Story Highlight
– François-Henri Bennahmias attempted to buy De Bethune.
– De Bethune acquired by WatchBox in 2021.
– Brand faces cooling demand in independent watch market.
– De Bethune aims to enhance brand awareness and appeal.
– Recent auction results show solid but modest performance.
Full Story
François-Henri Bennahmias, a prominent figure in luxury watchmaking during his decade-long leadership at Audemars Piguet, has disclosed an unsuccessful attempt to acquire De Bethune in a recent interview with The Business of Fashion. “The rumours were true – I was trying to buy De Bethune. For several reasons it did not happen, but it made us waste a lot of time,” he stated, following the launch of his new independent watch brand, N3W5, through The Honourable Merchants Group.
De Bethune, which changed ownership in 2021 when it was purchased by WatchBox, a subsidiary of The 1916 Company, has since seen key leadership changes. Justin Reis, co-founder of WatchBox, took on the role of executive chairman in 2024, collaborating with Denis Flagellot, the brand’s founder, and new CEO Antoine Pin, who replaced Pierre Jacques, following his departure last year.
Speculation suggests that the negotiations between Bennahmias and The 1916 Company faltered due to the latter’s belief in De Bethune’s potential to achieve substantial recognition in the independent watchmaking arena, similar to F.P. Journe’s remarkable ascent over the past decade.
De Bethune’s founder, Denis Flagellot, honed his skills in haute horology during the 1980s and 90s at Techniques Horlogères Appliquées (THA). Alongside notable watchmakers like Vianney Halter, Flagellot was instrumental in crafting intricate movements for prestigious brands including Cartier and Breguet before establishing De Bethune in 2002. Despite facing nearly 20 years of struggle for visibility outside niche collecting circles, De Bethune has gained traction in recent years, particularly as the luxury watch market has expanded.
The market dynamics for independent watchmakers have shifted, however, with a noticeable cooling in activity since peaking in 2022. While De Bethune’s positioning remains stable over the past five years, specific models within their portfolio have exhibited diverse demand.
The strategic acquisition of De Bethune by The 1916 Company was informed by a history of collaboration between François-Paul Journe and Flagellot at THA. The brand is praised for its illustrious craftsmanship and innovative methods, producing fewer than 500 pieces annually, a method that balances rarity with availability. Their watches are easily distinguishable and represent profound advancements in independent watchmaking.
Flagellot’s innovations in escapements and balance engineering have earned him global recognition among collectors, bolstered by numerous accolades, including several prestigious awards at the Grand Prix d’Horlogerie de Genève. Despite his achievements, De Bethune remains less acknowledged compared to its technical contributions within the industry.
Observing the current landscape, Remi Guillemi, head of watches at Christie’s for Europe and the Americas, envisions potential growth for De Bethune among collectors. “A priority will be to increase awareness of the brand, various models, and its history,” he noted, highlighting the importance of marketing Flagellot’s visionary approach and the brand’s rich heritage. He believes that maintaining restrained production levels would enhance desirability and long-term collectability.
Paul Boutros, deputy chairman and head of watches at Phillips, echoes this sentiment, suggesting that De Bethune could emulate F.P. Journe’s success by adhering to innovative design philosophies and a commitment to exemplary craftsmanship across limited series.
Auction results indicate a steady interest in De Bethune watches, particularly notable models like the DB25 Starry Varius, which has fetched prices significantly exceeding estimates in recent sales. The record auction price for a De Bethune timepiece was set in 2023, when a DB28 Kind of Blue Tourbillon achieved $190,500 at Phillips Hong Kong.
As the sector for independent watchmakers experiences growing interest, the pivotal question now is whether De Bethune can harness this momentum and elevate its profile to compete alongside esteemed brands such as Voutilainen, which recently enjoyed prices surpassing $1 million at auction.
