What will the revived Urban Jürgensen’s place in the watch market be?

Zach Blass

A few years back, Urban Jürgensen came onto my radar with its sporty, modern One – though the brand, historically speaking, has long had an aesthetic I would describe as a Danish twist on Breguet. The Urban Jürgensen One was a novel entry into the ever-popular luxury, integrated bracelet watch segment at its peak. Despite the attention and niche attraction the One had, it was clearly not enough to keep the brand going as it was. Brands with predominantly higher-end, dressy pieces in their catalogues require a constant stream of buzz behind them to succeed – think Cartier and F.P. Journe.

So, when news broke that the brand had been acquired by the Rosenfield family in 2021, with celebrated watchmaker Kari Voutilainen enlisted to serve as co-CEO, we were all eager to see what the next chapter would be for the historic brand that was originally founded in 1773. Many presumed we would see a launch of the next generation two years later, in 2023, for the 250th anniversary. However, it took the duo another four years to finally reveal the fruits of their labour. The question that lingers in my mind now that we have seen the three debuting novelties is this, though: what will Urban Jürgensen’s place in the watch market be?

The new Urban Jürgensen watches

First, let’s talk a bit about the revived brand’s initial three watch designs, and how each of them differs.

UJ-1: The anniversary watch

The first of three new Urban Jürgensen models is a reimagining of Derek Pratt’s Oval Pocket Watch, which he created for the brand during his tenure. The new UJ-1 achieves the previously unfathomable task of miniaturising the Oval’s tourbillon movement to fit within a wristwatch and elevates it even further with a remontoir d’égalité and dead-beat seconds.

The UJ-1, in its rose gold or platinum case, measures 39.5mm in diameter and 12.2mm thick. The dials, whether grey or silver, are elaborately hand-decorated with linear grain d’orge guilloché for the main dial, and clous de Paris 45° guilloché for the small seconds. The rose gold-plated, in-house UJ-1 calibre, with a one-minute flying tourbillon and constant-force mechanism, has a classic beat rate of 18,000vph and a power reserve of 47 hours.

UJ-2: The three-hand watch with double-wheel natural escapement

Available in either platinum or rose gold, 39mm in diameter and 10.9mm thick, the UJ-2 is the simplest of the three debuting creations. Though, there is nothing simple about realising such a high-quality watch – each example is said to require 565 hours to complete. The decorated dial displays a power reserve indicator at the 12 o’clock position, the hours and minutes in the centre, and an off-centre small seconds.

The UJ-2 in-house movement features a double wheel natural escapement, “inspired by the design concept of Urban Jürgensen’s mentor Abraham-Louis Breguet in the 18th century and perfected today by Kari.” According to the brand, this system increases the efficiency of the calibre, compared to a typical Swiss lever escapement, by 30%. But despite this afforded efficiency and 18,000vph, it has a power reserve of just 52 hours. Keep in mind, however, that this is as close to an 18th-century movement being produced today as it gets. It’s a real time capsule on the wrist.

UJ-3: The perpetual calendar with instantaneous moon phase

Last, and certainly not the least, is the UJ-3, developed in collaboration between Voutilainen and master watchmaker/engineer Andreas Strehler. Measuring 39mm in diameter and 13.9mm thick, the UJ-3 integrates Urban Jürgensen’s double wheel natural escapement seen in the UJ-2 with Strehler’s precise moonphase indication that is said to be accurate for 14,000 years. The UJ-3 marks the first time a serially produced perpetual calendar has had a double wheel natural escapement. Elaborate hand-craft can be found throughout the watch, down to the engine-turned caseback ring, just like the UJ-1 and UJ-2.

For fans of classical watchmaking, these designs are unimpeachable and will certainly stir up desire amongst traditionalists. But as you discover the prices in just a moment, some may call out the fact that the movements are only gold-plated, and not solid gold like you would find on an F.P. Journe. Then again, I would argue the movement finishing is more elevated, and likely not possible on a softer, solid gold surface. The innovation in the watches also interestingly bring things backwards, which is great in a romantic sense, but not so much in the areas of things like calibre stamina, where we are not seeing power reserves that last much longer than two days.

Who will Urban Jürgensen really be competing against?

