Michel Nydegger — The Politics of Restraint: Governance, Craftsmanship, and the Future of Independent Watchmaking

How Greubel Forsey seeks excellence through limitation rather than expansion

When people talk about power in the luxury industry, they often speak about growth.

More boutiques.
More production.
More visibility.
More market share.

Michel Nydegger sees things differently.

As CEO of Greubel Forsey, one of the most respected names in contemporary haute horlogerie, he oversees a company that deliberately operates according to a different logic. In a world increasingly driven by scale and efficiency, Greubel Forsey remains committed to a philosophy where excellence takes precedence over growth and where technical achievement matters more than volume.

Throughout this conversation, a recurring theme emerges:

What if true authority comes not from expansion, but from restraint?

Independent Watchmaking as a Defense of Values

When asked whether independent watchmaking can itself be viewed as a political position, Michel offers an answer rooted not in ideology but in values.

For him, every Greubel Forsey project begins with a simple question:

Does this watch deserve to exist?

Rather than approaching new creations as commercial exercises, the company evaluates whether a watch contributes something meaningful to the broader history of watchmaking. The objective is not merely to create a successful product but to advance the craft itself.

This philosophy comes directly from founders Robert Greubel and Stephen Forsey, whose influence continues to shape every aspect of the company.

The result is a brand culture focused less on commercial opportunity and more on preserving and extending watchmaking knowledge.

Why Limitation Is a Consequence, Not a Strategy

One of the most interesting misconceptions Michel addresses concerns scarcity.

Greubel Forsey currently produces roughly 200 watches annually. Many observers assume this is a deliberate strategy designed to create exclusivity.

Michel disagrees.

The limited production is not primarily a marketing decision.

It is a consequence of the standards the company has chosen to maintain.

Hand-finishing at the level Greubel Forsey demands requires skills possessed by only a tiny number of craftsmen worldwide. Certain operations simply cannot be accelerated.

As Michel explains, the bottleneck is not demand.

The bottleneck is human expertise.

The company would gladly become more efficient if efficiency did not compromise quality.

But quality remains non-negotiable.

The Infrastructure Behind 200 Watches

Perhaps the most surprising revelation in the interview concerns scale.

Although Greubel Forsey produces only about 200 watches annually, it employs roughly 130 people and maintains an extraordinarily large manufacturing infrastructure.

Over time, the company increasingly internalized processes because suppliers often struggled to accommodate its unique requirements.

Need ten screws finished to standards far beyond industrial norms?

Many suppliers simply cannot justify the effort.

The solution was to develop capabilities internally.

One decision led to another until Greubel Forsey found itself with a disproportionately large manufacturing ecosystem relative to its production volume.

Yet that infrastructure allows the company to maintain complete control over quality and execution.

Creativity Through Fundamental Research

One of the most fascinating sections of the discussion centers on how innovation actually happens inside Greubel Forsey.

Michel rejects the conventional product-development model where marketing departments define specifications and engineers execute them.

Instead, Greubel Forsey pursues what it calls "fundamental research."

Researchers explore concepts without necessarily having a final watch in mind.

He illustrates this with the development process behind the Nano Foudroyante.

Years earlier, Robert Greubel challenged the R&D team to explore two fundamental constraints in watchmaking:

Space.
And energy.

One experiment attempted to harness airflow generated by the movement of a balance wheel as an energy source.

The idea ultimately did not appear in the final Nano Foudroyante, but the exercise demonstrates how creativity emerges within the company.

Innovation begins not with products.

It begins with questions.

Succession Without Reinvention

Perhaps the most revealing part of the interview concerns succession.

Many CEOs arrive with visions of transformation.

Michel takes a different view.

His goal is not to reinvent Greubel Forsey.

His goal is to preserve it.

He repeatedly emphasizes that the company's future should remain rooted in the values established by Robert Greubel and Stephen Forsey.

The challenge is therefore not replacing the founders.

It is translating their philosophy into a culture that can survive beyond them.

According to Michel, this process depends less on written procedures and more on people.

The company's employees have internalized the founders' values so deeply that any proposal inconsistent with those principles would simply be rejected.

In that sense, succession becomes cultural rather than managerial.

Globalization and Authenticity

Unlike many luxury executives, Michel does not view globalization primarily as a source of pressure.

Instead, he sees it as a force encouraging authenticity.

Because collectors are globally connected, information spreads instantly.

A statement made in Tokyo can be evaluated in Geneva, New York, Dubai, and Singapore within hours.

This transparency makes consistency essential.

Collectors are more knowledgeable than ever before.

They compare information, challenge claims, and evaluate brands through global conversations rather than local relationships.

For Greubel Forsey, this environment rewards credibility.

The Growing Power of Collectors

One of the strongest themes throughout the interview is the increasing importance of collector communities.

Michel openly admits that Greubel Forsey should have focused on collectors sooner.

Historically, many collectors existed as isolated individuals connected only through their appreciation for the watches.

Today, the company is actively building frameworks to bring them together.

Why?

Because collectors increasingly shape the future of watchmaking.

Their feedback influences design decisions.

Their conversations create legitimacy.

Their communities amplify or challenge narratives.

Michel even points to the growing trend of collector-organized commissions and limited editions as evidence that collector influence remains in its early stages.

Listening to the Community

One practical example demonstrates this evolving relationship.

For years, Greubel Forsey heard a consistent message:

The watches were extraordinary.

But many collectors wished they were smaller.

Historically, diameter had never been a primary objective during development.

Now it has become one.

The challenge is preserving the brand's three-dimensional architecture, technical complexity, and finishing standards while reducing overall size.

For Michel, this is exactly the kind of challenge that emerges when companies genuinely listen to collectors.

Where Future Watch Stories Will Be Written

When asked whether the future of watchmaking will be shaped in boardrooms, ateliers, families, or digital communities, Michel refuses to choose.

History, he argues, rarely emerges from where people expect it to.

The greatest innovations often begin in garages, workshops, or unexpected corners of the world.

He points to Robert Greubel himself, who once repaired watches for customers at a Swiss supermarket chain before becoming one of the most respected figures in modern horology.

The lesson is simple:

The next great story may already be beginning somewhere nobody is looking.

What Defines a Collector?

The conversation concludes with a thoughtful reflection on collecting itself.

For Michel, collectors are not defined by wealth or collection size.

They are defined by curiosity.

Collectors continuously refine their tastes.

They learn.

They compare.

They deepen their understanding over time.

He compares the process to appreciating wine: each experience builds on the last, gradually increasing one's ability to perceive nuance.

The best collectors never stop learning.

And in the case of Greubel Forsey, some even bring microscopes powerful enough to verify every internal angle for themselves.

As Michel jokes:

"They're a lot of nerds."

And he means that as the highest compliment.