SELLING AT 80,000 THOUSAND HOURS PER YEAR, THE YOUNG SWISS CLOCK COMPANY PHILIP STEIN BECAME ONE OF THE WORLD LEADERS IN THE ACCESSIBLE LUXURY SEGMENT. HERE FOR FIVE YEARS PRESENTING ITS PRODUCTS IN THE UAE, IN DECEMBER OF THE LAST YEAR, THE COMPANY OPENED ITS FIRST BOUTIQUE IN MOSCOW, WHICH ATTENTION ATTRACTED ATTENTION TO THE RUSSIAN PUBLIC. SECRETS OF SUCCESS AND PLANS FOR THE FUTURE SHARE THE FOUNDER AND PRESIDENT OF THE COMPANY WILL STEIN, WITH WHICH WE MET AT THE TIME OF HIS VISIT TO DUBAI.
Will, what made you come up with such a conspicuous detail as two dials on one, making it a trademark of Philip Stein watches?
The reason why we created this “two-faced” version of the dial is that the world is becoming smaller and people are living closer to each other, in a literal and figurative sense. For example, yesterday I was in Zurich, today I am sitting and talking to you in Dubai, next week I will be in America. This is why “two dials in one” is, in its way, our original know-how. You simply set the local time on one dial, and the time of your destination on the second. And you do not need to deal with the mental recalculation of different time zones, all before your eyes. Now I am sure that we have created a watch brand that is unique in its design and recognizable from afar.
What time is set on your watch now?
Now, on one dial of my watch, American time is set (my home is there), and on the second - time in Zurich. This is very important for me, as my company works in Switzerland.
How did you come up with the idea of creating your own watch brand? As far as I know, you have never worked in the watch industry, have you?
Absolutely right. I am a marketer by profession. We met my wife 12 years ago, she had her own watch company, which she was selling at that moment. I told her: “Let's be not only partners in life, but also partners in business, and we will think about what we can do together.” She replied that she knew about watches, and I noticed that I know marketing well, so the idea of creating my own watch brand came up. So we started developing watches that are healthy and have a unique look with a double dial. We started our activities in 2002, and next year we will celebrate the tenth anniversary of Philip Stein.
By the way, in whose honor was your company named? Was that the name of your father, grandfather, or other relative?
Neither one nor the other nor the third (laughs). Just at the moment of searching for a name for a new company, my wife carried a child under her heart. We decided that if a boy was born, we would call him Ben Philippe. But when our son was born, we simply called him Ben, and when the watch company was "born", this "child" got the second part of the name - Philip, well, the name of our family is Stein.
How many people are on your main team?
Today we have two offices. One in Zurich, where six people work. And another in Miami, in which a team of 30 people works.
What was the first reaction of the giants of the watch industry when Philip Stein first appeared on the market?
The first reaction was a grin, since most of the well-known watch companies did not really believe that conceptually new watches could be invented. However, we have developed a worthy product, and, not only thanks to the unique technology of natural frequencies, but also the original design.
Please tell us more about this technology of natural frequencies.
Technology of natural frequencies (Natural Frequency Technology) is based on the use of key frequencies that have a beneficial effect on human health and quality of life. The frequencies embedded in the Philip Stein watch inform the owner’s bio-field of information that increases its resistance to stress. Eigenfrequency technology is embedded in metal discs embedded in all Philip Stein watches. A year after the first watch with our patented technology appeared on sale, customers sent us letters telling them about improving the quality of their sleep, reducing stress and improving overall well-being.
Is it true that the first Philip Stein watch was bought by Madonna?
Yes true. Madonna told us through her assistant that she liked the Philip Stein watch itself and the unique natural frequency technology built into it. When Madonna was on the Oprah Winfrey television show, she gave her our watch as a gift. They say they really liked Oprah. And in 2003, she called us herself and said that she likes the Philip Stein watch and she would like to demonstrate it in her program "Oprah's Favorite Things". Can you imagine what happens in America when Oprah approves of something? People just go crazy. People, not even remembering the brand name, go to the store and buy what Oprah showed in her show!
We started with little capital when we founded the company, and within six months we earned the first five million dollars. It was a good start for Philip Stein. Then, in 2005, Oprah showed our other watch model in her TV show, and in December 2010, she chose our watch brand as the official one for her farewell show. In honor of this, we developed and released a special line of watches for the 25th anniversary of the show of the legendary and wealthiest TV presenter in the United States and, perhaps, the world - Oprah Winfrey.
Which other famous people wear your watch?
Philip Stein is a favorite brand of famous people such as Oprah Winfrey and Madonna already named by me, as well as Jessica Alba, Hugh Jackman, Rupert Murdoch, Jackie Chan and many others. I know that you have a boutique in Moscow.
How did your collections receive in Russia?
Yes, last December, we opened the flagship Philip Stein boutique in the Atrium shopping center. He became the first in a network of boutiques that we plan to open in Russia in the near future. At the moment, sales are going well. Now we have launched a large-scale PR campaign, and I am sure that according to its results, sales will increase.
Which markets do you consider key for the Philip Stein brand?
Our main market is the USA. And also, the countries of the Caribbean and Canada, where we have a well-developed distribution network. Today, our interests extend to Asia and the markets of the Middle East.
What are your plans for expansion in the UAE?
We are represented in the UAE market for 5 years. Here we have a good retail partner - Rivoli Group. Currently, our collections are represented in 35 Rivoli stores, and we are not going to stop there.
How much does a Philip Stein watch cost? How many hours do you sell annually?
Prices start at US $ 600 and go up to US $ 25,000 if the watch is in a gold case and inlaid with diamonds. Sales of our watches have been growing year after year since the founding of Philip Stein. Of course, in 2008 we observed a certain decline associated with the global recession, however, like all other manufacturers of luxury goods. Therefore, I will say that 2010 began much better compared to 2009. On average, we sell about 80,000 hours per year.
Please tell us about Philip Stein's immediate plans.
We recently developed the so-called “Sleep Bracelet”, which can help people sleep better. We conducted a study in conjunction with an independent sleep laboratory to prove that you can fall asleep faster, sleep longer, wake up and feel more alert and fresh - all of which we were able to prove. In a month, we plan to hold a presentation of this bracelet for Emirates Airlines passengers. Agreements with the airline have already been reached.
Good idea, I'm sure you will get a lot of positive feedback from frequently flying passengers. Tell me, do Philip Stein collections have female models of watches?
Yes, of course, we have watches for women. We noticed that many modern ladies like to wear large watches. We have a special model that gently fits your wrist when you put it on. This model is completely different from traditional men's watches and looks very elegant.
Thanks for the interesting conversation, Will. We wish you new achievements and new markets.
