# Interview with Stephan Lack regarding Invicta acquiring Glycine Watches SA



## Emre (May 16, 2012)

Dear Mr Lack, thank you for taking your time to satisfy Glycine enthusiasts curiosity. The information that Invicta Watches bought Glycine Watches SA is one of the hottest topics nowadays in platforms where watch buyers, enthusiasts and collectors frequent.We will be happy to hear from you the direction and what to expect. Thank you for sharing your time answering below questions:

Q1. Mr Lack, directly into the topic with the million dollar question: With Invicta having acquired Glycine and these two brands being in different segments, many Glycine enthusiasts are worried that the Glycine DNA will be changed. What should and could Glycine enthusiasts expect regarding future manufacture and models?

A: Glycine and Invicta brands are two independent brands in the same group. There are absolutely no intentions to have a mixture of the two brands. Glycine will stay Glycine. You can expect further developments mainly in the Airman and in the Combat collection. Glycine will stay a Swiss brand producing mainly automatic Swiss watches at a very attractive price point. In the Airman collection you will find a contemporary line and a historical line. We also see potential in the new Combat SUB Aquarius line where we will extend the line with new striking models.


Q2. With respect to Glycine’s 103 year-old continuous history of watchmaking and its contributions to horology from the very early automatic movements, to 24 hour scale rotating bezels and crown adjusting systems, how do you see Invicta will add value to the brand and its market positioning?

A: The Invicta Group stands for a very healthy and highly succesful family company. Invicta will heavily push the distribution in USA / South America and strongly support in marketing services (i.e. social media, webpage, product environment, POS Design). We also see synergies in purchase and production of Swiss made watches.


Q3. Invicta raising concerns with their marketing and sales strategy amongst the watch enthusiasts with heavy discounts ( so as 90% ) and distribution channels ( so as TV ), is Glycine planned to be a part of the whole system ?

A: Glycine is more conservative than Invicta and does not have the similar target group compared to Invicta and Technomarine. Let’s wait and see where it makes sense to ride on the Invicta marketing wave and where not. 


Q4. Are there and discussions or plans that Invicta will invest in Glycine for higher segment products with manufacture movements ?

A: Nothing is impossible, the question here is the positioning of the brand in the market. Usually the watch buyers do not really respect the pure price / value of a brand if a brand quits its “perceived” brand positioning. The market sees Glycine in the posioning of a Swiss mechanical watch brand in the core segment of 700 to 2000 Swiss Francs. I have my doubts whether we could sell big quantities of a Glycine watch with an own caliber at a much higher price point.


Q5. What are Glycine’s current production volumes per annum these years? Do these numbers reach or exceed the company’s expectations? Which models are the most popular?

A: We make about 7500 pieces. We have expected a higher volume for 2015 and 2016, the gap comes mainly from Asia. Therefore I see two reasons: First, Asia is – as we all know - a bit slow in watch sales at the moment. Second, the intention to sell all stakes in the watch industry didn’t make DKSH much ambitous in the last 12 months, in my view. Anyway, we plan a significant growth in the coming years as Asia will become strong again and the US market will become the locomotive.


Q6. Swatch Group not supplying ebauches to outside anymore how does Glycine react to the needs of manufacture.

A: It is as it is. As our production went into the ASUAG production already in 1942 we can say we are still somehow a small part of ETA for almost 75 years. By the way, Swatch Group confirmed Glycine to deliver all desired quantities from 2020 on.


Q7. And finally: As the CEO of Glycine Watches SA is there anything in particular that you would like to say to the fans of the brand and the watches it produces?

A: Dear fans, I am running Glycine now for more than 5 years: I have always repsected and will always respect the great history and the strong DNA of this fantastic brand. However this is not enough, in order to have a good chance in the market for the coming 100 years and also to reach new customers we also have to modernize and dynamize Glycine from time to time. This step we mainly do with new prodcuts in our contemporary line: The new Airfighter and the new Combat SUB Aquarius are the best examples.


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## rhemmers (Feb 6, 2015)

Thank you for this, Emre. Several points in there give me some relief, others maybe not so much.

Having recently acquired an Aquarius, I'm anxious to see what new models they come up with, maybe a blue dial?


