It is no secret that today s prestige watchmaking business is a far cry from the charming cottage industry of yesteryear. After a decade of multimillion-dollar acquisitions and consolidation, luxury conglomerates now control an estimated 80 percent of the Swiss watch industry, including many of its oldest, most venerated brands. With the exception of purists and fanatics, most people are neither aware nor concerned that corporate entities such as Richemont and Swatch Group actually are behind many of the familiar brands identified on the dials. Still, the mergers and acquisitions of the past decade have sparked a renaissance among independent companies and artisans, who are defying the odds not only to survive but thrive.
Certainly Patek Philippe, Girard-Perregaux, Audemars Piguet, Chopard, and industry giant Rolex have only enhanced their prestige by remaining stalwartly independent. In recent years, several have rebuffed enticements to cash in and huddle under the security of corporate umbrellas. "It s a personal attitude I am mentally independent," says Dr. Luigi (Gino) Macaluso, president and CEO of Sowind Groupe S.A., whoalso serves as president and CEO of Sowind s JeanRichard and Girard-Perregaux brands and Sowind Manufacture, which supplies movements to other companies. Macaluso, who declined what he calls an "astonishing offer" in 2000, says he could not abide with being folded into a huge corporation and relinquishing his control to a board of directors. "This is a family business," he says. "We want to control everything. We re concentrated on long-term goals. Management decisions are not based on monthly performance reports."
