The Laureato and Girard-Perregaux have become a huge hit. Will their market position change in the future? Analysis by BEST ISHIDA, a watch specialty store

In the past, Girard-Perregaux was known only to those in the know in the watch market. However, today, thanks to the popularity of the Laureato, its name recognition continues to grow. What kind of presence does Girard-Perregaux have in the watch market, and what position will it occupy in the future? Staff at the watch specialty store BEST ISHIDA analyze "the future of Girard-Perregaux in the market" from a sales perspective.

Girard-Perregaux's Laureato leads the popularity of luxury sports watches

　Girard-Perregaux is a long-established watch brand that began its history in 1791. It was also the first Swiss watch brand to be officially imported into Japan, and its driving force behind this, François Perregaux, is buried in the Yokohama Foreign Cemetery. While it can be said to have a deep connection with Japan, it was never very popular in the watch market. However, its position has changed dramatically with the arrival of the luxury sports watch, the Laureato.

　Luxury sports watches, commonly known as "ragspo," first emerged in the 1970s and have since become a major genre in the watch industry over the past half century. Driven by advances in exterior technology and market needs, many brands are now involved in this genre.

　Among these, the ever-popular Girard-Perregaux Laureato has its origins in 75, at the dawn of luxury sports watches. When it was first released, it was equipped with a quartz movement, achieving the slim design typical of luxury sports watches. A model with an automatic movement was introduced in a 95 model change, and since then, the collection has expanded in variety, but a major turning point came in 2016, when the brand released a limited edition model to mark its 225th anniversary. This limited edition model, with its revamped design, was refined the following year in 17 and became part of the regular collection.

　In 17, when the Laureato became a regular, the watch industry was experiencing a sports watch boom. The popularity of certain models in particular was soaring, and consumers who had not previously been interested in watches also became more interested in purchasing them. The boom brought about a boom in the watch market, and luxury watch brands began to focus more on sports watches. Luxury sports watches began to flourish.

　However, luxury sports watches also saw a concentration of popularity among certain models. These watches disappeared from store shelves, and secondary market prices rose to unprecedented levels. The Laureato, born to ride this trend, also became one of the driving forces behind the popularity of "luxury sports." On the other hand, although secondary market prices for the Laureato were rising, its pricing was still reasonable.

　Moreover, as befits the prestigious Girard-Perregaux brand, the Laureato is equipped with details that set the standard for luxury sports. For example, the exterior is a combination of satin and polished finishes that give it a three-dimensional look, and each part of the movement is chamfered and meticulously crafted. It is also worth noting that it is highly practical as a sports watch.

　For example, the basic three-hand Laureato 42mm boasts a case thickness of just 10.68mm, despite being water resistant to 100m. The bracelet is thin and flexible, making it comfortable to wear. The more you look at the Laureato, the more you realize its high quality as a product. The popularity of the Laureato is not just due to the passing "luxury sports boom" (although the boom is certainly a significant factor in its popularity); it is also due to the solid support of its users.

　This situation has not only raised awareness of the Laureato, but also of Girard-Perregaux. With more buyers not only from core watch enthusiasts but also from the general public, it will be interesting to see how Girard-Perregaux will develop its presence in the future.

Analysis by ISHIDA Shinjuku's on-site staff: The future of Girard-Perregaux

　BEST ISHIDA is a major watch specialty store that handles both official sales and vintage sales in Japan. In addition to having eight stores nationwide, they are also focusing on online sales. This time, we spoke with staff from two stores, ISHIDA Shinjuku and ISHIDA Omotesando.

Girard-Perregaux has many unique stories

　ISHIDA Shinjuku, which was renovated and renamed from BEST Shinjuku Main Store in 2021, is located in the heart of the entertainment district, close to the east exit of Shinjuku Station. Watches are sold on all six floors, with the basement floor being unique in that it specializes in pre-owned watches, known as BEST VINTAGE. As each floor carries different brands, a concierge system has been introduced. The concierges not only guide customers to the appropriate floor, but also support the customer's purchasing experience as professionals with in-depth knowledge of the story behind each watch.

　We spoke with Momo Ogiwara, who joined the company in 10, at ISHIDA Shinjuku. After working at ISHIDA Omotesando for 10 years, she was transferred to ISHIDA Shinjuku in 21 to coincide with the store's renovation.

　How has Girard-Perregaux's popularity changed since the success of the Laureato? Ogiwara-san, who has been handling Girard-Perregaux since joining the company, was able to give us a detailed account of the changes in the brand's popularity.

