“DoorDash and Pizza Arbitrage,” about the time he realized that DoorDash was selling pizzas from his friend’s restaurant for $16 while paying the restaurant $24 per pizza, and proceeded to order dozens of pizzas from the restaurant while pocketing the $8 difference, stands as a classic of the genre.)

But it’s hard to fault these investors for wanting their companies to turn a profit. And, at a broader level, it’s probably good to find more efficient uses for capital than giving discounts to affluent urbanites.

Back in 2018, I wrote that the entire economy was starting to resemble MoviePass, the subscription service whose irresistible, deeply unprofitable offer of daily movie tickets for a flat $9.95 subscription fee paved the way for its decline. Companies like MoviePass, I thought, were trying to defy the laws of gravity with business models that assumed that if they achieved enormous scale, they’d be able to flip a switch and start making money at some point down the line. (This philosophy, which was more or less invented by Amazon, is now known in tech circles as “blitzscaling.”)

There is still plenty of irrationality in the market, and some start-ups still burn huge piles of money in search of growth. But as these companies mature, they seem to be discovering the benefits of financial discipline. Uber lost only $108 million in the first quarter of 2021 — a change partly attributable to the sale of its autonomous driving unit, and a vast improvement, believe it or not, over the same quarter last year, when it lost $3 billion. Both Uber and Lyft have pledged to become profitable on an adjusted basis this year. Lime, Bird’s main electric scooter competitor, turned its first quarterly profit last year, and Bird — which recently filed to go public through a SPAC at a $2.3 billion valuation — has projected better economics in the years ahead.

Profits are good for investors, of course. And while it’s painful to pay subsidy-free prices for our extravagances, there’s also a certain justice to it. Hiring a private driver to shuttle you across Los Angeles during rush hour should cost more than $16, if everyone in that transaction is being fairly compensated. Getting someone to clean your house, do your laundry or deliver your dinner should be a luxury, if there’s no exploitation involved. The fact that some high-end services are no longer easily affordable by the merely semi-affluent may seem like a worrying development, but maybe it’s a sign of progress.

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The Mayor, the Teacher and a Fight over a ‘Lost Territory’ of France

TRAPPES, France — It all began when a high-school teacher warned that Islamists had taken over the city. The teacher went on TV, issuing alarms from inside what he called a “lost city” of the French Republic. In Trappes, he said, he feared for his life.

“Trappes, it’s finished,” the teacher said. “They’ve won.”

The mayor, a strong believer in the Republic, saw the teacher on television and didn’t recognize the city he described. He knew his city, west of Paris and with a growing population of immigrants and Muslims, had problems but thought it was being falsely maligned. The mayor also happened to be a Muslim.

“The truth doesn’t matter anymore,” he said.

For a few weeks this winter, the fight pitting the mayor, Ali Rabeh, 36, against the teacher, Didier Lemaire, 55, became a media storm that, beneath the noise and accusations, boiled down to a single, angry question that runs through the culture wars rippling through France: Can Islam be compatible with the principles of the French Republic?

Lupin.” But Trappes also saw about 70 of its youths leave for jihad to Syria and Iraq, the largest contingent, per capita, from any French city.

article about Mr. Lemaire, who said he was quitting because of Islamists.

Within a few hours, a conservative politician eyeing the presidency tweeted her support for Mr. Lemaire and “all those hussars on the front line in the fight for the Republic.” Next, the far-right leader, Marine Le Pen, attacked “certain elected officials” for failing to protect the teacher from Islamists.

That the words of a virtually unknown teacher resonated so much was a sign of the times. A few months earlier, an extremist had beheaded a middle-school teacher for showing caricatures of the Prophet Muhammad in a class on free speech. President Emmanuel Macron was now pushing a bill to fight Islamism even as he pledged to nurture an “Islam of France.”

Mr. Lemaire’s words also resonated because of the outsized role in France of public schoolteachers, who are responsible for inculcating in the young the nation’s political values and culture. In the Republic’s mythology, teachers are the “hussars” — the light cavalry once used for scouting by European armies — fighting to preserve the nation’s sanctity.

