Richard Mille: united by technology
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Christophe Roulet
Editor-in-chief, HH Journal
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In Hong Kong for Watches&Wonders at end September, Richard Mille owns up to having as much fun now as ever, once and for all quashing rumours that the brand is for sale.
In Asia, as anywhere else for that matter, Richard Mille feels at home. He is relaxed, articulate, even downright chatty, despite the constant demands of Watches&Wonders, Asia’s first Fine Watch fair where he’s exhibiting his products with all the ease of a man who in little more than ten years has put his stamp on the watchmaking world.
Of course I have to ask about the possible takeover of Richard Mille?
Richard Mille: It’s off the agenda. Of course there are offers it would be criminal to simply rule out, particularly from the point of view of the longevity of the brand. We actually reached an advanced stage in negotiations, but I must admit that when a dozen “specialists” turned up on our doorstep to analyse the company, it dawned on me that becoming part of a large structure didn’t match what we are about. I’m not great at accounting for everything I do. Also, I would have had to stay several years to smooth the transition. A kind of hostage-taking with no guarantee I would have bonded with my captors! So for the moment that page has been turned.
Can we deduce from your presence here at Watches&Wonders that the Asian markets are of particular importance for Richard Mille?
As I’ve said many times before, we want to avoid putting all our eggs in one basket. Being dependent on these markets for 40% of sales, as some brands are, is far too risky. Richard Mille makes between 4% and 5% of its revenues in China, and we haven’t witnessed any slowdown in business. Prudence tells me we need to keep reservoirs of growth, something we have done as we have yet to open up markets such as Germany, South Korea, Scandinavia or India. We only recently opened our second store in the United States. We’re still producing less than demand, which is a comfortable position to be in.
Presumably the aim isn't to keep production stable?
No, but we do want to increase at a very gradual pace. This year we will probably break through the 3,000 watches barrier. The strategy for our “masterpieces” is to keep quantities at the same level of between 250 and 300 a year. We don’t have the capacity for more. We also need to consider how much the market can absorb. Growth therefore comes from our “normal” ranges where we introduce different functions or new exteriors. If I had to make a comparison, I’d say Richard Mille is like Mercedes which has Formula 1 cars, grand tourers, sedans, convertibles, SUVs and cars for women. The important thing is not to become typecast with a single model while maintaining consistency across all the collections. All Richard Mille watches share a highly technical connotation, which means constant creativity. You have to keep things moving!
All the time?
Yes, all the time. While Richard Mille’s “classic” ranges evolve over the long term, our tactic for the ultra-technical models is to fire a missile then pull back and prepare the next attack. Remember that the technology behind each missile illustrates the brand’s capacity for innovation and allows us to build up exceptional expertise which then serves for all our collections. Hence why, when we decide to launch an attack, to keep the military image, it’s vital to keep every option open. Which is exactly what we do. Once the initial concept has been broadly approved, we go to work without worrying too much about the ultimate feasibility of the project, which can turn up some surprises. Our aviation watch, which comprises over 1,000 parts, fell two years behind schedule. Our “Hommage à Boucheron” watch, whose gears are made from precious and semi-precious stones, produced between 70% and 90% waste. But we got there in the end. With Renaud & Papi, our partner for the development of Richard Mille calibres, we have only ever given up on one project. We always find solutions. And our customers are behind us all the way. We haven’t had a single cancelled order so far. Basically, we never do the same thing twice, which is exactly what we enjoy!
