The Business of Watches [011] The Head Of Montblanc's Timepieces Division Laurent Lecamp On Minerva, Hairsprings, And What's Next For The Brand

Summary

HODINKEE Podcast: The Business of Watches [011] — Laurent Lecamp on Minerva, Hairsprings, and the Future of Montblanc

Date: January 14, 2026
Host: Andy Hoffman, Senior Business Editor at HODINKEE
Guest: Laurent Lecamp, Managing Director of Timepieces, Montblanc and Minerva
Location: Minerva Manufacture, Villeret, Switzerland

---

Episode Overview

This episode dives deep into the business philosophy and evolution of Montblanc’s watchmaking division, particularly focusing on the historic Minerva brand. Host Andy Hoffman interviews Laurent Lecamp about Minerva's unique identity, its approach to craftsmanship, recent innovations, and how the brand is redefining luxury in challenging times. The episode also explores Lecamp's personal career journey, his views on engaging “fans” over customers, and his passion for ultramarathon running.

---

Key Discussion Points and Insights

Opening: Watch Industry News & Market Trends (00:01–14:59)

Market Rumblings and Executive Changes (00:46–08:15)

• TAG Heuer's CEO, Antoine Pin, is rumored to be stepping down.
  • “There's been like seven CEOs at TAG Heuer in the last 12 years. It's a rather unstable position.” (Andy, 02:05)
• LVMH’s approach to watch brand positioning and executive turnover.
  • Insight: LVMH's watches division is in flux as it strives to compete with Rolex, Omega, and others.
• On market positioning:
  • “If they are continuing to push into the $10,000 price range for their entry models, you're going to have a lot harder of a time in the upcoming market where everything's going to get a little more tight.” (Mark, 07:22)

Omega Speedmaster Panda Dial Launch (08:15–14:52)

• Discussion of Omega’s new Speedmaster with a Panda dial and ceramic bezel.
• Comparisons with the Rolex Daytona:
  • “It's hard to say anything other than yes, just because of the aesthetics of the reverse Panda dial.” (Mark, 09:26)
• Price escalation in the industry, reference pricing, and consumer perceptions.
• Value perceptions and the impact of availability:
  • “I think for all my criticism of that price tag, Omega is maybe unfairly getting a little bit of that just because you could walk into a store…and likely pick up one of these watches.” (Mark, 14:28)

---

In-Depth Interview: Laurent Lecamp, Montblanc & Minerva (15:05–53:26)

Lecamp’s Background and Career Path (15:52–20:15)

• Dual Swiss-French national, recent Swiss citizenship.
  • “I'm Swiss and French, but now I'm only Swiss since only a few days.” (Laurent, 16:32)
• International experience: LVMH, Porsche, running his own brand Cyrus, and work in Russia, Japan, Eastern Europe.
• Philosophy of incremental learning and consistency:
  • “My father is a German teacher and he told me it's better to learn five, ten or fifteen minutes a day, all year long. …I tell you something, nobody will do it every day during one year. It's very rare. It's quite impossible.” (Laurent, 18:11)

Product and Business Philosophy at Minerva (20:15–38:59)

Establishing Identity: The Signature Fluted Bezel (20:35–23:39)

• Lecamp’s approach: observe and learn before acting.
• Discovery of Minerva’s historic fluted bezel (from 1927) in the archives.
  • “What about bringing back…this bezel on each timepiece we are developing so we have a real signature you recognize at a first sight?” (Laurent, 22:08)
• Now a defining design trait for modern Minerva.

Technical Innovation: Exposed Calibers and Complexity (23:39–26:21)

• Revealing movements on dial side for distinction.
  • “We revealed the beauty of our calibers to the world, and this product became a bestseller.” (Laurent, 24:34)
• Challenges of adapting 100-year-old calibers for modern complications.

The Role of Emotion and Differentiation (27:07–29:30)

• “Sometimes it's very difficult to explain things with words when it's something emotional.” (Laurent, 27:12)
• Fluted bezel becomes functional (e.g., chronograph operated purely via the bezel, without pushers—patented).
• Vision of Minerva: “We're looking for fans, which makes a huge difference. And Minerva, it's only fans, it's not customers.” (Laurent, 27:53)

Creating a New “Language” for the Brand (30:00–31:42)

• “The Minerva language is a specific one. …We are bringing something new, like a new language in terms of complication, in terms of watchmaking approach.” (Laurent, 30:06)
• Focus on storytelling, cultural connections, and emotional resonance.

Packaging as an Extension of Luxury (31:42–36:43)

• Contrarian approach: larger, more elaborate packaging.
  • “I don't know the way to success, but the way to failure is trying to please everybody. That's for sure. …Luxury lies in details.” (Laurent, 32:15)
• Role of the packaging experience in converting clients to fans.
• Packaging made with Swiss walnut, hand-crafted, and often a conversation piece.

Pricing and Exclusive Positioning (37:18–38:59)

• Average Minerva piece now €40,000–45,000 (up from €20,000–25,000). Justified through added value: solid gold bezels, new movements, unique engraving, and hand-assembly.
• Fans see pricing as fair for the quality and exclusivity offered.
• “You are the owner of a Minerva piece and you have the possibility to know exactly who did assemble your watch. And if you wish, we can organize a meeting with your watchmaker.” (Laurent, 38:37)

Team and Philosophy on Growth (38:59–43:05)

• About 20 employees at Minerva, 8 are watchmakers. Strong focus on retaining skilled craftsmen.
• Demand regularly exceeds supply; most watches sold before reaching boutiques.
• “Each piece we are producing is requested by the end customers, by the fans.” (Laurent, 41:28)

Highlight: The Versailles Watch and “Fans Club” (43:05–47:10)

The Versailles Piece (43:32–46:23)

• Limited to 8 pieces. Features an "exotourbillon" and a musical packaging playing a lost composition from 1745.
• “The packaging could be a time machine. …It's a piece of art in itself.” (Laurent, 43:54)
• Emphasizes packaging and story over the timepiece itself to some clients.

