I was originally introduced to Formex in the early aughts, back when they were advertising in the magazine I was writing for (InSync). The watches were very large, incredibly technical and looked like they were moving, even when they were not. It has been nearly twenty years since and the brand is thriving under new leadership.
I was fortunate enough to get to review the Essence, which was the release that launched their resurgence. In that review, I waxed poetically about its virtues and there are many. It is clear now that the Essence was not a fluke, that there is a direction and a strategy. In the following interview, I got to ask some questions to the man with the plan, Raphael Garnito.
Hope you enjoy!
T2W: Have you always been into watches and if so, how did you get started?
RG: I was literally born into the watch world, as my dad from his earliest working age, worked his way up in different watch companies and brands and then went on to create his own company, Dexel. It evolved into a successful independent company whose strong suit is the development, design and manufacturing of parts for many different watch brands. From a very young age I was interested in what he did and he’d let me help out at the company.
T2W: If you are a collector, what types of watches do you collect? What draws your attention?
RG: I like anything that catches my eye as a whole product. I think that’s how most people chose their watches: by falling in love with them. I don’t have a specific type of watches I collect, I go by what really strikes me at first sight and then holds up to very close inspection.
T2W: How did you get involved with Formex?
RG: One of the founders, whom we had worked with for long time with Dexel, was getting ready to retire and the brand was not doing very well after some rather good years in the mid 10s.
We decided to jump on board with my family and that. After studying everything carefully, I decided to change the business model to d2c (direct to consumer) at the end of 2016 and leverage the rising popularity of luxury goods shopping via ecommerce to drive the brand forward. I knew then that it was going to be a massive challenge to build a brand that was still virtually unknown in the watch community and I gave myself 5 years to prove the concept and get the company into the black.
The beginning was very tough but this year we’ve really seen all the work we put in during the past couple of years pay off and we beat my target by one year. I have my small but efficient team at Formex, experts like you who helped spread the word and of course our customers and fans to thank for that success.
T2W: How different is Formex now compared to its inception?
RG: At its inception in 2000, the brand was built around the world of motorsports, with the newly patented case suspension system. Formex focused on this high-octane image and built very robust and rather large timepieces.
Part of the transformation I brought, was to move away from a solely racing-inspired narrative and design and bring in my design influence which stems from my product development experience I gathered during the 10 years working at Dexel. I wanted to bring in a bit more of the refined design codes while still carrying through some of the design DNA of the brand. Our goal is to create unique designs that have their own character and stand out in combination with all the other attributes of our watches.
T2W: What do you feel sets Formex watches apart from other brands? it is clearly not just the case suspension system anymore.
RG: Gaining my professional experience at a company whose main pillar is innovation driven product development, I clearly want our watches to not only be beautiful in a photograph on Instagram. We put a lot of effort in making our timepieces incredibly comfortable and we like to develop add features that make them very nice to wear.
Many of our customers send us messages reporting that they have not pout another watch on from their collections for months on end after receiving their Formex. That’s one of the nicest compliments we can get and confirms that we’re focusing on the right things. Another factor that might set us apart from more established brands is that due to the d2c business model, our multiplier from cost to MSRP is about half of that of a traditional brand, which allows us to be more generous in terms of what our watches can cost in production while still pricing them very competitively on the market.
In this sense we’re operating more like a microbrand. In terms of design and development, we’re more comparable to a larger brand, as every single component is designed by us and we own the tooling for them. We put countless hours in designing even the most minute detail and to integrate the technical features like our bracelet and strap quick release systems or the micro adjustment on the buckles.
T2W: Speaking of case suspension and seeing as the new Reef diver does not have one, is this the direction for the company moving forward?
RG: I wouldn’t generalize it like that. The case suspension is there for us to use when we feel it makes sense and when we want it to be there. The Reef is among many other things a statement that we don’t only define ourselves through the case suspension system. It’s sort of an emancipation from the past years, without excluding the system for future releases, as you will see in the next release, by the way.
T2W: We have been noticing many avant-garde materials being used lately by Formex, such as high-tech ceramics and carbon fiber. Are there plans for more innovative materials in the future? Or different uses of these materials?
RG: We’re always tinkering and brainstorming and our ear is on the tracks of new material development. I don’t want to use new materials for the sake of using them. If you look at the Essence Leggera collection carefully, you’ll see that the most exposed parts of the watch are made of ceramic, in order to protect them from scratches.
The bezel also has a very shock resistant construction and we’ve never had to replace one due to shattering, which usually can happen when using this material. We always try to integrate these materials in a very logical way and I guess that’s the Swiss-German side of me while you’ll find the more emotional, Italian side in our designs (I’m half Swiss, half Italian 😉).
T2W: I really love the little details, like chamfered edges, sleek and supple links for the bracelet and meticulous dial work. How is it Formex can achieve such a high level of manufacturing and remain so affordable? The value proposition is simply outstanding.
