One of the badly kept secrets in Swiss watchmaking has just come true: Breitling has acquired Gallet. Backed by Swiss private equity firm Partners Group, Breitling has been slowly building itself into a group of brands. The Gallet acquisition comes a little over a year after Breitling took over Universal Genève.

According to Breitling chief executive Georges Kern speaking to Fratello Watches, Gallet will be positioned in the sub-CHF3,000 range, topping out at CHF5,000. This puts its squarely in the segment of established brands like Tudor and Longines, which enjoy unparalleled economies of scale, as well as online-only micro brands that lack the overhead of established brands.

The rationale of acquiring Gallet is clear. As Mr Kern mentions in his Fratello interview, it gives Breitling a stronger position vis a vis third-party retailers since the brand can now offer products across the price spectrum, with Universal Genève at the very top. This is particularly relevant as many brands owned by luxury groups like Richemont continue to withdraw from third-party retailers.

Another factor that is left unsaid in the interview is the enlarged group presumably improves the odds of an exit for Breitling’s private-equity backers. Partners Group bought a majority stake in Breitling at end 2022 from CVC Capital, another private equity firm that bought Breitling in 2017. According to news reports at the time, CVC divested part of its Breitling stake at over five times the 2017 valuation.

Underlying the growth of the Breitling group is whether the owners are in it for the long haul to build the brands, or merely to bulk up the group enough to go public or sell it.

Panerai chief executive Jean-Marc Pontroué has just revealed he’s stepping down in a post on his personal Instagram account. He took up the job almost exactly seven years ago, after six years as chief executive of Roger Dubuis and over a decade at Montblanc, where most notably he led the brand’s high-end watchmaking efforts (that were dialled back under subsequent managers).

Mr Pontroué’s successor, effective April 1, will be Emmanuel Perrin, currently head of Specialist Watchmakers (SWM), essentially the watch division of Richemont, the Swiss luxury group that also owns Cartier and Van Cleef & Arpels. According to insiders, SWM will continue to exist, but at a regional level, rather than the group-level entity it is now.

Emmanuel Perrin

Mr Pontroué landed at Panerai with big shoes to fill: his predecessor, Angelo Bonati, led the brand for over two decades, taking it from essentially nothing to one of the hottest brands in the 2000s. Panerai’s impressive momentum had begun to slow towards the end of Mr Bonati’s tenure, and despite his best efforts Mr Pontroué never managed to recapture the magic.

Amongst the initiatives launched by Mr Pontroué at Panerai was sustainability in watchmaking materials and packaging, as well as a renewed engagement with Paneristi, the community of dedicated Panerai fans – underlined by historically inspired new launches coming in 2024.

The brand’s direction will now be determined by Mr Perrin. During his spell leading SWM, Mr Perrin ruffled a lot of feathers amongst watch retailers as he closed third-party retailers in favour of in-house boutiques.

Mr Pontroué’s replacement by Mr Perrin can be seen as a natural consequence of the elevation of Nicolas Bos to the Richemont chief executive role in mid 2024. Mr Bos’ promotion to the group’s top job led to a demise of SWM as he gained oversight of the group’s wide variety of brands. Interestingly, a senior Richemont manager commented to me in mid November 2024 that SWM was no longer something they needed to “worry about”.

Addition March 19, 2025: Confirmation that Emmanuel Perrin is the incoming chief executive of Panerai.