Time tells many tales, because the saga of Honest High-quality Watches demonstrates. This journal has been monitoring a few of these tales, intermittently, during the last 20 years however now we have famous one fixed: present CEO Ong Ban. He has been on this commerce for longer than this journal has existed – longer than Coronary heart Media as an organization, in truth. The truth that Ong has been concerned within the watch retail enterprise for therefore lengthy will not be exceptional, in itself. What units him aside from most of his friends is that he has been with Honest High-quality Watches the complete time, from its heyday as a family-operated enterprise, via all its subsequent ups and downs, and now as a part of Cortina Holdings. He rose up via the gross sales and operational fronts to ultimately grow to be CEO in 2008. One fixed in Ong Ban’s journey is his ardour and enthusiasm for watchmaking, and cultivating an curiosity in effective watches. One want solely start to wax lyrical on timepieces to get his eyes to gentle up, if just for the prospect to speak about some element in regards to the watches on the new SHH boutique at Marina Bay Sands. Ong calls this boutique the “endlessly dwelling,” for SHH and it represents for him the core competencies which have at all times distinguished Honest High-quality Watches.
From the Greubel Forsey Structure to the Lang & Hyne Georg, these are timepieces that require greater than shiny journal ads and show instances; as of late, such uncommon timepieces are more likely to be spoken for earlier than they arrive in Singapore. The retail operation wants an individual with a sure measure of sang-froid to cope with competing collectors, in addition to a measure of gravitas to maybe get these collectors to conform to show watches that they’ve purchased of their shops. Consider it in the identical means as some high-end automobile dealerships, the place some patrons are completely satisfied to park their automobiles on the showrooms.
It does assist that the SHH retailer has the correct of house to point out timepieces like this, with Ong noting he was completely satisfied to host collectors who wished to arrange watch-appreciation meets on the retailer’s non-public house. Evidently, the introduction of the boutique permits Honest to speak up its impartial manufacturers, and Ong’s personal position in creating this vital watch amassing area of interest. There was a gentle stream of brand name CEOs coming to city on the again of Honest’s dedication to creating the marketplace for these manufacturers. Now with the help of Cortina Holdings, that is more likely to be a robust development alternative, provided that Cortina Watch is a companion quite than a competitor.
We sat down with Ong for a short chat about impartial watchmaking, the SHH boutique, the intriguing story of Honest High-quality Watches, and his personal position within the persevering with saga.
Congratulations on the brand new boutique! Honest High-quality Watches has been via lots of adjustments, simply within the time now we have recognized you. Even SHH is now in a really totally different kind to what it was once. Take us via all of it.
OK, so I believe first I’ll simply take you again a bit of bit about Honest High-quality Watches, after which SHH. So Honest and Honest Haute Horlogerie, previous to current….
From 2005 or all the best way from the start in 1957?
I’ll take you (as far again) as 1992 (laughs). (However first the current) — When Honest High-quality Watches was acquired by Cortina Holdings in 2021 (the deal was accomplished in March, 2021), I believe one of many issues that Raymond Lim, the chief govt of Cortina Holdings, wished to look into was the strengths and core competencies of Honest High-quality Watches.
We (the Honest High-quality Watches group) have at all times been robust with high-end mechanical watches. Now we have been robust with model administration. And now we have a tradition and a ardour inside the firm on the entire matter of (horological) training. To place it in very colloquial phrases, Honest High-quality Watches was superb at bringing manufacturers with nice potential into the market — we are able to spot winners from far off. So, for instance, we took an opportunity on (then unknown) watchmaker Franck Muller and introduced the model to Singapore — this was from a time when the watches have been nonetheless being made in (Muller’s) kitchen. Honest helped make the model what it’s immediately. In 1995, we introduced in A. Lange & Söhne, when it was nonetheless underneath the late Gunther Blumlein at LMH (previous to the model’s acquisition by what would grow to be the Richemont Group). Then, in 1998, we (ushered in) the massive watches development after we introduced Panerai to Singapore. In 2000, we introduced the (then-emerging phenomenon of) impartial watchmaking to Singapore with F.P. Journe.
So, what we wish to ship on (with the SHH boutique) is a steady presentation of what we expect are the following stars of effective watchmaking. I believe this house is vital for patrons to come back and (uncover) Moritz Grossmann, Lang & Heyne, Czapek, Louis Moinet, Gronefeld… Most of those manufacturers are comparatively new in our market, and we hope to make use of the brand new house to get folks enthusiastic about them. That is actually our largest motivation in conceiving and opening (the SHH boutique in MBS).
You could have been a relentless presence via all of the adjustments at Honest, together with these early days when folks might not have been satisfied in regards to the potential of Panerai and A. Lange & Söhne. So how have you ever managed to be a relentless power, and been in a position to spot so many winners?
So, watches have been round for many years (in Singapore) and for hundreds of years (extra broadly talking). I’m certain watches can be round for many years and centuries to come back. My philosophy is that point is definitely timeless.
I advised my first employer (within the watch commerce, which was Ebel), even if you happen to don’t pay me, I’ll nonetheless benefit from the work! So for me to have the ability to proceed on this trade and to have sufficient power (to maintain myself), the fervour have to be very robust.
