RJ Watches has filed for bankruptcy.
The Swiss watchmaker announced today that its financial backer, Alliance Investment Group SA, has decided not to continue supporting the business, leaving its board of directors with no choice than to shutter the business.
“Marco Tedeschi, CEO and the entire RJ team deeply regret this decision, which cuts 33 jobs and ends a great journey,” the company said in a statement today.
RJ was first launched under the name of Romain Jerome in 2004
It changed its name to RJ in 2018 after appointing Mr Tedeschi as CEO.
Mr Tedeschi, was only 33-years-old at the time, and had previously worked for 10 years at Hublot.
He promised to spark a new era for RJ with a new manufacture he named the RJ Studio and a plan to set a new creative direction and modernization of the brand’s DNA
The United States was viewed as a key target market for distribution and Benoit Vulliet, a former Hublot and Zenith executive was appointed as managing director of the Americas.
Govberg Jewelers and Watches of Switzerland stocked the brand, but it failed to gain sufficient momentum ahead of today’s decision to close.