High jewellery collections are known to epitomise the pinnacle of craftsmanship, just as haute couture is synonymous with the ultimate creative expression of a luxury fashion house. Not only are these one-of-the-kind pieces made with the finest gemstones that cost millions, but they are also handcrafted by artisans from countries like France, Italy and Switzerland. And often time, the know-how of these makers can span generations, and only a few are given access to learn and discover the secrets behind these exquisite creations.
In a first, Roman jeweller Bvlgari has opened its doors to divulge the creative process of crafting some of its high jewellery collections. From selecting stunning gemstones to the red carpet, the entire journey is captured on film and viewers are invited to join in the journey.
Titled “Inside the Dream”, the film was shot in a documentary style (docufilm) and produced by Terminal9 Studios. Directed by Mattieu Menu, it tracks the footsteps of Lucia Silvestri, Bvlgari’s creative director of its jewellery division and the creative force behind the brand’s high jewellery collections. Aside from her official position at the famed jewellery house, Silvestri is also known to be an extravagant gemstone buyer. Her close relationship with the Bvlgari family slowly paved her way to the upper echelons in a largely male-dominated industry.
From searching for precious gemstones in Jaipur, India to conceptualising the designs at Bvlgari’s headquarters in Rome, each stage of the journey has to be in absolute amity. With the Eternal City as the source of inspiration, Silvestri’s fantastical creations take physical form at Bvlgari’s workshop — a secret location where most of its exclusive jewels are crafted.
Far from just being admired, high jewellery pieces are best worn, and Bvlgari’s stellar cast of women ambassadors checks all the boxes. These extraordinary women are longtime friends of the house. They include Kpop superstar Lisa from Blackpink, American actress Zendaya, Italian entrepreneur Chiara Ferragni, supermodel Lily Aldridge and Indian actress Priyanka Chopra Jonas. The diverse ladies are united by their shared appreciation of exquisite jewellery and beauty, representing the adaptability and eclecticism that are core to Bvlgari’s principles.
One of the masterpieces shown in the docufilm is the Serpenti Hypnotic Emerald necklace. The mesmerising crown jewel features a 93.83-carat Colombian cabochon-cut emerald set in a sinuous body surrounded by diamonds and emeralds. A testament to the savoir-faire of the Roman jeweller, the necklace was adorned by Zendaya when she wore it to the red carpet at the 78th Venice Film Festival.
“Inside the Dream” is now available on Prime Video in approximately 100 countries worldwide.
Disruptions to supply caused by the pandemic have exacerbated an existing production issue, which was previously dominated by spurious complaints about brands artificially limiting production. We say spurious here because brands do intentionally limit supply, oftentimes based on their ability to do the kind of watchmaking they want, and to manage quality. Rolex, to use the example of the largest maker of watches above CHF3,000, takes about a year to make one watch, start to finish. This is according to independent estimates from a variety of trade publications, forums, Quora and Watchfinder.com. In any case, this illustration can be scaled down to work with brands that make significantly fewer watches. Keep it in mind when you consider the production information from the brands.
Image: A. Lange & Söhne
Take the example of A. Lange & Söhne, whose Odysseus model is one of the most sought-after in the luxury sports watch category; it sold for almost three times its retail price at a Phillips auction in New York in 2020. The brand continues to emphasise that it produces approximately 5,000 watches annually, and does not intend to go far beyond that. This is despite the fact that the Odysseus model only debuted at the tail-end of 2019.
Image: Piaget
The Glashutte firm has been saying something like this for more than five years, and possibly as long as 10 years. Fellow Richemont brand Piaget has likewise been saying its production levels for watches remain at 20,000 pieces annually since 2008. These kinds of numbers might seem like smokescreens, but we should always remember that contemporary watchmakers prefer to keep their production at optimal levels, rather than going for maximum results. This combines with the fact all brands — including Rolex — sometimes release clunkers or just models that will eventually be retired. When entire collections such as the Audemars Piguet Millenary are retired (at least in a typical gent’s style), the resulting capacity is simply assigned to other collections.
