HODINKEE Podcasts

This week on The Business of Watches, a boutique brand and its CEO from a country that has much of the watch industry abuzz. Nirupesh Joshi is the co-founder and Chief Executive Officer of Bangalore Watch Company, based in Bengaluru (previously known as Bangalore), India.
The company was founded in 2018 and has slowly established itself as a purveyor of premium watchmaking with models that don't rely on classic tropes about the country to tell their story. Former tech industry executives Joshi and his wife, Mercy Amalraj, are building a brand that aims to express the modern spirit of India, as the country becomes an increasingly significant economic and cultural player on the world stage.
There's a rich history of watchmaking in India, marked by brands including HMT and Titan, that have produced watches at large volumes to serve India's fast-growing population of over 1 billion people. But BWC is seeking a different client, one that's more seasoned in watches, and is seeking a brand that innovates and competes with other marques from around the world to tell its own unique stories.
BWC has grown to about 15 staff members, including watchmakers repatriated from other brands, opened a boutique in its home city, and produces around 2,000 watches per year, assembled in India, using components made both in-country and from suppliers around the world. The company recently raised capital from investors, and Joshi tells us how BWC plans to bring its watches to a wider, global audience. Customers outside of India already account for about 60% of sales, and the plan is to grow that segment further with modern, high-quality watches that express the dynamism of India and its young population.
Show Notes:
1:05 Bangalore Watch Company (website)

1:47 As China Retreats And The U.S. Wobbles, Is India The Next Great Hope For The Luxury Watch Market? (Hodinkee)

3:11 As India Gets Richer Its Biggest Watchmaker Titan Crafts The Nation's Most Ambitious Watch Yet (Hodinkee)

3:39 Hindustan Machine Tools - About Us

5:12 Tata Group
6:35 BWC Apogee 'Visitor'

6:51 BWC Cover Drive 'The Outfield'

7:45 The Role of Hong Kong In The Global Watch Market (Hong Kong's Finest Watches)

15:40 India rule the cricketing world, but is their dominance good for the sport? (New York Times / The Athletic)

16:08 Why does India want to be a space power? (London School of Economics)

17:17 BWC Peninsula Carbon

18:18 Delhi AQI (Instagram)

22:00 Warby Parker

23:02 High-Net-Worth Individual (HNI) – Meaning, Types, and More (DBS Bank)

24:59 Horologer Ming Executives Ming Thein And Praneeth Rajsingh Talk Design, Manufacturing, Pricing, And More (Hodinkee)
25:02 Introducing: The Fears Brunswick 40.5 Jump Hour 'Ultimus' (Hodinkee)

26:24 Bangalore Watch Company opens flagship boutique in its hometown (Europa Star)

29:28 The Business of Watches Podcast: Czapek & Cie. CEO And Co-Founder Xavier de Roquemaurel

30:31 Furlan Marri

33:25 On Paper / On Wrist The Delhi Watch Co. DWC Terra (The Grey Nato)

36:26 BWC Forty Seven

38:50 India Single Malt Whisky: Complete Guide 2026 (The Daily Whisky)

Formex holds a unique place in the Swiss watch industry. The brand was born in the early 2000s with a proprietary case suspension system and designs that expressed the origins of its name 'forme extrême' (extreme shapes in French). But the recession spurred by the Global Financial Crisis of 2008 dealt a near fatal blow to the brand and it entered a period of relative dormancy.
Then in 2016, Formex was taken over by a group backed by one of its suppliers, Dexel, a Swiss component maker specializing in bracelets, clasps and cases as well as dials at its subsidiary Cadranor.
Raphael Granito, now in his mid-thirties, is part of the family business behind Dexel and led the take over and revival of the Formex marque. He has steered the brand's development ever since and a decade later, Formex is leveraging its manufacturing savoir-faire and research and development skills from Dexel to produce innovative and approachable-priced Swiss Made watches. The brand evolution culminated recently with the Aria, a high-end integrated bracelet titanium sport watch with an, ultra-thin, micro-rotor manufacture movement designed by Horage, priced below CHF 6,000. That's a significant step up compared to the CHF 1,800 average price point for its watches.

Granito outlines how the brand has grown and connected with more customers, operating mainly outside the traditional retail structure. Still a family business, he hired his best friend from university to lead marketing and sales efforts. Formex has distinguished itself offering upscale finishing and components, including cases, bracelets innovative clasps and stone dials that include meteorite options. It's approach to design and engineering innovation, that Granito calls 'designeering,' has certainly struck a chord with a watch enthusiasts, particularly in the U.S., now the Swiss brand's largest market.