The Minerva Fans Club (46:23–47:10)

• Secretive, invitation-only club of 58 top collectors.
• Perks include an annual free day at the manufacture (e.g., personal meetings, boardroom access), exclusive watches, and unique experiences.
• Club members serve as ambassadors, not just customers.

Balancing Artisanal Spirit with Richemont Group Backing (47:25–50:04)

• Minerva benefits from Richemont’s data, backing, and intelligence without losing its artisanal, independent character.
• “Richemont has an entrepreneur spirit…we had big support from the group, and now we see the results.” (Laurent, 48:49)

Personal Insight: Lecamp’s Extreme Endurance Running (50:04–52:12)

• Runs ultra-marathons in extreme cold (Siberia, Antarctica, aiming for the coldest in Russia).
  • “If you have any issues, you’ll find solutions while running… you can be alone and you can focus on what is happening in your life and find solutions.” (Laurent, 50:38)
• A tribute to his marathon-running grandfather and a metaphor for determination and consistency in business.

Closing Thoughts (52:29–53:26)

• Lecamp credits the entire Minerva team’s passion, humility, and collaborative decision-making as keys to recent success.
• “It's a pleasure in this world to have this opportunity to work all together with only one goal at the end. In our mind, being successful is Mont Blanc and Menara.” (Laurent, 53:06)

---

Notable Quotes & Memorable Moments

• “The first thing you have to do… is clearly doing nothing the first few months you are here because you cannot enter into this company and expect to do something quick.” (Laurent, 20:41)
• “Differentiation is a key element to be successful in the watchmaking industry. If you are like the others, why would you be the first choice for your end customers?” (Laurent, 27:14)
• “We’re looking for fans, which makes a huge difference. And Minerva, it’s only fans, it’s not customers.” (Laurent, 27:53)
• “Luxury lies in details. …Packaging is so important because it's part of the product. We never start explaining the piece we have developed. We always start explaining the packaging we have developed before the piece.” (Laurent, 32:19)
• “I never had one of my fans asking for discount. Never happened. There is one price, it's the correct one.” (Laurent, 39:59)
• “Richemont has an entrepreneur spirit because they trusted us…What we have launched…is completely new. It’s disruptive.” (Laurent, 49:06)
• “If tomorrow…you have no electricity anymore… you can still have a look at your beautiful piece on your wrist… luxury, for me, it has to do with hands.” (Laurent, 34:28)
• “If you want to do something quick, always start with the longest path.” (Laurent, 20:44, referencing a Japanese proverb)

---

Important Timestamps

• 00:01 — Introduction and recent industry news (TAG Heuer, LVMH, Omega Speedmaster)
• 15:05 — Intro to the interview with Laurent Lecamp
• 16:09 — Lecamp’s background and his journey into watchmaking
• 20:35 — Approaching change at Minerva; discovery of the fluted bezel and establishment of brand identity
• 23:39 — Breaking technical norms: dial-side movement exposure
• 27:07 — Emotional design decisions and Minerva’s fan-centric philosophy
• 31:42 — Unique approach to packaging and the luxury experience
• 37:18 — Repositioning the brand in terms of pricing and exclusivity
• 43:05 — Limited editions like the Versailles and secret fans club
• 47:25 — Navigating the relationship with Richemont Group
• 50:04 — Lecamp’s ultra-marathon pursuits and personal philosophy
• 52:29 — Appreciation for the Minerva team and closing thoughts

---

Episode Tone & Takeaways

The tone is thoughtful, passionate, and open, with Lecamp expressing humility, respect for tradition, and a clear vision for both Minerva and Montblanc’s future. The interview reveals the evolving landscape of luxury watchmaking, where heritage, emotion, craftsmanship, and community (fans, not just customers) are at the fore. Lecamp's leadership style is reflective and deeply personal, drawing analogies from endurance sports to illustrate consistency and long-term vision.

For listeners: This episode is a rich dive into what makes a modern luxury watch brand tick—combining respect for history, a willingness to innovate, and building not just products, but a culture.

---

End of summary

Transcript

[A]

Welcome to the Business of Watches, the Hodinkee podcast that explores the intersection of commerce and timekeeping. I'm your host, senior business editor at Hodinkee, Andy Hoffman. This week we sit down with Laurent Lecompte, Managing Director of Timepieces at Mont Blanc and Minerva. It's an interesting and challenging moment for Mont Blanc and Minerva. It won't be participating at Watches and Wonders this year. That's a big change for the Richemont own brand. We talked to Le Camp in September before this was revealed, but it was becoming clear that Montblanc, the watch brand aligned with the famous Germany based writing instrument maker, was doing things differently. We were at the Minerva Manufacture in Villeray to get a close up look at the facilities of the storied brand that serves as the jewel in the Mont Blanc watchmaking crown. Le Camp lays out the product and business philosophy behind Minerva and its current state and how the business runs. We also talk about his habit of extreme long distance running in extreme conditions. He's a unique executive in the watch world. But first we're going to start things a little differently. This week, Mark Kozlerich, the senior editor at Hodinkee in New York and I are gonna talk about some of the latest headlines in the watch world. Mark, good morning to you.

[B]

Welcome.

[A]

How are you?

[C]

Good morning. Thanks for having me. I'm doing great.

[D]

Excellent, excellent.

[A]

So it is a Monday morning there

[D]

for you in New York.

