Parmigiani Fleurier stands out for its commitment to craftsmanship and innovation in the ever-evolving world of luxury watches. At the helm of this prestigious brand is Guido Terreni, a visionary leader redefining modern luxury. With the recent launches of the Toric and Tonda PF collections, Terreni has solidified Parmigiani Fleurier’s position in the luxury watch market, emphasizing a “private luxury” philosophy that resonates deeply with discerning customers. In this interview, Terreni discusses the inspiration behind these new timepieces, the shifting trends in how we perceive and wear watches, and the importance of maintaining ethical and artisanal standards in an industry that balances tradition with cutting-edge innovation.
How are you feeling right now, after the launch of the Toric at Watches and Wonders and yesterday’s launch of the Tonda PF?
Well, I’m very proud. We keep interesting the industry by attempting to push the needle a bit further, whether aesthetically or technically. [Our clientele] are very cultivated and discerning but not ostentatious gentlemen. This is the soul of the brand: to be deep but not loud.
After launching the [Tonda] PF in 2021 (pictured left), which has become the backbone of the brand, it was time to launch the second pillar, the Toric, to define “what is the best watch today?” Today’s world is very different regarding how you dress and behave. It’s less formal.
What do you think has shifted?
If you follow mankind from society’s point of view, it’s an evolution that goes back 200 years. We have dressed in suits since the Industrial Revolution, since the British bourgeoisie invented this way of dressing. And it accompanied mankind for 200 years. And to observe watches, and how they [have] evolved, is fascinating. You must ask yourself, “What is a dress watch today?” Because it’s different from what it was in the 20s or even the 19th century.
How we dress hasn’t changed so much because it’s communicating stability. The white shirt is white because you’re working, but you’re working intellectually, not in a dusty environment. The white was accompanied by the black color, which is the most prestigious color because, at the time, [it] used to fade after a few washes. So, only the affluent could wear black. And that’s the basis of the tuxedo….If you look at the pictures and the movies, everyone was going to the theatres or to restaurants in black and white.
After the Second World War, you have abandoned black as an obligation. You could dress in different colors, and you started seeing blue on the dials and some brown on the straps.
And then [in the 1970s and 80s] it was the quartz crisis. We observed that a younger generation, in their 30s and early 40s, were rediscovering the pleasure of wearing sartorial. [But] it’s not a stiff way of wearing a suit, you don’t need a tie, sometimes you don’t wear a jacket. And you start using colors that are more natural. So, we asked ourselves, “What should be the watch accompanying this generation?”
And then [in the 1970s and 80s] it was the quartz crisis. We observed that a younger generation, in their 30s and early 40s, were rediscovering the pleasure of wearing sartorial. [But] it’s not a stiff way of wearing a suit, you don’t need a tie, sometimes you don’t wear a jacket. And you start using colors that are more natural. So, we asked ourselves, “What should be the watch accompanying this generation?”
The suit is no longer [purchased] because a designer or a brand tells you to wear it. It’s because you go to your own tailor. You build your own style. It’s not branded, it’s personal.
For that kind of client, you have to give him the best. And the best is a mechanical, manly movement.
We give you this nice aesthetic touch from a handmade, artisanal production method. So, there are plenty of elements that are not in your face, that are subtle, just like the brand.
You mentioned many things to consider when serving this new generation, including ethical considerations. How do you address that consumer desire?
By being true to yourself and putting a lot of content in your actions. Life is about the deepness of excellence; you should always be moving forward. Using your tradition and using your knowledge not to replicate it but to move forward, whether it is the technical innovation like the world premieres we are doing or in the ways that you conceive an elegant watch like this because you are going deep into the culture of the product. You’re going deep into generating an emotion. Which is special.
Can you tell me a little bit about your journey into this role? Obviously, you are so knowledgeable and so passionate. When did you know that this was your passion and that you wanted to pursue it?
Well, I entered the watch industry in 2000, so it was 24 years ago. Sometimes, the most important things happen by accident, not because of a thoughtful decision. I moved to Switzerland for love.
I entered the marketing department for watches and then found a second love…I fell in love with watchmaking…I think no other category in the world has a potentially infinite product lifecycle. If you’re managing it correctly, there are watches designed over 100 years ago that are still selling…We’re talking about an object that is designed and keeps that design true and interesting for such a long time. Every watch that has been born has been disruptive and a major step forward.
You’re not buying for social recognition, you’re buying for personal pleasure. And that to me is a true luxury, because you are free to choose what you want. It’s what we call ‘private luxury’ and it’s what we try to address.”
What keeps you awake at night, and how do you address those potential issues?
There, you enter the less fun part of my job, which is to make everything work in synchronicity and manage this growth, which has been exceptional. But we’re still in an early phase. So, as you can imagine, it’s a plant that needs water every moment, and we’re still fragile. So, we have to maintain this momentum. Even if we are five times the brand I found in three years, I still see it as an initial phase of a brand’s rebirth. A relaunch is not a straight line, you have to adapt to the external circumstances in this moment. The industry does not have the tailwind that it had in the last two or three years, so we have to navigate a delicate situation.
How do you divide the responsibilities within the C suite? What do you hold on to tightest?
I think we have to focus on the fact that luxury is about creating desire, which should be our obsession. It’s not about how the month goes, how an order is, or how my stock levels are. Yes, these are all technicalities that you have to master, and I oblige my teams not to sell in, but to sell out. We never ship a second watch if you have not sold what you have there. Otherwise, you will start stuffing your dealers, which will not help anyone. It’s not about the sale of this month, and it’s about the trajectory moving forward and continuing to create that fundamental desirability. As a consequence, you will continue to grow and continue to be profitable. That is why I travel and speak to the clientele to be fed by their emotions. If they are in sync with what we thought, we are doing a good job.
Our motto at Worth is “Worth Beyond Wealth.” Does that motto resonate with you, and if so, in what capacity?
First, luxury is not about showcasing how much money you have in the bank. That’s nothing to do with it. Luxury is about refinement. It’s about discerning, it’s about understanding, it’s about excellence. And it’s about expressing your persona. And I don’t feel that luxury should be an investment. I feel that it should be a personal pleasure. And I admire those collectors who keep the watches that they buy. You build your collection according to your passion, and your passion follows your life.
If you could ask our readers to do one thing to make the world a better place, what would that be?
It’s not the frequency of what you buy, it is the importance of what you’re buying. I always say,
“There’s no need to launch another watch on the market. There are plenty. So if you launch one, you must have something to say.” That’s why you shouldn’t be passively buying, but you should buy what you think is worth it. And only you. And feel good about it.
