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Hmmm...I'm thinking Portofino....

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  • last reply by shing 12 May 2011
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    Moderator
    12 Jul 2010, 10:55 a.m.
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    It just occurred to me that it's the middle of July, and in less than six months IWC's 2011 novelities will debut. And I don't think it's a state secret that next year will be the year of the Portofino. We also had a sneak preview of a lot of IWC celebrity-friends being photographed on the Italian Riviera.

    I have the luxury of saying that I have NOT seen the new models...yet. So I can't give you any hints. But I do have a few simple questions:

    If you were introducing new models in the Portofino line --what would they be? What would they look like? What movements would they have?

    Six months from now we can see if you're right ,)

    Regards,
    Michael

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    Master
    12 Jul 2010, 1:05 p.m.
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    Portofino Automatic

    and a Portofino Chrono in 42mm sizes both in black and silver dials.

    An inbetween model at 39-40mm would also be ideal for slender and/or female wrists too.
    A RG case would be a wonderful addition also.

    I am thinking 98000 for a caliber I hope it would not make it very expensive though if not the ETA based for Portuguese Chrono Cal. I think.

    Argiris

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    Master
    13 Jul 2010, 6 a.m.
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    A challenge for the "bottom" family

    The Portofino is not popular here, as it is a kind of entry-level dress watch. But out there, there must be a lot of people that would like to have a real IWC, but not too expensive. Do we have to talk compromise? The Portofino must not look better than the Portuguese, nor must it have a nice in-house movement. Why would you bother to buy a Portuguese otherwise?

    I would say, the Portofino must be a decent looking watch, a bit bigger than the models now, with a good out-house movement like ETA. The secret may lie in the successful transformation of the word decent into something special, kind of wanna-have: it really must sell. Steel, but also rose gold, or the come back of yellow gold. An Automatic and a Chronograph. Maybe a travel watch UTC.

    Kind regards,
    Paul, wearing rose gold VC Portuguese, that must always look better than the Portofino

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    Master
    12 Jul 2010, 5:15 p.m.
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    nice flat perpetual...

    gallery.mac.com/bonthond/100047/L1020111/web.jpg?ver=12673916920001

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    Moderator
    13 Jul 2010, 2:10 a.m.
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    Would you believe it's IWC best selling line?

    We all view the world from our own perspective, which may be correct for us but not necessarily universally true. The Portofino line is not primarily a "collectors' watch" but collectors aren't the mainstream IWC buyers.

    The Portofino line --which is classic in its simplicity-- is extraordinarily popular, even if it may not be a "signature" watch like the Portuguese or Pilots' models. I hear it is especially popular in the Far East.

    So --if I were CEO-- I would think the challenge is how to "upgrade" the models with more in-house movements (and uplifting the average price point) without losing the core audience. The watch already sells --better than you'd imagine-- and the trick isn't really to increase quantities but price point without losing the current constituency. That points to more models even if total units will be the same or slightly increase.

    But --we'll see.

    Regards,
    Michael

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    Master
    12 Jul 2010, 6:45 p.m.
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    Classic watches in this photo!

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    Master
    13 Jul 2010, 8:20 a.m.
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    A pocket watch...

    I know iwc have moved away from pw's but the portofino would be the perfect place for one.
    It would be simple, thin, maybe on a leather thong as oppose to a chain or fob. No complications. Just typical portofino minimalism.
    Stephen

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    Master
    13 Jul 2010, 4:35 a.m.
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    I like this kind of post!

    As usual, I'll say what I wish to see and I'll guess what I believe will come out.

    Wishes: a hw Portofino, just like ref.5251, a perpetual calendar, just like ref 3541 but 40mm size but HW - cal 98xxx based and a brand new Portofino extraplat, 2 hands, no second hand.

    Guess: Portofino minute retrograde, new portofino chrono with 89360 inside (will join an eta based chrono), Portofino automatic with cal 51113, Portofino Tourbillon, Portofino Perpetual Calendar called "Romana".

    My choice for wishes considers the nature of the Portofino as an HW watch (imho) as it should remain, my guess considers the need to probably increase the offer and to open the door to the chances it gives an automatic movement from this perspective.

    I probably didn't even get close to reality, but it's fun!

    Thank you MF!

    roberto

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    Master
    13 Jul 2010, 11:50 p.m.
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    I bought a Portofino...

    because I wanted a classic dress watch in rose gold. It serves that purpose well and I like the understated elegance. It was also an IWC watch in a precious metal that I could afford. I think the Portofino addresses a part of the market that would love to have an IWC, but cannot/will not pay five figures for a watch from one of the other signature families. I would hate to see the Portofino stray too far above that segment of the IWC market. However, I love the VC Portofino and would very much like to see some variations allong those lines...especially a simple date and moon phase with the same clean understatement.