[A]

It's Monday afternoon here in Geneva. Now we had some interesting reporting to start off the year from a publication here in Switzerland called Business Mantra, which is headed and run by a gentleman by the name of Gregory Pons here in Switzerland. And he reported that Antoine Pin, the CEO of TAG Heuer, looks like will be stepping down or leaving that post. Now, I reached out to both Tag Heuer and Mr. Pon for comment and reaction. There's been no comment from TAG Heuer and I haven't heard back from Antoine, but I've done a bit of reporting and indeed, it seems like there are some changes likely to happen at TAG Heuer. Now this comes at a pretty crucial time for LVMH watches and the TAG Heuer brand. It's just ahead of the LVMH Watch Week, which is about to happen in Milan. And I believe this is the seventh. You know, if this change takes place, that means there's been like seven CEOs at TAG Heuer in the last 12 years. It's a rather unstable position. Mark, you've been following this news as well. What's Your take on what's going on with TAG and the executive suite?

[C]

Yeah, I think it's an interesting time for LVMH watches in general, and I think you're seeing a lot of that play out with TAG Heuer. But we see turnover throughout LVMH in general quite frequently. I think the person that comes to mind first when I think about TAG Heuer, possibly one of the longer run CEOs and who was there when I started at Hodinkee, was Frederic Arnault, obviously

[D]

one of the sons of Bernard Arnault

[A]

and now heading Laura Piano.

[C]

Yeah. Which I think is interesting because you've got Frederic Arnault, who is CEO of TAG Heuer, and then later LVMH watches, and you also have Jean Arnault, who's in charge of the LV brand watch department. And you could easily say, well, this is a job that turns over frequently because it's a good stepping stone for people like this. But Pan was not that kind of CEO to my view. And. And so I think the question is, what does a watch CEO need to be for the brand to be successful, for the. The CEO to need to stand around? Because we as enthusiasts, myself included, like to think of watch brands as led by people that love watches deeply. But at the end of the day, it's a business and you need people with business acumen. I think the ones that do the best are ones that can kind of balance the two. I don't know him personally. I haven't interacted with him, but I kind of wonder if CEO positions, especially at LVMH watches, are things that people are more comfortable with turning over. Maybe like head coaches in NFL football. I mean, if you have a down year, it's easy to replace you with the next person up. But we also saw some changes at Bulgari recently, and I think that speaks to the fact that right now we're going through a difficult time in the watch world in general. And it's possible we're just seeing that play out where brands are looking for somebody that can provide a little more stability than they've been seeing.

[A]

Interesting.

[D]

Yeah.

[A]

I mean, we saw Jean Christophe Babin will be stepping down as the CEO of, of Bulgari. I believe that's in July or June perhaps, and his replacement has been named. There'll be a new person in that role. But as far as we know, Jean Christophe Babin remains the head of the LVMH watches unit, that watches division, which, as you say, you know, TAG Heuer, Zenith Hublot all report into and yeah, I mean, you know, I think there's no doubt that we've seen those sort of mainstream traditional Swiss brands of which Zenith, Tag and Hublot all are, although Hublot's obviously much younger than the other two. Yeah, it's a difficult market right now and you know, that executive role needs to have that mix, as you say, of that product. Passion, understanding, but also some business acumen here and to get sales moving in the right directions.

[C]

I think the other thing that is worth keeping in mind, I think actually the Babin and his current role is probably the more important role to watch just because I think LVMH in general seems to have this perspective of indexing themselves against the big brands like Rolex and Omega. And if you look back at the pre Covid days, that wasn't necessarily the case for a brand like Zenith or Hublot. You did have these top end pieces that came out. Zenith had their Defy lab and Hublot was always doing some experimental high end pieces. But I think what you need to think about is who is LVMH Watches trying to make these brands to become and where should they sit in the product line? I think no matter who is the CEO at Tag Heuer, it will all depend on who is leading the ship at LVMH Watches and what they're telling the brands that they need to be. If they are continuing to push into the $10,000 price range for their entry models, you're going to have a lot harder of a time in the upcoming market that we're seeing where everything's going to get a little more tight. It's a question of whether or not all the LVMH brands need to be in that sort of mid to high tier luxury or if some can play in that more accessible space, which is where we've seen Tag Heuer be the most productive in the past few years. But I don't think that the CEO of Tag Heuer or any of the LVMH brands can make that decision on their own. I think you need somebody at the top who's willing to say, look, everybody has their niche and we should be okay with selling a $5,000 Zenith $5,000 TAG Heuer and making that our bread and butter and not necessarily playing in the 20, 30, $40,000 range.

[A]

Yeah, well, I mean, look, we've seen Tag Heuer trying to play in the $150,000 range with the Ratchopol chronographs and things like that. So they've Got a wide price range in terms of their SKUs, but obviously brands like Omega do that as well. But all I'll say is it's, it's not an easy job being the CEO of an LVMH watch brand these days. Let's move on. We've got this week coming out a new Speedmaster Professional. Speaking of Omega with a Panda dial layout. It's got a ceramic bezel. It's the first Speedmaster in steel, I think, with a price tag over US$10,000. Mark, you've been hands on with this watch. What's your take on it? And, and what's the strategy here from Omega? I mean, is this a direct shot at the Rolex Daytona?

[C]

Well, it's hard to not compare the two. I think the two brands in general are so much closer to each other. And I think that goes back to what we were saying before is everybody wants to be a Rolex except for Omega. And Omega is yet probably positioned the closest in terms of quality value. Yeah, it's a hefty price tag, but it's also about US$5,000 less than a Rolex Daytona. So the question is, is that a shot at the Rolex Daytona? It's hard to say anything other than yes, just because of the aesthetics of the reverse Panda dial. And it's got this lacquered dial with sunken white lacquered sub dials, which immediately looks actually more like a vintage Daytona than a modern Daytona does. You know, we have on a modern steel Daytona we have these ringed sub dials and it's more metallic accents on these dials and this feels more vintage, which does well for Omega. I mean, this is a space that Omega has done their best, is when they play on the sort of vintage aesthetics. Maybe it's close to the aesthetic aesthetics of a Le Mans Daytona. But again, I think the interesting thing is, even though this is immediately something that I think people are going to cross shop with the Daytona or even consider if they can't get a Daytona, it's interesting because, one, I don't think that Omega would ever admit that that's part of their thought process. I think they would just prefer to assume that Rolex doesn't exist. And they definitely benefit from the fact that they have put so much more into producing steel watches and making even their most coveted steel watches more widely available than Rolex has. And if they can just ignore Rolex altogether, they don't have to feel like they're a part of this debate. Whereas other brands, I mean, we'll sit in on meetings together and other brands will openly admit that they're trying to come after a portion of Rolex's market. And it's just funny to me that the brand that is most well equipped to do that would rather not admit that Rolex exists at all.

