What Nike Can Teach Us About Watches
Small trends vs. big trends; vintage Watchlist picks from Angela Cummings and LeCoultre.
Happy Saturday. Thanks for the positive feedback to last week’s newsletter, a few thoughts on two years in watches. This is my favorite venue for writing and right now I do it solely because I enjoy it, so I’m glad at least some of you do, too.
In this issue: Angela Cummings, Berneron, Casio, Daniel Roth, Jaeger-LeCoultre (x2!), Mark Zuckerberg, Nike, Reebok, Rolex, Substack, Thigh Master, and more.
There’s one takeaway from Phil Knight’s excellent memoir, Shoe Dog, that I’ve been thinking about a lot as it applies to watches.
Knight founded Nike (first called Blue Ribbon Sports) in 1964, and it came to be known as the athletic shoe through the 1970s, claiming 50 percent market share by 1980. This was thanks to its focus on running shoes and the rising popularity of running during this time.
But in the early ‘80s, Nike began to struggle, facing stiff competition from Reebok and others. Reebok capitalized on the boom in aerobics (Richard Simmons, et al.), and captured a large portion of the aerobics market and female customers while Nike refused to adapt.1
Nike had made one critical mistake. In the ‘70s, Nike thought it was riding the running trend. But really, running was just one part of a larger trend towards fitness and people wanting to live a more active lifestyle – a trend that continues to this day. Running was one way to do this. But so was aerobics. Then tennis, then whatever fitness fad came next (Thigh Master, anyone?).
Nike thought it was an athletic shoe, but it was actually just a running shoe. And when the larger trend towards fitness and an active lifestyle moved on to the next thing, Nike fell behind. By the late 1980s, Reebok even surpassed Nike in sales.
So what does this have to do with watches?
Think about how we talk about so-called trends: smaller; more gold; Cartier; ugly 1970s “geezer” watches from Piaget, Rolex, etc.; shaped watches. But what if we’re missing the larger trend?
And what if that isn’t even a trend towards watches, but to jewelry and accessories more broadly?
In our corner of the world, Mark Zuckerberg has recently become a watch guy, wearing a Patek in-line Perpetual Calendar and De Bethune. But to the Wall Street Journal, “Mark Zuckerberg Is Embracing Jewelry. Should You?” Watches are but one part of the Zuck glow-up.
Remember how Michael B. Jordan used to wear his (sponsored) vintage Piaget Polo around? Now, he’s swapped the Polo for David Yurman bracelets. I’ve certainly seen more guys wearing VCA bracelets than Vacherons in the past year.
Meanwhile, brands are also looking to sell more jewelry. Business of Fashion and McKinsey think the branded jewelry market will grow 3x faster than the total market from 2019 to 2025 as luxury houses try to sell more to their wealthiest consumers.
Not until Nike signed Michael Jordan in 1985 and came to dominate basketball did it recover and begin to cement itself as the preeminent athletic brand and more than just a running brand.2
This idea of mistaking small trends for larger trends can be scary. But it’s also an opportunity. In the ‘70s, Nike was a successful running company. Today, it’s a massive global athletics company.3
Articles Of The Week
A couple of hands-on articles, along with a few other links from around the web.
Finally, a proper hands-on review of the Berneron Mirage 38 and Mirage 34. Of the four options now available, the smaller yellow gold with Tiger’s Eye is my pick.
“A modern watch isn't for timekeeping, but the Mirage's story starts from the inside and moves outward, understanding that asymmetry makes for a more technically efficient caliber. Only after reconsidering function does the Mirage let itself consider form.
This is what sets the Mirage apart because this is what sets watchmaking apart. Free from the need to truly consider function, watches today are thought of as jewelry more than ever. A luxury. But if consideration of their original function is completely tossed aside, they're not watches at all.”
Hands-On: Daniel Roth Tourbillon Rose Gold
The Daniel Roth “Ellipsocurvex” shape is still not entirely my thing, but the level of execution on the latest Tourbillon is undeniable:
“There are few watches I've experienced that are so far afield from my (admittedly pretty boring) taste but also so obviously preeminent displays of watchmaking and craft. No doubt, the unwavering commitment to the ‘Ellipsocurvex’ case and general old-man aesthetic is part of the appeal for Daniel Roth collectors, but it's certainly an acquired taste.”
The First ‘Authorized History’ Of The Rolex Submariner
I’m looking forward to getting my hands on Submariner: The Watch That Unlocked The Deep (Amazon), written by Nick Foulkes, published by Wallpaper*, all with Rolex’s involvement. Access to its archives. Photography of its watches. Rolex also confirmed that production numbers are provided in Submariner. Apparently, this is part of a larger deal, and more Rolex “authorized history” books are planned.
