Michel Nydegg became CEO of Greubel Forsey in August 2024. With the Chinese economy stagnating and Swiss watch exports declining, what is his outlook for the watch market in 2025?
Photograph by Yu Mitamura
Yukiya Suzuki (this magazine): Interview and writing
Edited & Text by Yukiya Suzuki (Chronos-Japan)
[Article published in the July 2025 issue of Kronos Japan]
"We want to improve quality rather than increase annual production volume."
CEO of Greubel Forsey. Joined Greubel Forsey in 2016. After working in PR, he became Head of Marketing & Communications. He will assume his current position in August 2024. During his first visit to Japan since becoming CEO in mid-December 2024, he explained his purpose: "Japan is a very important market for us, so I plan to come here several times a year. Also, since it's this time of year, I've come to Japan to discuss our plans for 2025." He also said that he would like to eventually have 10 to 15 boutiques in major cities around the world.
"In 2024, we achieved our best performance ever. A few months ago, we had some trouble with a supplier, which was a bit of a scare, but because our annual production volume is low, we weren't significantly affected and were able to get through that period, making it a very good year."
These are the words of Michel Nydegg, who took over as CEO of Greubel Forsey in August last year. Meanwhile, the Chinese economy is stagnating and Swiss watch exports are also declining. What are his outlooks for the watch market in 2025?
"Fortunately, Greubel Forsey does not have any stores in mainland China, so we are not affected much by China. Of course, we have Chinese customers, but the impact is minor. We also have a well-balanced distribution network, so we are not biased towards any one market. For example, when there was a problem in Russia, we diverted products from Russia to other markets, and since we have actual machines in Hong Kong, we diverted these to other markets as well, making adjustments accordingly. We produce only 200 pieces a year, so we are very flexible. Brands that produce in larger quantities would find it difficult to suddenly put the brakes on, but we are able to respond flexibly."
This complication combines the world's first perpetual nano-floyante (a red hand on a six-part subdial inside the tourbillon carriage) with the brand's first flying tourbillon and manual flyback. It's the brand's 10th invention. Manually wound. 42 jewels. 21,600 vph. Power reserve of approximately 24 hours (with chronograph running). 18K white gold case (37.9mm diameter, 10.49mm thick). Tantalum bezel and tantalum see-through caseback. Water resistant to 3 bar. Limited to 11 pieces worldwide. Price upon request.
Will they continue to aim for the current annual production of 200 bottles in 2025?
"A little while ago, we set a goal of increasing production to 500 bottles per year, but since we were originally producing around 100 bottles per year, we were able to make steady progress in increasing our production from 100 to 200. We then aimed to build on that momentum and aim for 500 bottles per year, but in reality, we found it difficult to achieve this without compromising quality. We absolutely do not want to compromise on quality, so we are planning to continue producing 200 bottles per year in 2025."
If you can increase production in the future without compromising quality, do you have any plans to increase production numbers?
"We are now a completely independent entity, and our only shareholders are Robert Greubel and Stephen Forsey. This means we can do whatever we want. For example, if demand for handmade watches increases in the future, the overall number of watches produced will decrease, as it takes a lot of time and effort to make each one. If sales of other models grow, then the number may increase. Therefore, we don't think in terms of numbers, such as a target number of watches to be produced per year. We want to focus our efforts on further improving our technical capabilities, developing great products through R&D, and perfecting the finishing touches. In a sense, our 10-year plan will be an 'adventure story' of the next 10 years (laughs)."
