The Panom brand ("Because we deserve it") was founded in June 2023 by two childhood friends with a passion for watchmaking, Paul Richard and Quentin Istria. The original aim was to create the Airbnb of watches. In other words, the intention was to buy luxury watches and rent them out at specific events. This project met with enormous resistance from insurers, forcing the two partners to change tack. On the advice of their Swiss partners, they decided to create their own brand of entry-level luxury watches with an ambitious goal: "to position Luxembourg on the world watchmaking map".
"We are a Luxembourg company with Swiss Made watches. We had to fight hard to obtain this label, which meant many trips to Switzerland to fine-tune the project with suppliers," confided Paul Richard. In fact, going from idea to production was no easy task. The launch should have taken place at the end of 2024, but various adjustments had to be made once the first prototypes were out. An initial fit issue with the strap had to be resolved, followed by a design issue on the cases – "a protruding angle at the lugs that needed to be smooth.” "We thought it would be quicker. To complicate matters, as we work in small series, it is more difficult to be supplied quickly. The complexity of negotiations with Swiss suppliers, who themselves depend on subcontractors, slowed the process down."
In order to differentiate themselves from the competition, both partners have invested in the creation of their own tools. "An investment that guarantees the uniqueness of our design." A fan of the Jacob & Co brand, the brand's first model was inspired by the Epic X model. "The cross that floats on the dial, while being a distinctive touch, is a deliberate homage," explains Paul Richard. In addition to this cross, the brand's identity is embodied by a dial with a hand-machined honeycomb pattern – hence the name TheHive.
Design again, the Soprod M1 skeleton movement (M-100 skeleton AD) is visible on the back of the watch. The watch features sapphire crystals on the front and back, a 316L steel case – "the same steel used by Rolex" – and a durable, heat-absorbing vulcanised rubber strap, similar to those used by Richard Mille. It has an in-house retractable buckle, adaptable to any type of wrist, and offers 10 ATM water resistance, "although it is not a diver's watch". "TheHive is designed to combine the very essence of luxury with no frills and iconic design, yet understated, making it the perfect everyday piece of jewellery."
Online sales and capsule collections
Where can you get this timepiece? On the panomwatches.com website, where it will be available from 1 October for pre-sale at a price of €2,900. "We made the choice to reduce our margin compared to luxury watchmaking standards to facilitate our integration into the market." This integration will be gradual. Production will be limited to 150 watches this year, 500 next year and 1,000 in two years' time, a volume that Paul Richard and Quentin Istria do not wish to exceed “to maintain their independence and work on capsule collections.”
This development will depend on two unknown factors: the appeal of the brand and its models to investors and customers. "We are actively seeking funds, either from individual investors or from the banking sector. Discussions are underway for a potential equity investment," details Paul Richard, who points out that the company has been self-financed in equal parts by the two partners from their personal savings since its inception.
As far as customer reception is concerned, some fifteen watches have already been pre-sold in Luxembourg, the Netherlands, Bulgaria, England and Ireland via word of mouth. And a first watch, pre-ordered in spring 2024, has been delivered to the Grand Duchy. "The first customers are often family members or connoisseurs who believe in the potential of micro-brands in general and Panom in particular, with its distinctive, assertive character. The aim is to be recognised by our peers and professionals in the field before the general public by taking part from 2026 onwards in specialised fairs such as the Watches & Wonders offshoot or fairs dedicated to micro-brands such as the one in New York in April and to be present in the specialised press." To reach a wider customer base than just their address book, the two partners mainly use Instagram and are in discussions with American and French influencers to increase their visibility.
And tomorrow? "The aim is to release one collection a year, including upgrades of the current model, very limited series and complications (date, moon phase), alternating men's and women's collections and moving upmarket." Without rushing things. Boutique sales are under consideration but subject to certain conditions. "On this project, we want to move forward cautiously so as not to be overtaken by any large orders."
This article was originally published in French.
