Why everybody is talking about customisable watches

When at the dawn of the smartphone revolution the whole world was amazed at how so many properties could coexist in such a compact object, and many predicted the end of the watchmaking market. Why invest in an object that can only tell the time, when you already have a state-of-the-art Blackberry? Once upon a time, younger generations were the first to snub watches, but today their interest in vintage or customizable wrist jewelry is rising rapidly. It all started during the post-lockdown period of 2021 when an unexpected boom in demand stunned the industry by initiating a phenomenon called the "YOLO effect"- an increase in consumer interest in buying unconcernedly, which is expected to grow again in 2023. Although anti-Covid laws in China have hampered the sales of big luxury groups, the results of 2022 have shown great profits: LVMH's jewelry division grew by 12%, Richemont by 6%, and Hermes' watch sales increased by 46%. In Italy, according to a statistical analysis by Assorologi and GfK, 2022 brought remarkable growth to the watch market, 9% higher than the previous year.

There are many reasons why younger and younger demographics are investing in luxury watches, including the fashion industry's involvement in the sector and the market giant's new testimonial selections. Last week, Gucci - one of the brands most loved by the latest generation - launched its third collection of customizable G-Timeless Moonlight watches, inaugurated together with the new watch lab, a Swiss watch factory based in Cortaillod. At the same time, high-end watchmakers are recruiting an increasing number of ambassadors particularly loved by Gen Z and Millennials, such as Kylian Mbappé and Chiara Ferragni, hired by Hublot, and Rami Malek, Troye Sivan, Willow Smith, Maisie Williams, and Jackson Wang by Cartier. To this is added rapper Tyler the Creator, nicknamed "the Curator" for his numerous art, fashion, and design collections, who often parade a precious line-up of Cartier, vintage or limited edition, on social media. These are the factors that are turning watches into a common passion amongst younger groups, leveraging their collectible quality and placing them amongst the many cult objects belonging to hype culture which, although in apparent decline, remains one of the most popular niches in youth luxury. According to a study run by the consultancy Bcg- Boston, by 2026 the sale of vintage watches will account for almost 60% of the entire market, having accounted for $22 billion in 2021 alone, i.e. third of the industry's entire earnings ($75 billion).

As the aura of popularity around vintage watches explodes, enticing Gen Z and Millennials to invest in 1970s Cartier like "Tyler the Curator," the market for customizable watches is also expanding, even gaining recognition from the so-called "purists" of the industry. «What is fundamental in the world of customisation is to never go to the detriment of the intrinsic value of the watch, distorting the traditional aesthetic canons while respecting the heritage of each brand. It's a very fine line.» explains Elena Filipponi, director and co-founder of Names, the London-based agency aiding the growth of emerging and well-established brands which has been working alongside Mad Paris, the luxury customized watch brand, for years, «in my opinion we have moved from the watch as an object that is passed from father to son, to the watch as an investment piece. That's what I like most about this new hype, it's what you see with sneakers too, even in the art world, for me it's a new culture that should definitely be respected.»

Founded in 2006, Mad Paris is a world leader in watch customization, and together with Names - with whom it has been working since 2018 - it has signed a number of noteworthy collaborations, including two collections with 1017 ALYX 9SM and Casablanca. Mad Paris is now present in some of the most popular luxury multi-brand stores, including a fruitful partnership with the resale site Farfetch, which has allowed the brand to reach a high-fashion audience. «This is where we started to create a bridge between the world of custom watches and fashion,» Filipponi explains, «the collaborations with 1017 ALYX 9SM and Casablanca were something that had never been done before, taking a historical brand and a progressive luxury brand to design a watch that had never been seen before.» During the interview, Filipponi repeatedly emphasizes the importance of the two brands' respect for the secrecy and discretion of their clients, even though some of the most famous names on Mad's VIP list, namely Drake and Virgil Abloh, are already known to the public. «What I like to say about Mad is that it is an uncompromising approach to luxury customization, from a technical, production, and design point of view. Distribution in the fashion world, along with various collaborations with Alyx and Casablanca, have elevated this perception. Our profile is as low and discreet as our customers.»

To explain how the creative process unfolds, Filipponi repeats one of the brand's main mottos, «Anything is possible,» and lists the steps involved in customization. After choosing a watch - which could be any brand, from Patek Philippe to Audemars Piguet, or Richard Mille - the customer can change any detail of it. «Oftentimes an empathetic relationship is born, where you try to understand the customer's vision,» Filipponi explains, «you can change every element of the watch, from the strap to the dial, you can apply stones, make engravings or put your initials; almost anything is possible, even what at first seems to be.» During the first meetings, either physically or by phone, a team of experienced designers proposes graphics and visuals to support the customer in the conception of the jewelry, a necessary step to ensure the highest level of dedication to their consumers. When the time comes, Mad Paris activates its network of watchmakers and production facilities, a team with a unique manufacturing background. «The moment you open a watch and start to take it apart, the craftsmanship skills that are required to customise each component are very high,» Filipponi explains, «this has created a lot of confidence in Mad Paris in the market, from a design vision point of view but also in terms of technology, materials and execution.»

In recent months, demand for luxury watches has been so high that it is difficult for manufacturers to meet customer demands. Interviewed by Vogue Business, the former head of LVMH's watch division, Jean Claude Biver, explained that this shortage will continue until 2024. «It will take at least three years for production capacities to adjust.» For Biver, the problem represents a great opportunity for emerging watch brands. It is clear that for many consumers buying a luxury watch is a financial investment, but in the case of Mad Paris, customers want to create real heirlooms, small works of art that instead of being used as assets will be kept forever. Mad Paris's radical approach might be taboo at first glance because, as Filipponi describes it, it is «disruptive,» but in truth, it responds to a rapidly growing demand for customization that goes far beyond the economic value of the product. The rising cost of customization affects the exclusivity of this luxury, paradoxically turning it into an even more coveted purchase. «It usually takes a few weeks before we get to the final design, also to give the customer a chance to really breathe in the creation process,» Filipponi explains, «there is always a bit of reticence at the beginning, but my favorite part is when they see the watches in their hands for the first time. It doesn't matter who you are, or where you come from, it's like opening a present at Christmas, you all become a little bit more childlike, you have this new shiny toy that nobody else has in the world.»