"In the past, most people had no idea what Girard-Perregaux was, let alone how to pronounce the brand name (laughs)."

　Could the rapid growth in sales have been due to the presence of the Laureato, which was influenced by the "luxury sports" boom?

"There are probably a number of factors at play, but amid the luxury sports boom, the Laureato became accessible to a wide range of customers, and it was increasingly featured on YouTube and social media. The timing and trends all coincided, leading to a sudden surge in popularity."

　With the Laureato as a springboard, Girard-Perregaux is trying to move away from its "only known to those in the know" position, but are those on the ground feeling any change?

"More and more customers have become interested in other models, such as the Vintage 1945 and 1966, after learning about the brand through the Laureato. In some cases, this has led to repeat purchases. We also have cases where customers who previously owned Girard-Perregaux models that are no longer available have become interested in the current Laureato and are now repeat buyers."

　Ogiwara also told us about Girard-Perregaux's customer base.

"I think the majority of our customers are in their mid-30s to 50s. While the brand has become better known through the Laureato, it also has the appeal of being a long-established, enthusiastic brand. It's also a brand with a lot of repeat customers. Girard-Perregaux has a strong history, so our customers who buy it are those who like the overall product and brand story. When I talk to customers who have owned Girard-Perregaux for a long time, many of them are attracted to the fact that it's an enthusiastic brand, known only to those in the know."

　By the way, some customers even visit the grave of François Perregaux in Yokohama.

　We also asked Ogiwara what he thinks is the appeal of Girard-Perregaux.

"I think the greatest appeal of Girard-Perregaux is that it is a long-established manufacture brand known only to those in the know. Also, Girard-Perregaux has a story that you can sense in many ways that other companies don't have. For example, it is closely connected to Japanese history, and the brand name is the name of a married couple (Constant Girard and Marie Perregaux married in 1854, and the brand name Girard-Perregaux was born afterwards). The brand is filled with various anecdotes, and I think customers are drawn to this historical background, story, and brand identity."

　We asked Ogiwara to analyze Girard-Perregaux's future popularity trends and its positioning in the watch market.

"Girard-Perregaux's recognition is rising due to the 'luxury sports' boom. However, the reason people become aware of the brand varies from person to person. Even if the boom or trend dies down one day, Girard-Perregaux's strengths lie in its solid technical capabilities and storytelling, and it will not end up being just a passing fad. In fact, I think that the current boom has allowed the appeal of Girard-Perregaux to reach many customers, and as the user base has increased, its popularity will continue to grow.

　Girard-Perregaux offers a variety of value to its customers. For example, comfort. Many customers who purchase a watch say that they realize how comfortable it is once they actually wear it. Of course, the Laureato is the core of sales, but they also say the same about other models, such as the Vintage 1945. This kind of brand appeal, which can only be understood by owning it, is not just about status, but also about the enjoyment of communication between people who know watches, such as, "That's a nice watch." Girard-Perregaux is the brand I would recommend to such customers."

Recommended Laureato models selected by ISHIDA Shinjuku

　Finally, Ogiwara-san introduced us to his recommended Laureato.

　The Laureato 42mm Pink Gold & Onyx and the Laureato 42mm Green.

　I asked him why he chose it.

"Both models were released in 2022 and are newer models in the Laureato line. Until last year, we were unable to keep up with demand, making them difficult to recommend to customers. However, this time we were able to have them in stock, and we have selected them as recommendations.

　The onyx dial in particular, along with the case and bracelet, are made of 18K gold, making it a product that is difficult to find in stores even at other brands.

　The green dial also looks great, and it's a rare color for Girard-Perregaux, excluding limited edition models, so I picked it out for its special and trendy feel. It's a deep green that's typical of Girard-Perregaux, and the edges of the indexes and flange are black, giving it a cool, condensed look that I also recommend.

　As I will explain later, the Laureato Fair has been held at BEST ISHIDA since September 1st. When I visited at the end of August, I heard that inquiries about the fair were already increasing, and I could sense the popularity of the Laureato and Girard-Perregaux.

Analysis by the staff at ISHIDA Omotesando: The future of Girard-Perregaux

　Located in the heart of the vibrant Omotesando district, lined with boutiques, apparel stores, and cafes, we interviewed Shimura Kazuyuki, a staff member at ISHIDA Omotesando, which is located in this area.

Providing value to customers. That is the Girard-Perregaux brand.

