.

 

SJX : What are your thoughts on brands setting up their own boutiques?

 

WA : As a retailer I am not happy.  The English expression of being either poacher or game keeper comes to mind, and now the manufacturers are trying to control the market in their own product.  There seems to be no sense of loyalty to the retailers who have supported them for years and who have been very instrumental in their growth and success.  On the other hand if I were a manufacturer I would be doing exactly what they are doing! 

 

The English expression of being either poacher or game keeper comes to mind, and now the manufacturers are trying to control the market in their own product.

 

The manufacturers’ argument will be that they are safeguarding their prices, the quality of service and the image of their brand.  My last comment on the matter is that if they are going to have their own boutiques and compete with independent retailers then it should be on a level playing field, and we should all have access to the same watches at the same time.  Sadly all too often some styles are reserved for their own boutiques and the delivery to their own boutiques is faster than to the independents.

 

 



SJX
: Do you believe the rising prices are sustainable? Or are they just reflective of the current prosperity and increase in wealth enjoyed by the world?

 

WA : As a retailer I have to accept the prices that are set or lose agencies, so I hope they are sustainable and that people will continue to buy watches.  It is certainly a reflection on the amount of disposable income that people have, but also more and more watches have complications so the cost of production is that much higher.  As a retailer we have to point this out to the client and help them understand the prices.  So to answer the question, the prices are sustainable if the watch appears to justify the price and if there is the demand for the watch.  If the markets take a tumble then luxury goods normally follow suit.

 

… the prices are sustainable if the watch appears to justify the price and if there is the demand for the watch.

 

SJX : As a retailer, how would you explain year on year price hikes to the customer, especially when the underlying product remains unchanged?

 

WA : Obviously the easy and stock answer to this question would be along the lines of increases in the costs of raw materials, increased labour costs and no doubt a mention of taxes would feature as well.  The other answer might be that they are paying for the huge advertising campaigns, the setting up of the manufacturers’ own distribution network and retail outlets, combined with much higher research and development costs!  You will have to decide which answer fits the bill!

 

SJX : One result of the growth in the watch market is the proliferation of watch-related media as well as increased consumer knowledge which runs counter to the smoke and mirrors occasionally employed by the Swiss watch industry. What are your thoughts on that?

 

WA : I think that the watch industry has realized the importance of advertising and promotions and are sinking huge amounts of money into both.  By virtue of raising the awareness of the brands they have to be more open with the public about their product.  The Swiss are also trying to change the laws on the designation of “Made in Switzerland” and there will be those manufacturers who will support this and those who are against it, and there are arguments for both sides, but the real fear could be the realisation that other parts of the world are capable and do make good watch parts and watches.

 

SJX : We hear you have strong views on the long lapse between the announcement of a new watch and the actual delivery to retailer or customer. Can you elaborate on this?

 

WA : Yes, it drives me nuts!  A manufacturer makes a great noise about their new product and launches it at Basle or Geneva.  We as retailers get lots of calls from interested clients who want the watch, or to know more, or to see it.  We have a rough idea of the delivery date, but this invariably changes and they are delays due to technical difficulties or some such excuse.  What also happens is that people don’t buy the existing products as they are waiting for the latest thing, and so sales stall. 

 

My big question is why launch a watch when you can’t produce it?  This sort of behaviour creates long waiting lists and hype for a short while, but if the delay is too long then the interest dies and the critics start to talk about them and then the market dies as well.  I want to see a watch launched and delivered when it is promised as this is good for everybody from manufacturer to client and also keeps the quality of the brand in the front of people’s minds.

 

My big question is why launch a watch when you can’t produce it?

 

SJX : On this topic, do you have any brands in mind that deliver what they promise in a timely manner? Why do you think these brands can do it, while others can’t?

 

WA : I can’t knowingly think of any brand that achieves this, but I may be doing many an injustice by saying this, for which I apologise.  Like most things you only hear the bad news, which is what I am giving you! 

 

In an ideal world each brand would make all its own parts in its own factory with unlimited space and time for testing and proving.  Sadly this is not realistic and so the manufacturers suffer from all the problems associated with sub contractors.  In order to overcome these problems requires a lot of prior preparation and planning and a very good management team to constantly follow up every little detail.  So to those who deliver on time and with 100% quality and reliability I say congratulations, to the others I say keep at it because it is a long and hard journey but a very worthwhile one.

 

SJX : We hear that you were one of the earliest supporters of F.P. Journe and even commissioned a clock from him in the 1980s. Can you tell us what drew you to Mr Journe so long before he became famous?

 

WA : This is a really a question for my Father [John Asprey] to answer as he was the one who commissioned three Breguet Sympathique clocks from Mr Journe in the 80’s and they were amazing.  Mr Journe was in Paris at this time and my father saw his work and thought, with other colleagues, that he was an up and coming talent and so helped to finance him, and as they say the rest is history.

 


Sympathique clock by F. P. Journe

 

SJX : In your opinion, which watchmaker or brand will be the next big thing? Why?