[A]

Yeah, they don't certainly like to acknowledge, but I would say that much of what Omega has been doing with its premium offerings, obviously the Speedmaster. And then we saw the most recent Planet Ocean, which you wrote up in a great piece as well. I mean, price wise, quality wise, components wise, you know, with the Planet Ocean against the Submariner and certainly the Speedmaster against the Daytona. But yeah, you're right. In conversations know, mega executives tend to not acknowledge their biggest competitor and the biggest competitor for everyone in the dominant

[D]

company in the Swiss watch industry.

[C]

I do wonder though, if a release like this seeds a little bit of the value market to. To someone else. I mean, Tudor, you mean?

[D]

Maybe.

[C]

Yeah. We were discussing in the office that, you know, I wasn't around necessarily for the $6500 Speedmaster days. I definitely, I said, you know, a Speedmaster feels like an amazing buy at about 7,000 or 7,500. And that feels about the edge of what it should be. And we've long past left those days. Now you're talking about I think around $8,900. But the problem is the more that you move up and I imagine that the margin gets better. I don't see anything here. Yeah, lacquered dial is a little bit harder to do, I would imagine. But I don't see anything here that shows me that massive price increase in the last few years to a watch like this is really necessary for Omega. So I'm sure that.

[A]

But at the same time their costs have increased greatly due to the appreciation of the Swiss franc price of gold. But indeed, I agree that shifts in

[D]

the product itself haven't necessarily justified that.

[C]

No, and that's true. And the other thing that I have mentioned in a story that will have come out by the time this podcast comes out is is our sort internal reference pricing is so strong, even from a year or two ago, that it's hard to get rid of those ideas that a watch should be a 7500 or an $8000 watch, when really, again, a lot has changed in the last few years. But that being said, I think it is hard to swallow that price tag over $10,000, no matter how good the product is. That's just something that Omega can't control. Necessarily is how $10,000 feel. And so it's a question of whether or not could they have come in a little bit under and then it feels like more of a value. I still think the product is great. Obviously, the movement is a tried and true movement that they've had for a number of years, the 3, 8, 6, 1, coaxial movement. So there is a lot of value there. The fit and finish feels really great. It's exactly what you would expect. It's just an interesting time, I think, for watches in general. And I don't necessarily see anybody criticizing Rolex for raising their prices recently, just by virtue of the fact that you really can't get the watches anyway. So I think for all my criticism of that price tag, Omega is maybe unfairly getting a little bit of that just because you could walk into a store in the next few weeks and likely pick up one of these watches. And they are great watches.

[A]

Great.

[D]

Cool.

[A]

Mark, well, thanks for joining me today. This was fun. Really appreciate it.

[C]

Yeah, thanks for having me. I appreciate it.

[A]

Now, here's our conversation with Laurent Lacompte, managing director of the watchmaking division at

[D]

Mont Blanc and Minerva. We hope you enjoy. Welcome Laurent Lecompte, the CEO or managing director of the timepieces division of Mont Blanc and Minerva. Today we're in Villare, which is the home of Minerva. It's been the home of Minerva since 1858. And you were kind enough to show us around and to give us a tour of the manufacturer. But we want to talk about you and we want to talk about business and the business of Montblanc and Minerva timepieces.

[A]

So you have been in the role

[D]

as managing director for about five years. Tell us what you did before that and what your professional career has been like and what brought you to. To Mont Blanc and Minerva.

[B]

Bonjour, Andy. Bonjour. Pleasure, first of all, to be with you today. So thank you for visiting us and taking time here at the manufacturing Villeray. As you can see, it's beautiful. Nice weather, beautiful nature. So everything was successful this day. So, shortly, how to introduce myself? I would say that I'm Swiss and French, but now I'm only Swiss since only a few days.

[D]

Oh, congratulations. So you recently got your Swiss citizenship. How was that process? It's not. It's not easy.

[B]

It's a long process. It's a long process. Yeah. Yeah, it's a long process. But I like it because it means it's a process during which you have to learn about Switzerland. I bought and read A lot of books about Switzerland before being Swiss. Be sure I know the geography, I know the brands, I know the legal aspects as well. I like it. It's process and you have to go through different steps to get it.

[D]

Indeed. And so tell us the steps of your career before you ended up in this place.

[B]

I studied in class Preparatoire aux Grande Ecole preparatory classes. Then I entered into business school. I studied in Germany as well and I was very interested in jewelry and watchmaking. But I had no connection at that time and I decided to start learning about it. So GIA in the US for example, to learn about precious metals, diamonds, stones and so on. At the same time, I started working for the LVMH group, so in Switzerland. First, after, very shortly, I was by. After four years, approximately, I decided to go to Porsche in Germany. Then I was back here in Switzerland. I was working for independent watchmaker, name was Michel Jordi when he relaunched the brand in the very high end in luxury. A few years later I was working for a brand to distribute luxury products in Eastern European countries and Russia. So that's when I decided to start learning Russian.

[A]

Right.

[B]

So, yeah, luckily today I speak French Russian. So I learned amazing. I learned not.

[D]

Not as useful given the current political and business environment at the moment. But things can change.

