Ulysse Nardin has always straddled two worlds: the romantic legacy of marine chronometers and the disruptive force of its Freak collection. It’s a balancing act that speaks to the brand’s broader ethos—rooted in tradition, yet perpetually challenging it. Earlier this month, that philosophy found new ground in Gurugram, where Ulysse Nardin opened its first standalone boutique in India in partnership with Ethos.

To mark the occasion, I sat down with Alain Sponem, Chief Financial Officer of the Sowind Group (parent company of Ulysse Nardin and Girard-Perregaux). Sponem, who has helmed Sowind’s financial and operational direction since 2016 , brings not only a sharp economic perspective but also a deep appreciation for watchmaking’s craft and culture. Our conversation ranged from the potential of the Indian market to the Freak’s latest innovations in Crystalium , and the lessons of balancing two very different maisons under one roof.

You’ve been at the helm of Sowind for nearly a decade now. What’s been your perception of India as a market, and how does the brand plan to approach it?

For me, India has huge potential, for several reasons. It’s a developing economy, with a young population and a lot of infrastructure still to be built. Basically, it’s now at the heart of what will be the beating heart of the world economy. Asia will probably create 70–80% of worldwide value, so India is clearly a place where we need to be. That’s why it was important for us to find the right partner—and that’s why we chose Ethos. India has big potential, but it’s difficult to say exactly when it will fully kick in. The trend is clear: India will grow, but by which percentage is hard to predict. What I see now is more and more people showing interest in watches, and purchasing power going up. So it’s the perfect moment to re-enter the market. As you know, Ulysse Nardin already has a history here. If you go to the airport, you can still see our clocks. So we’re building on that legacy and setting new foundations for the future.

Since the pandemic, India has seen a renewed focus on brick-and-mortar boutiques, with elevated retail experiences. What’s your perspective?

The key is balance. Digital is essential for every brand today, but I would say it’s more about expressing the brand—through websites, social media, digital campaigns. In India, a big chunk of sales are indeed digital. Still, that doesn’t make brick-and-mortar less relevant. On the contrary, the more you’re paying for a luxury product, the more you want a physical experience. You want to interact with the brand, see the product, speak with boutique managers, maybe meet other collectors. You need places where you can live your passion. It’s also about community. Watchmaking is a human story—craft, watchmakers, workshops, stories. And what’s better to tell a human story than through human touch? That’s why boutiques still matter.

When you look at Asia—China, the Middle East, India—how does the Indian customer differ?

With Ulysse Nardin, our DNA is exploration, pioneering innovation, craftsmanship. These are human universals, and you find them across cultures. For Indian customers specifically, I think time has a particular importance. And from what I know of your culture—and I hope I won’t say something wrong—Indian customers are often on a spiritual quest, seeking to discover themselves. And Ulysse Nardin is about exactly that: going beyond your comfort zone, exploring, growing. That’s why I think our philosophy is a strong match here.

At Watches & Wonders this year, your open booth and the Diver Net Air caught a lot of attention. How was the reception?

We really stood out. The booth was designed as an “experience lab,” where people could interact with features, see demonstrations, learn about the Diver Net Air. It was quite innovative for us, and it worked. I’d say we were probably one of the three most impactful brands at Watches & Wonders. It confirmed that our unconventional approach—technical innovation, materials innovation, and creativity—resonates strongly.

And at Geneva Watch Days you presented the Freak [X Crystalium]. What makes this watch so significant?

The Freak is already mind-blowing innovation. The first Freak in 2001 revolutionised the industry—no hands, no crown, silicon in the movement. It paved the way for others to experiment. With the new Freak [X Crystalium], we challenged ourselves further. Crystalium is our proprietary material: it starts with ruthenium, a platinum-group metal ten times rarer than platinum, and undergoes a controlled vapour-deposition crystallisation process. It’s a bit like frost forming on glass, creating fractal-like crystals that are impossible to duplicate. Each dial is unique. And then we went further—rose gold PVD finishing, hand-applied shading, and of course, the UN-230 calibre with flying carousel. It’s the epitome of our philosophy: innovation meeting high decorative arts.

2025 has been a turbulent year with US tariffs. How has that affected things?

Honestly, we don’t know yet. It’s not a closed story, and there may be surprises. For now, the competitive landscape hasn’t changed much. We shipped a lot of inventory to our US subsidiary before the tariffs, so we’re safe for several months. Hopefully the situation stabilises soon.

Does this have any lessons for India?

India is actually the opposite. We signed a free trade agreement in March that comes into effect in October, gradually reducing customs duties from the current 28%. That’s very positive for us. More broadly, what matters is knowing your customer. Wherever they are, they’ll still buy watches. That’s why our partnership with Ethos is so important—they know the Indian customer and help us stay reactive.

You’ve been CFO for eight years now, overseeing both Ulysse Nardin and Girard-Perregaux. How do you balance such different brands?

They’re very different, and that actually makes my life easier—they don’t compete. On the contrary, it’s an asset. Even though management is separate, there are synergies. Girard-Perregaux’s expertise in micro-rotors can inspire Ulysse Nardin. Ulysse Nardin’s expertise in materials can inspire GP. We try to emulate the best of both.

What can collectors expect in the year ahead? Will we see an India edition?

To be honest, not in the plan yet—but that doesn’t mean it won’t happen. We’ve made India editions before, and we’re not against it. But we’re a small group and need to focus our resources carefully.

Right now, much of our energy is going into the Freak and materials innovation. But there are big anniversaries coming up: the 150th anniversary of the Tourbillon with Three Bridges at Girard-Perregaux, and the 25th anniversary of the Freak next year. We have a full programme around both, and I’m sure you’ll be astonished by what’s coming.