Founded in 1996, Parmigiani Fleurier is a relatively young brand in a very old industry. But this doesn’t mean the company doesn’t possess unparalleled technical expertise and a network of in-house suppliers that even long-established industry giants can’t match. Two men are largely responsible for this: Michel Parmigiani, the man who gave the brand its name, and who established himself as a restorer of complicated mechanical watches. Putting in countless hours of work to breathe life back into timepieces that even the experts at auction houses had given up on, Parmigiani won the trust of clients who commissioned him to refurbish rare, unique timepieces. The second in the group was Pierre Landolt, President of the Sandoz Foundation, which is backed by the assets of the family of the same name. In the 1980s, Parmigiani was commissioned to look after and preserve the collection of the founder’s son, Maurice-Yves Sandoz. This relationship gave rise to the desire to enter the business with new timepieces of his own. Parmigiani had the expertise, while the Sandoz Foundation provided the financial means. Initially, the company did not have the capacity to design and manufacture its own movements, so it sourced and modified calibers from renowned contemporary or shuttered manufacturers.
The Pôle Horloger – The Companies Of the Sandoz Foundation
At the start of the millennium, a manufacturing verticalization process commenced, which was initiated by the acquisition of three companies from the region. This included the former Bruno Affolter SA, which today as Les Artisans Boîtiers manufactures cases for Parmigiani and handles orders for third parties, which incidentally applies to all companies belonging to the so-called “Pôle Horloger,” the watchmaking division of the Sandoz Foundation. Since 2001, the company Elwin has been responsible for an underestimated but irreplaceable part of Parmigiani’s watches (and those of other customers). Elwin specializes in precision-turned parts such as shafts and screws, as well as more complex components that are also produced by machining, such as column wheels. These are essential components for 100% in-house watchmaking, even if they may not at first glance offer the customer any tangible added value.
One of the biggest challenges for brands wanting to achieve full in-house manufacturing is the escapement assembly of a watch. This includes the production of balances and pallet forks, as well as the manufacturing of sophisticated hairsprings. This is exactly what the company Atokalpa does. It manufactures and supplies complete regulation units and components, and has been part of the group since 2000. Vaucher Manufacture Fleurier was founded in 2003. They are an in-house movement manufacturer with engineering and manufacturing expertise, and probably the most prominent company in the Sandoz portfolio. They also make calibers for other watchmakers. Their clientele ranges from small, young brands such as Carl Suchy & Söhne, to the major buyer and shareholder Hermès. In 2005, the youngest company in the group to date was launched under the name Quadrance et Habillage which, as its name suggests, produces dials.
Parmigiani Fleurier Today
According to various sources, the company broke even for the first time only in 2022, a full 26 years after its founding. Over the years, its losses have been absorbed by or compensated for by the foundation. Parmigiani Fleurier is a project that is truly close to the heart. Although there in recent years have been repeated rumors in the press about the imminent sale of the brand and its suppliers, it nevertheless appears to be doing well. Its first positive business results have been primarily based on the Tonda PF collection which generates over 90% of sales. Interestingly, watchmaking giants are also directly or indirectly intertwined with Parmigiani and Vaucher Manufacture Fleurier. These include names such as Patek Philippe, Audemars Piguet, Richard Mille, Hermès, and Chopard as business partners and/or customers. With its movements and manufacturing expertise, there is little chance that Parmigiani will be abandoned, as was seen with Carl F. Bucherer upon its takeover by Rolex.
The Current Parmigiani Fleurier Collections
The first-ever collection was the Toric line of timepieces. The Toric collection stood (and still stands) for classic design and Roman architecture influences. It is known for its fluted bezels. It goes without saying that the current interpretation of the Toric collection has been adapted to the tastes of today’s customers in comparison with previous models from the watchmaker’s founding years.
The second collection currently available is the Tonda PF. It has become a mainstay of the company thanks to its success and, based on a sportier interpretation of the previous Tonda collection, has given the brand its best years. The ongoing steel sports watch trend helps make this sporty, elegant timepiece on an integrated steel bracelet so popular with buyers. Under the name Tonda PF Sport, Parmigiani cultivates an even sportier interpretation of the Tonda PF, which is achieved among other things by a coarser fluting of the bezel.
Parmigiani currently offers special models with particularly complex movements and special craftsmanship under the Objets d’Arts collection. The L’Armoriale Répétition Mystérieuse model is currently available on the company’s website.
The Future of Parmigiani Fleurier
Business is going well at the moment. And with its portfolio of suppliers, the company is also firmly anchored within the watch industry. Takeover rumors however are making it difficult to achieve a reliable forecast about what the coming years and decades could look like for Parmigiani. Despite its recent financial success, Parmigiani Fleurier is and remains a brand for enthusiasts who appreciate independent, technically competent, aesthetically unusual brands set apart from mass tastes. For collectors, models from the early years of the brand with their distinctive tonneau-shaped cases, or fascinating curiosities such as the Ovale Pantographe with its telescopic hands, offer interesting gems that truly inspire. The Tonda PF going to be very interesting for enthusiasts. It’s definitely worth a look with its clean, remarkable design.
