he story of Formex began in Biel/Bienne back in 1999, when two brothers decided to combine their passion for motorsports with their love for watches by launching their own watch brand. Their particularly resilient models (“Formex” is a portmanteau of forme extrême, French for ‘extreme shape’) were distinguished by a unique shock-resistant case suspension system, similar to the one on cars or mountain bikes, that delivered an extra shock-absorption capabilitythanks to four tiny springs placed between the upper and lower case of the watch.

The brand performed well for its first ten years but, like many other Swiss watch brands, was hit hard by the 2008 stock market crash and lay dormant for a while.

Meanwhile, also in Biel/Bienne at around the same time, Dexel SA was a watch component manufacturer supplying numerous Swiss brands. The company had garnered recognition primarily for its R&D in watch clasps. Back in 2008, for example, it had filed a number of patents for its unique fine adjustment systems, now a familiar feature on watch straps and bracelets. Raphaël Granito, the founder’s son, is in charge of product development.

Raphaël Granito, CEO, Formex

The two family tales would merge in 2016 when the Granito family decided to add another string to their bow by taking over Formex in a bid to rekindle the business and put it back on track. The brand would also serve as an incubator for their multiple innovations. Two years later, a Kickstarter crowdfunding campaign launched a much-changed Formex back on the watchmaking circuit.

Europa Star archives (2001 and 2005): initially, Formex was recognisable for its ultra-high tech designs and “extreme” shapes (hence the brand name). Its distinguishing feature was a unique patented case suspension system for absorbing shocks.

Raphaël Granito continues the story: “My goal was to preserve the brand’s sporty DNA, but with less extreme, more wearable, streamlined designs and high-end finishes.” For a year and a half, the young entrepreneur analysed the market, reaching out to potential retailers and distributors, but it soon became evident they were not really looking for innovations within the segment.

Essence: the first model from the reborn Formex rolled out on Kickstarter in 2018. Elements of the brand’s new DNA are already clearly visible: sporty elegance, streamlined, sober design with top-notch dial finishes and absolute attention to detail whilst integrating the unique case suspension system.

As for many new players, the solution would be direct-to-consumer online retailing. This was the golden era of Kickstarter; innumerable watchmaking projects all around the world launched on the crowdfunding platform. Raphaël Granito was virtually on his own, with one freelancer, but he had a powerful trump card: he was backed by Dexel with its tremendous supply and innovation capabilities. He drafted a detailed campaign for Formex, knowing that the key to success was marketing and creating buzz ahead of the fundraising launch.

The transition to the “new-look” Formex was already visible on the first Essence watch, a streamlined model presented on Kickstarter in 2018, which succeeded in raising some CHF 400,000 and still sported the patented case suspension found on the old-generation models. As this watch illustrates, the entrepreneur was one step ahead of the sporty chic wave that was about to break over the watchmaking industry.

The Formex Essence 39mm model with blue dial, COSC-certified, is the brand’s bestseller. Note the new, elegant logo.

“As experienced watchmakers, we already had the product prior to marketing, unlike most of the other projects on the platform,” says Raphaël Granito, who has surrounded himself with trusted collaborators and hired his best friend, US-based Markus Wälchli, to oversee the brand’s communication. Access to a tried and tested suppliers network, courtesy of Dexel, offers all-important guarantees when it comes to quality and delivery deadlines. Sponsorships in the motorsports world are a thing of the past; now “the product is the star.”

The first new-generation Essence watch was launched as a pre-order with a basic automatic movement for upwards of CHF 369, or a COSC-certified movement for upwards of CHF 670. This very attractive price point, without the usual retailer margin, made this a highly competitive model - but shouldn’t the entrepreneur have started out by positioning the brand on the current range, which sells for over CHF 1,000? Raphaël Granito is categorical: “The goal was to relaunch the brand and get the model on as many wrists as possible.”

Following its relaunch with the new-look lead product, the brand was primarily promoted on markets where there was already a Formex fan community, starting with Germany. “In the 2000s, the main Formex markets were the US, Germany and the Middle East, with prices ranging from CHF 2,500 to 9,000 for the gold models.”. The new-generation brand was no longer marketed through traditional retailers. In the US, for example, it relied on YouTuber, Teddy Baldassarre, to increase its visibility.

