Audemars Piguet

Xavier Nolot began his career with Audemars Piguet in 2003.  I initially met him this past January at SIHH.  We had a nice chat there, and even amidst the hectic environment all around us, it was very evident how calm and on top of things he was.  At the time, I had no idea he would end up replacing now company CEO Francois Bennahmias in the APNA position.

On to the new dialog.  As background, my personal preference is not to record a conversation or simply ask a list of questions.  While I prepare with some ideas to discuss, I prefer to let the dialog follow its own path.  This proved very easy with Xavier, who is quite engaging.

We began by discussing the current state of AP in the United States.  "Solid" and "stable" were Xavier's words to describe this position.  He did add there is room for improvement, and as a brand they continue to explore the areas where they would like to make strides.  I felt it necessary to get his opinion on how the market has responded to the price realignment on certain precious metal models that was executed earlier in the year.  "It worked".  Xavier expanded that it was a difficult and risky decision to make, but ultimately necessary for the health of the company moving forward.  As a business owner, I understood and agreed with the decision, and looking forward I feel the references are much better aligned now.

We next deviated a bit as I commented on Xavier's Royal Oak.  It was under his cuff and I could not quite make it out... I asked if he had on a 15202.  He showed it to me and it was a stainless steel blue dial 15400.  I have to admit that watch looks awesome on the wrist.  He then told me he can't even get a 15202 as they remain in high demand.  I wanted to hear about his other pieces, and it sounds like Xavier maintains a small collection at this point of only a few pieces.  He prefers watches that he makes a personal connection with (sounds like a true Purist!) and cited an old Condor that belonged to his grandfather as one of his favorites.  His favorite complication is the minute repeater.

Next, we moved on to the AP Boutiques located in the US.  Xavier is very pleased with both of his stores, located in New York City and Bal Harbour, FL.  Many of us have worked with one or both of these stores and can attest the customer service and attention to detail is simply unmatched.  Over the years, I have heard rumblings about when or where the next US boutique might open.  Obviously AP has considered this expansion, and it sounds as though a new boutique would likely be positioned on the west coast within a few years.  Nothing definitive here, but a west coast boutique sure seems logical.

Xavier then discussed his primary objectives in the role of CEO.  Building visibility is paramount.  This is one of the areas he cited as something where there is room for growth.  He will also work to continue to energize the network and place emphasis on the client experience and customer service.  Many of us will agree these are already areas of strength for AP, and you applaud a company for striving to continually raise the bar.

Education was noted as a key challenge.  This criteria is from top to bottom - within AP, within the dealer network, connection with the customer, etc.

We concluded by discussing the expansion of the APNA Service Center in Clearwater, Florida.  While currently meeting demand, AP has wisely looked ahead and determined the service center will have larger demands in the future.  Therefore, it is being expanded to three times its current size, and will have new workers brought in to improve capacity.  This sounds very promising.  The expansion will be complete around the end of the first quarter of 2014.  Of course, normal operations continue in the meantime.

I was very grateful for this special opportunity to sit down with Xavier.  When his appointment to the APNA CEO position was announced, I thought it was a great decision.  His attributes seem to be right in line with other recent AP declarations - focusing on the core collections, strengthening and energizing the dealer network, continuing to build client relationships, etc.  I have no doubt Xavier Nolot is absolutely the right person at the right time to accomplish these goals for APNA.

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