Interview with Odilo Lamprecht – Global Director CPO at Bucherer
Timeless treasures - Certified Pre-Owned - the other way to luxury watches.
December 2023
SUCCESS STORY OF THE ‘CERTIFIED PRE-OWNED’ SEGMENT AT BUCHERER WITH ODILO LAMPRECHT.
CERTIFIED PRE-OWNED WATCHES: STRONG GROWTH & IMAGE CHANGE.
Odilo Lamprecht, Global Director CPO at Bucherer, gives us an insight into the fascinating world of CPO luxury watches, where every timepiece is checked for authenticity and has a unique history. Anyone who owns a Certified Pre-Owned watch combines the value of a mechanical watch with the heritage and charm of a pre-loved luxury product.
LA ESPLORA: Bucherer has greatly expanded its CPO division in recent years and now has over 50 points of sale for pre-owned watches in Europe and the USA. How did Bucherer manage to build up the pre-owned watch segment so successfully?
ODILO LAMPRECHT: Bucherer has managed to give the CPO theme a luxurious touch. Most of the pre-owned providers that were known at the time were actually “pure online retailers”, e.g. Watchfinder, Chrono24. There, the whole theme of luxury and heritage fell by the wayside. When we introduced the topic to our management at the time, we realized that the issues of “image” and “trust” would be the two biggest challenges.
We were able to solve the “trust” issue well, as we are an authorized dealer for new watches from all the brands that we look after at CPO. Our watchmakers are certified. As an authorized dealer, we have access to spare parts, databases, etc.. This means that the watch is authenticated, fully serviced and we still give our two-year internationally valid Bucherer guarantee.
The second challenge, the topic of “image” – the most important. We give the CPO area a lot of space in our boutiques, generous areas and plenty of light. We display the watches in showcases. We curate the theme. When a customer buys a previously owned watch from us, the theme of luxury is not lost. It is important to us that the customer has exactly the same buying experience when purchasing a CPO watch as when buying a new watch. If you compare our CPO area with our competitors, you can see that they often display their watches in small, overcrowded showcases. Often these are almost a little “dusty” in their presentation. Bucherer has actually managed to win many new customers through the new, different presentation of the CPO area. Even customers who previously could not even imagine buying a previously owned watch.
LA ESPLORA: In the past, people tended to associate second-hand watches with antiques and collector’s items. This had a slightly museum-like character. Bucherer has managed to put this market in a completely new light.
OdILO LAMPRECHT: In the past, people often had a queasy feeling because they often knew someone who may have had a negative experience with the purchase of a worn watch. You often couldn’t be sure whether the watch was fake or no longer original. We have taken this uneasy feeling away from people with the new orientation of the CPO area at Bucherer. Bucherer has taken the pre-owned business to a new level, also internationally. This can also be seen from the fact that Rolex has decided to work directly with us and has also appointed us as its first international pre-owned partner. If Bucherer had not positioned itself accordingly in this area, this would certainly not have happened. In the meantime, Cartier and Breitling have followed suit – always together with us. This shows that the path we have chosen is the right one.
LA ESPLORA: Where do the beautiful pieces come from? How does Bucherer now manage to offer such a large and extensive range of CPO luxury watches worldwide?
ODILO LAMPRECHT: We actually buy most of the watches from our customers themselves. This may be because they no longer want the watches for various reasons or because they want a different watch. We offer customers the opportunity to sell the watch to us, pay out the money directly or there is the option of a “trade-in”. This means that we accept the watch and the customer receives a Bucherer voucher. If the customer opts for a Bucherer voucher, there is also the so-called 10 percent “trade-in” bonus. The customer can then use this voucher to buy anything from us later, including jewelry, a new watch or even a watch from the CPO range. The voucher is not limited in time. Of course, that alone would not be enough to run the CPO division so successfully. We also work with international retailers, especially in markets where Bucherer is not represented itself, such as the Asian market.
LA ESPLORA:What do customers appreciate so much about Bucherer’s pre-owned segment?
