Story Highlight
– Stephen Forsey ousted from Greubel Forsey management team.
– Company plans to stabilize production at 200 watches annually.
– Strategic objectives adjusted for cautious expansion and distribution.
– Retail partners remain crucial for local client care.
– New collection expected after 2026’s final existing calibres.
Full Story
Greubel Forsey, the luxury watch manufacturer, has recently undergone significant upheaval, particularly concerning its co-founder Stephen Forsey. This change came to light during a private visit to the company’s atelier in La Chaux du Fonds, which preceded an announcement over the weekend revealing a split between Mr Forsey and the company’s directors and management.
On Monday, the company confirmed that Stephen Forsey has been removed from the operations he co-founded with Robert Greubel. In his statement, Mr Forsey remarked, “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.”
Details remain sparse regarding the strategic alterations that Mr Forsey finds objectionable. Under former CEO Antonio Calce, Greubel Forsey aimed to scale up production significantly, targeting 500 timepieces annually while reducing the average price from over CHF 500,000 to about CHF 250,000. This ambitious plan required substantial investment in technology and the expansion of the current atelier, alongside reducing its dealership network from 26 to around seven, as the brand sought greater control over retail through the establishment of ten new boutiques worldwide.
In light of these developments, WatchPro engaged in a discussion with CEO Michel Nydegger to understand the company’s future direction. Nydegger, who has been with Greubel Forsey for nearly a decade and took on the CEO role in 2024, recognised the transformations that have unfolded, particularly in response to the post-pandemic retail landscape.
“We still have exciting investment plans, but they are slightly different from what we initially announced,” Nydegger explained. “At one point, we had set an objective of producing 500 timepieces per year, but today, at around 200 annually, we feel things are considerably more stable and have decided to maintain this level.”
Regarding the previously proposed price reduction and global boutique expansion, Nydegger noted that while the fundamental strategy remains, they are now proceeding with greater caution: “We prefer to walk before we run and allow distribution to evolve naturally.”
Retail partnerships are crucial to the business, according to Nydegger. “We are a small team, and our retail partners are far better positioned to care for clients locally. Balanced distribution also protects us from geopolitical shocks.”
Discussing the company’s adaptability, particularly in the US market last year, he mentioned their flexibility allowed them to redirect resources as needed. “With only 200 watches per year, that agility is possible.”
The fusion of high technology and traditional craftsmanship is a hallmark of the Greubel Forsey atelier. Nydegger elaborated, emphasizing the artistic nature of their work: “We’re not just a brand; we’re an adventure. Every project aims to contribute something meaningful to the history of watchmaking.”
Hand-finishing poses challenges for the manufacturer, described by Nydegger as a bottleneck, as the same meticulous standards apply to every piece regardless of its market price.
He also shared insights on the current market conditions for high-end collectors, highlighting that authenticity remains key: “What matters is authenticity. We’re not trying to sell a story — the work itself is the story.”
On decision-making within the company, Nydegger remarked, “It’s a team effort. I want to be challenged. Collective decision-making reduces the risk of getting things wrong.”
Looking ahead to 2026, Nydegger shared that this year will mark the conclusion of several existing calibres, paving the way for the launch of a completely new collection, suggesting a vibrant evolution for Greubel Forsey despite the recent changes.
