Parmigiani Fleurier Rewards a Closer Look

We go once more into the breach at Parmigiani Fleurier, this time as part of a guided tour with other Asian press. Our last story on this most amazing of watchmaking nodes – the brand itself is just one part of the set-up – covered all the basics of all the constituent parts of what is known as the Parmigiani Watchmaking Centre.

For this run, we are once more not visiting Atokalpa and Elwin, unfortunately, and we acknowledge that these remain significant gaps in our otherwise extensive coverage. Nevertheless, we did get an in-depth rundown on what happens at the aforementioned sites and dutifully sum it up here.

Of course, if you are already relatively familiar with Parmigiani Fleurier, or have read our story from three years ago (it lives on online), nothing has changed at all. We have made an effort to spruce things up with commentary on each of the production sites, based on what might make them valuable…

On that note, the biggest update at Parmigiani Fleurier in the last few years is the news that the entire Parmigiani Watchmaking Centre (PWC), including the brand Parmigiani Fleurier, was and might still be in search of a new owner.

Currently, the whole show is still under the stewardship of the Sandoz Family Foundation. This news (still) offers us another angle to present the information about PWC in a different light, and that is just what we have done.

We begin therefore with the very short list of what Parmigiani Fleurier, which we might use interchangeably with PWC, cannot do. It is really just five items… Parmigiani Fleurier does not make sapphire crystals, synthetic rubies, leather straps, bracelets and mainsprings.

Given that the brand is going great guns with sales of the Tonda PF, which Bloomberg says accounted for an incredible 98 percent of the brand’s sales in 2023, we imagine that plans must be afoot to add bracelet production to the capabilities of Les Artisans Boitiers, or else make a strategic acquisition. The short of it is that there is nothing to report, yet, and nothing rises above the level of rank speculation.

A Foundation In Restoration

The story of Parmigiani Fleurier is inextricably linked to its founder, Michel Parmigiani. In the heart of the Quartz Crisis of the 1970s, when the Swiss watch industry was wobbling precariously, Michel (whom we address by his first name for clarity) established a workshop dedicated to the near-lost art of restoring antique timepieces.

His extraordinary talent for breathing life back into historical marvels earned him an elite clientele, including the Patek Philippe Museum and, crucially, the Sandoz Family Foundation. To wit, Parmigiani Fleurier CEO Guido Terreni often says Michel has a black belt in watchmaking, thanks to his prowess in restoration.

The foundation, built on the fortune of the Novartis pharmaceutical company, entrusted Michel with maintaining its vast and priceless collection of historical clocks and automata.

This relationship blossomed, and with the foundation’s backing, the Parmigiani Fleurier brand was officially launched in 1996. Its first creation, the Toric QP Rétrograde, immediately established the brand’s identity with its distinctive knurled bezel inspired by classical architecture and its complex, beautifully finished movement.

For Michel himself, restoration is a way to return life to mechanical wonders, without altering the character of the original. This deep understanding of historical mechanics and distinct absence of egotism became the brand’s unshakable foundation.

Manufacturing Powerhouse

To realize this vision of uncompromising quality, Michel and the foundation embarked on an ambitious project: building a vertically integrated industrial hub around Parmigiani Fleurier. This Parmigiani Watchmaking Centre is a constellation of specialist companies, each a master in its own right, giving the brand a level of self- sufficiency that few can claim.

Vaucher Manufacture Fleurier (VMF): The heart of the operation, VMF develops and produces high-end movements for Parmigiani Fleurier. It also supplies a select list of prestigious clients, including Hermès (which owns a 25% stake) and Richard Mille. It is the brand’s central nervous system, handling everything from R&D to final movement assembly and finishing. TAG Heuer’s Movement Strategy Director Carole Forestier-Kasapi calls Vaucher one of the best in the trade; VMF works with TAG Heuer to produce the brand’s split-seconds chronograph movement.

Atokalpa & Elwin: These firms produce the virtually microscopic, high-precision components that are the building blocks of a movement. Atokalpa is a specialist in the regulating organ—the escapement, balance wheel, and even the hairspring—a capability possessed by only a handful of manufactures worldwide. Elwin excels in bar turning, creating a vast array of tiny screws, pinions, and spindles with micron-level precision.

Quadrance & Habillage: This is the dial-making expert. From intricate hand-turned guillochage to the delicate grained finish of the Tonda PF dials—achieved by manually rubbing silver powder onto a brass plate—this is where the face of the watch is given its soul.

Les Artisans Boitiers (LAB): The casemaker, LAB masters both modern CNC machining and traditional hand-craftsmanship. It is responsible for the elegant, ergonomic cases of the Tonda PF as well as extraordinary one-off creations like the white gold double hunter case of the La Rose Carrée pocket watch. This integrated structure means that Parmigiani Fleurier produces virtually everything in-house, from the most complex calibre to the smallest screw, and is able to create virtually any complication it wants.

Silent Luxury

For much of its history, Parmigiani Fleurier was a brand for those in the know, including King Charles III, who famously wore a Toric Chronograph for years, even when he was the Prince of Wales. However, the appointment of Guido Terreni as CEO in 2021 marked a pivotal moment. Terreni, the man behind the phenomenal success of Bvlgari’s Octo Finissimo, brought a new vision of “silent luxury” to the brand.

This was crystalized in the Tonda PF collection. Launched in late 2021, it was an instant sensation, and that is no exaggeration. The Tonda PF distilled the brand’s essence into a clean, refined, and incredibly sophisticated sports elegance watch. Its design is a study in subtlety: the fine knurled bezel, the intricate guilloché dial, the elegantly integrated bracelet, and the minimalist “PF” logo. It was a watch that did not shout; it whispered. Terreni noted was only possible because of the incredible depth of in-house expertise and capacity at PWC.

The success of the Tonda PF has propelled the brand to new heights, with turnover reportedly surging, according to Bloomberg. The collection has expanded to include innovative complications such as the GMT Rattrapante (see our note on this in the Moser story) and simple models, such as a celebrated no-date Micro-Rotor watch. Simultaneously, the brand continues to honour its classical roots with a revival of the Toric collection, now featuring exquisite perpetual calendars and chronographs with solid gold movements, with gold dials to match.

In a world of hype, Parmigiani Fleurier stands apart. It is a brand built on the quiet confidence of a master restorer and powered by one of the most comprehensive manufacturing hubs in Switzerland. With Terreni’s refined vision, it has found the perfect harmony between its rich heritage and a compelling, modern voice, proving that true legacy is not just about preserving the past, but artfully reinventing it for the future. The collection was developed in under a year, a feat Terreni noted was only possible because of the incredible depth of in-house expertise and capacity at PWC.

The success of the Tonda PF has propelled the brand to new heights, with turnover reportedly surging, according to Bloomberg. The collection has expanded to include innovative complications such as the GMT Rattrapante (see our note on this in the Moser story) and simple models, such as a celebrated no-date Micro- Rotor watch. Simultaneously, the brand continues to honour its classical roots with a revival of the Toric collection, now featuring exquisite perpetual calendars and chronographs with solid gold movements, with gold dials to match.

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