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## Dennis Smith (Feb 15, 2006)

Splitting the Airman into two lines, historical and contemporary, is a great idea and I look forward to seeing this mature. I'd love to see very accurate homage versions of the vintage SST and SST chrono come out in the "historical" line (maybe with domed sapphire crystals and 100m ratings).


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## wtma (Jul 26, 2014)

Thank you Emre for conducting and sharing this interview.
I got an impression that Invicta will manage Glycine the way (more or less) Swatch Group manages their brands when it comes to product development, each with its own product research and development department. Which is a good thing of course. Things may go differently when it comes to marketing though, we shall see.

I'm not sure when he said that Asia is currently slow at watch sales, brands like Seven Friday and Ancon and even Apple Watch has been selling tons of watches in the region for the last months.
I believe luxurious Swiss watch AD's here are still selling a good number of watches and opening new branches every now and then (in my country at least).
Instead, IMO it is Glycine who is lacking in aggressiveness to expose themselves in Asia. In my country there's only 1 official dealer, only has 1 store.
And it's a duty free store, a place where to buy a watch you would/should typically do: 1) plan your holiday overseas, 2) buy airplane ticket and make sure it's departing from the right airport terminal, 3) come to the watch store, 4) pay for your watch, 5) and lastly get your watch at the airport just about you're departing for your holiday. I don't see any appeals in doing all that for a watch. My 2 Glycine's I bought from UpscaleTime and IguanaSell.


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## Robotaz (Jan 18, 2012)

wtma said:


> Thank you Emre for conducting and sharing this interview.
> I got an impression that Invicta will manage Glycine the way (more or less) Swatch Group manages their brands when it comes to product development, each with its own product research and development department. Which is a good thing of course. Things may go differently when it comes to marketing though, we shall see.
> 
> I'm not sure when he said that Asia is currently slow at watch sales, brands like Seven Friday and Ancon and even Apple Watch has been selling tons of watches in the region for the last months.
> ...


I bought the 100th anniversary F104 set from WUS member Dontan from collectorstime.com. He's in Kuala Lumpur and his Glycines come with full factory warranty.

I realize that's not where you live, but it's pretty close. I highly recommend him. I wouldn't hesitate to buy again.

http://collectorstime.com/brands/glycine?page=1


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## achilles (Jan 6, 2009)

Very interesting and informative interview with the CEO of Glycine SA. I am sure it would have answered some of the questions, eased the doubts and restored the faith of many of the Glycine fans. As for the rest, time will tell. But Glycine seems to be on the right track in my opinion.


Sent from my iPhone using Tapatalk


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## Emre (May 16, 2012)

I also like the idea of splitting the historic / heritage models from the contemporary ones. The Airman for example has nothing to do with Airfighter models which I find very Invicta-ish from the beginning.Eugene Meylan Automatic ( add big date and resize to 38-40mm ), Combat ( diversified colors and rich ), Airman Classic ( Airman 1 direction at 40mm and shorter/modernized lugs) and SST ( SST 06 direction ) models could be vertically developed.

I find this sentence of Herr Lack very intriguing: ' _We also see synergies in purchase and production of Swiss made watches_. ' I have no idea- even to speculate- what this may mean.Anybody have any suggestions?

Edit/Add: Ohh I totally forgot, once in a conversation with Herr Lack, I found out he is very positive about regenerating the hacking mechanism which the vintage Airman have and put a similar system incorporated in the new Airman models. Let's see, that would be interesting.


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## Aquavit (May 2, 2012)

Dennis Smith said:


> Splitting the Airman into two lines, historical and contemporary, is a great idea and I look forward to seeing this mature. I'd love to see very accurate homage versions of the vintage SST and SST chrono come out in the "historical" line (maybe with domed sapphire crystals and 100m ratings).


I agree with this, in addition to emphasisng Glycine's proud history I think it would give the brand more definition - something for the WIS and something for the non-WIS predominant buyers.


