Do Tudor’s Price Increases Create More Space For Players Like Formex, Longines, And Sinn?

The 39.5mm Formex “Baby” Reef represents, to me, the sort of value for money we were once accustomed to with Tudor’s Black Bay series in the COVID era. Although that was just a few short years ago, Tudor is moving upmarket, allowing brands like Formex, Longines, and Sinn to sweep in and fill its former shoes. How did this change happen, and what does it mean for those of us who still seek quality watches on a 2020 Black Bay budget? That’s what we’ll consider today.

I remember purchasing a blue Tudor Black Bay 58 new in 2021. At the time, this was one of the hottest watches around. There were waiting lists for it as customers with money to spend due to COVID lockdowns yearned for the allure of a steel Rolex sports watch in a more compact size. I was one of those carried away by the success of the blue Black Bay 58 and decided to buy one for my 30th birthday. The Tudor Black Bay 58 became a horological phenomenon and helped propel the brand to new heights.

Tudor was once the value-for-money king 

Sure, it helps that Tudor is backed by parent company Rolex, with all of the resources and know-how that this brings. Historically, however, Tudor watches have not carried the luxury baggage that bedevils Rolex. On one hand, the pursuit of luxury has seen Rolex achieve great things. This was most recently seen with the release of a high-beat movement at Watches and Wonders. On the other hand, enthusiasts decry long wait lists, and some even argue that the brand has lost some of the tool-watch allure it once had.

It also helped, though, that Tudor managed to offer a heck of a lot of value with its offerings. For not much more than an Oris, one got a watch with a 70-hour power reserve, COSC accuracy, and a design blueprint that harked back to a Hans Wilsdorf golden era. As my colleague Mike Stockton noted in writing about the blue Black Bay 58’s release in 2020, “at €3,430 on bracelet and €3,140 for either of the strapped variants, the Fifty-Eight strikes me as seriously good value.”

Where to now for Tudor? 

Today, we see the Tudor Black Bay 58 priced notably higher, at €4,510 and €4,620 on the three-row and five-row steel bracelets, respectively, and €4,290 with a rubber strap. Yes, the new Black Bay 58 does offer some significant upgrades to accompany the higher price. We see a much improved clasp with micro-adjustment, improvements to the ergonomics of the crown and bezel, and a METAS-certified caliber, which means higher accuracy and even better resistance to magnetism.

Nevertheless, the price increases sting a bit. Last year, I asked, “Are Rising Watch Prices Changing The Playing Field For Enthusiasts?” and looked at the rising prices of Tudor watches. My colleague Jorg also explored this topic in his article “A Closer Look At The 2024 Tudor Price Increases — Will They Have An Effect On The Brand’s Success?” While Tudor still offers good value, the brand is starting to exit the price category it once dominated. This can be seen not only as the result of inflation but also as a gradual strategy to move Tudor and Rolex further upmarket.

The Formex Reef feels like Tudor in the COVID years

This development in Tudor’s pricing strategy provides more space for smaller players to grow into their own. One of those brands is Formex, which manages to offer distinct industrial designs with an emphasis on value for money and quality. Formex’s watches are rich with features, especially considering their asking prices. Recently, I got to spend time with the 39.5mm  Formex “Baby” Reef, and I was impressed with the level of quality for the money. The watch reminds me of Tudor five or so years ago, offering lots of bang for the buck.

Unlike the Tudor of five years ago, however, we get a thoroughly well-thought-out clasp with toolless micro-adjustment. While we don’t get a manufacture caliber, we do get a solidly made and serviceable Sellita SW300-1 movement with COSC accuracy. Besides being a chronometer-certified caliber, it’s an automatic with a 28,800vph frequency, 56-hour power reserve, and 25 jewels. The Sellita SW300-1 is Sellita’s answer to the venerable ETA 2892-A2.