RG: As mentioned in my previous answer, the main factor in that equation is the d2c concept. Had we chosen a traditional distribution business model, the exact same timepieces would cost roughly double of what we’re able to offer them at. I’m also proud to being able to produce our dials at Cadranor, our own dial manufacture in the Jura mountains.
They are used to produce very high-end dials and I enjoy working with a dial manufacture so close to us. I think it’s fair to say that there are not many brands with prices under 2k that can produce their dials in Switzerland. Before we went d2c, 100% of our dials were produced in Asia.
T2W: Now that I have mentioned the bracelets, I have to say, it is clear that the newest Formex watches were made for collectors who love bracelets! From the clasps, to the finishing, to the comfort, they really are terrific. Were bracelets a real focus or was it just a coincidence?
RG: I think we’re giving the bracelet the attention it deserves. Putting all the effort into the watch head only to design a bracelet and a clasp that aren’t up to par is not something we want to do. I don’t like to treat anything on our watches as an afterthought and I guess it helps that we have 35 years of experience in buckle and bracelet development.
The buckle is probably the most used feature of the watch and the bracelet is what connects it to your wrist. I think they deserve as much attention to detail as the watch head during the design and development stage. Let’s look at it like this: At night my watch is on the night stand. I put it on even before I put on my socks and taking it off its the last thing I do before I lay down at night.
That being said, would you spend a lot of your hard-earned money to buy uncomfortable socks and wear them all day, even if they look nice?
T2W: With many other companies coming out with in-house movements, like Oris and Christopher Ward, are there any plans for Formex to do the same?
RG: I’ve treated Formex as a Start-up from day one, as we really did have to almost start from scratch in terms of commercial viability. Talking about an In-house movement now wouldn’t be very realistic and the risks involved in jumping into that adventure would be much too high for us at this time.
We’ve grown organically from the day I took control of the company, without any substantial investment from the outside. Taking on such an enormous challenge right now wouldn’t be in line with the way we’re managing the company. Obviously our own movement is somewhere we want to go at some point but probably not alone.
I can see ourselves working with movement manufacturers to create a caliber. But as with the material innovation, it would have to make sense and we would have to be able to offer some advantages with that movement, which is not easy. The short answer is: Kudos to CW and Oris and yes, it’s something we dream of, but we’re not there yet on our growth path.
T2W: One of the aspects of purchasing a Formex watch that is particularly enticing to me is the "all in" price. What I mean is that the price displayed on your website includes shipping AND all duties/taxes. This is truly remarkable and unprecedented. Speaking on behalf of all of your Canadian customers (and likely other countries as well), THANK YOU! What led Formex to this decision?
RG: It seems like a detail, but there’s quite some work involved for us to make it possible, since Switzerland doesn’t have any 3PLs who offer a real-time key in hand solution for this feature. It was clear to me from the beginning that this is a feature that we need to implement. Long story short: it’s all about the ease of buying a watch from us and customer experience.
We want to offer the customer service we would like to experience from any online purchase: Uncomplicated accommodating, passionate and friendly. (I got goosebumps when I read that)
T2W: I also noticed you have changed your logo / branding. What was the catalyst to this change?
RG: We’ve been thinking about it for a while. The logo did carry the high-octane spirit of the past days well but wasn’t perfect on the dials of more elegant looking pieces like the Essence.
Comments from people saying that they love the watch but don’t want to get one because of the logo we’re also a recurring theme on our social media channels, so we thought it was time to come up with a more modern logo and add a logo symbol that we can now use as an applique on the dial. I think this adds so much to the dials and we’re extremely happy with how the new logo has been received so far.
T2W: This may be an unfair question, but What is your favorite Formex model? It is perfectly OK to say the latest... lol
RG: I’m not one for favorites. I enjoy my watches like I enjoy my women: Plentiful and varied. Just kidding, I wanted to see if you’re still awake after all my blabbering. Don’t print that... (Sorry Raphael, it was perfect, I cannot delete it)
But I really don’t like to pick favorites, I enjoy being able to switch it up and wear the Formex I feel like for that day. If I have a new prototype ready, I’ll be the one to wear it day and night to really test every aspect that is important to us.
T2W: Where do you see the Formex brand in the next 10 years? 20 years?
RG: I feel that we’ve taken the right steps in terms of our product lines and I’d like to continue to grow the company at a healthy and sustainable pace, innovating our designs and features along the way. Our goal is to become a strong independent brand for those who are willing to take a step on the wild side with their watch collection.
If you were not a fan of Formex prior to this interview, I bet you are seriously considering them now! Not only is Raphael as nice as he comes across in this article, his passion and leadership transcend his brand. I wish nothing but success for Formex and I am proud to call him my friend.
Here's to a prosperous and HEALTHY 2021, and beyond!
A pleasure to read about Raphael. I already interviewed him back in 2020 and he is a real pasionate about watchmaking.
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