Story Highlight
– Stephen Forsey fired from Greubel Forsey amid management changes.
– Forsey resigns from multiple board positions but remains a shareholder.
– Greubel Forsey shifted to full independence from Richemont in 2022.
– Production plans and retail strategy altered after CEO Calce’s departure.
– Current CEO denies rumors of the company being for sale.
Full Story
Stephen Forsey, co-founder of the luxury watchmaker Greubel Forsey, has been dismissed from the company he helped establish in 2004 alongside Robert Greubel.
In a heartfelt public announcement, Forsey expressed that he was ousted by the new management team. “After more than 25 years of personal investment in the extraordinary adventure of creating exceptional watches, following strategic and management changes, the board of directors has regrettably disengaged me from my operations at Greubel Forsey and terminated my employment contract for May 31, 2026. I have since been liberated with immediate effect,” he stated.
Additionally, Forsey has stepped down from the boards of Greubel Forsey SA and Greubel Forsey Holding SA, along with those of the Timeaeon and Adenium foundations, but he will retain his shareholding, as confirmed by the company’s current CEO, Michel Nydegger.
There has been no public comment from Robert Greubel regarding these recent changes.
The company, which became fully independent following the buyout of the remaining 20% it held with Richemont in 2022, has undergone a series of leadership transitions and strategic revisions that seem to have contrasted sharply with Forsey’s vision for the brand.
Under CEO Antonio Calce’s leadership, Greubel Forsey was transformed into a fully private entity, which he described as providing the freedom necessary for future growth. “This independence will allow the Greubel Forsey to define the next stages of development and maturity with complete freedom,” he remarked after the separation from Richemont.
However, Calce’s vision met challenges, and he departed from the company in 2024 after his ambitious expectations for a post-pandemic surge in luxury watch sales did not materialise.
In 2023, Calce announced a strategy aimed at enhancing the company’s reputation for innovation and fostering stronger connections with collectors. This involved reducing the average price range of their watches from approximately CHF 500,000 to CHF 250,000 and scaling up production from fewer than 100 pieces annually prior to the pandemic to an anticipated 500 by the completion of an extension to their La Chaux du Fonds facility.
Construction was initiated in 2023 to nearly triple the atelier’s size from 2,000 to 5,500 square feet, with completion slated for 2025. However, this extension project was halted around the time of Calce’s exit.
Calce had hoped that increasing the annual output to 500 watches would not compromise the brand’s reputation for exclusivity. He planned for each new movement to have a limited production run of five years, thereby preserving their long-term value.
A significant part of his vision was to transition from a wholesale distribution model to owning and operating retail boutiques directly, planning to reduce the number of authorised dealers from 60 in 2019 to around 20 and to establish up to ten boutiques in key cities.
Currently, Greubel Forsey has 26 authorised dealers, including notable names such as Pragnell in the UK and several in the US and UAE. Furthermore, while the brand has opened two boutiques in Tokyo and New York, plans to centralise sales through directly owned outlets and reduce the dealer network were halted post-Calce.
In 2024, Michel Nydegger, who was previously the marketing director, succeeded Calce, taking the helm during a period of uncertainty for the company. WatchPro recently spoke with Nydegger at the La Chaux du Fonds workshop, and he remained tight-lipped regarding the unrest within the board.
Rumours have circulated within the Swiss watchmaking community about the potential sale of Greubel Forsey, further fueled by Forsey’s recent departure. When questioned about the ownership structure and ongoing discussions about external investment, Nydegger confirmed, “This is correct. We haven’t had any talks and not looking to have any.”
