Openwork: Inside the Watch Industry

We're on summer hours, but we wanted to keep something in your feed as much as we can — so this one comes from our Watches Of podcast, a conversation Gabe recorded in person with Claude Greisler of Armin Strom. Claude is one of the brand's two modern co-founders and its master watchmaker, and he made the trip out to Los Angeles for Open House, where a full spread of the Armin Strom collection was on the tables. Before the watches, the two sat down for a wide-ranging talk about how he got here. Claude's path is what makes this one worth your time. He grew up in a family of watchmakers, trained for the better part of a decade across Swiss watchmaking, restoration, and movement construction, and cut his teeth on high complications at Christophe Claret. But unlike so many of his peers, he never put his own name on a dial. Instead, with his childhood friend Serge Michel, he took over Armin Strom: a legendary local watchmaker whose vision was a single, clear idea — the movement should be the star of the watch. That conviction is the spine of the conversation, from the decision to become a true in-house manufacturer to the brand's signature complications and its philosophy of transparent mechanics. This is also, at heart, an Openwork episode. What we keep coming back to on this show is the power of a clear, strong brand identity, and Armin Strom is a near-perfect case study: a watchmaker who walked away from the obvious move to inherit a brand with a reason for being, then re-engineered it from scratch. Along the way, Claude demystifies resonance — what it actually is, and why Armin Strom's approach to it is so distinct — using a couple of analogies that made it click for Gabe, and probably will for you too. We'll be back next week with a regularly scheduled episode. Openwork is a weekly podcast about how the watch industry actually works. An unfiltered look behind the scenes — no press releases, no hype, and no sponsored takes. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology. Available on Apple Podcasts, Spotify, YouTube Music, or wherever you get your podcasts. You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email podcast@collectivehorology.com.

In this episode, we dive into the growing wave of consolidation—and potential deconsolidation—sweeping through the watch industry, from confirmed brand sales to mounting rumors around major maisons. Rather than speculate, we focus on what actually happens after a brand leaves a luxury group, and why leadership, distribution, and product strategy matter far more than deal headlines. First, we unpack a cautionary case study: Ebel’s spin-off from LVMH to Movado. Despite meaningful product upgrades and stronger positioning under LVMH, Ebel ultimately lost momentum when placed into a retail and marketing ecosystem that couldn’t sustain its upmarket ambitions—showing how misaligned infrastructure can quietly dilute even historic brands. We then contrast that with Girard-Perregaux and Ulysse Nardin’s management buyout from Kering, where focused leadership and renewed investment in watchmaking are already driving creative and commercial resurgence. Together, these case studies reveal a simple truth: spin-offs don’t succeed or fail because of ownership alone—they succeed or fail based on vision, execution, and whether the new stewards truly understand how to build great watch brands. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry. You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email podcast@collectivehorology.com.

On this episode, we zoom out and examine a broader shift underway in the watch industry as major groups begin to prioritize focus over expansion. Using the sale of Baume & Mercier as a starting point, we break down why brand exits and portfolio pruning have returned as strategic tools, and what this move reveals about consolidation, integration costs, and the realities of owning watch brands at scale. We then turn to the other side of the equation, unpacking rumors around Zenith and why selling a deeply integrated brand is far more complicated than headlines suggest. This leads to a wider discussion about how watch groups think about differentiation, redundancy, and long-term brand value when growth slows and pressure increases across the middle of the market. Finally, we shift to Watches & Wonders and what presence and placement at the show now signal. We talk through H. Moser & Cie.’s expanded role, including its move into Montblanc’s former booth, and what that says about independence and momentum, alongside Audemars Piguet’s positioning at the show and why it matters. Taken together, this episode is about consolidation, visibility, and how the watch industry is quietly reshaping itself in real time. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry. You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email podcast@collectivehorology.com.

On this episode, we dig into how global wealth trends—rather than hype cycles or short-term market noise—are reshaping the luxury watch industry. Drawing on reporting originally published by ScrewDownCrown (Substack), we use the UBS Global Wealth Report to examine the rapid rise of the “EMILLI” cohort: individuals with $1–5 million in net worth. This group has quadrupled since 2000 and now represents the core audience for sub-$10,000 to $50,000 watches, helping explain why mechanical timepieces remain viable luxury goods in 2025 despite their declining practical relevance. We then look at how this wealth is distributed geographically—and why that matters. The U.S. remains a structural engine for the watch industry thanks to strong millionaire growth and a powerful wealth effect driven by real estate and equity markets. China’s growth is slowing, Western Europe is shrinking, and while markets like India offer long-term potential, today’s addressable audience is far smaller than population headlines suggest. The result is a global landscape with fewer obvious growth levers than brands would like to admit. Finally, we explore how inequality itself fuels luxury demand. Drawing on academic research and firsthand experience, we look at how hierarchical workplaces and concentrated wealth amplify status-driven consumption across income levels. Watches operate not just as objects of desire, but as social signals—markers of success, belonging, and aspiration. Understanding these structural forces, not just products or trends, is key to understanding where the watch market goes next. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry. You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email podcast@collectivehorology.com.

On this episode, we share something a little different by sharing an installment from The Watches of Podcast, a new series where we step away from industry-wide analysis and focus deeply on individual brands—their history, philosophy, people, and, importantly, their watches. Each episode is designed as a focused, evergreen exploration of a single brand, and here we use that format to zero in on Ming’s dive watches, a category that has quietly become one of the most revealing expressions of the brand’s identity. We trace how Ming approached the dive watch not as a traditional tool-first object, but as a sculptural, design-led problem to solve. From early experimental concepts to fully realized production models, we talk about how the brand steadily moved away from simply “doing a dive watch” and toward creating dive watches that could only exist as Ming designs. The discussion centers on proportion, restraint, and engineering choices that prioritize wearability and originality without abandoning the functional expectations of the genre. Finally, we focus on the modern era of Ming dive watches, where everything clicks into place: compact dimensions, inventive use of sapphire and rotating dials, thoughtful movement customization, and distinct aesthetic identities across models like the Bluefin and the Uni. We reflect on why these watches resonate so strongly with collectors, why they earned serious recognition within the industry, and why their final re-release feels like the close of a meaningful chapter—one that shows how Ming redefined what a contemporary dive watch can be. We’ll be back next week with a new episode of Openwork. In the meantime, enjoy The Dive Watches of Ming. We hope you like it as much as we enjoyed making it. You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email podcast@collectivehorology.com.