Last month, Favre Leuba, a Swiss watch brand with strong ties to India, was reported to be back once again. The company has been acquired by KDDL, which owns Ethos Limited, the country’s largest retailer of luxury and premium watches. It will launch 22 models at the Geneva Watch Days fair in August this year. “We will be showcasing a wide selection of watches for different families. This will include the Deep Blue model. It was launched in 1964 and we will celebrate the 60th anniversary of the line to coincide with the relaunch of the brand,” Favre Leuba president Patrick Hoffman told Hindustan Times.
Favre Leuba, founded in 1737, is the second oldest watch brand in the world. It was the first Swiss watch manufacturer to enter India in 1865 and its goods were sold throughout British India, including Bombay, Calcutta and Rangoon. Between the 1950s and 1980s, its products, ranging from beautiful wristwatches to robust alarm clocks, often made in collaboration with the French company JAZ, were almost as ubiquitous as Godrej cupboards in Indian middle-class homes. (Also read: Bangalore Watch Company’s Apogee is India’s first space-worthy watch ,
The iconic company, which once owned Bovet and Jaeger-LeCoultre, went bankrupt during the quartz crisis of the 1980s and has since passed through the hands of a series of owners, including Titan, which purchased the dormant brand for €2 million in 2011. acquired. In an effort to target the upper end of the watch market in India. It seemed like a good plan on paper.
Favre Leuba’s appeal did not rely solely on emotion; It also had an impressive legacy. In addition to the classically good-looking, elegant watches sold in India, the company produced several notable watches, among them the Bivouac, the world’s first mechanical altimeter wristwatch; Bathy, the first mechanical dive watch to measure depth; And harpoon.
However, the brand’s 2016 relaunch of Titan in collaboration with Ethos failed to excite watch lovers. Watch industry observers believe that too much emphasis was placed on mechanical complexity rather than brand building, especially when Favre Leuba was competing against giants such as Rolex and Omega.
Sarosh Modi says Favre Leuba 2.0 was a missed opportunity. “The price point (price of watches was between 1.6 more 3.8 Lakh) was decent, but, with those big cases, they didn’t succeed in recreating the perfect Favre Leuba imagery. From an Indian perspective, watch lovers were expecting classical watches that their grandfathers wore, but they got something very different,” says Modi, who runs luxury watch works in Mumbai.
In 2020, after spending approx. Titan downsized the company after spending Rs 275 crore in an attempt to relaunch Favre Leuba. The brand was acquired last year by Ethos Limited through its subsidiary Silvercity Brands. Ethos’ portfolio includes many luxury and premium brands such as Omega, IWC, Jaeger-LeCoultre and H. Moser & Cie. It has over 50 physical retail stores across 17 cities. (Ethos Ltd did not respond to queries sent by Hindustan Times.)
Hoffmann, who took over at Favre Leuba, based in Grenchen, Switzerland, earlier this year, has led Ulysse Nardin and Watchbox. “Favre Leuba has been in continuous business for over 100 years, although it has gone through some restructuring and changes over the last 20 years. Its revival will include high-quality watches that not only resonate with the brand’s heritage but also reflect a visionary thinking,” he said.
The watches currently under development will feature movements made by movement and module manufacturers La Joux-Perret and Chronode SA. Prices are expected to start around $2,400 (approx.) 2 lakh), going up to around $27,000 (approx. 23 lakh) for a Tourbillon. “We drew on our rich heritage for inspiration,” Hoffman said.
Major international markets include the United States, Middle East, Central Europe, Southeast Asia and Japan. In India, the watches will be sold through both stand-alone Favre Leuba boutiques as well as Ethos stores. Production will be limited to about 4,000 pieces in the first year.
According to people involved in the watch business, the revival of Favre Leuba fits with Ethos’ ambition to complement its dominance in the luxury and premium watch segments through its own portfolio. In 2023, Silvercity Brands acquired 0.06 equity shares in Swiss watchmaker Czapek & Cie. A senior watch industry executive said, “Apart from being a top multi-brand retail player, they are going to make small investments in watch manufacturers at very strategic price points.” Who did not want to reveal his identity.
Sarosh Modi feels that this time, especially with the support of Ethos, Favre Leuba has a chance. “Ethos has been in business for years, they have supplied dials to international watch manufacturers. So they have a certain aesthetic sense and understanding,” says Modi. “And there really is a market for vintage revival watches. I would rather patronize a company like Favre Leuba, which has a great heritage, than a watch from another boutique brand.