[B]

It's, as you have mentioned, it's a process. Meaning that I remember when I was learning Russian, I bought a book and the book was metod asimil. And for the first year, every evening, every evening I was walking 20 minutes. Within 20 minutes, I was working with this book. And I just told to myself, if you want to speak this language, you have no other choice than working every day. And my father is a German teacher and he told me it's better to learn five, 10 or 15 minutes a day, all year long. And then, believe me, you will speak really good, really well. And I didn't believe this because I say if it would be so easy, everybody would do it. But I tell you something, nobody will do it every day during one year. It's very rare. It's quite impossible.

[D]

It's about putting in the time.

[B]

Consistently. I gave my words to my father, so I did it. And that's how I started learning Russian. And it was very interesting to understand the Russian culture.

[D]

Absolutely.

[B]

And so it was at the time that I decided to launch my own watch brand named Cyrus, which was the case. And it was very successful, Very, very successful in terms of development, in terms of growth, in terms of manufacturing. Then I entered into the Bohrer Group. Which is quite famous here in Switzerland. And after Bora was working for Richemont, and now for more than almost five years, I am in charge of Montblanc watchmaking. And as we have mentioned previously, Minerva watchmaking as well.

[D]

Exactly. And what have been your specific goals that you wanted to bring and things you wanted to change about Montblanc and Minerva? I mean, I think you talked about basically three categories, three specific things that you've focused on since you've been here. Tell us about that.

[B]

So that's interesting point. I think that's when you join a company, the first thing you have to do, according to me, it's clearly doing nothing the first few months you are here because you cannot enter into this company and expecting to do something quick. So, you know, when I was working in Japan, they told me something very interesting. I spent five years in Japan and they said so. One of my customers explained to me that, Laurent, if you want to do something quick, always start with the longest path. I hope the translation is correct. Yes, very interesting. It means quick should not exist, and it doesn't exist for luxury. That's why for me, I spend time here learning, reading books. So I love reading. So here I read a lot of books about Montblanc, about Minerva, to understand the culture, to understand the philosophy, and to have humility. Because when you arrive, you want to do a lot of things, but at the end, you don't know the brand. You know from external point of view, but you have to understand what the teams will share with you, what the customers are expecting from the brand, and so on. And then in that case for Minerva, I found something very interesting in a book. And this book was in English. It was 365 pages and the information was at the end of the book. And once the book was over, one of my colleague told me how big. But by the way, we have the same in French.

[A]

That would have been easier for you,

[B]

but it was good. And in this book, I found something interesting. In 1927, Minerva developed something really interesting for pilots. It was a bezel. And when you move this bezel, you had the possibility to add a function to your watch. And this bezel was a really big inspiration for me. I say, wow, Minerva developed it for the pilots. What about bringing back? But back now, in terms of using it and putting it, this bezel on each timepiece we are developing so that we have a real signature you recognize at a first sight. But this signature is not by chance. This is something I would say connected with what we did in the past. So, Clay, it was the first idea. So the idea was I found this bezel in the book. I just wanted to use it because I felt it was my instinct that I felt we have to use it to develop a new signature for the Minerva timepieces. And now, if you observe our new Minerva timepieces, all of them do have this bezel. And this bezel is inspired by the one developed in the 20s. And this bezel is a strong sign of recognition. And we have many collectors loving this, and we are even recruiting new collectors because Minerva is recognizable now. That's the point.

[D]

It's a signature element to almost all your timepieces.

[B]

Clear signature. Minerva was always recognizable in the past, but only if you paid attention on the other side of your watch. The side you never see.

[D]

Yes.

[B]

Because the movement you recognize at the first sight. The caliber, a Minerva caliber is easy to recognize. You just turn the route around, you observe everything, say, okay, that's Minerva. It's unique. But on Dayl's side, it was not the case. So this bezel made it possible to transform the perception of the brand. And that's exactly what was needed at the time. The first point was clearly identity. The second point was, okay, we have a lot of key calibers, but it's impossible to see them because they're always hidden. So I propose to the team that we just turn around the calibers for the chronograph Monopusha, which is a signature by Minerva. And then we revealed the beauty of our calibers to the world, and this product became a bestseller.

[D]

Indeed. And how much of a technical challenge was that for the watchmakers here and your engineers? Because it is an unusual way to bring forward the elements, the unique elements of Minerva calibers.

[B]

It's a big challenge. It's a big challenge because when you say, I just want to turn around, then you have to think about it, that all the hands will be working anti clockwise.

[D]

It's been done before on some watches, but it's not for a regular line of watches to run the wrong way.

[B]

Yeah, absolutely. Absolutely. And it seems that in the past, there are no watch companies in this world that came to the idea to reverse, to turn around a chronograph monopusher on top of it. The caliber we are working with was about 100 years old, meaning that this caliber was never thought to be developed with complications or with additional elements coming on top of it. Because when you create a new caliber, you can think about the next steps. But 100 years ago, you created chronograph for being a chronograph, not for having a moon phase or whatever. So it means we had to. To add components on top of this caliber that was never thought for having new components. And we hope it will be working.

[D]

Yes.

[B]

But I'm lucky because internally, we have an incredible team, engineers, and they manage it.

[D]

And I just want to get back to that bezel for a moment. The signature bezel that you've added to the Minerva line of Montblanc watches. You know, it's a fluted bezel. What you discovered, or what was discovered in the archives is, in fact, is that, you know, you claim that back in 1927, this was a patented fluted bezel that had functionality, and that's how you're using it in the chronograph as well. Obviously, there's another company that makes that's well known for a fluted bezel. But, I mean, what gave you the, you know, the confidence to make that claim and to make that design element a key part of your identity?