In the article, Mr. Lemaire said he had been under police escort for months. Trappes’s mayor, he said, had called him an “Islamophobe and racist.” He said he was waiting for an “exfiltration” from deep inside “a city lost for good.”

Overnight, the soft-spoken, longhaired teacher, who said he preferred curling up with Seneca than going on Facebook, was issuing dire warnings on top television news shows.

“We have six months to a year,” he said, “because all these youths who are educated with the idea that the French are their enemies, they’ll take action one day.”

Mr. Lemaire arrived in Trappes, a banlieue, or suburb, in the outer orbit of Paris, two decades earlier. Once a village that grew around a millennium-old Roman Catholic parish, Trappes is now a city of 32,000.

Mr. Lemaire’s high school, La Plaine-de-Neauphle, stands at the heart of an area built to accommodate immigrant workers from France’s former colonies in the 1970s — a mixture of rent-subsidized high-rises, attractive five-story residences and a constellation of parks. The mosque is nearby. So is a market where vendors offer delicacies from sub-Saharan Africa and halal products.

Parti républicain solidariste, which espouses a hard line on France’s version of secularism, called laïcité. He now favors taking girls away from their parents, after a second warning, if the children violate laïcité rules by putting on Muslim veils during school field trips.

“We have to protect children from this manipulation,” of being used “as soldiers or as ideologues,” he said.

remarks to the newspaper Le Monde, the local préfet, the top civil servant representing the central government, praised Mr. Rabeh’s administration for its “total cooperation” in combating Islamism. The préfet also refuted the teacher’s claim to having been under a police escort.

The teacher’s story began wobbling. He admitted to the French news media, as he did to The Times, that he had “not received explicit death threats.” He had also accused the mayor of calling him a “racist and Islamophobe” in an interview with a Dutch television network.

But the network denied the mayor had said any such thing.

letter to the students at the teacher’s high school.

“Don’t let anybody ever tell you that you’re worth nothing and that you’re lost to the Republic,” he wrote.

debate was scheduled that evening between Ms. Le Pen and Gérald Darmanin, the interior minister leading the government’s crackdown on Islamism. Hours before the debate, he announced that the teacher would be granted police protection.

That evening, Jean-Michel Blanquer, the national education minister, issued a statement supporting the teacher. He also accused the mayor of trespassing into the high school to distribute tracts — the letter — that morning. “Political and religious neutrality is at the heart of the operation of the School of the Republic,” the minister said.

The city officials at the school that morning told The Times that no copies were distributed inside. The regional education office and Mr. Blanquer’s office refused to make the school principal available for an interview. The minister’s office declined to comment.

The trespassing accusations led to such an avalanche of threats against the mayor that he, too, was put under police protection — a shared destiny, for a while, for the two men of Trappes, who had each lost something.

The teacher was forced to leave the school where he had taught for 20 years and, despite his criticisms of Trappes, said “you really feel you’re on a mission.” He said he should have been more careful with the facts and had made “many mistakes,” but stuck by his interpretation of Trappes as “lost.”

His words, he said, had led to a “clarification of positions today in France.”

The mayor questioned the very Republic that once inspired him. He had believed that “the people who embody the Republic will come, the government will eventually express its solidarity with me.”

“Stunned,” he said, “I find that’s not the case.”

He declined his worried father’s request to resign.

“For a moment during the crisis, I told myself, well, if this is the Republic, I’m abandoning the Republic, just as it’s abandoned me,” Mr. Rabeh said. “But the truth is they’re not the Republic. The kids of Trappes are the Republic.”

Gaëlle Fournier contributed research.

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Paul J. Hanly Jr., Top Litigator in Opioid Cases, Dies at 70

Paul J. Hanly Jr., a top trial lawyer who had been central to the current nationwide litigation against pharmaceutical companies and others in the supply chain for their role in the deadly opioid epidemic, died on Saturday at his home in Miami Beach. He was 70.

The cause was anaplastic thyroid cancer, an extremely rare and aggressive disease, said Jayne Conroy, his longtime law partner.

