Tom La Vecchia

I never wore a watch.

A lot of people didn't wear watches.

We're probably similar age.

Watches kind of had its run and then it retracted and then it ran again.

And then what happened was Apple created a utility out of it.

By creating a utility, everybody started wearing watches again.

What happens when everybody watches again?

Well, I want to wear a better watch than him or her.

I had to go ahead and buy a better watch.

But you, I want a better watch than you.

And it recreated that demand.

And then the scarcity during the pandemic is what drove it to a different level.

But again, there's certain watches that participated in that drive and ones that didn't.

For example, Rolex won big time during COVID.

Two brands that didn't make it, at least in terms of the posterior, were Panerai and Breitling.

Both nice watches, both good watches.

I would argue Panerai is more of a watch guy watch, but neither of those participated versus the other skyrocketed.

In your opinion, why is that?

I think they both missed the boat.

I think Breitling really missed it because I think they were closer to this culture anyway with automobiles and everything else.