The answer to the question above: the latest in a growing list of watch brands that really only cater to the über-wealthy mega-collectors of the world. With the new entry point for Urban Jürgensen set at CHF 105,000 for the UJ-2, the middle of the range set at CHF 168,000 for the UJ-3, and the highest of the three priced at CHF 368,000, this is serious, high-end watchmaking. With the UJ-3 Anniversary Watch, it’ll be limited to 75 pieces, with 25 pieces per configuration. Assuming they all sell through, and they very likely will, this one range alone will net the brand CHF 27,600,000 in revenue. The question is: how long will it take them to complete the 75-piece run?

The UJ-2 and UJ-3 are not limited editions, but will be limited in annual production of yet undisclosed numbers. That said, if the UJ-2 requires 565 hours to complete, only approximately 15 pieces would be able to be created each year – and that is assuming the watchmakers were working non-stop with zero sleep! Presumably, the UJ-3 would take even longer.

For comparison, according to last year’s Morgan Stanley report, F.P. Journe was estimated to have pulled in CHF 98,000,000, with approximately 1,800 watches sold. F.P. Journe maintains it does not exceed 1,000 mechanical watches per year (excluding its quartz Élégante line), so I cannot say I trust this approximation wholeheartedly. However, it just goes to show how aggressively high-end the relaunched Urban Jürgensen’s approach is. They’re playing at a tier beyond Patek Philippe, beyond F.P. Journe, and instead going head-to-head with the likes of Rexhep Rexhepi, Philippe Dufour, Greubel Forsey, Roger Smith and Biver, among a remaining and sizeable group of independents who have all proven the model in their respective respects.

These brands command prices that only 1% of collectors can afford, and even less in terms of who can actually be allocated one. Their products are all innate investments, guaranteed to sell for multiples over their already high price tags if they ever went to auction. This then draws in a broader crowd, one perhaps not all that interested in the watchmaking, but rather an incredible investment opportunity.

What the Urban Jürgensen relaunch is indicative of is a clear trend we have seen strengthening over the last decade. It seems there is an immense opportunity on the table if a brand that produces low quantities of watches with higher price tags can establish a cult high-end collector following. Though not the first independent by any means, F.P. Journe, as it grew, gave others the confidence to undertake independent brands with an emphasis on quality over mass quantity.

Even the bigger watch conglomerate groups have taken notice, with LVMH’s Daniel Roth revival clearly an attempt to compete in this promising segment. Contrary to what a conglomerate like LVMH would want, the revived Roth brand is all emphasis on higher-quality watchmaking with limited production numbers.

I also wondered whether or not Urban Jürgensen’s biggest competitor would ironically be Kari Voutilainen’s namesake brand. While the aesthetic is not necessarily identical, both brands play at a similar level of watchmaking, and Voutilainen certainly finds inspiration from the greats like Breguet and Jürgensen in his work. They both play in a similar price bracket, and have similarly scarce production, so it will be interesting to see if the Voutilainen brand adjusts the type of watches it produces and the prices it asks for in the coming years.

Final thoughts

It is interesting to see such high-end, low-quantity watchmaking become increasingly saturated, perhaps almost too much so. More and more, we are seeing investors and watchmakers trying to take a Hermès-like route, prioritising craftsmanship to create a blend of strategic and natural scarcity to develop a following of wealthy collectors that will eat up its low quantities of product for top dollar. But just how many brands of this level can exist before there are more timepieces than buyers?

Considering the enigmatic queues for Philippe Dufour Simplicities, Roger Smiths, and a healthy list of collectors pressed that they couldn’t get the latest Berneron or Akrivia, it would seem we are still far from oversaturation at this time.

As a mere mortal in terms of spending power, I have mixed feelings about this, but I recognise my perceived negatives are superficial and positives significant. Though it kills me, there are more and more incredible watches like these new Urban Jürgensen pieces that are just absolute teases I cannot ever fathomably own. This level of watch brand and the continued investment in such a high-end path proves there is not only a demand for such a lofty tier of watches, but also a critical need to ensure there are craftsmen who can make them. This is great news.

In recent years, as watchmaking has become more automated (both in a figurative and literal sense) it has been identified that we have been facing a danger of A to Z watchmaker extinction – watchmakers trained in all the various handcrafts and watchmaking operations. This is why it is a relief to see businesses like LVMH actively seeking to be a source of such schooling and cultivation.

It’s clear we cannot afford to lose master watchmakers, and not just in the romantic we-can’t-let-tradition-die-sense, but rather because it would pose a fiscal issue with so many independent powerhouses’ survival contingent on a pool of highly trained watchmakers being available. At the very least, we can find solace in the cultivation of master watchmakers being well and truly financially motivated, which is what ultimately moves the needle.