Over his four-decade career, Mr. Hanly, a class-action plaintiffs’ lawyer, litigated and managed numerous complex legal cases, involving among other things the funding of terrorists, stemming from the attacks of Sept. 11, 2001, and allegations of the sexual abuse of dozens of boys by a man who ran an orphanage and school in Haiti.

But nothing compares to the national opioid cases that are pending in federal court in Cleveland on behalf of thousands of municipalities and tribes against the manufacturers and distributors of prescription opioid pain medications. The federal opioid litigation is regarded by many as perhaps the most complex in American legal history — even more entangled and far-reaching than the epic legal battles with the tobacco industry.

settled with Purdue for $75 million. It was one of the few instances in which a drug maker agreed to pay individual patients who had accused it of soft-pedaling the risk of addiction.

Mr. Hanly had a history of taking on complex cases with vast numbers of plaintiffs. Shortly after the 2001 terrorist attacks, he represented some of the families who had lost loved ones on the planes and in the World Trade Center. He also filed suit to stop the sale of tanzanite, a raw stone used as a cash alternative to fund terrorist activities. That lawsuit was expanded to include foreign governments, banks and others that supported Al Qaeda. Portions of it remain pending.

Another of his important cases was a 2013 landmark settlement of $12 million on behalf of 24 Haitian boys who said they had been sexually abused by Douglas Perlitz, who ran programs for underprivileged boys and was subsequently sentenced to 19 years in prison. Mr. Hanly said the defendants, including the Society of Jesus of New England, Fairfield University and others, had not properly supervised Mr. Perliitz. Mr. Hanly filed additional charges in 2015, bringing the total number of abused youths to more than 100 between the late 1990s and 2010.

“Paul was a lawyer’s lawyer,” said Ms. Conroy, his law partner. She said he was renowned for his exhaustive trial preparation, his creative trial strategies and his nearly photographic memory of the contents of documents.

He was also known for veering sartorially from the muted grays and blacks of most lawyers to more jaunty attire in bright yellows, blues and pinks. He favored bespoke styles that were flashy yet sophisticated. His two-tone shoes were all handmade.

John V. Kenny, a former mayor of Jersey City and a powerful Hudson County Democratic boss known as “the pope of Jersey City,” who was jailed in the 1970s after pleading guilty to charges of income tax evasion.

Mr. Hanly took a different path. He went to Cornell, where his roommate was Ed Marinaro, who went on to play professional football and later became an actor (best known for “Hill Street Blues”). Mr. Hanly, who played football with him, graduated in 1972 with a major in philosophy and received a scholar-athlete award as the Cornell varsity football senior who combined the highest academic average with outstanding ability.

He earned a master’s degree in philosophy from Cambridge University in 1976 and a law degree from Georgetown in 1979. He then clerked for Lawrence A. Whipple, a U.S. District Court judge in New Jersey.

Mr. Hanly’s marriage in the mid-1980s to Joyce Roquemore ended in divorce. He is survived by two sons, Paul J. Hanly III and Burton J. Hanly; a daughter, Edith D. Hanly; a brother, John K. Hanly; and a sister, Margo Mullady.

He began his legal career as a national trial counsel and settlement counsel to Turner & Newall, a British asbestos company, one of the world’s largest, in its product-liability cases. The company was purchased by an American firm, Federal-Mogul, in 1998, after which it was overwhelmed with asbestos claims and filed for bankruptcy in 2001.

Mr. Hanly and Ms. Conroy spent much of their time steeped in negotiations with plaintiffs’ lawyers. They soon switched to representing plaintiffs themselves.

“We recognized over time that that was more important to us,” Ms. Conroy said, “to make sure victims were compensated for what happened.”

Jan Hoffman contributed reporting.

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He’s a Dogecoin Millionaire. And He’s Not Selling.

Last February, when Glauber Contessoto decided to invest his life savings in Dogecoin, his friends had concerns.

“They were all like, you’re crazy,” he said. “It’s a joke coin. It’s a meme. It’s going to crash.”