    Best regards,
    Jim

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    Master
    14 Jul 2010, 12:15 a.m.
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    How to keep the Portofino selling

    Thank you, Michael, I indeed read somewhere that the Portofino was a kind of silent selling giant. As you sometimes have to upgrade your successes, the challenge to me is how to keep the two dressy round lines, Portofino and Portuguese, apart. The Portofino being the cheaper brother.The question is: evolution or revolution. On those celebrity pictures a few months ago, some watches could be seen, I assumed with some others that those were new Portofino's. As far as I could see, evolution was the theme. Then, there is not so much room to maneuver. In my opinion the model itself must be made a bit more attractive, but I cannot really put my finger on it. So I guess it will not be that spectacular, and it shouldn't be. Let's indeed wait and see. I certainly liked my brainwave of the UTC, a dressy travel watch with the existing technology not used too often by IWC. It could increase the fun factor in the line, maybe that would take away the dull image of the line right now. But looking at sales, there would be no need to do so.

    Kind regards,
    Paul, wearing rose gold VC Portuguese

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    Master
    14 Jul 2010, 3:15 a.m.
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    Portofino

    Size maximum less than 40mm, thickness less than 12mm, auto or HW simple clean dial moon phase and date in yellow or rose gold with a steel version using same dial with gold (yellow/rose) indices. Dial colour brilliant white or cream possible starburst, so not too far removed from a VC Portifino but a whole lot smaller, whether ETA or in-house movement is relevant but not primary consideration. Small enough for a dress watch, small enough for the smaller wrists both male and female and with the possibility of a few diamonds as either indices or on the case whether as markers or as total surround. Also water resistant to 3 bar. Pin clasp and leather strap plus option of bracelet both steel and gold

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    Master
    14 Jul 2010, 5:10 a.m.
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    nice flat perpetual...

    The simple moon phase looks great, no make that mouth watering. Nice clear photo please and a few dimensions and facts about it as not seen that one before.

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    Apprentice
    14 Jul 2010, 3:10 a.m.
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    Connoisseur
    13 Jul 2010, 10:05 p.m.
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    In-house movement,...

    ..., I agree with Argiris on the 98000 hand wound.
    Super purist clean watch, thin hands, no seconds hand, quite classic.
    I don't really think it's entry level watch, it is classic dress watch, more clasic that portuguese look, althought portuguese is also clasic watch.
    Each family has it's place and public, I think portuguese is classic but with very, very little modern touch and portofino is just pure classic watch.
    Well, at least that's my opinion.

    BR, Julx

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    Moderator
    14 Jul 2010, 8:40 a.m.
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    to reply, and about pricing strategy...

    ...of course I was talking about units sold. Otherwise, 100 Portofino sales would barely equal one Grand Comp sale.

    There is a logical fallacy in your statement that if IWC wants to keep prices at the same point but use in-house movements, then the only alternative would be to move entry level watches to a new line. Another --and better-- alternative would be to expand the line: to keep the entry-level models but have some additional models at a higher price point.

    I think that what I suggest will be what occurs --just a guess, but it's based on some talks I've had. If so, I think it's a clever strategy --the "lower" price point Portofinos will be reinforced and further legitimatized by the mid-priced ones, which will help their sales. At the same time, new mid-priced ones can be attractive as a second watch or a move "up" by entry-level current Portofino owners.

    Keep in mind that any watch line is is not homogeneous, and expanding it can work well. The real trick is to not compete against oneself --that is, for any new mid-priced Portofinos not to cannibalize sales of Portuguese models, as Paul pointed out.

    Michael

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    Apprentice
    14 Jul 2010, 12:05 a.m.
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    Master
    14 Jul 2010, 12:15 a.m.
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    Well, we all saw the pictures of Kevin ...

    Spacey and friends wearing what looked like new and different Portofino watches. I suspect that he was not wearing the less expensive versions of the line. And since every year has seen the expansion of an IWC line of watches, this year will be the Portofino's turn.
    I was very surprised to see that the Portofinos outsell other IWC lines. Surely the introduction of higher priced models will only enhance the line without disturbing the saleability of the entry level watches.
    Ultimately, the market will decide. But I will be surprised if Michael's prediction is not validated.
    BTW, I own seven IWC watches, none of which is a Portofino. Perhaps that will change next year.

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    Moderator
    13 Jul 2010, 11:35 a.m.
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    At the end it's about sales....

    with appropriate margins. Marketing and branding are means to sales.

    When I said that I hadn't seen the new models, that doesn't mean that I've not had discussions about them. I've talked to key executives about marketing strategies, potential sales issues, movements, size, prices --lots of issues.

    I won't say any more for now. No hints on specific models or designs. But you may wish to reread carefully what I've said (and haven't said).

    Regards,
    Michael