ODILO LAMPRECHT: Firstly, the majority of the employees who manage the CPO area in our stores are trained watchmakers. I am very proud of that. The know-how and confidence that these employees exude on the sales floor is of course a given, as they are watchmakers themselves. The next is the shopping experience that Bucherer offers its customers. Our CPO areas are furnished like a lounge, there is often a real bar. We want to offer customers a great shopping experience – a special “customer experience”. So the customer doesn’t just buy a product, they also get a great “experience”. It is important to us that the customer leaves the store with the good feeling that “That was really fun”.
LA ESPLORA: What are your favorite pieces in your private watch collection? What are your “longing pieces”?
ODILO LAMPRECHT: Of course I have favorite pieces and also favorite brands, which I don’t want to name here. But anyone who follows me on social media is certainly very familiar with these brands (grin). And yes, there are one or two objects of desire, but these are also longer-term projects. We are already in the realm of “haute horology”. These are expensive and sometimes limited edition pieces. I am also such a person, for example, I buy nice things after events. In other words, I often want to combine a beautiful event with a beautiful product to preserve the memory. Depending on how quickly the next big event comes around, a beautiful new piece of watch jewelry will be added to my collection.
LA ESPLORA: Do you still take your luxury watch with you when you travel? It is said that “wearing a watch is also an expression of personality”. Do customers still live like this, even when they are traveling? And in terms of safety
ODILO LAMPRECHT: There is already a change here, especially in terms of safety. I myself am an advocate of wearing your watches and not just storing them at home in a nice box. But I’ve actually noticed that I’ve become a bit more cautious myself. It has already happened to me that I have been approached by the hotel concierge and advised to cover my watch when leaving the hotel, as watches are sometimes stolen in larger cities. Or I put the watch in a pouch so that I can put it in the inside pocket of my jacket.
LA ESPLORA: In your opinion, what is the perfect watch for traveling? Which watch would you recommend for the trip, what requirements should it fulfill? Chic, elegant and yet practical and robust? Which watch do you like to take with you on your travels?
ODILO LAMPRECHT: It certainly depends on the type of trip. When I look at their magazine La Esplora I would put the exclusive private trips in the foreground. When traveling privately, the weather certainly plays an important role, be it the cold of the north or the bright sun in the Maldives. Personally, a few functions are important to me in a watch when traveling. For example, I very rarely wear a watch with a leather strap when I’m traveling. You often don’t know when it’s going to be warm, etc.. So a leather strap is not really suitable for me. I therefore wear either a steel bracelet or a precious metal bracelet when traveling. Or I also like to wear a rubber strap. I also like to wear a GMT watch on my travels, which allows me to recognize different time zones. The functionality of a GMT watch is a great advantage, especially when you are traveling in many different time zones on business. And last but not least, I think it’s important that the watch is robust. You never know when you might have to take your watch off at the airport, etc. Here’s a little tip from me. We have the small pouches at Bucherer. This is a small case in which you can put your watches while traveling. It protects them from scratches and they are not directly visible from the outside.
LA ESPLORA: Compatibility of luxury watches and sustainability? In recent years, we have seen a change in the target group. In the past, it was the “best agers” who bought a high-quality watch. In recent years, however, we have also seen more and more young people treating themselves to a luxury watch. How do you see it?
ODILO LAMPRECHT: Sustainability certainly also plays a role here. If you look at the cheaper watches, they usually have some kind of technical defect after 2-3 years. And a mechanical watch – a mechanical luxury watch – is built to last. This can also be seen here in our CPO area. Some of the watches are 20, 30 or even 50 years old and retain their value or have increased enormously in value. I think this is also increasingly an issue for the younger generations. It’s better to save a little longer and then buy something that retains its value. I also see another trend in gold watches. In the past, it was almost frowned upon to wear a gold watch. When I walk through the city today, I see a lot more men wearing a gold watch or a rose gold watch. Men are now wearing these precious metals more frequently. My feeling is that you no longer have to feel bad when you wear a gold watch. You’re no longer a gigolo either (grin). Nowadays, a watch is an expression of one’s own.
LA ESPLORA: Do you own a gold watch yourself?
ODILO LAMPRECHT: Yes, I have a yellow gold watch.
LA ESPLORA: Are there new growth markets for the Swiss watch industry? Is the Asian market, for example, a target for Bucherer?