Their skepticism was warranted. After all, Dogecoin is a joke — a digital currency started in 2013 by a pair of programmers who decided to spoof the cryptocurrency craze by creating their own virtual money based on a meme about Doge, a talking Shiba Inu puppy. And investing money in obscure cryptocurrencies has, historically, been akin to tossing it onto a bonfire.

But Mr. Contessoto, 33, who works at a Los Angeles hip-hop media company, is no ordinary buy-and-hold investor. He is among the many thrill-seeking amateurs who have leapt headfirst into the markets in recent months, using stock-trading apps like Robinhood to chase outsize gains on risky, speculative bets.

In February, after reading a Reddit thread about Dogecoin’s potential, Mr. Contessoto decided to go all in. He maxed out his credit cards, borrowed money using Robinhood’s margin trading feature and spent everything he had on the digital currency — investing about $250,000 in all. Then, he watched his phone obsessively as Dogecoin became an internet phenomenon whose value eclipsed that of blue-chip companies like Twitter and General Motors.

disavowed the coin, and even Mr. Musk has warned investors not to over-speculate in cryptocurrency. (Mr. Musk recently sent the crypto markets into upheaval again, after he announced that Tesla would no longer accept Bitcoin.)

What explains Dogecoin’s durability, then?

There’s no doubt that Dogecoin mania, like GameStop mania before it, is at least partly attributable to some combination of pandemic-era boredom and the eternal appeal of get-rich-quick schemes.

But there may be more structural forces at work. Over the past few years, soaring housing costs, record student loan debt and historically low interest rates have made it harder for some young people to imagine achieving financial stability by slowly working their way up the career ladder and saving money paycheck by paycheck, the way their parents did.

Instead of ladders, these people are looking for trampolines — risky, volatile investments that could either result in a life-changing windfall or send them right back to where they started.

posted a screenshot of his cryptocurrency trading app, showing that he’d bought more. And on Thursday, when the value of his Dogecoin holdings fell to $1.5 million, roughly half what it was at the peak, he posted another screenshot of his account on Reddit.

“If I can hodl, you can HODL!” the caption read.

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A third of Basecamp’s workers resign after a ban on talking politics.

About a third of Basecamp’s employees have said they are resigning after the company, which makes productivity software, announced new policies banning workplace conversations about politics.

Jason Fried, Basecamp’s chief executive, detailed the policies in a blog post on Monday, calling “societal and political discussions” on company messaging tools “a major distraction.” He wrote that the company would also ban committees, cut benefits such as a fitness allowance (with employees receiving the equivalent cash value) and stop “lingering and dwelling on past decisions.”

Basecamp had 57 employees, including Mr. Fried, when the announcement was made, according to a staff list on its website. Since then, at least 20 of them have posted publicly that they intend to resign or have already resigned, according to a tally by The New York Times. Basecamp did not immediately respond to a request for comment.

Mr. Fried and David Hansson, two of Basecamp’s founders, have published several books about workplace culture, and news of their latest management philosophy was met with a mix of applause and criticism on social media.

details of a dispute within the company that contributed to the decision to ban political talk, Mr. Hansson wrote in another blog post that Basecamp had offered severance of up to six months of salary to employees who disagreed with the founders’ choice.

“We’ve committed to a deeply controversial stance,” Mr. Hansson, Basecamp’s chief technology officer, wrote. “Some employees are relieved, others are infuriated, and that pretty well describes much of the public debate around this too.”

Coinbase, a start-up that allows people to buy and sell cryptocurrencies, announced a similar ban last year, with a similar offer to give severance to employees who disagreed. The company said 60 of its employees had resigned, about 5 percent of its work force.

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Finland Is Again the World’s Happiest Country, Report Finds

In Finland, a relatively egalitarian society, people tend not to be fixated on “keeping up with the Joneses.”

“People often do pretty well in social comparison,” said Antti Kauppinen, a philosophy professor at the University of Helsinki. “This starts from education; everybody has access to good education. Income and wealth differences are relatively small.”

David Pfister, an architect from Austria who lives in Oulunkyla, a suburb of Helsinki, said that he would describe Finns as content, but that it was hard to say if they were happy. “The baby has increased our happiness,” said his wife, Veera Yliniemi, a teacher. Another man in the same suburb, Janne Berliini, 49, said he was happy enough. “I have work,” he said. “The basic things are in order.”