👖 Substack Steps Into the Fashion Spotlight
“A new breed of fashion voices was hovering around (and occasionally puncturing) the inner circle of fashion: the Substack writer….Over the past year, publications and subscriptions in the Fashion & Beauty category have more than doubled. Collectively, these writers earn more than $10 million annually in subscriptions, a figure that does not account for affiliate revenue” – Washington Post
📑 The Most Sought After Travel Guide Is A Private Google Doc
“The result is an exclusive Google Doc of vetted, personal recommendations, from restaurants to shops to hotels, that, in a TikTok-ified world of SEO-motivated, AI-generated travel guides, has become a valuable resource—if you know where to look.” Private and WhatsApp groups are kind of the watch-world version of this, but could there be others? – Thrillist
🤳 Here’s a cool website full of old Casio wrist camera photos
The Watchlist
A curated selection of low- or no-reserve auctions from across the internet in hopes of finding you a deal.
I’ve had an eBay alert for “Angela Cummings” wristwatch for about 18 months now, and this is the first time one of the designer’s flowing Tanks has appeared.
Jewelry designer Angela Cummings began her career at Tiffany & Co. in the ‘60s, quickly gaining popularity for using materials and taking inspiration from nature. In the 1970s, she launched a full collection under her name, sold exclusively through Tiffany. By the early ‘80s, her designs were responsible for more than $10 million of annual sales.
She left Tiffany & Co. in 1984 and started her own design studio, giving her more creative freedom. She opened her own Angela Cummings boutique in Bergdorf Goodman on Fifth Avenue, soon expanding to other locations. Prices for her pieces ranged from $100 to $100,000+, as she was keen to democratize her work – hence the common use of silver.
Among Cummings’ designs were quartz watches with gold or silver cases. Perhaps the most notable is this Tank-style watch with natural lines meant to evoke the flow of water. During this time, so many brands copied the Tank; Cummings was one of the few who transformed it into something truly different.
This Angela Cummings watch ends on eBay today, check it out here.
LeCoultre ‘Cornes de Vache’ Chronograph
Here’s a beautiful LeCoultre chronograph with “Cornes de Vache” lugs most commonly associated with Vacheron. Produced in the ‘50s, less than 20 examples are known. While the 35mm round case is relatively standard, the “cow horn” lugs reach around the wrist, giving these chronographs a unique presence. If you’ve always wanted a Vacheron CdV, here’s your chance to get basically the same watch at a fraction of the price.
Prices vary widely, from $20,000 at Monaco Legend to less than $10,000 via Hodinkee Shop, but regardless of where this ends up, it’s a special watch.
This LeCoultre chronograph is on eBay, auction ending in Sept. 29. It comes from an estate buyer who just listed a bunch of watches, so give the rest of their listings a scroll, too.
Jaeger-Lecoultre Calendar Pocket Watch
Another LeCoultre! This is a handsome Jaeger-LeCoultre calendar pocket watch. It has a pointer date and outer date track in red, along with a day window at 12 o’clock – Italian, in this example.
Collecting Jaeger-LeCoultre pocket watches is a final boss level. I’m probably not worthy of such sophistication yet, but I admire those who are and strive to reach such heights some day.
This calendar pocket watch uses the JLC caliber 429, which you can find more about in this forum thread. I would’ve loved to include a movement photo, but no response from the auction house yet.
With its large steel case (47mm), and calendar, it’s relatively uncommon to see something like this. Matt Bain listed a nice example for $5,800 a couple years ago.
This Jaeger-LeCoultre pocket watch is at Cadmore Auctions on Sept. 23 with a starting bid of £600.
Finally, I feel like this is the right audience for a silk Cartier scarf (here or here) with watches all over it.
As always, if you've made it this far, please share or hit the heart ❤️ to show others who are just discovering my newsletter it’s worth a subscription (it’s all I ask!).
-Tony
Nowadays, the Reebok Club 85 Vintage is my daily sneaker.
I couldn’t find any photos of Phil Knight wearing a watch, but one cool story: In 2005, a few years after Nike signed LeBron to his mega-deal, LeBron gave Knight a vintage Rolex from 1971 (the year Nike was founded), engraving the caseback “With thanks for taking a chance on me.”
Even if its CEO just resigned amid slumping sales…
Hey T, keep em coming. My 'inbox highlight'...
Love the free thoughts and concise writing Tony! Please keep it up! Your insights are a pleasure to read