Speaking of retired collections or models, these are the truly rare watches out there. These will hardly ever be present in large numbers on social media, reselling platforms or brick and mortar stores. After all, whatever is discontinued cannot be found in stores brand new, except for whatever stock remains unsold, and brands will probably act to buy those back to protect their brand value. We have mentioned this earlier and will illustrate the point further with some official statements and quotes. In advance of that, we will take a stand here and suggest that if scarcity is the marker you trust best to establish value, then whatever models you do not see for sale are truly scarce. That makes sense from the perspective of Rolex stores without anything to buy… Or is this just a sign that some watches are so popular that watchmakers are having a tough time meeting demand? Indeed, we think that excited watch buyers are confusing popularity for scarcity.
All this is well and good, and represents a cursory examination with some random evidence that might appear to be tailored to fit our argument. For the avoidance of doubt, this segment includes all public information and statements from the brands on current market conditions. We begin with the most famous of all official words, from the unlikeliest sources: Rolex.
“The scarcity of our products is not a strategy on our part. Our current production cannot meet the existing demand in an exhaustive way, at least not without reducing the quality of our watches — something we refuse to do as the quality of our products must never be compromised. This level of excellence requires time, and as we have always done, we will continue to take the necessary time to ensure that all our watches not only comply with our standards of excellence, but also meet the expectations of our customers in terms of quality, reliability and robustness. Rolex does not compromise on what it takes to produce exceptional watches.”
“All Rolex watches are developed and produced in-house at our four sites in Switzerland. They are assembled by hand, with extreme care, to meet the brand’s unique and high-quality standards of quality, performance and aesthetics. Understandably, this naturally restricts our production capacities — which we continue to increase as much as possible and always according to our quality criteria.”
“Finally, it should be noted that Rolex watches are available exclusively from official retailers, who independently manage the allocation of watches to customers.”
That was the official Rolex line to Yahoo Finance, and it was picked up by every watch specialist, from Hodinkee to WatchPro, with some additional silliness that seemed to be just for the fun of getting the Geneva firm to open up. The above statement though does a bang-up of telling us all what we already know, albeit in words that we can rely on as canon. Patek Philippe, Audemars Piguet and Swatch Group brands can all say different versions of the same thing (minus the bit about the retailers, because Rolex is the only one to rely exclusives on authorised dealers, without brand-run boutiques).
On the new manufacture building and production: “Today, the building is too big for us but tomorrow, we will need it. My children, if they want to develop the company, they will need it… If we talk about quantity, maybe we will increase by 1-2 per cent (over the course of years) so we need the space for that too. Even with our current production, we have to expect all these watches to return to us for servicing, so that’s another reason I decided on this type of expansion.”
The above is a quote from an interview we published in issue #59. Patek Philippe makes roughly 60,000 watches annually, and the firm will not be running at full capacity in the new building in the immediate future. Even without the pandemic in the mix, the idea is to scale production up gradually. Sustainably even.
On discontinuing Ref. 5711/1A-010 (as told to the New York Times in February last year): “We are doing this for our clients who already own a Patek Philippe and to protect our brand from becoming too commercial. I can continue to make this fantastic product, or sell 10 times more of them. But I am not working for numbers. I am protecting the company for the future, for my children.”
“This is an opportunity to teach a lesson to my kids, who are the first ones to say, ‘Dad, are you crazy?’ They have to learn, just as my father taught me: When you have a fantastic brand like Patek, you have to protect the brand and not just one product.”
And finally, the statement Patek Philippe itself released confirming the end for Ref. 5711/1A-010, edited here for relevance: “We seize this opportunity to reiterate that the priority for Patek Philippe is not to generate short-term profit, but to focus on creating a variety of new models that provide exceptional quality while preserving the value of our customers’ existing timepieces…we will maintain a balance in our collections without focusing on one specific product.” We published this statement in full in issue #60.
