The Business of Watches [42] Formex CEO And Head Of Product Development At Dexel Raphael Granito

Formex holds a unique place in the Swiss watch industry. The brand was born in the early 2000s with a proprietary case suspension system and designs that expressed the origins of its name 'forme extrême' (extreme shapes in French). But the recession spurred by the Global Financial Crisis of 2008 dealt a near fatal blow to the brand and it entered a period of relative dormancy.

Then in 2016, Formex was taken over by a group backed by one of its suppliers, Dexel, a Swiss component maker specializing in bracelets, clasps and cases as well as dials at its subsidiary Cadranor.

Raphael Granito, now in his mid-thirties, is part of the family business behind Dexel and led the take over and revival of the Formex marque. He has steered the brand's development ever since and a decade later, Formex is leveraging its manufacturing savoir-faire and research and development skills from Dexel to produce innovative and approachable-priced Swiss Made watches. The brand evolution culminated recently with the Aria, a high-end integrated bracelet titanium sport watch with an, ultra-thin, micro-rotor manufacture movement designed by Horage, priced below CHF 6,000. That's a significant step up compared to the CHF 1,800 average price point for its watches.

Granito outlines how the brand has grown and connected with more customers, operating mainly outside the traditional retail structure. Still a family business, he hired his best friend from university to lead marketing and sales efforts. Formex has distinguished itself offering upscale finishing and components, including cases, bracelets innovative clasps and stone dials that include meteorite options. It's approach to design and engineering innovation, that Granito calls 'designeering,' has certainly struck a chord with a watch enthusiasts, particularly in the U.S., now the Swiss brand's largest market.

Show Notes

1:05 Raphael Granito (Instagram)

1:58 Formex (company website)

2:05 The Inner Workings of Formex's Case Suspension System (WatchGecko)

2:56 The Great Recession and its Aftermath (Federal Reserve History)

3:57 The Secret Sauce Behind the Value Proposition of Formex Watches (Timefiles)

4:08 Dexel (website)

4:12 Cadranor (website)

5:16 Formex Essence 5:37

Interview with Markus Wälchli, marketing director of Formex (The Watch Society YouTube)

12:17 Hands-OnFurlan Marri Disco Diamonds Onyx – A New Affordable Entry Into Subtle Gemsetting (Hodinkee)

13:52 How to Determine Product Pricing — The Complete Formula for Small-Batch Manufacturers (Stocksmith.io)

19:26 The Aria Manufacture Chronometer From Formex (Hodinkee)

25:25 Intersect, By the Brands, For the Enthusiasts