Formex holds a unique place in the Swiss watch industry. Born in the early 2000s, it featured a proprietary case suspension system and designs that reflected the origin of its name, ‘forme extrême’ (extreme shapes in French). However, the recession spurred by the Global Financial Crisis of 2008 dealt the brand a near-fatal blow, and it entered a period of relative dormancy. Then, in 2016, a group backed by one of its suppliers, Dexel, a Swiss component maker specializing in bracelets, clasps, and cases, as well as dials through its subsidiary Cadranor, took over Formex.
Raphael Granito, now in his mid-thirties, is part of the family business behind Dexel and led the takeover and revival of the Formex marque. He has steered the brand’s development ever since, and a decade later, Formex is leveraging Dexel’s manufacturing savoir-faire and R&D to produce innovative, approachable-priced Swiss-made watches. The brand’s 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 by offering upscale finishing and components, including cases, bracelets, innovative clasps, and stone dials that include meteorite options. Its approach to design and engineering innovation, which Granito calls ‘designeering,’ has certainly struck a chord with watch enthusiasts, particularly in the U.S., now the Swiss brand’s largest market.
The Formex Aria in titanium.
There’s plenty of watch business and strategy to discuss, and we hope you enjoy the conversation. Please leave any thoughts or questions in the comments section, and we’ll do our best to respond. Want to subscribe so you never miss an episode? This show is being published to the original Hodinkee Podcasts feed, so you can subscribe wherever you find your podcasts, including Apple Podcasts, Spotify, or TuneIn.
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