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## Robotaz (Jan 18, 2012)

Emre said:


> I also like the idea of splitting the historic / heritage models from the contemporary ones. The Airman for example has nothing to do with Airfighter models which I find very Invicta-ish from the beginning.Eugene Meylan Automatic ( add big date and resize to 38-40mm ), Combat ( diversified colors and rich ), Airman Classic ( Airman 1 direction at 40mm and shorter/modernized lugs) and SST ( SST 06 direction ) models could be vertically developed.
> 
> I find this sentence of Herr Lack very intriguing: ' _We also see synergies in purchase and production of Swiss made watches_. ' I have no idea- even to speculate- what this may mean.Anybody have any suggestions?
> 
> Edit/Add: Ohh I totally forgot, once in a conversation with Herr Lack, I found out he is very positive about regenerating the hacking mechanism which the vintage Airman have and put a similar system incorporated in the new Airman models. Let's see, that would be interesting.


I have an Airfighter and it's one of my favorites. It has many cool features. I don't consider it to be cheap or have features of cheap styling at all. I think the skeleton hands cause people who have not handled one to see it that way.


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## ccwatchmaker (Nov 28, 2015)

Dennis Smith said:


> Splitting the Airman into two lines, historical and contemporary, is a great idea and I look forward to seeing this mature. I'd love to see very accurate homage versions of the vintage SST and SST chrono come out in the "historical" line (maybe with domed sapphire crystals and *100m ratings*).


As a watchmaker, I often see rusty watches, so I am interested in water resistance. At this moment there is a vintage Zodiac World Time (GMT) on my bench that has been rendered irreparable because of rust. The case back is marked 20 ATM., but obviously the case back gasket and the crown gasket failed, ruining what is a rather valuable collectible watch.

Most of my work is with vintage watches and I always caution my clients not to get their watch wet. An even though I can usually make a vintage watch water tight, I won't guarantee it to be water tight because I don't want the watch to be put in the water. At some point, gaskets fail. Water tight today, may not be water tight tomorrow.

The normally accepted standard for water resistance is the watch is capable of withstanding the static pressure of 3 ATM. (30 meters/99 ft. of water pressure). This is adequate protection for splash and rain, and even if one inadvertently puts one's hand in a basin of water. This is not adequate for swimming or bathing. My advice to clients is if you must know the time while in the water, buy a Casio.

While the standard 3 ATM protection is adequate for all normal circumstances, it must be maintained, which means periodic pressure tests to ensure the gaskets and crystal are still performing. More often than not, watches are never tested once they leave the factory.

So, a reasonable degree of water resistance is desirable. Besides keeping out moisture, it keeps out any other sort of foreign material that could damage the watch. However, I am unable to understand the rationale for wanting a 100 meter (330 ft.) rating for a watch that is not specifically designed as a diving watch, and even with a diving watch, there are only a handful of people in the world who will ever go to this depth.

The pressure at 100 meters is 10.3 kg/cm2 (147 psi). In order to withstand this pressure, the case and the crystal must be substantially stronger (usually thicker) than would be needed for a 30 meter watch. Also a screw down crown would likely be specified although it is not an absolute necessity. The cost of the watch increases, but where is the return on investment? Does the average watch owner need 100 meter protection? The weight of the watch increases because of a thicker case and crystal and the additional parts of a screw down crown. The cost of maintenance increases, because the equipment required to test a case to this depth is more expensive. The cost of test equipment must be recaptured by the watch service facility.

To me, this is an subject worthy of discussion. Above are some downside issues with 100 meter cases. What are the upsides? What is the justification for higher cost and additional weight? Obviously, I am not seeing the point.

James Sadilek -- ccwatchmaker


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## Emre (May 16, 2012)

No offense intended Robotaz, just personal taste/opinion. I find the slide button pretty interesting, saw it last time in a '30s Bentima Centre Seconds Sports Recorder watch, that's kind of cool about that model.


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## Robotaz (Jan 18, 2012)

Emre said:


> No offense intended Robotaz, just personal taste/opinion. I find the slide button pretty interesting, saw it last time in a '30s Bentima Centre Seconds Sports Recorder watch, that's kind of cool about that model.


No offense taken. I just really like mine. It's not a traditional Glycine by any stretch, that's for sure.