[B]

I felt it. I really felt it. It's like sometimes it's very difficult to explain things with words when it's something emotional. And when I discovered this fluted bezel in the archives, I immediately felt we have to do it. That's the point. And for me, differentiation is a key element to be successful in watchmaking industry. If you are like the others, why would you be the first choice for your end customers? And I say here, end customers, generally speaking, because I'm absolutely not looking for customers. Sorry to say this, but with my team together, we're looking for fans, which makes a huge difference. And Minerva, it's only fence. It's not customers and this fence that really appreciate the flathead bezel. The flathead bezel clearly had a strong connection with what we have done in the past. The flathead bezel is a distinguishing element that we have. It means you can recognize the minavatam piece at the first sight. And this is something we can use for future complications as well. Imagine that Minerva comes to the idea creating a chronograph with no pushers at all. And imagine that Minerva is coming to the idea putting a flatty bezel on top of the timepiece. And this bezel has a function, the chronograph ones. That's what we have developed, and it's patented. So you see how an idea taken from the past, from 1927, to be very precise, can have an influence on the future developments. Now we have launched a chronograph with no Pushers, no start, stop, reset functions with pushers. But we only use the bezel on the right to exit. Three functions. This is patented and just the beginning of the story. Sometimes the floaty bezel will be used as a function, sometimes it will be used as a visual signature, and sometimes it will be used to replace something. But that's for the next step. We should discuss about it next year.

[D]

Well, we look forward to all of your novelties and new releases. But you talked about you're not interested in customers, you're interested in fans. How does someone become a fan of your watch brand and this manufacturer? What is it that people need to become fans and to become deeply in their mind and in their emotions, invested in a brand?

[B]

For me, there are two elements. The first one is the language you have.

[C]

Now.

[B]

We have 7,000 languages in this world. There is a new one, the one developed in Villaret, the Minerva language. The Minerva language is a specific one. And when we use this language to the end customers, they transform themselves into fans having own language. It means that we are bringing something new, like a new language in terms of. Of complication, in terms of watchmaking approach. But at the same time, we have to elevate the brand. And we elevate the brand while being companion cultural. A cultural companion, meaning that on top of everything, each timepiece is bringing a story that could be connected to different themes, and it will help to connect much more with the cultural world. And that's exactly where we want to be with Minerva. So Minerva has, on one hand, its own language, and on the other hand, Minerva is a companion cultural. And when you mix together these two elements, you have the new Minerva. That's my point again. I think that if you want to be successful, you have to be different and different session is something that should be developed in accordance with the roots and the innovation. And that's what this language, this new language is bringing to. As an example, one of the things

[D]

that we've been looking at today is the packaging that the Minerva line of watches from Montblanc come in.

[A]

I mean, that's something that you started

[D]

on fairly early, not quick right away, but it's a change that you made.

[A]

What I hear from a lot of

[D]

brands, what I see from a lot of brands, is them reducing the size of the packaging, not focusing on the boxes that their watches come in. You're doing the opposite. Tell me why, tell me how and tell me why.

[B]

I don't know the way to success, but the way to failure is trying to please to everybody. That's for sure. And that's exactly what we will never do here by Menara. Luxury lies in details. Imagine you are at home and you have a beautiful packaging from Minerva. And all your friends coming home say, wow, what's this? And then you start explaining the packaging. Packaging is so important because it's part of the product. We never start explaining the piece we have developed. We always start explaining the packaging we have developed before the piece. So the approach is completely different. And we started with this three years and a half ago. I can remember one of my fans, not of myself, fan of the company, one of our fans, he came to Inava and I started introducing a product very, very high end. But I started introducing first the packaging. And we're so amazed by the packaging. We spent 40, 45 minutes with the packaging, but details, everything. He said, laurent, I want to be back with my wife. And we have met a few days later with his wife together. And then this customer decided to buy watch over 300k. But he never saw the watch. And he told me, there is such a high level of perfection in your packagings that I'm sure the watch will be perfect as well. And he bought everything, so bought the

[D]

watch, sight and scene, just based on your packaging.

[B]

But for me, it's very important. It's absolutely. It's key. And I know that it has a huge cost, and I understand this. But at the end, Minerva is using one tool only one. The hand. You were here by the manufacturer. And you see, all our watchmakers are working with hands, not with machines at all. And we belong to these rare manufacturers, doing everything by hand. Even the hairspring, as you saw today, is produced in house by hand.

[D]

The point is that you don't have to do that. Why? I mean, why do you do that?

[B]

Because luxury, for me, it has to do with hands. Very simple. A beautiful leather bag should be made by hand. A beautiful writing instrument should be made by hand. A timepiece should be made by hand as well. Where human beings. And it's human beings speaking to human beings. I will tell you something. If tomorrow, during a few days, you have no electricity anymore, you cannot use your cars, you cannot use your phones, you cannot use your computers, but you can still have a look at your beautiful piece on your wrist. And you can still work by Mont Blanc or Minerva, because you are working using your hands. So for me, it's something that will last. The communication started with hands in our history. So for me, it's a key point. But once we say Minerva is made Here in Switzerland, in Villeray, when we produce everything in house, why should be different for the packaging? So the packaging we have launched, for example, is made with wood coming from the Swiss Forest Walnut Wood, 100%. When you open the box, you can see box made in Switzerland. We are proud of it. It's very, very luxury you saw today. And we play with our customers because when we give the packaging to the customer, we always say, okay, now you have 30 seconds to open it, or one minute. And the fan is trying to open the box, but they say, I cannot open it, and we have to explain how to open it. And every two days we are coming with a new system for opening and closing your packagings. Meaning that cannot say, I only collect Minerva timepieces. You are collecting the Minerva pack as well? And we have some collectors. They collect all of them and they put them on furniture at home and explain to the friends what Minerva is made of. So this fence, now you understand why they are fans. They are real ambassadors for the brand. And with my team together, what we have to provide them, it's clearly the highest expectation in terms of luxury, in terms of creativity. So packaging will always be, by us, a key element, because it's part of the Minava concept.

