Lucerne, Schwanenplatz. In front of the five-storey Bucherer boutique, tourists from all over the world stroll and marvel at the lake with its Alpine panorama. Inside, Global Director CPO Odilo Lamprecht greets us cheerfully in a lounge. In one corner stands a huge espresso machine, beside a well-stocked selection of whiskies, gin and other drinks. We settle into comfortable leather armchairs and don’t feel at all as if we’re in a watch shop.
Mr Lamprecht, you come from IT – how do you slip from there into the world of mechanical watches? – «I did start my career in e-commerce, but I was never a developer, rather on the business side: holistic concepts, processes, organisation. Nor did I come to Bucherer as CPO boss; my first task was to build an online shop. A year later I took over the CPO department. You get a chance like that perhaps only once in a lifetime.»
What was the biggest challenge at first? – «Finding acceptance for the subject within the company. Bucherer is a traditional house, founded in 1888; we sell new watches. Pre-owned – put bluntly, second-hand – carried a negative feeling: not luxurious, not beautiful, old. Many couldn’t imagine us selling second-hand watches in our beautiful boutiques. Bringing people on board was definitely one of the biggest challenges.»
But there was also pressure from the market. – «Yes, a fast-growing digital second-hand market – but pure online business, without certified dealers. We asked ourselves: this market will become really big one day. Do we want to be part of it? Bucherer was then one of the first to enter – but not digitally. It was clear: we had to go the Bucherer way.»
What do you mean by the Bucherer way? – «Two factors: trust and image. Trust means: every watch you buy from us is checked for authenticity by a certified watchmaker – no fakes. Our watchmakers are certified by the brands, have access to all databases and spare parts. On every CPO watch we carry out a thorough service and give a two-year international Bucherer warranty.»
And the image? – «We integrate the CPO business into our beautiful boutiques worldwide – with a lounge and bar, where people meet. We want to give the product back its luxury: anyone who buys a CPO watch from us walks out with a Bucherer bag like everyone else, having had a glass of champagne and expert advice. In Geneva, Düsseldorf, Zurich, New York or Las Vegas these are huge departments with sometimes hundreds of watches.»
Who buys the watches – and what do they cost? – «Both: collectors completing a set, and people looking for a vintage-year watch as a gift. Much of it is relatively affordable – ideal for younger people getting into the world of mechanical watches. We’re in the luxury segment; it starts at about 1,500 francs, and at the top there’s hardly any limit.» The most expensive CPO watch ever sold? «If I’m not mistaken, one for 650,000 francs.» That much for a second-hand watch? «For a preloved watch.» (laughs)
If I want to sell a watch – what happens? – «You come by without an appointment, we check briefly and, thanks to our own software, can quote the purchase price at once. Within 10 to 15 minutes you have the money or a voucher.» Do watches sometimes go unsold? «No, every one sells eventually. Some go quickly, others take longer. We want a balanced range – not only fast movers, but also something for the connoisseur.»
What’s doing well at the moment, and who buys more? – «Smaller watches are in strong demand, including for men, and bicolour – the mix of gold and steel. It’s definitely a man’s world, but we have more and more women: by now a good third of the watches go to women.»
Are watches a good investment? – «I’m often asked, and I always say: buy the watch you like best. That’s the best investment – you look at it every day, it’s part of your identity. Whether the value rises or falls, no one knows, it’s like the stock market. I’m not an investment banker, I’m a watch dealer: I sell dreams, not investments. Bucherer is not a bank.»
And yet a lot of money is involved: the CPO market turns over between 21 and 30 billion francs a year. Will it soon turn over more than new watches? – «Yes, I firmly believe so, and it won’t take much longer. My forecast: in three to four years the CPO market will be at least as big, if not bigger. A great deal is developing in a short time.»
136 Years of Tradition
Founded in Lucerne in 1888, Bucherer is today the world’s largest watch and jewellery retailer and employs around 1,600 people. In August 2023 patron Jörg G. Bucherer sold the company to the firm’s most important partner – Swiss watchmaker Rolex – thus securing its survival. With its exclusive Bucherer Fine Jewellery collection, the house also underlines its own expertise.
This article appeared in MEN issue 2/24 (November 2024).