And I believe this is among the key explanation why Honest may experience via so many storms; it’s as a result of there’s a lot ardour inside the firm and a real affection for mechanical watches (amongst the group).
This affection, this ardour it’s very contagious… and with collectors and connoisseurs that now we have served through the years (that I’ve been right here), they’ve by no means seen the change of possession as a hindrance to the acquisition of timepieces. It didn’t matter to them whether or not Honest was owned by a consortium, whether or not Honest was within the fingers of liquidators, or within the fingers of traders… none of it mattered to the collectors.
I believe what mattered was that we continued to interact them within the (furtherance) of their passion. They have been getting excited on a regular basis by superior watches. And I don’t see this altering, with me on this position and past me… there can be one other group that can proceed the work. As long as you’ve a excessive content material of emotion that’s vested within the enterprise, the operating of the enterprise will at all times be easy.
On figuring out the longer term stars — the Philippe Dufours, Kari Voutilainens and Roger Smiths of the longer term — it’s all about timing; after we go in for (any given model). Is it throughout conception (when the watches are being deliberate)? Through the introduction (when the watches are proven to potential retail companions)? Or when the model has finished sufficient work available in the market to stabilise itself. These are mushy expertise that one picks up through the years.
What’s your tackle watches as funding items then? Does this unprecedented state of affairs threaten the fervour for amassing watches?
Now we have by no means stated, to any consumer ever, that the watches we promote are for funding. This might be due to the selection of manufacturers we stock, or in our alternative of merchandising. On the matter of a scarcity of watches (out there on the market instantly, or comparatively quickly), and better demand for watches, I believe that is actual, and there are a number of causes. I believe within the final two years, amidst the pandemic, you’ve had new wealth creation, which has been fairly aggressive.
The pandemic additionally induced lots of disruption to watchmaking (in all places), and this disruption does impression the provision chain. So now, possibly it takes greater than a yr to get sure components, like a crown, the place it may need solely taken weeks earlier than. I believe with the trade’s workforce again in place (now), hopefully issues will enhance.
Has the pandemic demonstrated that individuals are completely prepared to purchase on-line and with none relationship with a particular retailer?
I believe that if you purchase a watch on this house, there are two foremost elements. One is your relationship with the watch (in actuality quite than as an image on a web site), and the opposite is your relationship along with your gross sales advisor. I believe these two components usually are not simply replaceable.
When (contemplating these) two components, you attempt to create an area just like the SHH boutique, which is snug…. the place we are able to decelerate the tempo a bit of bit, relative to if you go to a typical retailer. At these watch shops, folks usually are available in and sit at a counter, and don’t go searching. They purchase what they need, make fee and go away. Right here on the SHH boutique, now we have intentionally slowed down the tempo of service. It’s why we even have a personal space (that takes up roughly half of the 100 sqm house). Shopping for watches as of late (with the arrival of on-line buying) has grow to be individualistic (with folks shopping for in solitude, impersonally). I wish to convey again the group side to the watch amassing passion.
Was this the thought from the beginning with the SHH retailer?
So the temporary to the designer was to construct a store that doesn’t seem like a watch store. I believe that was key (to our intentions with the SHH retailer). The inside design should be certain that, before everything, there’s a excessive degree of consolation, OK, and the place the merchandise are the celebrities.
So if you happen to see the show outdoors, it’s just about generic… whether or not it’s a H. Moser & Cie watch or a Lang & Heyne watch, every thing shares the identical format. However the truth that each watch right here has been chosen rigorously, this implies the method of curation has already been finished; each watch right here already meets sure standards.
It begins on the model degree first in fact… the manufacturers we embody right here all entailed a excessive diploma of funding on our half, and (stringent) due diligence. For instance, take Greubel Forsey…if you happen to purchase a Greubel Forsey from us, and 50 years later you should change the crystal, we can’t say ‘Sorry, we don’t carry this model anymore.’ So this implies the long-term sustainability of the partnership can also be a part of the standards for what’s included right here at SHH. We can even should take the time to elucidate the manufacturers and the watches, as a result of, as I defined, a lot of the manufacturers we stock listed here are in all probability not that acquainted (in contrast with staples resembling Rolex and Patek Philippe).
And for one thing like a Greubel Forsey watch, I believe it’s completely essential that collectors (or potential clients) get an actual really feel for it. Actually talking, with the ability to expertise the watches we stock (within the steel) is hard, as a result of manufacturing is small; every bit (from a restricted manufacturing collection) that involves us might be already spoken for. We attempt our greatest to have items within the retailer, so once more, the Greubel Forsey Structure for instance… anybody who desires one now, can’t get one. However now we have a bit within the retailer for Greubel Forsey followers to come back and expertise, as a result of I believe that is vital.
FInally, for our longtime readers, who will bear in mind the SHH as Honest Haute Horlogerie, inform us in regards to the title change, and the brand new brand.
To place it merely, we determined to go along with SHH as a result of Honest Haute Horlogerie is a little bit of a mouthful! And the brand, properly it was Kate Lim’s concept (Kate Lim is Raymond Lim’s daughter and Honest Watch Restricted’s Normal Supervisor) to have a component of the watch itself be a part of the design. So it’s the view of a mechanical watch from the caseback!
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