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You are probably right, M!
But I recall hearing an interview with Kari Voutainen on a podcast (KeepingTime, I think), and what he said really resonated with me.
He said (not a verbatim quote): “what I’ve always wanted as a watchmaker was to be independent. No partners, finance help, etc. just me and doing what I want”.
Whenever a bigger conglomerate “partners” with a small indie, a small piece of my mind thinks: Daniel Roth, Martin Braun, Roger Dubuis, Speake Marin, Gerald Genta... we’ve been down this road here before.
Please believe me: I wish FPJ all the success in the world! I hope this is a great deal for him. He has EARNED IT
But (similar to the others you mentioned) independence at 80% is not the same as 100% independence. At some point, “investors” may flex their muscle or offer suggestions for “direction” for the brand which may {exactly} not align with the original master’s vision.
Just my $0.02
😀
Well it was only a question of time, but interesting that it’s Chanel
And not Richemont 🤣
Is this being read as a total sale of the company? Is FPJ no longer an independant?
I believe AP owns the same % of Richard Mille.
A global player like CHANEL dont buy 20% without option to buy more. When the buy more, this is only question of time, now they have one leg inside.
For FPJ it is a life insurance to survive in a market with four big players. CHANEL keep his back free. You are rigth, he is from Marseille and later in Paris for his first steps. My mistake! If it is not a Paris story, so it is a French story.
Dear friends of the brand FP Journe, First I was shocked...
I dont know more than you do - we still need this to be confirmed officially... So after swallowing the news of this, perhaps it is not so bad after all. - Look at who owns Chanel! Here are my thoughts as of this moment: First I thought, if they are givin...
So very, very true, dear friend. I think we sometimes forget that the horological world is - in relative terms - small, esoteric and very fragile.
We also play with the image of eternity and longevity - but there is also a business reality that cant be ignored. I really hope that this is the beginning of a good road...but we will see...
Christian, thanks for putting your thoughts together. I'm am also very interested in what this means and how it will play out.
While you are correct in highlighting Chanel as a family owned company with the understanding of how to build and maintain a luxury brand my concern is that 1) both owners and principal executives of Chanel are nearing 70 years of age which in my mind bri...
thank you, Jay...
.....for the very good questions you pose....And I cant offer a good response to a single one of them. As you, with your fine sense of humour, put it, we need an investment banker here.... ;-) I am just a poor soul who hopes for the best. We will only kno...
Don’t forget that FPJ did a CB Holland and holland version which is owned by the family that owns Chanel
Maybe the roots started from there
im Sure that is no coincidence with Holland & Holland
If it where It all started - I don’t know. They all live in Geneva so maybe they are part of the same circles....?
It is a very clever move by FPJ.
It brings sustainability to the company. Well done. Fx
I really hope that it does, dear FX
the kind, that you and I will appreciate . best Christian
Its looks like the same story as Greubel Forsey .
Sell a few % but still stay independent 👍🏻
yes that is a good example also.
but there is a future beyond the founders. As buyers of these products, we can only hope that the owners choose a good path for the brands... Our watches are going to be around for a long time.....
True when you think about the watchmaker will not be around anymore at some point .
But i think FPJ will leave a Worthy and talented successor behind . He knows what he is doing
Probably not at all comparable...
But I had hoped Journe could have accomplished something akin to what Rolex did many years ago with the company held in trust and operated independently. Two vastly different companies and economic circumstances, of course... Cheers, John
I understand your feelings very well, John
As it is a very pure model. But most of the watch brands have changed hands several times. Patek was sold to a dial manufacturer in the 30’ies. And that went pretty well. My guess is that FPJ will try to steer clear away from the big groups because they a...
The info comes from a fan of the brand and not
Journe so let’s wait and see. In any event F.P. Journe was just a sharehlholder in his company, the biggest shareholder being a private Swiss businessman. Selling a stake to the owners of Chanel, seems like a good idea as the Wertheimer brothers seem to b...
there is a copy of the letter
that was sent to the employees floating around the internet... ...
Thank you
As I unfortunately don’t speak French, I’m hoping some kind soul here can translate the important bits, please. Thank you 🙏
Basically Journe indicates that since his children
will probably not take over he has decided to insure the future of the company by letting Chanel into the capital as it is a company that shares the same values
Thank you, Alex :-)
So pretty much what we guessed. I guess it is smart to do something while he is not too old and with his back against the wall and while the economy is still good.
I’m really glad
I purchased my CB and Vagabondage II/III before this happened. I have been a fan for about 3 years and love the brand, not that Chanel will hurt it by infusing money and help but I predict it will never be the “cool” company we love any longer...Jim
Jim - that’s EXACTLY how I feel too.
This Chanel deal is good for FPJ the man, and possibly for the continuation of the brand after he retires. BUT, the “romance” of the FPJ as a true artisan independent is a bit lost in my mind (silly - I know). Will be interesting to see if there will be a...
I honestly don’t see a reason for that
Selling only 20%. Doesn’t mean your not an artisanal independent Richard mille has AP owning 20% Same goes for GF with Richmont they own 20% They are both very successful and stronger than before even They maintain their ethos and philosophy
You are probably right, M!
But I recall hearing an interview with Kari Voutainen on a podcast (KeepingTime, I think), and what he said really resonated with me. He said (not a verbatim quote): “what I’ve always wanted as a watchmaker was to be independent. No partners, finance help...
I don't know Mohannad. Chanel haven't invested in FPJ without expectation of return.
Now that could be an expectation that they will receive a share of revenue equating to their ownership or that this 20% has bought Chanel some right to buy the entire company at a later point. Or something in between or something very different. No matter...
Interesting choice of partner for FPJ
I would have expected a different company but should still be good for Journe in the long run. - AT
It's a deal between friends, apparently.
The best source on this so far: thejourneguy.com Chanel's owners are friends of Mr. Journe, they are silent partners and receive no dividends, and the money from the sale is reinvested entirely. It is a deal very favorable for FPJ, almost not making s...
Chanel has put out some interesting watches...
particularly the J12 series and particularly the J12 Marine. I think these watches are underrated. A partnership between Chanel and F.P. Journe could produce some very interesting watches...