Bulgari

tony p
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A very interesting and thoughtful post, Patrick.

I particularly like your drawing of an analogy with Montblanc and their Villeret collection.

Bulgari acquired GG/DR some years ago when the companies were struggling, much as Montblanc acquired Minerva. However, Bulgari decided not to re-brand the products or attempt to distribute them through their extensive network of brand boutiques. Instead, they let GG/DR go its own way.

This was a good thing, in that with a combination of autonomy, good leadership (under Gerald Roden) and solid financial backing, GG/DR steadily improved its products, culminating in some truly stunning releases in the past 3 or 4 years - I've lost count of the number of really exciting watches from this manufacture in recent times. I've also put my money where my mouth is, acquiring both a Gefica and a Retro Fantasy Mickey Navigator.

The problem was, of course, translating all of that incredible design and technical know-how into sales - somehow these extraordinary pieces just weren't as popular as they should have been. It was perhaps inevitable that a rationalisation should occur at some point, and I'm sure the world recession helped Bulgari along in their decision.

So now, as you have so perspicaciously observed, Bulgari are in roughly the same position with GG/DR as Montblanc is with Minerva. The product is fabulous, the distribution channels (including an enviable number of well-positioned boutique outlets) are in place. The Achilles heel, if there is one, will be staff.

I was recently in a Montblanc boutique which sold Montblanc pens, bags, scarves, wallets and purses...all sorts of luxury goods, inamongst all of which was nestled a small section for Montblanc-branded watches; and inamongst these, in turn, could be found a rather forlorn pair of Rieussec chronographs. I'm quite sure the staff had no idea what, if anything, made those particular pieces special (apart from their price tags). No Villerets in sight.

I've also recently bought a Bulgari-branded watch from a Bulgari boutique. It was a Calibro 303 Chronograph, the best watch in the store by a country mile. But did the staff know that? Clearly not. I had to explain to them that the movement inside the watch was a reworked Frédéric Piguet cal 1185, and that this was indeed a good thing. The stunned-mullet looks on their faces revealed what they were thinking: Why the hell is this guy telling us this? Do we care? Let's just keep smiling and hope he buys the damn watch and leaves quickly, so we can forget we ever heard of Frédéric what's-his-name!

We shall see, my friend, we shall see.

Cheers
Tony P