ODILO LAMPRECHT: At the moment, we still have sufficient growth potential in the markets in which we are active. The Asian market is not an issue. I think we will continue to focus more on the brands in the pre-owned segment. Also to reinforce customers’ knowledge of why a certified pre-owned watch is more expensive than a non-certified pre-owned watch. In addition, some of our stores will soon be remodeled.
LA ESPLORA: Which business premises in Switzerland have the largest CPO area? You recently celebrated the grand reopening in Sankt Gallen.
ODILO LAMPRECHT: We now have one of the largest pre-owned stores in Sankt Gallen. The largest pre-owned area we have in Switzerland is on the 4th floor in Geneva. We have a whole floor there, including a huge lounge. But if you look at the CPO area in relation to the total sales area, the size of the pre-owned area in St. Gallen is considerable. If you think back, we started with three showcases in St. Gallen and have now dedicated an entire floor to the CPO area. Sankt Gallen has developed very well for us, also thanks to the great local sales team. In Damian Zürcher, we have a managing director who has driven the sector forward with commitment and passion.
LA ESPLORA: Which CPO markets are the strongest? Which have experienced the strongest growth in the last two years?
ODILO LAMPRECHT: The two markets that have always been very strong are the UK and the USA. Not just for Bucherer, but in the CPO sector in general. But Germany is also an important market, and Switzerland is coming on strong. Pre-owned watches have not yet really caught on in Asia. Particularly in China, again due to cultural influences. In China, a watch that has already been worn may not be worn again. This has more of a religious background there. But even there, a trend reversal can be seen that the young generation in Asian countries is slowly opening up to the topic of pre-owned. I think the Asian market will also grow in this sector in the future.
LA ESPLORA: Which travel destinations are still on your personal “bucket list”?
ODILO LAMPRECHT: I will certainly be traveling to Thailand again next year. As you know, I also have family ties there. And I’m really looking forward to it, because I’m planning to travel through Scandinavia for a whole month next year: Denmark, Sweden, Finland and Norway. That will be my main trip in 2024.
LA ESPLORA: We mentioned your next travel destinations and you mentioned Thailand. Can you tell La Esplora readers your favorite places in Thailand?
ODILO LAMPRECHT: Bangkok and the north of Thailand. I love Chiang Mai and further north the famous Golden Triangle. It’s very tropical here, lots of jungle. But for me, Bangkok is always the starting point. There are many contemplative places for me in the north of Thailand.
LA ESPLORA: Do you have any personal favorite hotels that you visit there?
ODILO LAMPRECHT: My favorite hotel in all of Thailand is the Waldorf Astoria Hotel in Bangkok. For me, unbeatable in terms of service, breakfast etc. Unfortunately a bit noisy at the moment as there is currently a building site. This is for the readers of your magazine, but the good thing about building sites is that they are finished at some point. In the north, I love the Anatara Hotel in Chiang Mai. This is the former Chedi Hotel, which has now been converted into an Anatara Hotel. And for those who want to treat themselves to something particularly luxurious – I’ve never been there myself – the Four Seasons Hotel in the Golden Triangle would certainly be a good choice. This must be a hotel where rest and relaxation take on a whole new meaning.
LA ESPLORA: Speaking of culinary delights – what are your personal favorite restaurants? Where do you prefer to indulge in culinary delights?
ODILO LAMPRECHT:(Smile) At home. My husband and I are both passionate cooks. We like to cook a lot at home. That’s difficult for me to say. It always depends on what you feel like doing on the day. I certainly enjoy traditional Swiss cuisine in the Zurich area, such as a fine Züricher Geschnetzeltes with rösti.
LA ESPLORA: Dear Odilo Lamprecht, thank you very much for the personal interview!
A special gift tip:
Odilo Lamprecht was one of the co-authors of the book “Timeless Treasures – The Fascination of Certified Pre-Owned Watches” by Ralph Jahns (published by teNeues Verlag) contributed. A must-have illustrated book for all friends of pre-owned watches. On 256 pages, watch collectors will find illustrations of the most valuable and beautiful luxury watches.
The coffee-table book is therefore not only an ornament in every living room, but also a watch guide for all those who see wristwatches not only as a fashion accessory, but also as a collector’s item.
Images on the right © teNeues Verlag GmbH.
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