 

WA : Obviously Graham and Arnold, but also Moser.  For any watchmaker to succeed you need to have good quality, unique design, and a team that are enthusiastic and passionate about their brand.  All these brands have these qualities in different ways and the results are shown in their watches, their presentation and their approach to the market.

 

For any watchmaker to succeed you need to have good quality, unique design, and a team that are enthusiastic and passionate about their brand.

 

SJX : You have been one of the shareholders in The British Masters SA. since 2000. How did you come to invest in the company?

 

WA : It was rather a long time ago, in 2000, but Eric Loth [the CEO of British Masters] came to see me and my father in London and presented the brand to us.  Eric was incredibly enthusiastic and we liked the brand, the design and his vision for the brand and that was how it started.  We now have a small management team who work very well together and the Brand is really growing and becoming a significant player in the watch markets.

 

SJX : In addition to the well-known Arnold and Graham names which have been very successful, The British Masters also owns other old English watch making names including Quare and Mudge. Are there any plans to resurrect these other brands?

 

WA : At the moment no.  We are concentrating on Graham and Arnold and if we were to launch another Brand it would take our attentions off the existing brands and that would be detrimental to them at this time.  However we do own these other well-known names and perhaps in the future we will use them.

 

SJX : The British Masters have carved out a niche for itself, focusing on chronographs for Graham and nautical-themed watches for Arnold & Son. Yet both brands depend on outsourced movements, mainly from La Joux-Perret I believe. Richard Mille is another example of a successful brand with no “in-house” capability. That being said, many, many brands are vigorously trying to develop in-house movements. What do you think of the “in-house” trend?

 

WA : As I mentioned before if you have everything in house then you have greater control on delivery and quality, which considering the demands put on manufacturers such as La Joux-Perret is very appealing.  The down side of developing everything in-house is that the cost is really very considerable, not only in machinery but in people and technology.  This is the reason that some manufactures are buying up the smaller businesses to give themselves the technology and production capability that they need, and so hopefully improve their own delivery times and quality.

 

SJX : You are a collector of timepieces yourself - can you tell us more about your collection and tastes?

 

WA : My interest started when I was very small as my father is also a great collector of watches and clocks and I used to love looking at all his watches and trying them on.  My collection is predominantly modern with a few old family pieces as well.  I am not brand loyal, and buy what grabs me at the time. 

 


Graham Grand Silverstone Woodcote in pink gold

 

I have a Hublot Big Bang in pink gold that I love because of the design and really admire what Jean-Claude Biver has done with the brand.  I have also just received the Audemars Piguet forged carbon Alinghi Team Chronograph that I knew I had to have when I saw it.  It is so light and I am blown away by the technology and the construction.  I have the Graham [Grand Silverstone] Woodcote in black PVD case, carbon fibre dial and bezel and pink gold [limited edition of 250].  This also has a second time zone so is good for travelling but it is also a great mix of materials and design.  Also for travelling I have the Ulysse Nardin GMT perpetual calendar in pink gold.  When this was launched it was the way the calendar could go forwards and backwards at the push of a button that grabbed me along with the design and I was fortunate to have it explained to me by Mr Rolf Schnyder himself. 

 

… my advice to any collector would be to buy what you like and if there is a story that comes with it even better, but most of all enjoy what you have.

 

I could go on as I have numerous other watches, but to finish I will mention two others.  One is a simple 18 carat yellow gold reverse [sic] on strap which dates from around the 1920’s and belonged to my Grandfather and the other is an Omega perpetual calendar which had been destroyed in a fire, but was rebuilt by my father when he was a watchmaker.  Both are classic watches, and my advice to any collector would be to buy what you like and if there is a story that comes with it even better, but most of all enjoy what you have.

 

SJX : Thank you for your time.

 

References:

(1997). National Asset Register. HM Treasury

(Nov 5, 1995). INTERNATIONAL BRIEFS;Asprey to Be Acquired By Brunei Prince. New York Times.

Prabhakar, Hitha. (April 12, 2006). Asprey Heads To Madison. Forbes.

This message has been edited by SJX on 2007-08-18 02:41:40


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Comments: view entire thread

 

Well done.....

 
 By: Carol : August 18th, 2007-04:24

Very pleasantly down-to-earth

 
 By: nickd : August 18th, 2007-06:31
Refreshing to read a hype-free interview from someone down to earth. nick

Thanks Jia Xian...

 
 By: vlim : August 18th, 2007-09:28

Thanks for the interview. My take on the store.......

 
 By: Tee : August 18th, 2007-16:00
They have interesting brands such as Journe, Moser, Graham, Arnold &Son. The collection although not large is very well chosen. The sales people are great, well informed, courteous and above all not pushy. I visited the store two years ago for the Journe ... 

Great Interview

 
 By: dreamer : August 18th, 2007-21:19

Interesting

 
 By: Dirk : August 19th, 2007-00:21

Thanks SJX! [nt]

 
 By: patrickmaniac : August 20th, 2007-07:29