In 2017, Georges Kern resigned as head of watchmaking maisons at Richemont and took on the role of CEO at Breitling, just weeks after private equity firm CVC acquired the business.
Financial details of the deal were not disclosed but, a year later, Breitling’s turnover was estimated at CHF 360 million by Morgan Stanley in 2018.
That same year, rival TAG Heuer had estimated global sales of CHF 985 million in the same respected Morgan Stanley report, and seemed on course to join the revered club of brands turning over more than one billion Swiss francs.
2018 — the year Jean-Claude Biver retired from front line duty at the brand — turned out to be the high watermark for TAG Heuer.
The following year turnover dipped to CHF 857 million, if Morgan Stanley’s figures are correct.
Breitling was closing the gap in 2019 but was still almost half the size of TAG Heuer with sales of CHF 440 million.
The worst of the pandemic in 2020 accelerated the decline of TAG Heuer, with turnover dropping 31% to CHF 589 while Breitling was able to increase sales slightly from CHF 440 to CHF 479.
If his remit was to reverse declining sales at TAG Heuer, Mr Arnault can claim an early win as turnover was up 16% in 2021 to CHF 682 million as pandemic restrictions eased across the Western world and the Swiss watch industry had a record year.
But Breitling’s momentum was even stronger, with turnover rising by 42% to CHF 680.
TAG Heuer is still in the top 10 of Swiss watchmakers with Breitling kept at number 11.
But with just a fag paper between their 2021 turnover — CHF 682 million to CHF 680 million — it now looks like Breitling has just as strong a chance to make it into the billionaire brand list as TAG Heuer.
All data is from annual reports on the Swiss Watch industry by Morgan Stanley in collaboration with Geneva-based watch industry consultant LuxeConsult.
Wow, I was about ready to purchase a $12k Bretling watch but then I saw this article a follow up article on how Bretling pull out of Russia due to the Ukraine conflict. In my view the descent Russian people should not be descriminated in the way the West is doing. No outrage when others invade innocent countries (and one could argue Ukraine is entirely innocent). I am not buying a Bretling now.
Obviously you look thru life with a predetermined slant that favours the illogical. So, Either you’re a member of Putin’s Hackers army which has been indiscriminate over the past decade of misinformation campaigns that are already waged war of type on many if not all free democratic nations. Or, you’re a fool! Either or, who cares if you don’t buy a watch you like because you’re affected by the company stance of restricting the Putin’s autocratic regime and friends from robbing billions off its people. If what you say is true and you care about the Russian people which most if not all except the Oligarchs which either stem from being friends of those high up in the communist party from the 1990’s or entangled with the Russian mafia would have no way of securing a watch of this cost.
Who cares what you preach from your silo based soapbox!
No body has anything against the Russian people. Just it’s blatantly corrupt and evil leader!