PARIS — Independent Swiss watchmaker Parmigiani Fleurier has named Guido Terreni, a longtime Bulgari executive, chief executive officer, recruited to develop the high-end label. The executive replaces Davide Traxler, who has left the company.
Terreni, 51, worked for Bulgari for two decades, serving as president of watchmaking for the past 10 years. The executive bolstered Bulgari’s watchmaking credentials through dozens of watchmaking prizes and a handful of world records for ultra-thin movements.
“We have been able to secure a strategist and recognized expert who oversaw the repositioning of Bulgari Horlogerie as one of the leading global watch brands in the high-end segment,” said Fritz Schiesser, chairperson of the Sandoz Family Foundation.
The management change comes as the high-end Swiss watch industry grapples with challenges from the coronavirus crisis, which has deprived European luxury goods companies of tourist sales that have fueled growth in recent years. The value of Swiss watch exports were down 21.8 percent over last year, according to the Federation of the Swiss Watch Industry. Demand in mainland China has helped improve the industry’s performance, especially in the second half.
The executive will focus on long-term strategic brand realignment, according to Traxler. “This is the right time to place management of the company in new hands,” he said in a statement, also emphasizing the task of responding to market changes brought on by the crisis. Under his direction, Traxler said the label focused on improving its profitability and optimizing its product range.
A Swiss Italian national, Terreni graduated from Luigi Bocconni University in Milan and started his career at Danone Groupe.
Parmigiani Fleurier, which has collaborated with luxury carmaker Bugatti, as well as musical artist and technology entrepreneur Ryan Leslie, announced plans in December to develop a series of limited-edition watches for Georgio Armani.