　Shimura, the floor manager at ISHIDA Omotesando, has been with the company for eight years. He also has experience as a hairdresser for 10 years and working in the apparel industry for 10 years. As a staff member at a watch specialty store, his philosophy is to provide "value" that goes beyond just product knowledge.

　We also asked about the demographics of Girard-Perregaux buyers, and while the majority of Laureato buyers are in their 30s to 50s, the demographics are not necessarily uniform.

"It's difficult to generalize about the Laureato. Some people buy it as their first luxury watch, while others are looking for a sports watch or a model with a bracelet, and after comparing many products, end up purchasing a Laureato. The Laureato is exposed in a variety of media, so it may catch their eye as an information source and become one of their purchasing choices. Of course, there are also super-enthusiasts, some of whom even take a close look at the product with a magnifying glass."

　The customer base also depends on the store's location, but listening to Shimura, it becomes clear that Girard-Perregaux appeals to a wide range of people.

　What does Shimura think is the appeal of Girard-Perregaux?

"When it comes to the Laureato, I have always thought that its appeal lies in the well-balanced relationship between being a work of art and being an industrial product. If it is to be used on a daily basis, it should not rely solely on the art of art. However, to offer the elegance and beauty of a luxury watch, it cannot be solely an industrial product. The Laureato has an excellent balance of product aspects, such as its design, the comfort of the bracelet, and its movement.

　The price is also well-matched. The watch has a story to tell thanks to Girard-Perregaux's historical background, and is practical, including waterproofing, so it is not flashy but has a high level of elegance, allowing it to provide customers with value that is commensurate with the price.

　The same can be said about the appeal of Girard-Perregaux itself, not just the Laureato. Girard-Perregaux's strength lies in its ability to offer historical value, such as being a pioneer in the development of Swiss watches in Japan, as well as technical value, aesthetic value, and the value of ownership.

　Another appeal I would like to mention is that it has not been popularized. Although recognition has increased with the Laureato, it has value that is only known to those in the know, value for customers who do not want to be seen with others, and I think that being able to convey this value is one of its charms."

　Shimura highly values ​​the Laureato and Girard-Perregaux as products, and when asked what kind of customers he would recommend them to, he replied, "Everyone."

"I would recommend Girard-Perregaux to everyone if possible. I know this is redundant, but the product and the brand are both highly appealing, so it's a brand that I can introduce to customers from various angles after listening to their opinions. Whether they buy or not is another matter, but I would like to introduce it to everyone, from young people to those who know a little about watches. Also, Omotesando is a fashion town. Young people, people who just happen to drop by, and people with a keen sense of fashion. I think this is a solid product that can be recommended to all of these people. It's also good that it's not in the ultra-high price range for a luxury watch, but is within the price range that people can afford even if they try."

　We also asked Shimura about Girard-Perregaux's future popularity trends and its positioning in the watch market.

"A number of years have passed since the 'Luxury Sports' boom began. Looking at customer reactions to the boom, it seems to have calmed down to a certain extent. However, when it comes to the Laureato, I think it has a different position from 'Luxury Sports'. I hope that it will continue to resonate with watch lovers even after the boom has passed.

　The Laureato, or rather Girard-Perregaux itself, is a little different (from other brands). Rather than being a "luxury sports" brand, if we can enhance the value of Girard-Perregaux as a brand, I think it will continue to establish its position in the market without being influenced by trends. Currently, the COVID-19 pandemic has caused changes in lifestyles and working styles. More people are no longer wearing suits, and more people are working from home. In this environment, the question is whether customers are willing to pay for the value the brand offers. Customers will follow if they make an effort to clearly communicate their branding and worldview. As a brand that specializes in watches, Girard-Perregaux has historical value, craftsmanship, and everyday usability, so I hope they will continue to create a worldview that is even more evocative and demonstrate their special position.

Recommended Laureato models selected by ISHIDA Omotesando

　Shimura's recommended Laureato models are the Laureato 42mm Blue and the Laureato Chronograph 42mm.

　I asked him why he chose it.

"They are all must-have items. I thought that the blue dial and chronograph models were indispensable because they fit the current market trend. However, once the current boom dies down, I think it will be important for both retailers and brands to think about how to promote products other than the Laureato."

Girard-Perregaux fair currently being held at BEST ISHIDA!

　A Girard-Perregaux fair will be held at ISHIDA Shinjuku and ISHIDA Omotesando until the end of September 2023. Limited edition models that are rarely available in stores will be available, as well as the new 2023 Girard-Perregaux Laureato Absolute Light & Shade. Not only Girard-Perregaux fans, but all watch enthusiasts should definitely stop by.