As that New York Times article mentioned, besides Rolex and Patek Philippe, Audemars Piguet also has one model in particular (non-vintage) that remains a “wrist-power,” object. This is of course the Royal Oak reference 15202ST, which was also recently discontinued and replaced with reference 16202ST, itself a limited proposition for the 50th anniversary of the watch this year. There will only be 1,000 models of reference 16202ST with the 50th anniversary rotor on the brand new calibre 7121, just like the Series A run of the Royal Oak in 1972. Of course, a production run of 1,000 models in 1972 is quite different to that same number today, but Audemars Piguet has to protect the value of all existing watches in its stable, as well as all vintage propositions as well. CEO Francois Henry Benahmias said as much when introducing the entire new range of Audemars Piguet watches this year.
In response to our challenge to the idea of protecting desirability when it feeds the rapacious flipper mentality, the jocular CEO said the following: “We live in a free world…it is a free market. Who are we to determine what people do with our watches? If someone buys a watch from us and wants to sell it, who are we to stop him? Having said that, if someone buys a Royal Oak from us, sells it on, and comes back to try and buy the same watch from us again the week after, maybe we have a different point of view…”
We take Benahmias’ words to mean that collectors cannot be prevented from buying and selling whatever they want, which is only logical and reasonable. The secondary market (pre-owned and grey market) is estimated to be at least an order of magnitude larger than the primary market (EuropaStar, circa 2020) so shutting it down is certainly impractical. On the other hand, opportunists who see quick profits in iconic wristwatches should be resisted, if for no other reason than self-preservation.
Benahmias and Friedman went on to explain that if Audemars Piguet wanted to make more Royal Oak watches, the firm would have to make less of something else. Other manufactures have made the same point, as we have referenced earlier, and combined with long term growth strategies, all this means that we cannot just have more supply of one or two kinds of watches. Patek Philippe would have to allocate more than 30 per cent of its resources to make more steel watches, and Stern has repeatedly said he does not favour this. It seems logical that Rolex, to use a much larger production business as a counterpoint, would likewise not be interested in growing the volume of its business in steel watches, if it had to do so at the expense of its precious metal watchmaking.
Image: Audemars Piquet
Perhaps if the business in precious metals grows at the same pace, we may yet see more steel watches too, however unlikely it may be that two very different segments would experience the same scale of growth. For the moment, the desire for more of today’s popular models will have to come from the secondary market. This is of course the reason certain older models gain in value over time, when they might have lost a good chunk of the retail value to begin with.
To properly conclude here, there are plenty of brands creating similar watches today, chasing the insatiable desire for symbolic statement watches, such as the Royal Oak and the Nautilus, and dive watches. We have already seen the Parmigiani Tonda PF on one end, and the Tissot PRX on the other. This year so far, the Zenith Defy Skyline is making a play for the same wrist-space. No doubt Watches & Wonders will show us even more dive watches at a variety of price points, and plenty of luxury steel sports watches.
And we have not even discussed the heavily-marketed Bvlgari Octo Finissimo and its part here. Head over to the most popular reselling platforms and see how many of the existing watches we have mentioned in this article (minus the most obvious ones) are available, and at what price. If numbers are really your thing, you will see that scarcity does not always equal eye-watering price tags.
For many, buying a luxury good marks a milestone in their professional life. This is especially true for the new generation of spenders who have just started their careers, and making that big purchase signifies a transition from youth to adulthood. The penchant for the consumption of luxury in this burgeoning group is one that many brands cannot afford to ignore. They will, in the future, be the core that will help to bring in revenues and it does not hurt to start a relationship from the beginning.
While the appetite for luxury is huge for this group of spenders who are in their 20s or 30s, they might not have the means to make that full purchase readily. Hence, there is a gap that exists between the desire to buy and the ability to pay. To address this rift, companies are created and a new phenomenon called “Buy Now, Pay Later” (BNPL) is introduced to society.