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## Dennis Smith (Feb 15, 2006)

Simple here...Just personal preference. I work outside (door off, left wrist in very strong breeze, rain, etc...), and spend my free time in the ocean, pool, hot tub... I expect my watch to spend those times with me safely, and I refuse to wear a CBP (cheap black plastic) watch.


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## Robotaz (Jan 18, 2012)

Dennis Smith said:


> Simple here...Just personal preference. I work outside (door off, left wrist in very strong breeze, rain, etc...), and spend my free time in the ocean, pool, hot tub... I expect my watch to spend those times with me safely, and I refuse to wear a CBP (cheap black plastic) watch.


What are you talking about?


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## ccwatchmaker (Nov 28, 2015)

Robotaz: This is about message #3 of this thread and the response, message #10. I was confused by messages #11 and #12 about the "slide button". I must have missed the previous reference.

James Sadilek -- ccwatchmaker


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## Dennis Smith (Feb 15, 2006)

Was simply responding to James (ccwatchmaker).


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## Popeye47 (Oct 19, 2014)

Sounds very unsure of what exactly will happen.


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## Stonecutter (Jan 13, 2016)

Great interview! Informative and reassuring. I just got a combat sub as the first significant addition to my collection. I am glad to hear recognition of the Glycine brand tradition. And I will be excited to check out some new designs. 

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## Skeleton-Key (Sep 10, 2015)

ccwatchmaker said:


> So, a reasonable degree of water resistance is desirable. Besides keeping out moisture, it keeps out any other sort of foreign material that could damage the watch. However, I am unable to understand the rationale for wanting a 100 meter (330 ft.) rating for a watch that is not specifically designed as a diving watch, and even with a diving watch, there are only a handful of people in the world who will ever go to this depth.


Water resistance ratings are measured by static pressure. If watch is moved while immersed in water, the pressure exerted on its seals will far exceed the static pressure. For that reason, a watch with a 30m depth rating could not actually be worn down at 30m, and I would be surprised if one could be worn even 1m underwater. Likewise, a 100m rated watch probably won't survive a 100m dive. It's generally assumed (and even suggested in some of my watch manuals) that no one should submerge a watch in water unless the water resistance is 100m or over.

Because the WR rating is not representative of what a watch can actually withstand, it isn't terrible expensive to make one with a rating of 100m. For instance, the Glycine Airman No. 1 has a 100m WR rating with a plastic crystal and a push-pull crown (which is not to say that the Airman is cheap, but these features are). I also have watches with a 30m WR rating that don't even have a gasket on the crown stem. The standard is so easy to meet that it doesn't require a significant expense to do so. When a watch has a 100m WR rating, it means that they actually tried to prevent water ingress, as nearly any watch can pass with a lower rating.

For vintage pieces, every sensible person I've come across has said to assume that they have absolutely no water resistance. The exception being something like a Rolex that has been regularly serviced and pressure tested, with gaskets and crystals periodically replaced.

There are a variety of reasons why someone might want a watch that can be submerged, but I think that it mostly comes down to fact that people like versatility in their watches. Especially for a brand like Glycine, whose offerings consist mostly of field, aviation, and dive watches. It brings piece of mind to know that I can wear a watch in a rainstorm or go swimming without having to take it off.


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## Skeleton-Key (Sep 10, 2015)

Emre said:


> Edit/Add: Ohh I totally forgot, once in a conversation with Herr Lack, I found out he is very positive about regenerating the hacking mechanism which the vintage Airman have and put a similar system incorporated in the new Airman models. Let's see, that would be interesting.


Is that the pin that shot up at the 24 hour mark to stop the second hand? It was certainly an innovative feature, but I'm not sure if it's worth the expense to recreate it when modern movements already have a hacking feature. Also, I think that that is the most common piece to break in vintage models.


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## BerutoSenpai (Sep 7, 2016)

T'was a good read. I hope Glycine remains Glycine.


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## powerband (Oct 17, 2008)

BerutoSenpai said:


> T'was a good read. I hope Glycine remains Glycine.


I think Glycine watches will remain Glycine watches, and likely stronger with a capital infusion. So long as it promotes the heritage line, it will address the enthusiasts. From this interview, the marketing procedure is mainly the only uncertainty.

