aurent Michaud welcomes us to a renovated and newly reopened store, a family-run institution since 1906, nestled in Place Pury, at the heart of the Swiss watchmaking ecosystem in Neuchâtel.

Spanning two floors, the exquisitely appointed boutique was reimagined in collaboration with the acclaimed design studio Atelier Oï. The sheer density of brands is impressive, illustrating the venerable heritage of this retailer, all within a space constrained by the site’s historic architecture: Rolex, of course, alongside Chanel, Chopard, Hublot, and Tudor. There is also a beautiful portfolio of jewellery brands, such as Fred and Messika.

It all began during what is known as the “first globalisation”, a period of intense commercial exchange preceding the First World War.

Currently managing the Neuchâtel and Verbier stores alongside his brother Jean-Nicolas and sister Marie-Maude, Laurent Michaud shares the family history – one that reaches well beyond local roots, reflecting the global expansion of Swiss watchmaking. It all began during what is known as the “first globalisation”, a period of intense commercial exchange preceding the First World War. Michaud recounts, “My great-grandfather Charles-Louis Michaud, originally from Neuchâtel, left for East London in South Africa. There, he marketed watches, goldsmithing, jewellery, and acted, in a way, as an ambassador for Swiss watchmaking.”

A first boutique in 1906

After his time in Africa, the merchant returned to Neuchâtel, where he opened his first shop on Place de la Croix-du-Marché in 1906 and moved three years later to Place Pury, but at a different address from the one occupied today. He represented watchmakers and also offered goldsmithing and silverware. In 1960, his son Édouard Michaud, a trained watchmaker who had taken over the business, established the store at its present location.

Representing the next generation, Jean-François Michaud specialised in jewellery and gemology, which allowed him to strengthen this area within the family business. Notably, like his grandfather who journeyed to Africa during the first globalisation, he decided to travel to Asia during a new wave of globalisation, where he represented the Golay house, active in the trade of pearls and diamonds.

Marie-Maude, Jean-Nicolas, and Laurent Michaud represent the fourth generation of the historic Swiss watch retailer.

It was in Hong Kong that he met his wife, Priscilla, and where their first son, Jean-Nicolas, was born in 1972. The family later returned to Switzerland and took over the Neuchâtel store. Born in 1975 and 1980 respectively, Laurent and Marie-Maude Michaud complete the trio representing the current generation. “Our parents never pressured us to take over the family business, but we naturally became interested in the world of watchmaking and have very complementary skills,” notes Michaud.

In fact, his brother attended hotel school before joining Swatch Group; Laurent himself studied law, later also working at Swatch Group, followed by Calvin Klein, Jaquet Droz, and Ulysse Nardin; and their sister worked at Vacheron Constantin after training in marketing. He explains, “It allowed us to see things from the other side, the brands’ perspective, which is very important as a retailer. And each of us gradually joined the family business.”

“We all experienced the other side of the business, working within brands, which is very important as a retailer.”

An exclusive territory

The new generation quickly made its mark. In 2005, the family opened a second store in Neuchâtel, dedicated to writing instruments and a more accessible offering in jewellery and watchmaking (it operated until 2019, editor’s note). Then in 2009, as they looked to expand into a ski resort, their attention turned to Verbier — a renowned holiday destination, but one with virtually no watch representation at the time. They began with a Hublot pop-up store before establishing a year-round multibrand boutique in 2011.

“Whether in Verbier or Neuchâtel, we have both an advantage and a disadvantage as we are, by default, the only prestigious watch retailer in town,” says Michaud. “In Neuchâtel, we have a local and loyal clientele that stretches from northern Vaud to Fribourg, covering the entire canton.”

The Michaud boutique in Verbier

As surprising as it may seem, La Chaux-de-Fonds and Le Locle, both recognised as world heritage sites for their watchmaking architecture, do not host boutiques representing the major names in the industry (though some manufacturers do have their own integrated stores). Michaud, therefore, stands as an essential multibrand retailer at the heart of this vast watchmaking ecosystem.

“Before Covid, we also had a sizeable business clientele in pharmaceuticals and the machinery industry,” shares Michaud. “But that has changed a lot since then, and we now see fewer of those visitors. The local clientele – including watchmaking and subcontracting employees in the region, as well as cross-border workers – now represents 85% of our sales.”

“Whether in Verbier or Neuchâtel, we have both an advantage and a disadvantage as we are, by default, the only prestigious watch retailer in town.”

The law of cycles

Like the entire industry, the retailer experienced the consumer frenzy that swept the watch world between 2021 and 2023. “We almost ran out of inventory after just a few months,” recalls Michaud. “That’s when we, like many others, put a small set of not-for-sale Rolex models on display, with the famous ‘For Exhibition Only’ plaques, just so the showcases wouldn’t be empty. It took a lot of explanation and diplomacy with our customers to avoid frustrating them. It was very complicated at first.”

Waiting lists were introduced, and the retailer had to turn away clients – a bittersweet period. Were they able to redirect some of that demand to available models? “I would say 80% of customers walk in knowing exactly which model they want, so it’s very rare for them to consider alternatives,” says Michaud. “Maybe 10% are hesitant and open to seeing other models, and the rest come in simply looking for ‘a watch’ without a specific brand or model in mind.”

With growing interest in watches, the situation has been completely upended compared to the early 2000s, when the proportions were simply reversed. “Back then, most customers would come in looking for advice. The internet has changed everything,” notes Michaud. With the current slowdown and the shift into a new cycle, the pressure has eased, although some models remain unavailable. He adds, “Where the challenge used to be increasing volumes, today, caution is key. Suppliers are suffering. And I’m also thinking of the independents, who must adapt to this new context.”

A shift towards Haute Horlogerie

This is by no means the first trend reversal Michaud has witnessed in its more than century-long history. Over the past decade, the retailer notably stopped working with groups or brands that, as a result of internalisation or “boutique-only” strategies, abandoned – sometimes abruptly – their long-standing partners. Like many other retailers, the family business now includes a significant number of independent brands in its portfolio.

More recently, the company also launched the new Certified Pre-Owned programme by Rolex, joining other authorised dealers of the crowned brand. “It’s a first for us; we had never operated in this segment before. But it perfectly meets a market need: we had requests from customers who wanted to change their watch but would never have sold elsewhere – either they didn’t need to, hadn’t thought of it, or didn’t trust third-party platforms. This opens up new possibilities.”

Looking ahead, the company is placing more focus on haute horlogerie, for example by integrating Chopard’s L.U.C. line. Is the Michaud family considering further expansion? Michaud remarks, “Opening new spaces or taking on new brands isn’t a goal in itself because we already have strong coverage. Our priority is to work even better with our existing partners.” In the long-term, which is inherent in watchmaking – and jewellery – it is mutual trust that yields the best results…