[A]

Indeed.

[D]

And that packaging, if it's displayed out in the open, I mean, it can be a conversation piece. And it's another way to get people having conversations about the brand and what it does, you know, how have you. Let's talk price wise. Has the brand repositioned itself in the time that you've been here? Much of the watch industry has raised prices. You have two. What's your average price now? Where was it when you arrived and how are you getting to that level?

[B]

So today, Minava piece is around €40,45,000, approximately. In the past, it was more than 2025. We increased the price at the same time, we're increasing the, I would say, details. For example, we introduced the. The flatted bezel, always in gold, on our timepieces. We introduced new packagings, we introduced upgrade in our calibers. We have developed new calibers. We are working with specific new engraving style on the watches. So that's where we are. Our fans say that we are very fair in terms of prices. And that's something we strongly, strongly believe as well. But we want to provide them with the highest quality at the best price for them. So we are very well positioned. I guess so. And it will always be something key for us. We want that people, when they see Maneuver piece, they expect A price once we expand. The complication, the packaging, the story behind. The fact we are working with German silver for the bridges and for the plates. The fact we are working with a snailed diamantage cookie. The snailed finishing on the ratchet of the movements. The fact we assemble by hand. The fact that you have the possibility to know who is your watchmaker at the end, it's very interesting. You are the owner of a Minerva piece and you have the possibility to know exactly who did assemble you watch. And if you wish, we can organize a meeting with your watchmaker.

[D]

Yeah. You have roughly 20 employees here at Minerva, many more at Le Lock, but eight of them are watchmakers. That's a big percentage of your employees.

[B]

Yeah, and we keep them. We know some Japanese customers say it's a Japanese company. I say, why do you say this? Because they say everything has been thought to be long term and you keep your people. And it's true. It's true. We had people working by the company for more than 50 years. I think one of our employees was working 58 years by the company, Minerva, and his father was already working by Minerva. So just to show you what it means being part of Minerva and our watchmakers that stay for many, many, many years, each watchmaker is in charge of a few timepieces. We know exactly which watchmaker is assembling which timepiece. And the customer, they do appreciate it because they can meet the watchmaker. And all of this, it explains that there is a very high perceived value as well. And I never had one of my fans asking for discount. Never happened. There is one price, it's the correct one. And our fans are buying at the given price.

[D]

It's been a pretty wild ride in terms of the market and the time that you've been in charge here. How have you done? I don't know how specific you can get, but in terms of sales and growth over the that period, because obviously there's been a boom, there's been a bit of a pullback, and we're in a challenging spot right now for much of the industry for various reasons.

[B]

So what I can tell you is clearly that in the last four years, very difficult ones, Minerva had growth year after year, which is quite exceptional. I would say this is thanks to the team I'm working with. Great team. We are all working together. It's full of passion behind. And thanks to our fans as well. They still believe strongly in Minerva. They asked their best friends to come to Minerva and buy Minerva pieces as well. So for some products now we have more requests than what can be produced. I explained to you today, we have launched a piece for 300, 320K. You have three times three pieces. Chapter one chapter two chapter three. We introduced to 15 to 16 customers. All of them placed an order for this piece. But at the end, we could only deliver nine pieces. And we have three customers asking for the three of them. So that's the magic of Minerva. Each piece we are producing is requested by the end customers, by the fans. That's why it's very hard, very difficult to find any Minerva available in our Mont Blanc boutique. You cannot find it. Most of pieces are resold before they arrive in the boutique. So now we try to increase the production so that we can have more, more pieces available in our boutiques as well. I'll just give an example. We are now in Switzerland. If you go to Geneva, you will see, I think one piece now that we have sent to them a split second, but will be sold for sure in a few days. And now we are preparing additional pieces for the Geneva boutique. So Minerva is growing in a very good manner, but we are not. We don't want to make Minerva something with volumes. Minerva will always be exclusive. We have a maximum we want to reach. We will never go over this maximum because we want to still provide our end customers, sorry, our fans, with the same level of quality. Meaning that they have the possibility to meet their watchmaker. Meaning that we provide them with a very high level of innovation with limited editions. We need time to produce a piece. If you ask me how much time is needed for this timepiece, for example, or this one, I will tell you, okay, it could be few weeks, few months for assembling, few years. It depends on the watch. We don't say to the watchmakers, you have three weeks time to produce. Takes time.

[D]

One of the pieces, the extra. You know, all your pieces are extraordinary. But one of the extraordinary pieces we saw today, the Versailles, talk about that piece and the ability to make something like that and how it fits in with the brand identity. And then even, you know, as part of Montblanc, which makes much more entry level priced watches. But let's talk about the Versailles and then talk about Mont Blanc as well.

[B]

