Ilaria Resta: The Future of the Luxury Watch Market and Audemars Piguet | E149

The three most important qualities are: love what you do or fall in love with what you do, learn which becomes more difficult as you grow, and legacy. Define each year what legacy will survive you, making business, people, organization, and relationships better, but set something achievable, measurable, and concrete.

We don't have a typical customer, but I can back you in clusters. There are collectors building thoughtful collections, people buying to celebrate life stages, using watches as memory holders, and stylers choosing for aesthetic appearance. We are underdeveloped with women, below 20% of buyers, but by 2030, 45% of women will buy mechanical watches. Younger generations are getting interested, even bringing their fathers into watchmaking.

Let me answer in the simplest way. If we were in the business of revenue, all this would happen. But we are in a business of relationship and passion for quality. We want this way of doing business to perpetuate for 150 years. Building a relationship takes time, like in marriage. We service watches from dates hundred years ago, and our clients become part of the AP family. At Le Brassus, watchmakers have a high level of attachment, and we ensure highest standards of excellence.

The figure you mentioned is an average; we have different prices. It's not our entry price, but we have lower as well. The prices range depending on complication, development, and materials. We just launched the Universelle, the most complicated Royal Oak watch, which won the Grand Prix de Genève. It's over a million and takes at least two years to assemble manually. In Switzerland, you can visit and see your watch under development. The price is connected to the overall value equation.

We don't ask people to buy certain amounts or create connections. I won't enter the Hermès case. In our case, we have a certain production capacity based on excellence. If we assembled watches online with zero human power, copied calibers, or used cheaper materials, we could produce more. We decided to produce less to aim at the highest standards, making choices. We welcome all clients, but it's a matter of time when we can serve them. We are not into bundling.

Watches have always been an asset class like many other luxury brands. What matters more is the innovation and craftsmanship behind the watch. I don't buy, and most of our clients don't buy thinking of an asset class. They think about the usage and importance in their collection and life.

We're working on a project to offer certification of our watches and the chance to renew collections. We are thinking how and if this proposition can work. If it works in the next years, we will launch it.

It depends on the company. It was true for us and still is. We are a rule breaker in a positive sense. In history, Audemars Piguet has been edgy to try things that didn't make sense. For example, the Royal Oak was a rule breaker: 39mm diameter was gigantic, called 'jumbo,' launched during the quartz crisis. It was received with mixed feelings but became successful. We also launched the thinness perpetual calendar, focusing on high complication. Our marketing campaigns and collaborations push boundaries. We have a witty spirit, not taking ourselves seriously, yet our job is serious. We experiment with materials like ceramics that can be destroyed easily.

I have three guiding words: love, learn, and legacy. Love what you do or fall in love with it. Learn, which becomes harder with age due to less time or arrogance. Make learning accessible to others. Legacy: define each year what will survive you, making things better. Set achievable, measurable, and concrete legacy every year. I judge my people on the legacy they leave behind.

Find mentors and supporters. Don't be shy in asking for help. Women often fear asking for help because it feels inappropriate. Cast a broad net for support. Be extremely vocal on what you want. I was relegated to event organizer after maternity leave at P&G, which was a killer. For my second maternity, I learned the lesson: I want a job as big if not bigger. Speak up if injustice is done. Start talking about your life in terms of choices, not sacrifices. Being at the driving seat of your life is key.

Again, it needs to be a choice. If it's a sacrifice, it doesn't work long-term. It creates tensions. You set the wrong example for your kids. My role is positive: I tell my kids about my day, sharing visibility of the world. I want them to see it's possible to have a satisfying working life and be a mother. I felt guilty with my mother for this lifestyle, but it's all about choices. Make choices and get the most out of them.

First, we're going to make the Randall Kaplan watch when you come to Le Brassus. Jokes aside, John Mayer is a great collaboration. He's a collector, connoisseur, and close to us, providing inputs. He's a creative conduit, bringing collector perspectives. I offered him the role of creative conduit. He pushed boundaries with materials and perpetual calendar. I don't do collaborations just for celebrity names; they must bring value. We did a collaboration with KAWS, the artist.

It's a concept tourbillon with the Companion attached to the sapphire crystal. We developed a new movement with peripheral time display to leave space for the Companion. It's inspired by KAWS' work.

Ready to play. Biggest lesson learned: stay humble. Number one professional goal: leave a legacy on people. Biggest regret: not traveling more. Biggest fear: not having enough time to travel. Proudest moment of my career: now. When you landed this job as CEO, what did your mom say? She said she couldn't believe it but could believe it, and she was proud. My dad would be extremely proud. Craziest thing in career: when former team members write love letters and bring tears. It's the most rewarding part of my job. Funniest thing: I mix up names of people. Best advice: observe first, then listen. Worst advice: you should change your posture. 10 years from now: I hope doing this job. 20 years: teaching university. One trait for success: learning desire. Most important to success: learning, desire, curiosity. One thing dreamed of: teaching at university. Advice to 21-year-old self: keep changing aspects in your work and leave when comfortable. Meet one person: my father. That's beautiful.

It's all questions related to my personality. Who are you as a woman? I am like a curious cat, someone who leaves and breathes knowledge and discovery. I'm a connector.

Wow, I should hire you as our spokesperson! Amazing, it's been amazing.

Me too. I'm grateful for your time.

Thank you, Randall. A great pleasure to be here, and I hope I helped somebody get good advice.