FROM THE HORSE'S MOUTH...
Jack Heuer tells QP of his surprise that the brand founded by his great-grandfather is still thriving in 2010.
"To be quite honest with you, I never thought I would see this moment - not because I wouldn't be here, but because I didn't think the brand would survive this long."
So says Jack Heuer of this year's 150th anniversary of the watch firm founded by his great grandfather, Edouard Heuer, that established its credentials as one of the world's leading producers of sports-orientated timekeepers back in 1916 when it created the astonishing Micrograph stop watch that could record elapsed times down to an accuracy of 100th of a second.
Jack Heuer's one time misgivings about the future of the company had nothing to do with the quality of it's products, but to the fact that he can recall all too clearly an economic recession that made the current situation pale into insignificance - in watch making terms, at least.
Between 1958 and 1982, Jack built Heuer's first American sales subsidiary, oversaw the joint development of the world's first automatic chronograph (1969), established the name in Formula 1 timekeeping, perfected the 100th of a second, hand-held quartz stop watch and invented the automatic car identification and timing system still used in motor racing today. But in the middle of all that, came a double blow.
"Everything was going well for us until 1972 when we were hit by both the dollar crisis, which meant our prices trebled in the US - our strongest market - and the oil crisis, which caused a whole other set of problems. No one saw it coming, but by 1975 our exports dropped by 40 per cent and we were looking at projecting a budget for the following year of minus SFr.20 million" recalls Jack. "I stayed with the company until 24 June 1982, when I left and gave away my shares so that Heuer could survive. Nobody lost their job, but I was essentially ruined, 50 and had two children to support!"
But in typical style, Jack bounced back and became a partner in a consulting company that saw him travel around the the world before he decided to relocate to Hong Kong where he established a business making hand-held stop watches. "We started with 200 people and the company ended up, after 20 years, with a pay roll of 100,000. The firm was hugely successful and invented items such as a patented digital barometer and a digital hygrometer."
In 2002, at the age of 70, Jack was persuaded to return to work with TAG Heuer (by then owned by the luxury goods group LVMH) as a highly valued ambassador, advisor, historian and all-round guru - what he doesn't know about the brand simply isn't worth knowing. "Being here to see the firm's 150th year is an amazing privilege. I feel honoured to have been part of it."
ORIGINALLY PUBLISHED IN QP MAGAZINE ISSUE 41 (2010)
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