Antoine Pin, CEO of TAG Heuer: “Our Global Partnership with Formula 1 Allows TAG Heuer to Reclaim its Historic Position.”

Antoine Pin, formerly head of Bulgari's watch division, wasted no time settling into his leadership role. At the helm of TAG Heuer since September 2024, this seasoned executive from Brittany—whose career includes several senior roles in the industry, such as nearly four years managing TAG Heuer Japan between 2010 and 2014—expressed his excitement at rediscovering "TAG Heuer's entrepreneurial spirit." For Antoine Pin, this spirit embodies the essence of watchmaking: innovation and risk-taking. However, his challenge lies in adapting the brand’s industrial structure to navigate economic ebbs and flows. He likens this to a suspension bridge—flexible yet resilient under strain—a philosophy he aims to adopt. Here is our exclusive interview.

How would you describe your first four months as CEO since taking over in September?

It has been extremely intense from day one, with projects coming thick and fast. There’s been no time for the proverbial first 100 days of observation. That said, I’m well-acquainted with the brand, having worked here for many years, even back in the days of Christian Viros. Of course, TAG Heuer's situation has evolved since then (Editor’s note: Christian Viros served as CEO of TAG Heuer from 1988 until its acquisition by LVMH in 1999). It’s been intellectually stimulating to reacquaint myself with the entrepreneurial, ambitious, and youthful energy that defines the brand.

How does this entrepreneurial spirit manifest itself today?

This spirit has long been a hallmark of TAG Heuer. It’s the desire to challenge norms—a deeply motivating value. That said, the company is much more structured today than when I first joined. In the 1990s, there was no industrial infrastructure. Today, production facilities are highly developed and integrated, with an R&D lab that’s arguably unmatched in the watch industry. These facilities employ 800 people in Switzerland. The distribution network has also been transformed: the brand now has 2,300 points of sale and 260 boutiques—a major evolution. Our presence remains strong in the U.S., Asia-Pacific, and Europe, though we’re less established in mainland China. The current reset of that market offers us an opportunity to refine our strategy.

What has been your biggest challenge during these first four months?

Balancing the operational speed required while maintaining enough perspective to adjust strategies. Fortunately, a tremendous amount of groundwork was laid over the past five years under Frédéric Arnault’s leadership, particularly in managing stock levels with our retailers. This has proven invaluable given the current complexities of the watchmaking market. My role now is to build on this foundation.

What is your vision for TAG Heuer’s strategy and its position in the industry?

The industry has undergone significant disruption over the past five years. Baselworld has vanished, Watches & Wonders has grown, and regional exhibitions are proliferating. The traditional rhythm of annual collection presentations has given way to a more dynamic, year-round approach. Meanwhile, independent watchmakers have clearly gained market share. TAG Heuer has ambitious plans, and our partnership with Formula 1 provides an ideal platform to amplify them. While recent communications have been largely product-focused, the brand’s image and core values—particularly its relationship with performance—will be significantly emphasized. This heritage dates back to 1916, when TAG Heuer introduced the Microtimer, capable of measuring time to 1/100th of a second.

What does "performance" mean for TAG Heuer?

This will be a defining theme for 2025. We aim to demonstrate how TAG Heuer supports performance and those who embody it in various forms, whether through innovation, craftsmanship, sports, or mechanics.

What does “high performance” mean to you personally?

In the luxury industry, there’s always an element of mystery and magic—that ineffable quality that sets it apart. Similarly, performance reflects the unique human drive to push boundaries and surpass limits. It’s a fundamental value at TAG Heuer, encapsulated by Jack Heuer’s famous quote: “Time never stops, should we?” This vital energy is something we are determined to reignite.

Performance cannot be achieved without the financial means to support it. The €150 million annual partnership signed by LVMH with Formula 1 represents significant resources to make it happen. TAG Heuer has thus become the most heavily invested brand within LVMH's watchmaking division. How do you perceive this pressure?

The Group is a wise investor, investing where it believes there is potential. This is a significant responsibility, and I’m fully aware of it. However, this is not a new challenge. Major investments in R&D and advanced tooling have already been made in recent years, amounting to millions of Swiss francs. Our task is to capitalize on these resources effectively. The funds will be allocated across communication, product development, and enhancing the customer experience throughout our distribution network.

Will you be moving the brand further upmarket?

Yes, but in a measured way. We’re not aiming to enter overcrowded segments dominated by other brands. However, there is a clear demand from our customers for premium, high-quality products. This includes features like a five-year warranty, a decade without servicing, and adherence to the highest environmental standards. Transparency is also critical, requiring stricter oversight of our supply chain. While we remain accessible, targeting the CHF 4,000–8,000 range, products reflecting our R&D and innovation will naturally command higher prices, as seen with our CHF 40,000 tourbillons.

What about TAG Heuer’s past strategy of offering high complications at prices below CHF 20,000?

That approach doesn’t make sense. High-level craftsmanship, patent filing, material innovation, and pursuit of performance are inherently costly. However, these innovations can later be adapted for more widely accessible products—a strategy I intend to pursue.

You are stepping into your new role as CEO at a time when the watchmaking industry is struggling, and some brands are putting their employees on furlough.How has TAG Heuer weathered the industry challenges since September?

Our position is relatively healthy. While we’ve made adjustments, such as not replacing certain roles, the numbers have been minimal, and there have been no layoffs. Our focus is on making the business as flexible as possible. On the sales side, we avoid overloading retailers with excessive inventory, maintaining a balanced relationship with our partners.

How will TAG Heuer activate its Formula 1 partnership?

By reclaiming our rightful place in Formula 1. TAG Heuer was the first brand to sponsor F1 drivers in the 1960s, thanks to Jack Heuer’s innovative strategies. This heritage allows us to reaffirm our identity. I see Formula 1 as a media platform with unparalleled reach—1.5 billion viewers globally. TAG Heuer’s historical ties to motorsport are undeniable: 14 world champions have worn TAG Heuer watches. This emotional connection will be central to our campaigns and communication. TAG Heuer will now have a dual presence as a global partner of Formula 1 and a sponsor of the Red Bull Racing team, mirroring our dual role in the 1980s as both a timekeeper and sponsor of McLaren. Staying in the competitive sphere is vital, as Formula 1’s appeal now extends to a glamorous, celebrity-filled audience. LVMH’s strength lies in its 360-degree activation strategy.

This represents significant budgets…

Yes, but we’re also maintaining other partnerships, such as with Porsche in motorsport. Our commitment to motor racing is unparalleled. We embrace competition, even at the risk of failure, because failure often drives future success. This entrepreneurial mindset aligns perfectly with TAG Heuer’s values.

Is the pressure to succeed felt in proportion to the financial commitments?

The risk itself is not necessarily greater; it is the consequences that are, along with the expectations of returns for the group. The stakes are higher, but their nature remains the same. The danger lies in fearing risk, as it blinds us to opportunities. It is essential to weigh both without being swept away by the euphoria of ambition or paralyzed by the panic of fear, while factoring in the current economic circumstances. The LVMH group has always been adept at seizing opportunities in times of change. Today, the economic environment is one of transformation.

How do you perceive TAG Heuer’s role in the watch industry?

TAG Heuer is a significant player in the industry, and we have a duty to contribute to its growth. Within LVMH, we also play a role in protecting the broader interests of Swiss watchmaking.