Bremont wants to become one of the biggest players in watchmaking, according to its new chief executive Davide Cerrato, and believes wholesale in the United States could be generating tens of millions of dollars in the coming decade.
The industry veteran, who rose to prominence overseeing marketing, design and product development at Tudor for its international relaunch in the early 2010s, took the reins at Bremont at the start of this year.
In an interview with the Financial Times in July, he said that he hopes to be selling 30,000 watches per year within five years, and generating revenue of $75 million, roughly treble the current output.
Bremont opened its Manufacturing and Technology Centre, known as The Wing because of its architectural shape, just outside Henley-Upon-Thames in 2021, and is now capable of making its own in-house movements, cases and components there.
That encouraged US-based private equity fund Hellcat Acquisitions and billionaire American hedge fund manager Bill Ackman to invest $59 million in the company back in January, which gives Bremont the runway to scale up over the coming years.
The American market is key, Mr Cerrato tells Financial Times (and WatchPro) contributor Robin Swithinbank, admitting that the brand really only has significant traction in the UK today.
Bremont’s most recent accounts show 72% of its £22 million turnover in FY22 was generated in its home country.
“How much can we do in the US? A lot,” Mr Cerrato suggests.
“There is an opening to non-Swiss brands and they like variety. There is no barrier.”
Watches of Switzerland is already a significant partner in the UK and will be a target for expansion on this side of the Atlantic along with multibrand independents.
The business also works with Signet Jewelers on franchised boutiques in Britain, but has not said whether it will take this concept across The Pond.
“We are assessing a number of multi-door wholesalers and looking for long-term partnerships,” Mr Cerrato reveals.
Time Will Tell, Tudor was withdrawn from the market, as it was not performing side-by-side with Rolex and was viewed in that environment though Rolex Stores were the Apex, as a Junior Watch, or one, if one could not afford a Rolex, this after efforts in the hot 1990’s of getting Tiger Woods as a Spokesman and the ‘Tiger Tudor’. Despite overwhelming success, Rolex itself went through Management changes and growing pains going into the new millennia. When Tudor was pulled back and subsequently re-introduced, it was the goal, to have Parallel Distribution, and not be in the same Store as Rolex, but another Luxury location in the same demographic, possibly a Richemont Door, where there was a cachet, and the Brand would be automatically be elevated by the Company it kept. Sadly, the opportunity was squandered and despite great Product Offerings, they were not able to penetrate new doors, as they too, would be interested in Rolex, but not Tudor. The Brand languished, and was for the most part, still relegated to be a presence along side Rolex, with the same Brand Rep carrying the Line. Once they identified their competition and targeted those Retailers (who also still hoped against hope, that Rolex would be coming their way eventually, if the invested in Tudor). Consolidations at Retail points of sale, Competitor mistakes and distribution errors opened the door for Tudor finally and it is on a nice trajectory, but market corrections by competitors can change this, just as has the CF Bucherer acquisition by Rolex today, Tudor could immediately have it’s Pareto’s Law filled, with just cursory markets requiring infill. Bremont is a separate animal, a nice story, very nice product offerings, how the new Management approaches the new marketplace, will determine it’s success. I wish Nick and Giles, only the best.