Rolex. Omega. Timex. The watch business is full of monstrously large players that have seemingly been around since, well, the beginning of time. And so, in an industry dominated by Goliaths, it’s an especially gutsy move to take on the role of David, which is precisely what Throne Watches has done.
Started by Zack Sears and a few partners in 2013, Throne Watches began simply with an interest in leatherwork. As the URL life continues to dominate the IRL one, the group was eager to do something with their hands—a sentiment becoming increasingly popular by 20- and 30-somethings starved of tactile experiences. The small side project began to evolve, increasing in scope. Belts turned into bands for vintage watches and then, finally, into the design and manufacturing of the watches themselves.
We caught up with Zack at Throne Watches’ headquarter in Greenpoint, Brooklyn to discuss the company’s origins, the challenges of a start-up, and why the ’68 Omega Speedster still reigns supreme.
Bond Street
So, just to jump right into things, tell me a bit about Throne Watches and how it got started.
Throne Watches
Sure. So I’m a trained as a designer and I kind of got started doing leather work a few years ago because everything that I was working on was on a computer, and honestly, I just kind of got sick of my life being digital.
So, I was really inspired to try to make something physical and I decided that I wanted to try to make a belt. So, I ordered a bunch of leather tools, a bunch of leather and looked up some YouTube videos and kind of taught myself how to make a belt. From there I started making other small goods, wallets and things like that. Then actually one day my now partner came to me and said: “Hey, I have this old watch that my dad gave me and the strap is all beat up and shitty and… I know you have all this leather. You think there’s a way you can make me a new strap?” I was like: “Oh yes, sure, I can figure out how to do that.” So, I made him one, and then another friend asked for one and we we’re like: “Oh, maybe there’s something to this.” So we actually started a business around that idea of basically taking old watches and making new bands for them.
Bond Street
When did you start the company?
Throne Watches
We started around January 2013.
Bond Street
When you decided that you wanted to start doing leather work, what was step one? Did you have any training?
Throne Watches
No. Honestly, the internet makes things surprisingly easy these days, but it was a matter of trial and error and being resourceful.
Bond Street
Where are you sourcing your leather from? Has it changed overtime?
Throne Watches
Initially I started getting stuff from whatever website I could find… and then… I said: “Man, my leather is not as good as all these other places,” so I spent a lot of time on leather forums and kind of perusing the Internet and basically talking to people and trying to figure out where the good tanneries are. I finally settled on this place in Chicago called Four Winds Leather which has become very popular. It’s considered by most to be the de facto for American leather workers. It was pretty interesting, their process, because they don’t have a website. You can’t just order things, it’s all direct order over the phone. So, I finally found this number listed in some leather forum… and just called them up and said: “Hey I’m looking to buy some leather.” And they were like: “Yea, sure what weight? how big?” and I was very lost. There was definitely a learning curve.
Bond Street
Other than friends. How were you sourcing the vintage watches initially?
Throne Watches
A lot of man-hours basically. Spending a lot of time on Ebay, spending a lot of time going to vintage stores, going to watch shops, pawn shops, all that kind of stuff. It’s not just a matter of sourcing that’s challenging, finding a reliable mechanic who was willing to refurbish them and make sure that everything worked was difficult.
Bond Street
When you decided to begin producing watches in-house, what was the first step? How did you go from idea to prototype?
Throne Watches
It was a long process because it’s not like… it’s not like printing a t-shirt. It’s significantly more complicated, lots of literal moving parts so, honestly it was a matter of coming up with what we even wanted first. So I did a ton of research to get an understanding of what aesthetically we would want from a watch and then set in place the requirements we would need in terms of manufacturing skills and per unit cost and manufacturing origin. Having it made in the U.S. was a huge thing for us. So we put all those things together, we had a little mood board type of PDF that we could send off to different manufacturers and then it was just a matter of… doing it.
Bond Street
Right on.
Throne Watches
Yeah, I mean when we first started talking to companies it was terrifying because we were being quoted at minimum orders of hundreds of thousands of dollars. Finally we landed on a company in Illinois that was willing to work with us on a minimum and kind of work with us to grow up.
Bond Street
And is that still who you’re using?
Throne Watches
Yes. Yes, that’s still who were using.
Bond Street
How do you think being from the Northeast, specifically Maine, impacts your work?
Throne Watches
I think the thing that I always think about in terms of Maine-made manufacturing is L.L. Bean. L.L. Bean to me is a company that personifies this idea of quality, durability, reliability, lifetime experience, all of those things that really personify what I like about manufacturing.
Bond Street
How does Throne Watches approach marketing. What’s been the most successful strategy to date?
Throne Watches
Social media is huge for us. It helps that we have such a visual product.
Bond Street
And do you think that drives sales?
