CEO Jean-Marc Pontroué: «We're looking for new materials so that one day we can create the perfect watch».

 

It's been exactly three years since Frenchman Jean-Marc Pontroué and former head of Montblanc's watch division and the Roger Dubuis Maison took over the Italian-Swiss luxury watch manufacturer Panerai back in April 2018. In an interview with a correspondent for the Qlekta blog, he told us what he's managed to do within this space of time, about his plans for the near future, his attitude towards e-commerce and Panerai's policy on the pre-owned luxury watch market.

 

Good afternoon, Jean-Marc. The first question I'd like to ask is about your feelings. How does it feel to be at the helm of Panerai after so many years leading brands like Montblanc and Roger Dubuis?

 

This is going to be a long answer (laughs). Panerai is a very distinctive brand. It's not as big as some of the others, but it's not small either, it's actually one of the 15 largest luxury watch brands (at least it was before the pandemic arrived).

 

I'd say the main thing that sets this brand apart from others is its unparalleled emotionality and expressiveness which are being injected from Italy. We're the only Italian luxury watch brand in a world of watchmaking largely dominated by Swiss brands (although it's a well-known fact that our manufacture is located in Switzerland).  

 

CEO Panerai Jean-Marc Pontroué
CEO Panerai Jean-Marc Pontroué
Panerai, manufacture
Panerai, manufacture

And this setup gives us the opportunity to combine the best engineering and technical feats with excellent design, which gives us a significant advantage. I’m proud that I've been given the opportunity to lead this exclusive brand.

 

What's attractive about a brand that was created by the military for the military, where everything has to provide the same level of military functionality, the dial can't be touched, and even the tourbillon has to go on the back of the case for the same reason?

 

As you know, all brands strive to make emblematic products. And if you've managed to create a watch that’s recognized by everyone everywhere, then you've succeeded. Everything from Panerai is recognizable — the case, dials, bracelets and distinctive proprietary materials (I'm not only talking about case materials, but other materials as well, such as the luminescent compound we recently created that shines so bright in the dark).

 

In other words, we don't need to come up with some kind of new watch in a square, rectangular or diamond-shaped case. We just need to maintain the level we're at and develop what we already have. And in this regard we already have enough plans to keep us busy for the next 50 years.

 

Panerai Ecologico Luminor Marina ESteel
Panerai Ecologico Luminor Marina ESteel
Panerai Luminor Marina ESteel
Panerai Luminor Marina ESteel

These plans mainly have to do with new ideal materials and movements, and we intend to experiment with new watch sizes. So it's not so much that I have to invent something new, it's more that I have to edit the ideas from our amazing watchmakers, engineers and designers.

 

And what have you decided to introduce this year?

 

Above all else, it's new chronographs in cases made of the new GoldTech alloy, a bronze alloy, and a series of watches launched as part of our environmental initiative called Ecologico, which have cases made of another of our latest materials called eSteel and made of fully recycled titanium.

 

However, I'm not going to talk about everything we intend to present in April at the Watch & Wonders trade show just yet. If nothing else, I haven't quite made my own mind up about what to present and what to keep for later.

 

Despite the deceptively conservative appearance of Panerai's watches, you're still in pursuit of the perfect watch material. The brand already introduced a watch this year in a case made of a brand-new platinum alloy called Platinumtech. Will you ever stop?

 

The creativity of our engineers is unstoppable (laughs). For example. how could I suppress the creativity of the team that created the watches for our partners Luna Rossa in the America’s Cup regatta? They wanted to create a better watch.

 

Panerai Luminor Chrono (PAM 1109)
Panerai Luminor Chrono (PAM 1109)
Panerai Luminor Chrono Monopulsante GMT
Panerai Luminor Chrono Monopulsante GMT

So they went all out using the latest materials. And this search isn't an end in itself, just for the sake of it. We really are trying to invent an ideal material for watches, so that one day we can create the perfect watch, a watch with perfect functional performance. So Panerai's simplicity on the surface is deceptive.

 

Do you not think that what Panerai is missing is a luxury, say, maybe even a solid gold sport de luxe model? After all, this is one of the most sought-after and promising segments today. Even watchmakers like Chopard and Parmigiani have decided to try their luck in it by introducing the Alpine Eagle and Tondagraph GT models. Do you have any plans to try your luck in this segment?