People in Finland also tend to have realistic expectations for their lives. But when something in life does exceed expectations, people will often act with humility, preferring a self-deprecating joke over bragging, said Sari Poyhonen, a linguistics professor at the University of Jyvaskyla. Finns, she said, are pros at keeping their happiness a secret.

The report this year received little attention in the Finnish news media. “Finland is still the happiest country in the world,” began a short article that ran on Page 19 in Ilta-Sanomat, a daily newspaper.

All of the countries that ranked in the top 10 — including the four other Nordic countries — have different political philosophies than in the United States, No. 14 on the list, behind Ireland and ahead of Canada. Lower levels of happiness in the United States could be driven by social conflict, drug addiction, lack of access to health care and income inequality, Dr. Wang said.

Things in Finland are far from perfect. Like other parts of the continent, far-right nationalism is on the rise, and unemployment is 8.1 percent, higher than the average unemployment rate of 7.5 percent in the European Union.

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Shirley Williams, Breakaway Political Force in Britain, Dies at 90

LONDON — Shirley Williams, a pioneering British lawmaker and former cabinet member who broke from the Labour Party in the 1980s to help found a centrist movement that briefly promised to upend British politics, died on Monday at her home in England. She was 90.

Her death was announced by one of the parties she had helped establish, the Liberal Democrats. No other details were provided.

Charismatic and principled, Ms. Williams was long a force in British politics, serving in senior positions in a male-dominated Parliament and rising to cabinet ministerial posts. Many lawmakers have cited her career as an inspiration. Mark Peel, author of “Shirley Williams: The Biography,” said in an interview, “She gave politics a very good name.”

In 1981, concerned that the Labour Party was veering too far to the left, Ms. Williams and three other senior Labour lawmakers, known as the Gang of Four, founded the more centrist Social Democratic Party. It then formed an alliance with the old centrist Liberal Party and attracted a surge of support.

“Testament of Youth,” in which she described losing her fiancé, brother and two close male friends in the fighting, is widely considered a classic.

to chair the Labour Club there, in 1950. At Oxford she studied politics, economics and philosophy and acted in drama productions. She later won a Fulbright scholarship to study American trade unions at Columbia University.

Returning to Britain, she took up journalism, working for The Daily Mirror and The Financial Times. But she also kept her eyes on a political career, running unsuccessfully as a Labour candidate for Parliament in the 1950s before winning a seat in 1964, from the town of Hitchin, in southern England.

She quickly climbed the ranks, becoming minister for education and science in the Labour governments of Prime Minister Harold Wilson in the ’60s. After the 1970 general election, when Labour lost power, she served as Labour’s spokeswoman on home affairs. In subsequent Labour governments in the ’70s she served as a trade secretary and then secretary of education under Prime Minister James Callaghan.

Roy Jenkins, David Owen and Bill Rodgers — announced the formation of the centrist Social Democratic Party in January 1981.

“She was not somebody who liked taking orders from party whips or party machines,” Mr. Peel said. “She was in many ways a free spirit, an individual who did her own thing.”

At a time when few women had climbed to senior positions in politics, Ms. Williams faced extra challenges. She spoke in a 1979 interview about the difficulties of balancing domestic life with her parliamentary duties. Women, she observed, “have the business of trying to keep two lives going.”

She later said that the political demands on her time led in part to the annulment of her first marriage, to the philosopher Bernard Williams, whom she married in 1955 and with whom she had a daughter, Rebecca, her only immediate survivor. Mr. Williams died in 2003. Ms. Williams married the American historian and presidential adviser Richard E. Neustadt in 1987. He also died in 2003.

After forming the Social Democrats in 1981, Ms. Williams won the party’s first parliamentary seat that year, in Crosby, in northwestern England, taking it from the Conservatives. But she lost the seat in the disastrous 1983 general election.

Sky News interview.

In her final speech in the House of Lords, Ms. Williams reminded her colleagues that Britain had a tradition of leadership that was “not just national but global — where we are part of a larger group of human beings seeking a better world and a better life.”