Impressive specifications for the Formex Reef 

The Formex Reef offers water resistance to 300 meters, which is on par with the Rolex Submariner and 100 meters more than the Tudor Black Bay. It also has a perfectly acceptable level of lume and a 6 o’clock date window. When handling the Formex Reef, one gets the impression of a watch designed with an emphasis on function. The Reef series is somewhat of a Vegemite (Australia’s version of Marmite) watch when it comes to design. Unlike the Tudor Black Bay 58, a relatively “safe” design riffing off Tudor Submariners of the 1950s and ’60s, the Formex Reef is more avant-garde. Formex offers other sorts of watches in its lineup, including a Reef GMT and a field watch. But to me, the 39.5mm Reef represents a challenge to the Black Bay.

Some of the design decisions are…interesting. For instance, the 22mm lug spacing for this 39.5mm version (like its larger 42mm sibling) makes it seem a little larger than it truly is. Ditto for the bulbous flanks that expand from the middle of the case and provide a larger footprint on the wrist. Despite this, at only 11.4mm thick, the watch is nice and slim! This creates a wonderful wearing experience with a watch that feels a little broader than the case size would suggest but remains comfortable even hiding under a cuff. Perhaps the most wonderful thing, though, is that Formex offers this watch for just €2,070. That’s not even half of what the METAS-certified Black Bay models sell for today.

Another contender to Tudor — The 39mm Longines Legend Diver 

The Longines Legend Diver is another great example of a dive watch with fantastic specifications, excellent build quality, and a price (€3,800) that competes with the Tudor Black Bay. Longines has released several 39mm versions that suit those after more compact dimensions, like me. The watch offers a slender 12.7mm profile (crystal included) and a wearable 47mm lug-to-lug. Its case is also water resistant to 300 meters, 100 more than the Tudor Black Bay.

Raised Arabic numerals at 12, 3, 6, and 9 o’clock are coated with Super-LumiNova. Inside beats the COSC-certified L888.6 automatic caliber. It has 21 jewels, ticks at 25,200vph, and offers a 72-hour power reserve. The caliber is also antimagnetic insofar as it has a silicon balance spring.

The Sinn U50 

German watchmaker Sinn offers an intriguing option with the U50. This model costs €2,545 on a bead-blasted steel bracelet. For that, you get a dive watch with a 500m depth rating and a unique Sinn dial aesthetic. Inside beats the tried and true Sellita SW300-1, Sellita’s take on the ETA 2892-A2. The case is a mere 11.2mm thick.

When I bought my blue Tudor Black Bay 58, I was fairly new to watches and didn’t know about Sinn. If I had, I think it would have been compelling even then to look into getting one given the mix of specifications, quality, and heritage for the asking price.

The Oris Aquis Date

Oris has long been a fan favorite when it comes to value-for-money mechanical watches. For many, the Oris Divers 65 represented the gateway drug for a vintage-inspired automatic Swiss dive watch. Today, we’re looking at the brand’s other key dive-watch offering, the Aquis. Granted, these come in larger case sizes than the Tudor Black Bay 58, but they wear very well thanks to the lug design.

In fact, the 41.5mm version is particularly wearable for someone with smaller wrists. The specifications are solid, and the €2,400 asking price is reasonable. If you like the more modern design attributes, the Aquis is a compelling option. Inside beats the Oris caliber 733. This movement is based on the Sellita SW200-1. The watch’s bezel is ceramic, a modern upgrade compared to the aluminum bezel found on the Tudor Black Bay 58. Also, the case is water resistant to 300 meters, making it even more rugged than the Black Bay.

Final thoughts

If you can accept its particular design attributes, I think the Formex Reef offers the value for money we once appreciated with Tudor (and, further back, Omega in the early 2000s). We can also see competitive offerings from the other brands we featured today, like Sinn, Oris, and Longines. In fact, this could easily be a much longer list and include options from many other brands, such as Monta and Doxa.

But what do you think, Fratelli? Are Tudor’s rising prices creating space for smaller players? And would you consider any of the watches highlighted here over a Black Bay? Let me know in the comments.