HYT watches goes bankrupt

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boscoe
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A SWISS BRAND I NEVER HEARD OF FOLDS

Post by boscoe » March 4th 2021, 10:58am

STYLE WATCH COLLECTOR
MARCH 4, 2021
Swiss Watch Brand HYT Has Filed for Bankruptcy
The party is over for the avant garde watchmaker which dealt in liquid time
By PAIGE REDDINGER




HYT Soonow Courtesy of HYT
HYT, the ultra-niche Swiss company known for watches that tell time via capillaries filled with fluid, has filed for bankruptcy. According to a letter published on the Watchuseek forum and written by the chairman, Patrick Berdoz, and COO, Michel Nieto, HYT was not able to raise the capital it needed, “due to a blockage from institutional shareholders.” Nieto will now take the reins as CEO in an effort to bring it back from the brink of collapse.

The business was founded in 2012 and run by Gregory Dourde, who is stepping aside from his role as CEO to focus on working with Preciflex, which was previously a minority client of HYT, serving as an R&D leg for the company’s fluid timekeeping endeavors. According to Swiss watch-trade publication, Business Montres (subscription required), Preciflex will now be focusing more on the use of micro-controlled fluids in medical solutions (clearly, a far more lucrative and wide-reaching endeavor).


After-sales services for current owners of HYT models will be run by Preciflex. Unfortunately, and rather ironically for those looking to unload their fluid timekeeper, the market is not very liquid. Currently, prices on the secondary market are trading under retail. The HYT H0, of which there are only 15 in existence worldwide, originally retailed for $39,000 in 2017, but is now selling for $28,950 on Watchbox, while the HYT H1 Black retailed for $59,000 in 2012 and is now selling for just over $44,000 in the Titanium DLC version on Jomashop.

HYT Flow with Diamonds
HYT Flow with Diamonds
Courtesy of HYT
One of their final models, the HYT Flow released in September 2020, featured a disco-looking domed ball with 72 baguette-cut diamonds at 6 o’clock and 13 illuminating LED lights positioned below. It retails for $149,000. Looks like the party is over…for now.

But given that HYT was in business for just under 10 years, a nominal amount of time in an industry in which many brands have been around for centuries, the tide could always turn if Nieto is capable of saving the brand over the coming months.
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3Flushes (Online)
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Re: HYT watches goes bankrupt

Post by 3Flushes » March 4th 2021, 12:03pm

labman wrote:
March 4th 2021, 11:38am
No wonder they are going bankrupt.

Take a look at the Invicta style atrocities they produce and the cost - value pays anyone :)**

https://www.chrono24.com/hyt/index.htm
At only $20,000 + it's hard to believe they couldn't move those salutes to the IWG.
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