Image: Gucci
BNPL is a relatively new payment method that got popularised in recent years. The concept is similar to traditional credit card instalments but what differentiates BNPL is the non-requirement for checking credit scores. This is a huge boon for Gen-Z and millennials who might not meet the requirements for a traditional credit card but still aspires to buy that piece of luxury goods. At present, payment providers like Klarna, Afterpay and Affirm are some of the most common services sought after by both brands and consumers.
For luxury brands aiming to penetrate the youth market, BNPL is the perfect solution. Using the BNPL scheme allows these spenders to spread the cost of their purchase over several instalments, which can range from three to six months depending on the provider. This allows younger buyers with less disposable income to finance their purchases in parts and be in a better position to control their money.
“Splitting a high-priced purchase into a few payments allows consumers to buy the products they aspire to own without pressuring retailers to promotionally price,” Marie Driscoll, managing director of luxury and fashion at Coresight Research, New York shares. “BNPL supports brand equity, whereas promotional pricing erodes brand equity.”
As with any other payment plan, there are penalties if payments are not made according to the set schedule. While BNPL providers do not conduct a “hard search” of a person’s credit history, the companies still do a “soft search” to weed out borrowers with bad records. If a payment deadline is missed or delayed, it could potentially be detrimental to a person’s credit score. For young people just starting out, this is a crucial point to take into consideration.
Fintech companies like Klarna and Afterpay are estimated to rake in revenues between US$4 to US$6 billion by next year, according to a report by McKinsey and much of this growth is attributed to younger, risk-averse consumers.
With greater spending power, youths across the world are becoming more willing to part with their money. While mature economies in the West are seeing younger spenders, the main bulk of consumers is actually coming from the East in the Asia-Pacific and Southeast Asia regions. Its youth population is adept with fintech services, and coupled with rising income due to robust economic growth and low unemployment, it is the perfect recipe for success for both the service providers and luxury brands.
Recognising the youths as a market not to be missed, BNPL providers have partnered with a host of luxury brands including Gucci, Balenciaga, Bvlgari, Givenchy, Bottega Veneta and others. Luxury retailers have also come onboard like Saks Fifth Avenue and Neiman Marcus. The point for these merchants is to extend their customer base by attracting those who previously were not able to readily buy luxury goods, so it is a win-win situation.
However, with luxury becoming more accessible, then does it lose its allure in the long run? In a way, yes, its attractiveness does somewhat diminish if one is to quantify luxury in terms of its monetary value. While using price values to determine a status of a luxury good is commonplace, it is not the only determinant. It is a myriad of factors that could include intricate craftsmanship in making the product, the long heritage associated with the brand and the entire experience or journey in acquiring that particular item of interest.
Image: Bottega Veneta
Even though a majority of BNPL users are Gen-Z and millennials, there is also a group of spenders who falls outside of this age group and are financially capable of paying in full. But they still choose to use these services because it is more convenient. Hence, luxury brands stand to expand its consumer base further to include this new pool of spenders.
In an ideal world, it would definitely be great if consumers were all able to pay in full, but the reality is that not everyone can afford a large sum of money at a go. A luxury good can only be luxurious if it can be attainable. If one has no means to attain a luxury good then can it really be called luxury in the first place?
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There’s something quite destined between Mary Katrantzou and Bvlgari. In 2019, Mary Katrantzou made a homecoming to Greece with her Spring/Summer 2020 show themed Wisdom begins in Wonder. There at the majestic Temple of Poseidon, the London-based Greek designer delivered her debut couture collection complemented by Bvlgari’s high jewellery and archival pieces.
During her collaboration with Bvlgari, Mary Katrantzou discovered about the Greek roots of the Maison’s founder, Sotirio Voulgaris, and through a tour to Bvlgari’s archive in Rome after the show, it has sparked Katrantzou’s Bvlgari capsule collection.