So the Versailles is an exception. It's only eight pieces. We decided to work with Versailles based on exot Tourbillon complication we have developed in the past. It was patented in 2010. It's a tourbillon which is floating over the dial. It's 3 millimeters over, it's half of bridge, I would say maintaining the tourbillon. It's high complication. And here again, this is typically the recipe of how to create a beautiful Minerva timepiece. First of all, the packaging. The packaging could be a time machine. So you saw the packaging. We spent a lot of time explaining the packaging, the quality of wood, what has been explained inside time needed to develop it. It's a piece of art in itself. And then you have the watch inside the watch dedicated to a specific event happening in Versailles in the night from 25th to 26th of February, 1745. And the watch tells you about this evening. And during this evening, there was a magical music. But this music, nobody knows about it. And this music was found again thanks to Versailles. They helped us to find this music again that was played during this event. And this music now is inside our packaging. When you open it, you don't see how it works, but you have a mechanism playing this music music. And then the piece itself. I don't give a lot of details, because people have to come back to you for these details, but is using high level of marquetry. We're working with marble, we are working with opal, we are working with enamel, champlain, black enamel, golden flakes and so on. It's a piece of art. I will just give you an anecdote. One of our customers, he heard about it. And this customer said, okay, give me more information about the say no, because it's to be revealed on 1st of October. And we just explained packaging and concept of Versailles. And he said, laurent, trust you, I take the piece. I want to be sure to get it without showing the piece. That's the magic of Minaba. And this collector is a fan. It's true. He has many Minaba pieces. And every year he says, what are you launching next? And I want to be the first to receive it. So we have today this fans waiting for me never. And these fans are our best ambassadors in this world. We pay attention to them with a team together. We pay a huge attention, the way we treat them. We have even created a club. But I will not communicate about it. I will not tell you what is inside this club, how it works. But we have a club of 58 members. And this club is unique in watchmaking. And we produce for these club members every two years a dedicated timepiece. And they receive a lot of advantages. One of the advantage just to make something exciting, we give the possibility to each club member to get the manufacturer for free one day per year. And I can organize their board meeting. Here inside the manufacturer, for example, and everything is for free. So this is one of the advantages. We have developed something that seems to be very unique and excellent in this industry. That's the feedback they are giving us. And now the Next next club, 58 time piece, will be launched in April next year. But most of our members say, Laurent, I want to be sure to get it right.

[D]

And this is a club where it is invitation only. You decide who is in this club.

[B]

Absolutely. So I decide with my team together. I think the success is not depending on one person. I'm happy with you today because I'm leading this business, but the success is what we do, all at the same level within the company, telling these stories.

[D]

I mean, you sound like a small, little independent artisanal maker, but you're part of the Richemont Group. And you and Montblanc, acquired by the Richemont Group, is, you know, a writing instrument maker. You are part of the same company. And Montblanc watches were created and then Minerva was rolled into that. How do you, how do you sort of square that circle of being this very exclusive and personal company with your fan client, customers and being part of a very big Swiss luxury group?

[B]

It's something really interesting. Minava has been bought by the richemont Group in 2007 and then it was given to Montblanc. And Montbranc preserved the savoir fair of Minava in a very rare way. I would say many companies would have changed it, but Minerva has not been changed. Montblanc respected Minerva. The group is providing us with a lot of very key information. We have a lot of statistics, we have a lot of information about tourism duty free, about colors, trends, sizes, expectation of luxury customers. And. And this information, it's extremely useful for us not to make any mistake in terms of new development. So the group is really bringing this information to us, the Richemont intelligence. And it's extremely useful to be successful. So I see this very positively, how the group has integrated Minerva within Montblanc and how we can evolve and, and make the growth all together. Something interesting as well is that we are part of Richemont. It's good because we have different discussions with different CEOs about what is happening. And these discussions are extremely useful here as well, because we can perceive the trends. And that's why for me, it sounds logical to be part of Richemont because it's a big support and it helps us a lot, really. At the same time, Richemont has an entrepreneur spirit because they trusted us Regarding Minerva, what we have launched in the last four to five years with my team together is completely new. It's disruptive. And we had a big support from the group, and now we see the results. So we had four years growth in a row during very difficult time. And you see the products we have. So for me, it was very positive. That's why I'm very thankful for this opportunity.

[D]

Absolutely. And last thing, tell us what you like to do with yourself when you're not working and not being the managing director. You like to do what's called ultra marathons, which is running around in the mountains for sometimes hundreds of kilometers. This is an extreme sport.

[B]

It's extreme sport. It's something I need. I need for my balance. My grandfather was a marathon runner. He was 80. He was still running marathons. And he always told me, laurent, keep running, because if you have any issues, you'll find solutions. While running is the only sport, you can be alone and you can focus on what is happening in your life and find solutions. And every time I'm running now, I have to say, I think of my grandfather every time. So every time I'm running in mountains, on ice and snow, I think about my grandfather. I say ice and snow because I have a goal. My target is running the snow. Three coldest marathons in this world. The first one was. It's done. It was in Siberia. It's the Baikal Lake. It was a frozen lake. It was up to minus 42 degrees. So I ran this marathon. The second one was in Antarctica as well, by the way, with a Mont Blanc watch on the wrist to test it. It was minus 30 degrees. And the very last one is north of Russia. So I will not go for now, for sure. But it on average average minus 58 degrees. It's only 15 to 20 runners. And that's my next big challenge. So I don't think so. It will be in the next months, but probably in one, two years. We'll see. That's the goal. And after, I will rent the marathon desable. Probably not alone. It's something you can do step by step. It's more in Africa, I would say. And it's something you can walk as well. It's in desert and in autonomy, complete, meaning you have your own water and everything. So that's my next challenge. But first, I want to close the three coldest marathons on earth.

[D]

Well, good luck with that.

[B]

Thank you.

[D]

That is quite a pursuit and quite a goal. And good luck with your continued growth at Montblanc and Minerva, thank you for being a guest today on the business of Watches Mercien.

[B]

It was a big pleasure, I have to say, being with you today to have this opportunity to welcome you here at the manufacture. It was the first time for you and I hope it was a great experience. I just like to give this opportunity to say many thanks to my team because without the hard work and what they have done in the past, what we have done together will not be where we are today. With Minerva and with Montblanc, it's a team that is really passionate about our products. When we decide, it's a quorum, meaning that we try to decide altogether what to do. We listen to each of them and it's a pleasure in this world to have this opportunity to work all together with only one goal at the end. In our mind, being successful is Mont Blanc and Menara. So many thanks to my team because we will not be where we are today without their daily commitments.

[D]

Great.

[B]

Merci by.

[A]

And that's the Business of Watches for this episode we hope you enjoyed. Please head on over to Hodinkee.com where you can join the discussion and leave any comments or questions about this episode or the business of watches in general. Who knows, we might even answer your

[D]

question on a future episode.

[A]

Thanks for listening and see you next time.