 

This year we'll be presenting a lot of models in a variety of gold and two-tone combinations, including, for example, a 44 mm Submersible in a case made of our Oro Rosso with a Carbotech bezel. Our watches sell well with a gold/ceramic combination, as do our red gold models with blue dials. We'll also be presenting Piccolo Due models in a small red-gold case made of the Goldtech alloy. It's on a strap for now.

 

 But I think a gold version on a gold bracelet could be a success. So there's a chance you'll get to see an updated Panerai watch, but it won't loose the recognizable shapes and the brand's other features.

 

Panerai Piccolo Due Madreperla
Panerai Piccolo Due Madreperla
Panerai Ecologico Submersible eLAB-ID
Panerai Ecologico Submersible eLAB-ID

The bracelet almost plays the lead role in these types of watches. But there aren't many Panerai watches with bracelets.

 

That's true. We've only released the Submersible on a bracelet. There are plans to launch watches with bracelets. The first in line to acquire one are Due and Luminor watches. Radiomir will remain on its familiar straps for now. But we also see the potential for making bracelets from unusual nonmetallic materials, including 100% recycled materials.

 

Am I right in thinking that Giampiero Bodino should be the one to create these bracelets?

 

Of course. We still work in very close partnership with Giampiero, after all, he's the person who gave Panerai watches their modern appearance in 1997. Now he's the creative director of the entire Richemont group, but his favorite watch brand has always been Panerai and it still is. It's no coincidence you only ever see his wearing a Panerai. He's very directly involved in the reissue of every historic model. Our team often visits him in Milan.

It goes without saying that the main source of your brand's strength and support primarily comes from the so-called Paneristi fan clubs. But how do you feel about expanding your client base, say through online trading?

 

 

Yes, e-commerce is something we first encountered three years ago. And Panerai happens to have become one of the pioneers in this business. Two years ago, the 42 mm Submersible Verde Militare was developed specially for the e-commerce channel. We released 500 pieces, each worth 9,500 euros, and they were all sold out within a day and a half.

 

And we had a promotion in October last year dubbed the 24-hours Capsule Collection, where 20 copies of a model priced at 13,000 euro were put up for sale, which could only be purchased within a 24-hour period. The effect was tremendous. People found out about it from somewhere in advance, and we already had 10 400 applications before trading had even started.

 

Why did you limit the release to so few pieces and not increase it?

 

Sure, we could have done that. But we strictly uphold Panerai's status and reputation as a manufacturer of exclusive and rare watches.

 

That's somewhat at odds with the policy most large watch manufacturers are implementing in the current context of the pandemic, who are trying to sell as many watches online as possible. Do you have no particular interest in any online platforms, be they large or small?

 

We see internet trading as just one of many possible channels for selling products, that's it. OK, so we sold 20 models, each for 13,000. This promotion didn't make life easier or better for Panerai. But it did generate interest in our watches, and reinforced the belief among our fans that our watches aren't easy to buy, you need to hunt for them. And vast online sales go against the spirit of Panerai's exclusivity.

 

Panerai has always felt confident in the pre-owned watch market. In any case, I know a lot of Panerai owners who've never had any problems selling their watches: they went as quickly as they left your stores, in a matter of one or two days. But have you never considered seriously engaging in an auction policy for Panerai, so that Panerai watches put up for auction would arouse the same level of excitement among collectors as, say, rare Patek Philippe or Rolex models? Have you broken any world records?

 

The world's auction elite was established a long time ago, and it isn't easy to become one of them. But you know, as recently as last November, Sylvester Stallone put the very first modern Panerai ‘Daylight’ model up for auction, which was created especially for him 25 years ago. It was acquired for 225 thousand dollars. Can you name many other examples of when simple pre-owned automatic watches in steel with three hands were sold for that amount of money? I keep a close eye on Panerai watches at auctions, and overall I'm happy with how they sell.

They always go for above the estimate, and our manufacture has solidified its place in the top-five auction brands. OK, so we're not in first place, we're not second, but we're fifth. And I'll be happy if we can hold onto this place while I'm running Panerai. Well, and in order to become one of the leaders, we'd have to do the impossible (for now).