However, opting for a 100% digital distribution model comes at a price: the YouTuber is now a retailer himself and has opened his own bricks and mortar store in Cleveland. He has also become a Formex retailer. The trick is to transition from unbeatable value for money, achievable through direct-to-consumer online retailing, to price levels that allow for potential retailer margins. The brand currently finds itself in this delicate phase in its bid to ensure expansion: it has already transitioned from 100% direct-to-consumer retailing to making a quarter of sales through partners.

The brand has just showcased the Essence Space Gold Automatic model with meteorite dial coated in 18k rose gold, which involves an innovative electroplating process made possible by the family-owned group’s expertise in dial design.

“We don’t have an active approach regarding retailers, because we don’t offer classic margins: the ones we work with spontaneously approached us and we explained our positioning,” Raphaël Granito continued. Last year, Formex sold around 3,000 pieces at an average price of CHF 1,500. The brand was also able to bring assembly operations in-house thanks to its solid network of suppliers and the advantage of having models fitted with Sellita calibres.

“This niche has been somewhat neglected in the Swiss watch market. We’re holding a trump card, especially since the Essence watch should retail for CHF 2,300 not CHF 1,500. It’s very rare, if not unique, in our price segment for the dial to be manufactured in Switzerland. All our dials are made in our own Cadranor fine dial-making workshop in Courtedoux,” Raphaël Granito was quick to comment. His current strategy also sees him gravitating towards more high-end territory through more streamlined, sport-chic designs, with trimmed dimensions; a long way from the “extreme shapes” of the brand’s early days.

“We’ve developed our own design language, we’re not into neo-vintage, for example,” the entrepreneur continued. “The ultimate goal in watchmaking design is for a watch to be recognizable before you even see the brand name.”

The brand’s new diver, the Formex Reef Radiant Bronze 42mm model, water-resistant to 300 metres and featuring a bronze dial, produced in collaboration with Collective Horology.

The brand is also backed by Dexel’s immense resources, notably in R&D: “Sometimes, suppliers may not be able to make the component exactly the way we want it. If that’s the case, we can make a prototype ourselves to show them how to proceed and even produce the piece entirely in-house.”

Formex also explores the use of lightweight materials with its 65-gramme Leggera model in forged carbon, ceramic and carbon fibre composite with titanium case and crown. All its models are COSC-certified, except the Field range which occupies the brand’s entry-level positioning.

“Ultimately, two worlds must meet: the new generation of brands who are highly active online and hoping to democratise watchmaking with top-notch quality design pieces, and the retailers, even the most traditional who are now having to reinvent themselves, because each can benefit the other.” Doggedly pursuing his strategy to elevate the brand, Raphaël Granito has also introduced an exceptional model sporting a gold-plated meteorite dial – an innovation in itself.

As further proof of its industrial and digital expertise, Formex’s online configurator lets customers choose their watch’s components: dial, bezel and even the strap or bracelet. The brand’s bestseller is the Essence 39mm model – very similar in spirit to the watch that underpinned the brand’s relaunch in 2018. All the straps/bracelets (a Dexel speciality) are interchangeable and so, too, is the bezel on certain models. An additional sign of maturity for the brand, deadlines are guaranteed by the fact that Formex has progressed from its historic pre-order system to the promise of stocks delivered in time, on time.

Continuing its in-depth exploration of materials, Formex presents the ultra-lightweight Essence Leggera featuring a carbon and ceramic case. As with the brand’s other models, the strap comes equipped with a patented deployant clasp with micro-adjust system for a snug fit.

So how do things stand, six years after the brand’s relaunch? “We’re profitable, we have a healthy business and a pleasant working environment. It’s most satisfactory,” replied the CEO. Now boasting a dozen employees, Formex shares its offices with Dexel, which employs around 120 people in Biel/Bienne and where Raphaël Granito remains in charge of product development. The Jura-based dial maker, Cadranor (40 employees), completes the portrait of this well-resourced family-owned group.

“The last model releases saw a change of perception among retailers, who started noticing the huge attention to detail in our dial finishes,” Granito concludes. “Our goal is now to secure our development as not only a digital brand but with a physical presence too. You’ll be seeing a lot more new projects beyond our traditional pricing segment that will elevate the entire brand.”