Show Notes
1:05 Raphael Granito (Instagram)

1:58 Formex (company website)

2:05 The Inner Workings of Formex's Case Suspension System (WatchGecko)

2:56 The Great Recession and its Aftermath (Federal Reserve History)

3:57 The Secret Sauce Behind the Value Proposition of Formex Watches (Timefiles)

4:08 Dexel (website)

4:12 Cadranor (website)

5:16 Formex Essence
5:37
Interview with Markus Wälchli, marketing director of Formex (The Watch Society YouTube)

12:17 Hands-OnFurlan Marri Disco Diamonds Onyx – A New Affordable Entry Into Subtle Gemsetting (Hodinkee)

13:52 How to Determine Product Pricing — The Complete Formula for Small-Batch Manufacturers (Stocksmith.io)

19:26 The Aria Manufacture Chronometer From Formex (Hodinkee)

25:25 Intersect, By the Brands, For the Enthusiasts

This week on The Business of Watches, we sit down with the business leader who has headed the reborn Czapek & Cie. brand for more than a decade now. Xavier de Roquemaurel didn't come from the watch industry when he co-founded Czapek with fellow entrepreneur Harry Guhl with help from watchmaker Sébastien Follonier in 2015.
He's had to learn the industry on the job and while Czapek burst on the scene by winning the Grand Prix d'Horlogerie de Genève (GPHG) Public Prize in its debut year in 2016, the company and de Roquemaurel have faced plenty of challenges along the way. From the novel financing and shareholder model they created to fund the startup, to reckoning with a massive surge of back orders for their popular Antarctique integrated bracelet sports watch model during the boom times of the post-pandemic era, as well as serious health and medical ordeals. Reconsidering all the tests he and the company have faced, de Roquemaurel says he now believes that "adversity gets the best out of you."

Today, Czapek has just opened a new boutique on the historic Quai des Bergues in Geneva on the same banks of the Rhone river where François Czapek himself had his first atelier in the 1800s. In a wide ranging interview, the Czapek CEO traces both the path of the reborn brand and how it has found inspiration in the legacy of the watchmaker that opened what is believed to be the first watch boutique on Place de Vendome in Paris while producing timepieces for Napoleon III and the French Imperial court. Stay tuned to the end for a preview of what complication the brand might take on next.

Show Notes:

1:05 Czapek Quai des Bergues Collection

1:58 Deconstructing the story of François Czapek (The Naked Watchmaker)

4:20 L'Oreal steals French stock market crown from LVMH (Reuters)

5:05 Agustin Almodovar Reflects on His Career as Brother Pedro's Producer (Variety)

7:01 Czapek Promenade Transparencies "Aqua Blue" (Hodinkee)

7:31 The Fratello x Czapek Promenade Transparencies "Viridan Green" (Hodinkee)

8:43 Watch Time New York

9:22 Czapek Documentary - An Unexpected Renaissance (YouTube)

10:07 Rolex, The Making Of A Status Symbol With Author Pierre-Yves Donzé (Hodinkee)

12:01 Battle of Warsaw 1831 (Wikipedia)

13:48 The Story of the Founding of Patek Philippe (Company website)

18:20 Czapek & Cie (Wikipedia)
23:09 Understanding Crowdfunding (Financial Conduct Authority)

24:50 Prospectus definition (Cornell Law)https://www.law.cornell.edu/wex/prospectus
35:54 Thoracic Aortic Aneurysm Dissection (UCLA Health) - we Googled it

39:57 Zegna

41:16 FINMA

42:13 Right of first refusal - definition (Harvard Law)

42:20 Tag along and drag along rights definition (Investopedia)

46:19 Czapek Deep Dive (SDC weekly 104)

49:25 Rolex Certified Pre-Owned

52:27 Inhotec SA

54:11 Czapek Watches (website)

This week on The Business of Watches, a veteran watch industry CEO who is taking on one of the biggest and most demanding challenges of his storied career. Julien Tornare is the head of Hublot, the irreverent and ground-breaking brand controlled by LVMH that's trying to reclaim some of its former glory and role as a trend-setter in industry innovation.
An affable and talented business leader, Tornare has spent almost three decades in the watch world, with Vacheron Constantin and Richemont, and then as the chief executive of Zenith, where he oversaw a dramatic revival and upswing for the El Primero maker. He then had a brief tenure as the CEO of TAG Heuer, before joining Hublot as the big boss in 2024.
Tornare talks about Hublot's turbulent journey over the past four decades, and the spirit that's reflected in the brand's unconventional and outspoken ambassadors. He also takes on the marque's critics, making the case for why the YouTuber shots are largely unjustified.
As for where Hublot is going, that's partly where it has been, as Tornare discusses the influence of Hublot's Italian founder Carlo Crocco as the company reconsiders its legacy ahead of its 50th anniversary in 2030. There's also news of a major new partnership with legendary American artist Jeff Koons, who is bringing his artistic vision to the watch brand for the first time with a series of bold collaborations. We also discuss the role that Jean Arnault, long considered the true watch enthusiast in the Arnault clan, now has with the brand.