“The snake sheds its skin to allow for further growth. This journey of evolution became the centre point of the designs.”
Following the likes of Nicholas Kirkwood, Alexander Wang and Yoon Ahn, Mary Katrantzou is the latest designer to join the roster of Serpenti Through the Eyes of collaboration to rethink the iconic Bvlgari Serpenti. The Harlequin Serpenti watch from 1968 has served as her biggest inspiration to bring the capsule collection to life and is echoed throughout the collection through the lens of metamorphosis, rebirth and revolution. The collab sees not only the collision of Mary Katrantzou’s unmistakable kaleidoscopic print and the audacious identity of Bvlgari, but also the emphasis on the designer’s architectural expression, which is evident in the top handle bag and the wearable minaudière.
The unexpected star of this collaboration, however, is a new Eau de Parfum created by Mary Katrantzou and Master Perfumer Alberto Morillas for the Omnia family. Omnia by Mary Katrantzou’s bottle looks like a psychedelic floral dress, and yes, it is a floral scent that plays to the sun-kissed season and unlocks your fondest summertime memories. A floral blend of Gardenia and Mediterranean Orange Blossom is at the heart of this bouquet, layered with Mandarin and Fig Leaf for some sparkles.
We caught up with Mary Katrantzou as she shares the story behind her collaboration with Bvlgari:
How would you define the Bvlgari Serpenti?
Serpenti is Bvlgari! To me, Serpenti is a symbol of transformation and rebirth. Drawn to the idea of metamorphosis, my intention was to highlight its symbolism. The snake sheds its skin to allow for further growth. This journey of evolution became the centre point of the designs. Bringing the iconic Serpenti head to the forefront, I wanted to use its shape to define the silhouette of a minaudière, a Bvlgari first. I wanted to explore this motif in a completely different scale and create a direct link between the world of high jewellery and watches and that of accessories.
Serpenti is also about movement and harmony. My intention was to recreate that movement in the form of a bag handle, so we designed our own Serpenti handle and clasp to add to their collection. The shape of the bag itself is inspired by the curved lines of the Serpenti body and I wanted to accentuate its femininity, working closely with the incredible leather craftsmanship of the Bvlgari artisans.
Working with a heritage maison, how do you infuse your identity into your work?
My work has always revolved around visual storytelling, so I wanted to add to the story and evolution of the Serpenti icon with newfound energy and optimism. Whilst decoding the symbolism behind the Bvlgari heritage, I realised we share a similar aesthetic and vision in many ways. We both share an appreciation of harmony and balance, an affinity to bold colour and design for women who appreciate originality in design and timeless luxury.
You touched on the idea of transformation and rebirth as the inspiration for this collab, what has transformation and rebirth meant to you in the past year(s)?
Lockdown has influenced the theme of this collection: metamorphosis. Metamorphosis can be defined as the process of transformation, evolution and growth. This year has been a year of pausing and reflecting. Over this time, I moved back home to Greece and have gained so much inspiration from my country’s cultural history, art and nature. I’m constantly asking myself “how can we do better?”. I strongly believe this is a form of transformation that we are all experiencing in this moment. My intention was to continue the story of Serpenti’s evolution in the hands of Bvlgari, by introducing an optimistic message of rebirth.
Model Natalia Vodianova in custom Mary Katrantzou jumpsuit.
Tell us more about how your Greek roots have inspired your approach to this collaboration.
Ancient Greek culture always influences my design process. Discovering that the founder of Bvlgari, Sotirios Voulgaris has Greek roots, made me realise how similar our aesthetic is. We have a common appreciation of harmony and balance, a focus on timeless elegance and a daring aesthetic. After partnering with Bvlgari for my first couture show at The Temple of Poseidon in Sounio, coming together to create a collection felt like a seamless creative marriage.
I believe that it is fundamental to share the same values and vision when two brands come together. My intention was to highlight the Serpenti symbolism that dates back to ancient Greek and Roman mythology. The design codes of Serpenti felt very familiar and I am grateful for the opportunity to apply my own perspective.
