Thursday, August 1, 2019
Major development - Americans saving the time
The Federal Trade Commission (FTC) is an independent agency of the United States government, established in 1914 by the Federal Trade Commission Act. Its principal mission is the promotion of consumer protection and the elimination and prevention of anti-competitive business practices, such as coercive monopoly.
This is a major development. The FTC is looking into the restriction of spare parts by major Swiss brands in America and it is inviting watchmakers to provide evidence of how the spare parts restriction is impacting their business. Specifically, they are invited to submit any letters from brands denying them spare parts, invoices, voiding of warranties, and estimates of loss.
While I'm not an American watchmaker, I will certainly let the FTC know what a total ban of restriction of spare parts will look like if it is not prevented. There is so much to learn from our Australian experience.
What is important to understand is that an investigation like this comes once in a generation and watchmakers cannot afford not to get involved. The investigation could take many months so stay tuned for updates.
Posted by Nick at 1:27 PM
Labels: Federal Trade Commission restriction on spare parts, FTC investigation restriction on spare parts, Nicholas Hacko