Sent from my slingshot using Tapatumble


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## ccwatchmaker (Nov 28, 2015)

Skeleton-Key said:


> Is that the pin that shot up at the 24 hour mark to stop the second hand? It was certainly an innovative feature, but I'm not sure if it's worth the expense to recreate it when modern movements already have a hacking feature. Also, I think that that is the most common piece to break in vintage models.


Just to clarify the durability of the unique vintage Glycine hack, the .06 mm wire that rises up from the dial to stop the second hand, they do not break in operation. They are broken by repairers who are ignorant of how to handle the device. The wire is replaceable if one has the skill and a source for the correct wire.

The advantage of the Glycine hack as compared to the generic style hack that accomplishes the function by stopping the balance wheel, which arrests the second wherever it is on the dial, is that the Glycine hack always stops the second hand at the zero point regardless of the position of the second hand when the crown is pulled into the setting position. The desirability of the Glycine hack depends upon the value that such a feature has for the buyer.

James Sadilek -- ccwatchmaker


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## Skeleton-Key (Sep 10, 2015)

ccwatchmaker said:


> Just to clarify the durability of the unique vintage Glycine hack, the .06 mm wire that rises up from the dial to stop the second hand, they do not break in operation. They are broken by repairers who are ignorant of how to handle the device. The wire is replaceable if one has the skill and a source for the correct wire.
> 
> The advantage of the Glycine hack as compared to the generic style hack that accomplishes the function by stopping the balance wheel, which arrests the second wherever it is on the dial, is that the Glycine hack always stops the second hand at the zero point regardless of the position of the second hand when the crown is pulled into the setting position. The desirability of the Glycine hack depends upon the value that such a feature has for the buyer.
> 
> James Sadilek -- ccwatchmaker


Thank you for letting me know. I never stop my watch at anywhere other than the 12:00 position, so I think I might prefer this method of hacking to the conventional way.


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## Watchman Dan (Jun 29, 2014)

Wow, it's a lot smaller brand than I thought! Only 7500 watches a year. If the average model wholesale cost was $750, then their sales were only about $6 Million. Invicta's sales are estimated at $70 Mil., so they bought them for about a year's worth of profits! BTW, Oris's sales are about the same as Invicta. Their watches remind me the most of Glycine, except they compete mostly in the over $1200 category.
Costco must have got the Sub for manufacturing costs, about $235 ea. They probably ordered about 2500 of them, 5 per store. This looks like the way Glycine is going... ditch the small dealers and go mass market. I think they have in mind what Fossil did with Zodiac. A purpose built Aviator/Dive brand should do well in the under $1000 category, if you put them up against a big general brand's offerings.


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## rschmidt97 (Aug 10, 2018)

Dan Finch said:


> Wow, it's a lot smaller brand than I thought! Only 7500 watches a year. If the average model wholesale cost was $750, then their sales were only about $6 Million. Invicta's sales are estimated at $70 Mil., so they bought them for about a year's worth of profits! BTW, Oris's sales are about the same as Invicta. Their watches remind me the most of Glycine, except they compete mostly in the over $1200 category.
> Costco must have got the Sub for manufacturing costs, about $235 ea. They probably ordered about 2500 of them, 5 per store. This looks like the way Glycine is going... ditch the small dealers and go mass market. I think they have in mind what Fossil did with Zodiac. A purpose built Aviator/Dive brand should do well in the under $1000 category, if you put them up against a big general brand's offerings.


I agree. I don't see any other "Swiss" made watches online that give the same value for money.


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## rschmidt97 (Aug 10, 2018)

Dan Finch said:


> Wow, it's a lot smaller brand than I thought! Only 7500 watches a year. If the average model wholesale cost was $750, then their sales were only about $6 Million. Invicta's sales are estimated at $70 Mil., so they bought them for about a year's worth of profits! BTW, Oris's sales are about the same as Invicta. Their watches remind me the most of Glycine, except they compete mostly in the over $1200 category.
> Costco must have got the Sub for manufacturing costs, about $235 ea. They probably ordered about 2500 of them, 5 per store. This looks like the way Glycine is going... ditch the small dealers and go mass market. I think they have in mind what Fossil did with Zodiac. A purpose built Aviator/Dive brand should do well in the under $1000 category, if you put them up against a big general brand's offerings.