You have also worked with perfumer Alberto Morillas for this collaboration, was the creative process different when you’re translating your vision onto the fragrance?
Through the “Serpenti Through The Eyes Of“ collection and our Omnia collaboration, I was able to apply my creativity to two different worlds of Bvlgari. When there is a strong creative marriage between brands, it allows you the freedom to really explore your imagination and creatively challenge yourself. Our entire collaboration was unorthodox as it occurred in the middle of the pandemic.
I had only met with Master Perfumer Alberto Morillas once in London before the lockdown and during this time we defined the direction of the scent. We talked about my childhood memories, my favourite smells and discussed my initial brief: to distill the rainbow into a scent. Doing everything entirely remotely, I think you take most decisions on instinct and fragrance by nature is very personal. It really heightened all our other senses that guided all the decisions around this collaboration.
What occasion will you be wearing this scent for?
Every occasion! This fragrance is a celebration of life’s purest pleasures: an explosive flower bouquet, the smell of an unforgettable bloom and the joy of colours. I hope our addition to the Omnia family brings joy to women and settles like a memory into their soul. For me, it always takes me back to my memories of growing up in Greece.
Is there a guide or any tips to choosing fragrances online?
Finding the perfect fragrance is not easy and it is a very personal choice. For me a perfume is linked with memory and the feelings it evokes, so think of your favourite scent and the mood you want to reflect. Omnia by Mary Katrantzou was designed with that in mind. Our fragrance was created and is being launched during a time of uncertainty and I really wanted to send a message of optimism. It is a celebration of life’s purest pleasures: an explosive flower bouquet, the smell of an unforgettable bloom and the joy of colours.
Define your collaboration with Bvlgari in one sentence.
A seamless creative marriage where limitless imagination meets impeccable craftsmanship, to define timeless luxury
Since the house’s founding in 1884, the majestic beauty of Rome has provided Bvlgari with inexhaustible inspiration in the form of archaeological, artistic, and cultural heritage. As a result of the Maison’s deep roots in Rome, Bvlgari is regarded one of the region’s most storied purveyors of luxury and style. Personifying its unparalleled class and adventurous spirit in a one-of-a-kind guide to the Eternal City, ‘Bvlgari Roma: Travel Tales for Beauty Lovers’, cleverly connects the city’s landmarks with the timeless Bvlgari designs that they have inspired.
Bvlgari Roma: Travel Tales For The Sophisticated Beauty Lover
Intended for lovers of and visitors to Rome whose level of sophistication far exceeds the typical city guide, Bvlgari Roma: Travel Tales for Beauty Lovers will be coveted by the reader who loves Rome and is an aficionado of the Bvlgari style.
Worth an estimated $40.00 U.S., This portable volume takes the reader on an unprecedented historical, artistic, and emotional tour of the city. In addition to an actual guide to landmarks and monuments, the narration is enriched by short stories by some of the best-known Roman authors from the world of contemporary Italian literature, inspired by the most iconic locations in the city.
Further enhanced by contributions from figures linked to the city by birth, by adoption, or by mere passionate attachment including renowned names from fashion, cinema, sport, and music like Anna Della Russo, Lily Aldridge, Ennio Morricone, Roberto Rossellini, Boy George, and Francesco Vezzoli – Bvlgari Roma: Travel Tales for Beauty Lovers, will provide insight to the brand and city like never before, such as through drawing connections between the iconic B-zero1 ring and the Colosseum, alongside the recurrent octagonal geometries of Bvlgari watch dials and the coffered ceiling of the Basilica of Maxentius.
As editor and artistic director Jan Králiĉek states in the Preface: “You will understand how and why the curves of a building are mirrored in a necklace, and how the detail of a mythical painting unfolds into the story of an iconic bracelet or how the dyadic character of a building can be reflected in something as intimate and subtle as a ring”.
