Eterna closing down and Corum on life support

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Eterna closing down and Corum on life support

Postby koimaster » October 21st 2017, 10:48pm

Today I found out through Gregory Pons (BUSINESS MONTRES & JOAILLERIE / Médiafacture d'infos horlogères depuis 2004) that the Chinese group CityChamp that bought Corum and then Eterna, has decided to end the hemorrhage (over 200 million francs of loss) by taking actions to end all operations at Eterna and firing the newly appointed CEO of Corum Davide Traxler in the most disrespectful way possible.

So most likely Eterna will find a place in the cemetery of all the watch brands (the land is starting to be too small to accommodate all these tombs) and Corum will grasp air until another unfortunate Swiss guy will be appointed CEO assuming the brand will get enough air until then.
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Re: Eterna closing down and Corum on life support

Postby MKTheVintageBloke » October 22nd 2017, 4:28am

I believe that was the news a few months ago - if Eterna's dead, that's got to be the most lively cadaver out there.
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Re: Eterna closing down and Corum on life support

Postby AlbertaTime » October 22nd 2017, 5:36pm

Just a timeline, and all emphasis mine...my, how things change...

August 17, 2017 @ © Federation of the Swiss watch industry FH
New Chief Executive Officer for Corum and Eterna

Citychamp Watch & Jewellery Ltd a annoncé la nomination de Jérôme Biard au poste de directeur de la division horlogerie au sein du conseil d’administration Europe de Citychamp Watch & Jewellery.

Jérôme Biard will take over the management of Corum and Eterna on 1st of September; which includes the implementation of the overall strategy initiated by the Board of Directors and the general management of the operations of the two brands.


A veteran in the watch industry with more than 25 years' experience, including 16 years at Richemont in sales and marketing for Vacheron Constantin and Cartier. In 2005, he assumed the role of International Sales Director for Girard-Perregaux and in 2009 was appointed CEO of LPI (Weitnauer Group) a luxury watch & lifestyle distribution company for the Russian market, as well as Turkey and Brazil, including the creation of a retail division by capitalizing on his vast business development experience. Mr. Biard’s extensive experience in the watch industry will be an asset to the Group’s profitability and diversification.


July 12, 2017 @ JCK The Industry Authority
Citychamp Watch and Jewelry has appointed Jérôme Biard (pictured) as director of its watch division.

He will take over management of its Corum and Eterna brands on September 1.


He replaces Davide Traxler, who was appointed interim CEO of both brands in March. He has since left the company, according to a spokeswoman.

Biard has more than 25 years of experience in the watch industry, including 16 years at Richemont in sales and marketing positions for Vacheron Constantin and Cartier.


June 8, 2017
@ REUTERS
CWJ said it was hiring a new head of timepiece division to lead its Swiss watch brands, Corum and Eterna, to replace Davide Traxler, who left last month just two months after taking on responsibility for Eterna on top of his job at Corum.

A spokeswoman for Corum said the new CEO was already at work, but the name would only be made public in a few weeks.

“CWJ will continue to do what is necessary to ensure the development of Eterna,” CWJ said in a statement, adding Corum’s management team would share its expertise with Eterna while synergies in back-office operations and distribution networks would also help.

CWJ injected “more than 5 million Swiss francs” ($5.2 million) this spring to help Eterna that was struggling to pay its suppliers, it said.


May 21/2017 @ Deployant.com
News just in: Davide Traxler is no longer the head of Corum and Eterna...At Baselworld 2017, he was appointed as Interim CEO of Eterna. Both Corum and Eterna are owned by Citychamp Watch and Jewellery Group.

As we were preparing this article, we just received the following from the Spokesperson for Corum Watches Singapore: “He was hired as a consultant to the company and the contract was initially for 1 year, which was further extended as the successor was not found yet. However, the separation is amicable and he will be assisting the handover until end June.


