A high-end watch company can easily get sucked into marketing gimmicks. Successful brands, however, stay true to themselves for the duration of their existence.
Since its inception, Hublot has been known for material experimentation, shaped cases, a never-ending roster of famous ambassadors, and a passion for football (in 2006, it became the first watchmaker and luxury brand to enter the football stadium). They continue to drive the brand’s product development and communication strategies.
We spoke with CEO Ricardo Guadalupe earlier in October at the official opening of the Hublot City Boutique in Ion Orchard. On his first visit to Singapore since the pandemic, his schedule is packed with appointments. Time, after all, is a commodity he sells — and he does not freely disburse it.
He fielded questions with an easy, charming gait throughout our 20-minute interview. There are no ambiguities in his answers, and he gets right to the point. His long tenure at Hublot — first as Jean Claude Biver’s right-hand man, then as its CEO since 2012 — makes him no stranger to complicated subjects. Likewise, Guadalupe isn’t your average boardroom dictator. His years of experience in product development have given him a comprehensive understanding of the watch industry.
“At the end of the day, we sell watches, which are physical products. A CEO should be involved in product development since watches are our way of life… They do more than tell the time; time is everywhere. A watch is important for what it represents. The design, materials, or movement can express this,” he explains.
Here are more compelling insights from the 57-year-old industry leader.
Hublot launched the first square case watch this year. What prompted this move and how has it been received?
Having explored shaped watches, particularly with our tonneau-shaped Spirit of Big Bang collection, we’ve seen success. So I thought, why not explore other shapes? Although there is the triangle and the oval, I thought the square was the purest shape. Needless to say, our Big Bang Square watches have been selling well.
Since 2020, the Big Bang Integrated collection has grown rapidly. What is Hublot’s new integrated bracelet about?
Our core business is still watches with rubber straps, but bracelet watches represent the majority of sales in the watch industry. Since we’ve reached maturity in our business, I thought a bracelet watch would be a good addition to our collection. As part of the Big Bang Integrated project, we created a bracelet that had its own identity. It was challenging because bracelets have links, and there aren’t many unique design options. Our final design incorporated facets and polished and matte finishes to express our personality.
Intriguingly, these watches now account for 6 to 7 percent of our sales. That figure will grow over time. In my opinion, ceramic made the bracelet far more unique than titanium or gold. It also allowed us to introduce colours like sky blue, green, and sand.
Please tell us about Hublot’s digitisation and e-commerce efforts. What have you learned about this world?
Thanks to Covid, digitisation has become a key part of our business model. We learned that our digital engagement with our customers must complement our physical engagement with them.
Currently, e-commerce accounts for only a few percent of our sales. Achieving 10 percent would be a significant achievement. Selling items that cost a few hundred dollars online is easy. In the thousands, however, it’s a different ball game. Having unveiled an e-exclusive model that sold out, we’re also learning about the appeal of online exclusives.
For a fourth consecutive year, Hublot is the Official Timekeeper of the FIFA World Cup. How did Hublot contribute this time?
We made a special version of the Big Bang e FIFA World Cup Qatar 2022 smartwatch for all the referees. The new features on this new-generation connected watch enhance accuracy and communication between referees on the pitch during games. To show off our expertise and create a talking piece, we also created a regular version, limited to 1,000 pieces. However, connected watches won’t be our core business; we aren’t trying to be Apple.
In addition, we have invited over 1,000 guests to the World Cup. It is truly an amazing experience to be a part of it.
Hublot is familiar with Formula 1, but has stopped being a part of it since December 2020. Given its growing popularity, are you planning to return to the industry?
You never know! However, it is our view that Formula 1 is not a sustainable sport. Our partnerships have changed to reflect our desire to be more eco-friendly. Our goal is to invest in sustainable projects. Due to this, we have returned to sailing and are part of Vendée Globe, a non-stop round-the-world yacht race established in 1989. It starts and ends in the French département of Vendée.
There’s also Hublot’s Xplorations programme, which aims to support missions that contribute to the future of humankind on earth, in the oceans and outer space. Nevertheless, I agree with you: Formula 1 is making a comeback. We might return to it — perhaps after the industry undergoes some reinvention.
Luxury is known for its inter-industry collaborations. What makes Hublot different?
With our artist collaborations, we’ve invented something new. As an example, we created a tattoo watch when we collaborated with tattoo artist Maxime Plescia-Büchi. Either you like the watch or you don’t, but it’s totally different. There are no other brands that make something like that. The same thing happened when we collaborated with Richard Orlinski or Takashi Murakami. Such watches become pieces of art. Watches become the fusion of the artist’s art and our watchmaking art when we display the name of our partner on the dials.
