Ilaria Resta, the newly appointed chief executive of Swiss luxury watchmaker Audemars Piguet, adopted a unique approach before announcement of her occupying the top post, engaging in mystery shopping.
The Swiss-Italian executive, with a career spanning over two decades at Procter & Gamble, visited the brand's Geneva boutique incognito, accompanied by a friend. Concealing her true identity and role, Resta told the salesperson that she has limited knowledge about the company and its watches, which typically carry an average price of around $56,497.
Before she visited the Audemars Piguet boutique, Ilaria Resta admitted to feeling intimidated by the world of high-end Swiss watchmakers.
“I’ve always believed the best leaders are the ones who learn and not the ones who know,” she said in an interview in Le Brassus, Switzerland.
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CEO Resta has a tough time ahead: Analysts
1. Resta faces the challenge of navigating through changing market dynamics, especially the declining demand for pricey timepieces like the Royal Oak, which had surged during the pandemic, say experts.
2. The increased interest in smaller independent Swiss brands poses a competitive challenge. Brands like F P Journe, MB&F, and others have gained popularity, diverting attention from established luxury models.
{{/usCountry}}2. The increased interest in smaller independent Swiss brands poses a competitive challenge. Brands like F P Journe, MB&F, and others have gained popularity, diverting attention from established luxury models.
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3. External factors such as higher interest rates, a strong franc, and geopolitical tensions in Europe and the Middle East are weighing on the Swiss watch market, impacting demand for new watches and affecting second-hand prices.
4. Resta's role includes ensuring Audemars Piguet remains independent, even as potential suitors like LVMH express interest.
5. Experts say Resta will need to assess the effectiveness of Audemars Piguet's shift to selling directly to consumers through its boutiques. As this transition is largely completed, she must focus on sustaining positive momentum through organic growth.
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What are Ilaria Resta plans for Audemars Piguet?
1. Audemars Piguet's new CEO aims to stabilise the brand and leverage its transition from a watchmaker to a luxury house, according to industry analysts.
2. The company is expanding facilities in Le Brassus and constructing a new plant in Meyrin near Geneva, focusing on maintaining production quality rather than significant increases in output this year.
3. Resta emphasises doubling down on complications, material quality, finishing, and craftsmanship, with prices reflecting costs, research, development, and labour.
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4. Audemars Piguet CEO plans to extend its industry-first service programme, guaranteeing replacement or repair of watches stolen or damaged within two years of purchase, to watches bought in 2024.
5. The company is also working on a certification programme for buying and selling its own used watches, following Rolex's move into officially certifying used models in 2022.
(Inputs from Bloomberg)