“I think it would be a tragedy if the country gave up that kind of leadership,” she said.

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How Do You Write an Anthony Bourdain Book Without Anthony Bourdain?

Over the course of the book, Ms. Woolever never makes the claim that the guide is comprehensive — and the end result does feel incomplete and unbalanced. The countries of Ghana, Ireland and Lebanon get three pages apiece; the United States gets nearly 100. There is a chapter on Macau, but nothing on Indonesia or Thailand. These are somewhat predictable shortcomings, dependent as the book is on voice-over transcripts spanning decades and the impossible task of stringing them together across time.

Some of the inclusions feel at odds with Mr. Bourdain’s avoid-the-tourists approach to travel, as well. In the Tokyo section, recommendations include the Park Hyatt hotel (made famous by “Lost in Translation,”); Sukiyabashi Jiro, the restaurant at the center of the documentary “Jiro Dreams of Sushi”; the bizarre kitsch-fest that is the Robot Restaurant; and a bar in the tourist-clogged Golden Gai neighborhood. These may be all appealing attractions to a first-timer in Tokyo, but there is nothing in that selection that you wouldn’t find at the top of an algorithm-generated TripAdvisor list.

When I asked Ms. Woolever about these recommendations, she agreed they were perhaps obvious choices, but said Mr. Bourdain wanted to include them because of how much they meant to him, after so many visits to the city. “He wasn’t always (or, arguably, ever) about cool for cool’s sake, or obscurity as its own reward,” she said in an email.

If it’s a guide they are after though, travelers may be left wanting. In Cambodia, you get recommendations for three hotels, two markets for dining and a suggestion to check out the temples of Angkor Wat, the country’s most famous attraction by a long shot. It isn’t exactly the list of hole-in-the-wall spots with no addresses that fans of Mr. Bourdain may be hoping for. What those fans will find though is Mr. Bourdain’s word-for-word rant against American military involvement in Cambodia (“Once you’ve been to Cambodia, you’ll never stop wanting to beat Henry Kissinger to death with your bare hands.”) Having those passages — the no-holds-barred monologues that were a hallmark of his television shows — in one place might be the book’s greatest strength.

Over the decades that Mr. Bourdain spent traveling the world, there was a lot of talk of the “Bourdain Effect”: how a culinary gem, previously only frequented by those in the know, could be “ruined” by being included in his show. When I asked Ms. Woolever whether she thought this book could amplify that effect, she emphasized that most business owners knew what they were in for when approached by producers. “People call it the ‘Bourdain Effect,’ but Tony didn’t invent it,” she said. “It’s something that business owners have to weigh out for themselves.”

As I read the book, I was thinking of a different Bourdain Effect, one that feels more vital than ever right now, as travel begins to take its first baby steps back after a year of lockdowns. Seeing so much of Anthony Bourdain’s work in one place and being able to compare his impressions country-by-country in a tightly packed medium, makes it easier to see what he stood for. A traveling philosophy emerges: his utter disdain for stereotypes, his undying commitment to challenging his own preconceptions, his humility in the face of generosity.

Because of tragic circumstances following its inception, “World Travel” may feel more like an anthology of greatest hits than a new, original guidebook. But read cover to cover, country by country, it is an enduring embodiment of Anthony Bourdain’s love for the whole world and a reminder of how to stack our priorities the next time we’re able to follow in his footsteps.

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The Watch Industry Lacks Transparency. That Is Changing.

The Swiss have long had a reputation for being discreet when it comes to business. (Think banks). And their watch industry is no different.

But growing pressure for environmental and ethical accountability — from activists, investors and consumers — has convinced a few brands that it is time to reveal where they obtain some of their raw materials.

They are fighting the industry’s deep-rooted tradition of discretion, a practice born of watchmakers’ fear that identifying suppliers will reveal details of their expertise and give rivals an advantage.

