DuBois et Fils: the oldest producer of Swiss watches!

More than any other brand, Dubois et fils has a cultural dimension that the management team (were it sensible enough) of the world’s greatest watchmaking event, BaselWorld, should have highlighted. Given that the brand’s prestige darkens all other active brands, Hall 1 should have offered Dubois et fils a place of honor; no, even a throne or a launching pad. Yet, stock-exchange-listed MCH group fails to grasp that it is the brand’s legacy of historical treasures (whose value surpasses by far that of stakeholders’)which really accounts for its current prosperity in watchmaking.

A breathtaking anniversary

Never mind... In order to celebrate its 230^th anniversary as it should, Dubois et fils played truant and had their own “fair” at the ultra-private “Club de Bâle”. It is an idyllic setting by the water where a very selective group of associates – prominent citizens and well-known local figures – meet once a year around a nice table and a good wine. Who would have thought that such magical places still existed in our urban world? Pampered and celebrated with respect, the Swiss watchmaking brand that lives up to its flagship-brand status better than any other brand, organized some quality events in the lounge of the “Club de Bâle”, including both business appointments and themed gatherings. One of them was dedicated to the DuBois family, whose current members recently sold the brand. Another one was devoted to the “Future of watchmaking in Switzerland” and counted amongst its participants Jean-Daniel Pasche, President of the Swiss Watch Federation (FH).

Dubois et Fils DBF004-03 anniversary watch

In conversation with the new owner Thomas Steinemann

Thomas Steinemann realized that he would not get the support he needed from banks – proof that just like the MCH, the financial world often misses out too. Determined as he was to acquire the brand, he set up a smart concept of crowdfunding through a “Shareholders’ Day” that made privileged participants of enthusiasts and subscribers. Incidentally, some members of the DuBois family have contacts with the kind of finance experts who like to enjoy themselves outside their constrained working spheres. The new owner confided in us.

The subscription principle already existed in the days of Abraham-Louis Breguet. Today we call it crowdfunding. What has changed?

In our case, the difference is in the approach and the project’s original idea. Unlike Breguet, we did not want to set up a subscription system, which means selling a watch at a special price if you pre-order and pay before it is produced. What we wanted was to turn those interested in our idea into investors who supported the “revival of DuBois et fils” in the long run. Hence, we needed them to become shareholders.

Thomas Steinemann

Why have banks not helped you to acquire this brand, which is a historical flagship and part of the regional heritage?

Reviving a luxury watch brand is very time-consuming and institutional and traditional investors demand short-term agreements and high return on investment. But I knew that in order to restart the brand properly, the project required long-term investment. Equity-based crowdfunding was the best solution in terms of probability, availability and abundance of small investors.

Honestly, would you have ever imagined resorting to crowdfunding?

Honestly? No. Indeed, when I started talking about my idea of reviving the brand through crowdfunding, no one really believed that it could work. Some people even told me I was crazy.

Who and how many are your “shareholders” and how well do they know watchmaking?

Before we launched our crowdfunding campaign, based on registered shares in late August 2012, DuBois et fils was not a very well-known brand.

Dubois et Fils DBF004-03 anniversary watch

However, in the five months that followed, around 600 investors from 21 different countries subscribed for shares for CHF 1.5 million and thus became owners of the oldest Swiss watch manufacturer. Those people – experts or not – mainly invested in this project because they wanted to be part of something special and very unique. They approved of our innovating approaches such as the fact that we were one of the first companies to have a paperless relationship with the shareholders. We currently have 800 shareholders from 29 different countries and most of them are really committed to the brand.

Who are they and what do you know about them?

Some of them are heavily linked to DuBois et fils and follow it closely. One good example are the descendants of the DuBois family – many of whom are now shareholders – who follow-up on everything concerning the brand. They gave us great support for our revival. Thus, on the occasion of BaselWorld 2015, we celebrated our 230^th anniversary in the very special setting of the “Club de Bâle” and we organized talks on different subjects.

For our shareholders, being part of the DuBois et fils adventure is rather like being part of a big family whose members have a pioneering spirit and want to be involved in the revival.

Dubois et Fils DBF003-07 Big date

I loved the former logo. Why did you feel the need to change it without keeping the exceptional creation date?

We could obviously have continued to use the old logo. But I think it was important to start the revival from scratch – without however obliterating the brand’s rich legacy. That is how we came about the idea of a new logo that combined the brand’s old elements and a new design. The creation date is still visible on the back of every watch.

Isn’t it a bit overwhelming to be the world’s oldest Swiss watchmaking brand? Does responsibility not weigh you down?

The brand unquestionably has a very rich heritage and most importantly, a history many brands dream of. DuBois et fils have been manufacturing watches uninterruptedly since 1751. It is a huge honor for me to have the chance and the privilege to be able to guide this traditional brand to its future.

Dubois et Fils DBF003-07 backcase

Now that vintage is in its zenith and numerous brands are launching reinterpretations of models from their historical heritage, on the occasion of your 230^th anniversary you launched an anniversary piece with an old movement for your shareholders.

The beauty and sophisticated technique of the DBF004, our 230-year anniversary watch, make it an impressive piece. Its most important feature is its exclusive hand-wound RECORD 662 movement that is out of production today. We dug 300 pieces of this special Record caliber from our own stock and redesigned it by combining tradition and innovation. On the one hand, this model is a way to thank all our shareholders without whom DuBois et fils would not have celebrated its 230^th anniversary this year. On the other hand, its unique caliber will undoubtedly be a source of inspiration for many watch enthusiasts.

Did you know that you had these calibers in stock? How did you find them?

The RECORD 662 movements were in our stock. I acquired the brand at the end of 2010 and it came with the complete stock, which also contained some 2,000 other old movements.

The 230-year anniversary watch that was produced in 3x99 pieces (a very limited production) and equipped with this special hand-wound movement was a hit with consumers.

Dubois et Fils DBF003-02

What are your plans concerning points of sale, distribution system, number of pieces, references, upcoming new pieces and communication?

We are currently focusing on establishing the brand in different markets. At the same time, we are trying to make people more acquainted with DuBois et fils. In addition to that, we are establishing a network of specialized retailers through our innovating distribution concept. In the coming weeks, we will introduce the new collections DBF003 Big Date and DBF004 “230 anniversary watch” for the general public. We hope that DuBois et fils keeps attracting attention with its pioneering ideas.