Show Notes:

0:30 Julien Tornare (Instagram)
1:06 Hublot (website)
1:43 The Quirky Backstory Of The Hublot MDM (FHH)
1:59 Jean-Claude Biver & The Relaunch of Hublot (IMD Business School Case Study)
4:22 Hublot And Football A Perfect Match (The Hour Glass)
6:25 The Truth About Hublot And How Their Watches Stack Up (Luxury Bazaar)
7:51 Julien Tornare, CEO of Hublot: "Hublot Will Rebalance Its Investments" (Luxury Tribune)
9:20 Nyon (Swiss Tourism)
9:59 Hublot Classic Fusion Original Goes Back To Where It All Began (Hodinkee)
10:14 Hublot Expands The Big Bang Across Every Level (Hodinkee)
11:39 Carlo Crocco (Watch Wiki)
14:04 The Art of Fusion In Depth (Time & Tide)
14:24 Andy Warhol's Hublot (Italian Watch Spotter Instagram)
17:20 Hublot Ambassadors
19:50 Why Hate Hublot? Featuring Nico Leonard (YouTube)
21:58 LVMH Watch Boss Sees Jean Arnault as Best Candidate for His Role (SwissInfo)
24:00 Hublot Spirit of Big Bang
31:40 Inside Hublot's Mission to Turn Its Watches Into Museum-Worthy Art (GQ)
32:01 Beyond The Canvas: Jeff Koons Reimagines Time With Hublot
36:10 Hublot Big Bang Original Soft Touch (Gear Patrol)
39:02 Hublot Unveils Decade-Long Warranty As New Industry Benchmark (Johnson & Co.)

This week on The Business of Watches, a fresh take on the new releases we saw at Geneva Watch Days and what they might mean for the market. Ahead of a special request summer fondue dinner, Tim, TanTan and Andy discuss what they saw, what they liked and didn't from the slew of novelties presented during the event.
We go deep into the debut of Gallet, discussing how the entry-level offering from Breitling's House of Brands will stack up against the competition and how it will re-enter the company into the cut-throat $3,000 to $6,000 price category at a time when the Swiss industry is struggling to halt the slide in volumes.
We also talk Bulgari, Oris, Frederique Constant, Girard-Perregaux, MB&F and the latest MADEditions, and why, when it comes to Doxa, you can't have just one. Plus, what the return of a new Northflag (now one word) heralds for Tudor.

Show Notes:
0:30 Tim Jeffreys

0:32 TanTan Wang

3:38 Gallet (brand website)

5:28 Introducing: The Gallet Flying Officer (Hodinkee)

5:50 Gallet Revives Vintage Fan Favorites With New "Classics" Multichrons (Hodinkee)

8:44 Business News: Breitling's House Of Brands Unveils New Executive Leadership With Georges Kern As Group CEO (Hodinkee)

11:30 Breitling To Relaunch Gallet Confirming Ambitions To Become Multi-Brand Watchmaker (Hodinkee)

12:55 Introducing: The Breitling Navitimer B09 Chronograph 41 Miles Davis (Hodinkee)

18:11 Essays: Prices, Volumes, And Passion: The Business Of Watches In 2025 And What To Expect In 2026 (Hodinkee)

22:30 Introducing: Frederique Constant Highlife Moonphase Date And Classics Moneta Handwinding (Hodinkee)

26:41 Introducing: Bulgari's Unexpected Dual Time Octo Finissimo With Vianney Halter, Plus A "Dazzle" Camo Release (Hodinkee)

30:45 Introducing: The Bulgari Octo Finissimo Tadao Ando Limited Edition Ref. 103534 (Hodinkee)

32:38 Introducing: The Girard-Perregaux Laureato Fifty Tourbillon Micro-Rotor 39 (Hodinkee)

35:50 Introducing: The Oris ProPilot X Gonzo Edition (Live Pics) (Hodinkee)

41:19 Introducing: Oris' Big Crown Pointer Date Goes Small With A New 29mm Version (Hodinkee)

43:15 IntroducingThe Doxa Sub 300 Ti5 (Hodinkee)
https://www.hodinkee.com/articles/the-doxa-sub-300-ti5

48:30 Hands-On: The M.A.D.Editions M.A.D.3 Vincent Calabrese (Hodinkee)

49:48 Business News: Corum Is Back: With A New Admiral, Fresh Designs, And A Plan To Return Brand To Former Glory (Hodinkee)

56:19 Introducing: The Tudor Northflag Returns With Dual Time (Hodinkee)

1:02:14 Best fondue restaurants in Geneva (geneva.info)