Many, however, are secretive for a very different reason: They are reluctant to admit their “Swiss Made” watches contain numerous components manufactured in China. These aren’t legal concerns: Swiss law dictates that at least 60 percent of the manufacturing costs of a product must be incurred in the country for it to qualify for the label.

the pandemic and digital growth, a new generation of chief executives, public pressure — to rethink long-established notions about the way they do business, including the value of collaborating with other watchmakers.

where brands get their gold and how they produce their timepieces, more available. Some watchmakers are even going out of their way to share it.

During the virtual Watches and Wonders fair in Geneva that began April 7, for example, Panerai introduced the Submersible eLAB-ID, a 44-millimeter wristwatch built almost entirely from reused raw materials, including recycled Super-LumiNova on its hands, recycled silicon in its movement escapement and a recycled titanium alloy known as EcoTitanium on its case, sandwich dial and bridges.

In a news release, the brand named the nine companies that worked on the timepiece, which will remain a one-of-a-kind concept watch until 2022, when Panerai plans to release a limited edition of 30 pieces, each tentatively priced at around 60,000 euros ($70,530). “We would love to be copied and improved upon,” Jean-Marc Pontroué, Panerai’s chief executive, said during a video interview last month.

a reputation for transparency and activism in a sector not known for either quality.

Kering has gone this way, at least in part, because it has an eye on what its buyers — and potential future buyers — want.

“All over the world,” Marie-Claire Daveu, Kering’s chief sustainability officer, said on a video call last month, “you have millennials and Gen Z [customers] asking more questions and wanting more answers with more details.”

Claudio D’Amore, a watch designer based in Lausanne, is one of the few Swiss watch executives to welcome such scrutiny. In 2016, he created a crowdfunded brand called the Goldgena Project, later renamed Code41, whose radical approach to transparency was a response to the industry’s long-simmering debate over the Swiss Made label.

table that lists all the components and processes that went into its latest crowdfunded timepiece, the NB24 Chronograph, along with their prices and origins. For instance, the watch’s Swiss-made movement cost the company $1,056 (including taxes), while the titanium case, dial and packaging — manufactured in China — cost $167, $56 and $22. In total, the watch cost $1,474 to produce.

Below the table, the brand explained that it arrived at a retail price of $3,500 by adding what it called a “minimal markup” for profitability.

sustainability report — what’s new is how easy it will be to access online, a spokeswoman said.

Chopard is another high-profile watchmaker striving to make its business more transparent. In late February, the Geneva-based brand updated its website with more information about its raw materials, including gold from the Barequeros, a community of artisanal miners in the Chocó region on Colombia’s Pacific coast. It also posted its Code of Conduct for Partners for the first time.

And yet Juliane Kippenberg, a Berlin-based expert on mineral supply chains at Human Rights Watch, says these measures still fall short of what other sectors, such as the garment industry, are doing to implement transparency, particularly on the complex topic of gold sourcing.

“Big companies like Adidas and H&M release Excel spreadsheets where they list the names of the garment factories where their products are being made,” Ms. Kippenberg said. “But in this sector, there’s far more reluctance to do that.” (Of course, those companies aren’t immune to controversy, either; H&M for example, is embroiled in one over its cotton sourcing.)

That hesitancy may be because many watchmakers are still wary of transparency’s threatening implications for their intellectual property.

“Part of our know-how is the know and the how — why would you share it?” said Wilhelm Schmid, chief executive of A. Lange & Söhne, a prestige watchmaker based in the German city of Glashütte.

Swiss voters rejected the Responsible Business Initiative, a proposal by a civil society coalition that would have required Swiss companies to conduct due diligence on human rights and environmental risks throughout their supply chains, and publicize their reports. But a counterproposal from the Swiss Parliament that would require companies to ensure the traceability of their supply chains, and make their reports publicly available for 10 years, is expected to become law in 2022.

That means even the notoriously tight-lipped Rolex, the world’s biggest brand by sales — a Morgan Stanley report on Swiss watches published last month found that the company now has an estimated market share of 26.8 percent — will need to make its business more transparent.

“They can’t claim they’re a private company because no one’s asking for their trade secrets,” said Milton Pedraza, chief executive of the New York City-based Luxury Institute. “They will have to answer. There’s no place to hide.”

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