Throne Watches
It does, absolutely. But there’s kind of diminishing returns for social media. The larger you grow, the less passionate your fanbase naturally becomes. The other thing that we really have been trying to do as a marketing tool is to throw events.
We all kind of grew up and got our start in the music world, so we try to support that scene as much as possible. It’s also not just concerts, we’ve had movie screenings and little trade shows here. We’re a very bootstrapped marketing operation. We’re not really spending money on traditional ad-buys or anything like that.
Bond Street
Prior to working with Bond Street, had you guys ever applied for financing?
Throne Watches
Sure. We actually talked with Chase and Bond Street kind of all at the same time. I was very interested in working with Bond Street because I knew David, and I knew the pitch, and I knew the brand. I saw the other companies were using Bond Street and knew it was a place that we want to be aligned as an organization.
Bond Street
Do you guys use any business or financial software that you’d recommend?
Throne Watches
I sing the praises of Shopify day in day out. I’ve used Squarespace Commerce and Big Cartel and all these different things and Shopify is just at the top of the game right now, in my opinion. They make it super easy, I’m like an unofficial spokesperson for Shopify at this point.
Bond Street
How did you determine pricing?
Throne Watches
We kind of observed the industry as a whole and looked at where we saw the biggest opportunity. The way I saw it was that the high and low ends of the market were really well established. The world of the one hundred dollar watch on one end, and the multi thousand on the other. There were only a few players in that kind of middle market. Shinola is probably the largest of those and their price point is in the six to nine hundred dollar range.
So we saw it as: “Ok, if we are going to enter this market, if we’re going to try to compete with a company that has millions of dollars, we need to be able to offer as good a product at a lower price. So, that’s kind of how we got to the price point that we have.
Bond Street
Was there ever a point when you thought the business wasn’t going make it? And how did you pull through?
Throne Watches
Yes, I mean… for sure. I would say last year was definitely a growing pains type of year. I think you can look at a similar trajectory in a lot of different organizations. You have that first year where you have this excitement and this success, and you’re rolling and you don’t have to worry. You’re like: “Oh my God, this is amazing, what could possibly go wrong?” and then you reach a point, and I think it varies depending on the type of organization, but you reach this point where you realize: “Oh shit, now we have to be like a real company.”
Bond Street
Throne has now released two lines of watches, what have you learned from going through two products lines?
Throne Watches
The watch business is expensive and complicated.
Bond Street
That’s totally valid. On another note, do you have any brands that you admire?
Throne Watches
Obviously, it’s easier to point to really big brands that I think do things super well. I’m very inspired and motivated by what Apple has made. I think Apple has built a product that appeals to the masses and yet is still constantly innovative. I think there’s a lot to be learned from a business like that.
Bond Street
and L. L. Bean
Throne Watches
Yes, L.L. Bean
Bond Street
That has to make the list.
Throne Watches
Totally, totally.
Bond Street
Your thoughts on smartwatches?
Throne Watches
I actually had this realization recently where to me… a smartwatch really is… it’s just called a watch because it’s on your wrist, but to me, it’s more about wearable technology. It’s a multi functional device that happens to look like a watch and be modeled after a watch, but to me watches are about something entirely different than that.
What I like about the business we’re in is that I don’t want another screen in my life, I already look at a computer all day, I have an iPhone. To me a watch is something you should be able to invest in once and be able to hand that down from generation to generation. Smartwatches are never going to be able to do that. It’s great for the company because they’re getting on that upgrade pattern, but to me it changes what watches are all about. To me even calling a smartwatch a watch is weird.
Bond Street
What is your favorite watch ever made?
Throne Watches
I would say the Omega Speedmaster from… I think it was ’68. It’s the watch that Neil Armstrong wore on the moon. It’s a beautiful, beautiful chronograph watch. I think that’s the pinnacle of watch design personally.
Throne Watches
And if you could see anyone in history wearing a Throne Watch who would it be?
Throne Watches
Shit, that’s a good question, I could go so many different directions with that. I would say JFK I think.
Bond Street
What is one book every entrepreneur should read?
Throne Watches
Honestly I’ve read it like 6 times, but I would say “Rework” by David Heinemeier Hansson and Jason Fried. I made all the guys at Throne read it. It’s almost become a little bit cliché at this point, but I still think that there are so many amazing lessons to be taken away from reading that. I think about the things in that book on a daily basis. It’s stuck with me.
Bond Street
Lastly, what is the best piece of advice you can give anyone considering starting a business?
Throne Watches
Be careful who you’re going to business with. Half of the stress in the past 3 years has been like: “Oh, shit. Maybe we shouldn’t have gotten that person involved in this or maybe we shouldn’t have gotten that person involved in that.” As soon as you start to bring people in, that you’re not truly confident provide value to your business then you’re really shooting yourself in the foot.