I agree. I don't see any other "Swiss" made watches online that give the same value for money.


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## Watchman Dan (Jun 29, 2014)

I find it interesting that although Mr. Lack leads us to believe that he is the CEO and "Running Glycine for 5 years", that official records show that he actually was demoted to VP in 2013 when DKSH took control. At the time of this interview, Invicta head, Eyal Lalo was Chairman of the Board and Managing Director of Glycine. Perhaps, after the Invicta takeover of DKSH's controlling interest, Mr. Lack had hope that he was essentially in charge again and running things for Lolo. Mr. Lalo is nothing if not a clever promotor, and my guess is that he kept Lack on for a while to do these interviews and reassure customers that Glycine was still an independent brand. But, a little over a year later, Lalo quietly brought in a new managing Director and board members, and Lack soon had no position or ownership at Glycine. I know that Glycine's family members wanted the company to stay privately held, but in this day that is hard to do without the resources of a big company. In the 3 years since, Glycine has mostly benefitted by Invicta's investment, wider distribution and lower prices. This may have saved them. Invicta probably isn't making any money with them, but it does give them instantly credible products in a higher range. Something they weren't too successful with under the Invicta Reserve brand. They would be foolish to change the fundamental attributes of Glycine's products. However, I think they will eventually have to raise prices again, after they build more brand awareness and volume. The New Director, Daniele Andreatta, is an Italian watch designer with a penchant for edgy designs and links to manufacturing plants in the Ticino (Italian) canton of Switzerland. So the concern I would have is that he may change production facilities to a cheaper facility, and may not be able to resist tinkering with Glycine's traditional styles. But, judging from this tasteful dial redesign for the Combat sub, due out soon... my concerns might be misplaced. It is clean and simplified like Breitling's current direction. I understand that the old design team from Glycine is still in place, working out of the historic old Factory in Biel. Which is very reassuring!


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## eudaimonean (May 28, 2019)

Dan Finch said:


> View attachment 14452951


Nice. On release this would be one of the better combat sub designs, IMO. It's sort of a problem just how many variations there are of that model, though, and not with any real strong unifying design identity.

Also, this may just be me, but the hands on the combat sub just always look flimsy to me. I guess they're allright for a ~$300 watch, but they do look thin and paltry set aside brands in the ~$600 price bracket that Glycine may be aspiring to.


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## Holdenitdown (Feb 7, 2019)

Here's my concern, as voiced on another thread on WUS: Poor after sales service. One can no longer receive an honest estimate for replacement parts or service without sending the watch to Glycine at a cost of $28 for appraisal alone. As little as one year ago, one could enquire about the cost of a replacement bezel insert, for example, and receive the part in the mail. The new reality is that Invicta has integrated Glycine service with Invicta service and insists on this new procedure, which is costly, inconvenient and opaque. What was it you were saying, Mr. Lack? "I have always respected and will always respect the great history and the strong DNA of this fantastic brand." Call me a skeptic.


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## achilles (Jan 6, 2009)

Has the new Combat Sub been released yet?


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## Usafwolfe (Oct 22, 2013)

achilles said:


> Has the new Combat Sub been released yet?
> 
> Sent from my iPhone using Tapatalk


If you mean the Vintage line of Combat Subs then yes they have been released. Watchgooroo and Ashford.com have them at decent prices.


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## Usafwolfe (Oct 22, 2013)

achilles said:


> Has the new Combat Sub been released yet?
> 
> Sent from my iPhone using Tapatalk


If you mean the Vintage line of Combat Subs then yes they have been released. And the 46mm versions too. Watchgooroo and Ashford.com have them at decent prices.


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## achilles (Jan 6, 2009)

Usafwolfe said:


> If you mean the Vintage line of Combat Subs then yes they have been released. And the 46mm versions too. Watchgooroo and Ashford.com have them at decent prices.


Cool. Thanks. I will check it out. I just bought 2 Airmans from Watchgooroo. 

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