...and here's a link to what Jérôme Biard had to say about it @ WorldTempus, in an article titled First exclusive interview with CEO Jérôme Biard, published Aug 25/2017.
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Re: Eterna closing down and Corum on life support

Postby conjurer » October 22nd 2017, 6:33pm

Actually, I think a lot more CEOs should be fired in the most disrespectful way possible.
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Re: Eterna closing down and Corum on life support

Postby TemerityB » October 22nd 2017, 8:27pm

I dunno. I remain a big fan of Eterna; the quality of their dress watches was really good. I do own one and I dare say it's one of the best pieces in my meager collection. Corum, well; someone is gonna have to explain some of those those designs to me - wait, on second thought, don't. I'm sure the quality was there but you wouldn't catch me dead in those card game/cartoon/WTF designs.

Koi's right, though - lot of demises already on the books, with more certainly to come. I guess in 2017 it was the big boys that managed to turn the corner, while smaller, less-known brands bore the brunt of the failures. Eterna must have really been in a bad way; there was so much gray out there that I'm sure it ate into what little sales they did have, at least in this country.
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Re: Eterna closing down and Corum on life support

Postby Pubbie » October 23rd 2017, 12:35am

It is a pissa. But just like the only premium cars available for people with some money to spend but not too much are BMW Audi Mercedes, the only watch brands the premium world needs are Rolex Omega Tag*.

There's no need for other brands, no call or desire at this level. Oris is the quirky Alfa Romeo in the mix, but with slightly better reliability. ML is suffering, Citizen is running FC and Alpina at a rictus-grin loss, Richemont is suffering so Baume keeps reinventing itself, Nomos has carved a Tesla-like niche though so good for them.

The Internet was supposed to increase choice, broaden perspectives and tastes. Instead it's made us more conservative, more concerned about what others think of us, more brand conscious and more intolerant of other people's choices. Brands have ridden economic waves for hundreds of years; this is more than about the economy. And the Internet has taken them down. You will have a handful of dominants over time, fewer choices and one too many regrets. But you know, there's always a Rolex, Omega or Tag you can buy :)

*Course you could argue that Tag isn't a premium brand coz u leik hate it init but if so can I direct you to WUS where you firmly belong
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Re: Eterna closing down and Corum on life support

Postby Falstaff » October 23rd 2017, 7:58am

Hamilton must have a lot of dead inventory stock out there. Each day's list of DoD offerings include at least one Hamlington - some days feature 4 different models on 4 different sites.
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Re: Eterna closing down and Corum on life support

Postby AJC » October 23rd 2017, 9:43am

Falstaff wrote:Hamilton must have a lot of dead inventory stock out there. Each day's list of DoD offerings include at least one Hamlington - some days feature 4 different models on 4 different sites.


Victorinox as well.
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Re: Eterna closing down and Corum on life support

Postby Falstaff » October 23rd 2017, 11:01am

Eterna? Apparently not. Ironic, though.
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Re: Eterna closing down and Corum on life support

Postby SynMike » October 23rd 2017, 3:20pm

I've wanted an Eterna watch for the last 3 or 4 years, since I was just a couple hours too late to get one that came up on my local craigslist for only a few hundred dollars. What I was thinking about getting was a simple business/dress watch something like this:

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But this recently added Omega is a keeper and fills the same role in my collection. So I'm unlikely to ever get the Eterna now.

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Re: Eterna closing down and Corum on life support

Postby conjurer » October 23rd 2017, 8:13pm

You're right, Mr. Mike. That Omeger kicks the shit out of an Eterna.
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Re: Eterna closing down and Corum on life support

Postby Pubbie » October 24th 2017, 2:42am

conjurer wrote:You're right, Mr. Mike. That Omeger kicks the shit out of an Eterna.

It kicks that one, but a Four-Hands (which is the equivalent) in turn shows an Aqua Terra the way. Tried 'em both. The Omega is lightweight in comparison. The Eterna's bracelet is better machined, the end links fit better, the dial is more interesting and intricate, the enamelled crown, caseback... A brand new Aqua Terra will put it to the floor, but then they cost more than Rolexes these days - five, seven grand or something? Ten? - so they've moved away from being competition. More importantly given the price points, a KonTiki is (or was) much more than a match for a Carrera.

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Owned one, stupidly sold it, bought another Eterna, there won't be many more now....
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