Breitling vs. Richemont – Opposite Bets on an Industry in Flux – Episode 78
About this episode
Gabe and Asher discuss the contrasting strategies of Breitling and Richemont in the evolving luxury watch market.
A grand reorganization of the luxury watch business is happening in front of us, and nowhere is it more visible than in the diverging strategies of two holding companies making opposite bets on the future. Gabe and Asher unpack the contrast between Breitling, which under Georges Kern has quietly reconstituted itself as a private-equity-backed challenger group — bulking up through the acquisitions of Universal Genève and Gallet — and Richemont, the industry stalwart now actively slimming down, shedding Baume & Mercier and quietly walking Montblanc away from serious watchmaking. The conversation digs into what each move actually signals. Universal Genève's relaunch with full collections at Vacheron and Jaeger-LeCoultre price points, distributed through curated Breitling network partners, looks like a textbook play for cross-shop market share at the high end. Gallet's entry into the brutal sub-$5,000 segment is harder to explain — unless you read it as Kern building a fully diversified holding company with a long-term IPO in mind, willing to plant a flag in a difficult category before the cycle turns. Richemont's behavior reads as the inverse philosophy: get fit, exit segments…
More episodes of Openwork: Inside the Watch Industry
- The Sleepers of Watches and Wonders 2026 – Our Favorite Releases from Geneva – Episode 77
- Is Watches and Wonders Dead? – Long Live Geneva Watch Week – Episode 76
- Watch Brand Draft – Picking Our Fantasy Watch Businesses – Episode 75
- The Rise of F.P.Journe – Hype, Substance, or Both? – Episode 74
- Rolex Pre-owned Values Slide – Certified Pre-owned to the Rescue? – Episode 73
- Unexpected Winners in a Down Market – Independents, Microbrands & Neo-vintage – Episode 72
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