Watch Industry SITREP - April 2025

Bremont Ambassador trains Chinese Pilots?, Rolex-Wearing National Security Advisor Ousted, A Legendary CIA Director's Pocket Watch Up For Auction, Rolex & US Watchmakers Respond To Tariffs, & Trump Watches Are Finally In The Wild

By Benjamin Lowry

For most of the industry, the talk of the past few weeks centered around the novelties unveiled at Watches and Wonders and one watch in particular, the Rolex Land-Dweller. At W.O.E., we generally don’t care about new releases (until we do), and while we admit the Land-Dweller represents significant horological innovation, it’s not our thing. Inspired by a couple of new releases, we addressed our feelings for modern Tudor in a separate article (read HERE), and our intention for this month’s SITREP are to chart a course as far from the already-stale release cycle as possible. You’re welcome.

If you’re new here, the SITREP (Situation Report) is our monthly recap of all things watches, espionage, military, and National Security. To put it mildly, these past few weeks have been eventful, including some Bremont brand ambassador controversy, plenty of tariff talk, the ousting of National Security Advisor Mike Waltz, a Cold War DCIA’s complicated Breguet up for auction, the first public appearances of a Trump watch, and a confession from a naughty, Breitling-wearing CIA Case Officer.

To quote Samuel L. (MFing) Jackson in Jurassic Park, “Hold onto your butts.” It’s going to be a spicy SITREP.

A Legendary Cold War DCIA’s Complicated Breguet Hammers For €208,000

(Photo Credit: Monaco Legend Auctions)

Allen Dulles was a former member of the Office of Strategic Services (OSS) who later served as the first civilian DCIA and oversaw the 1953 Iranian coup d'état, the 1954 Guatemalan coup d'état, the Project MKUltra mind control program, the U-2 spy plane program, and the 1961 Bay of Pigs Invasion. Like many from the early days of CIA, Dulles was also apparently a watch nerd who ordered an extremely complicated Breguet pocketwatch in 1962.

(Photo Credit: Monaco Legend Auctions)

Designed and produced as an exhibition piece, the watch “...features a one-minute tourbillon, split-seconds chronograph, and minute repeater, with the gilded movement made in collaboration with the Victorin Piguet workshop in Geneva, as confirmed by Breguet’s President of the Archive.” The watch hammered for €208,000 (or about $237,300) last week and represents a rare and intriguing intersection between the world of high horology and espionage, perhaps only rivaled by the Patek Philippe presented to the Dalai Lama by two OSS officers during WWII. Either way, this is further proof that the phenomenon of watches of espionage is nothing new.

If you were the lucky bidder to take home this historic piece, hit us up. We would love to talk to you!

Rolex-Wearing Former Special Forces National Security Advisor Mike Waltz To Leave White House

Mike Watlz (left) wearing a Rolex GMT-Master II alongside Sebastian Gorka, the Deputy Assistant to the President, Senior Director for Counterterrorism.

It’s been a tough couple of months for Mike Waltz, Trump’s National Security Advisor, who inadvertently added The Atlantic’s Jeffrey Goldberg to a signal chat exposing the White House’s Houthi war plans in an incident that would become known as “Signalgate”. In addition to his political activities, Waltz is also a decorated US Army Special Forces officer who has earned a whopping four bronze stars (two for valor) during his military service. Unfortunately, Signalgate was a pretty big deal, and no amount of high-speed SpecOps training can save Waltz this time, with several sources recently revealing White House plans for Waltz’s impending exit from the influential National Security Advisor role. 

Waltz’s Rolex even made it into one of Signalgate’s more celebrated images.

Waltz is also a dedicated Rolex man who has been photographed wearing more than one GMT-Master II, which is always great to see. While many Rolex sports models have associations with the military and special operations, the GMT-Master is aligned with Army Special Forces, in particular, having been worn by legends, including Billy Waugh.

Bremont Ambassador Controversy

A Bremont marketing image used to advertise an event featuring former RAF pilot Sam Cowan. (Photo Credit: Bremont)

A few weeks back, Bremont released a video with former Royal Air Force pilot Sam Cowan recounting his experience ejecting from a fighter jet over the North Sea, ultimately earning the coveted MBI watch that is only available to Martin Baker ejectees. A brand close to our community, the video and subsequent announcement for a 24 April event at Bremont’s Mayfair boutique advertising a “conversation” with Cowan (and “television’s Ben Shephard”) are right in line with what Bremont is all about. But all was not as it seemed.

The Bremont MB1 is only available to pilots like Cowan who have ejected using a Martin Baker ejection seat. (Photo Credit: Bremont)

Our DMs lit up with messages and links to allegations calling into question Cowan’s suitability for such an honor, particularly from pilots with an affinity for Bremont. According to at least one report/blog, Cowan is allegedly one of several Western military pilots to have trained fighter pilots from the PLAAF, the Chinese Air Force, in air-to-air and air-to-ground combat techniques that could, without a lot of imagination, conceivably be used against Western powers including the US and Cowan’s own Great Britain. We would like to think Bremont was unaware of Cowan’s employment history, but either way, the lack of due diligence or concern for endorsing an individual associated with what many have labeled “treasonous” actions amounts to a bad look for a brand owing much of its prominence to its associations with the military.

A Medium article from December 2024 identified Cowan and other pilots engaged in training PLAAF pilots. (Photo Credit: Medium)

Bremont has since pulled the video and removed related Instagram and Facebook posts, but this apparent lapse in judgement is yet another challenging moment for a brand that is already in rough shape following a significant 2023 investment by American billionaire Bill Ackman, the ensuing exit of the founders, Nick and Giles English, and new watch designs that are, to say the very least, not landing with fans. All of that said, we’re Bremont fans, and no one would be more excited to see the brand return to its former glory.

Important note, we have not independently verified the reporting on Cowan’s involvement in training Chinese pilots, but you can read the original research HERE.

Rolex Responds To Tariffs With Price Hikes

WOE’s recently acquired “Bruce Wayne” GMT-Master II was almost even more expensive.

Sources tell us that the hottest topic of conversation at Watches and Wonders in Geneva wasn’t the new releases, but rather the rapidly evolving US tariff situation and the staggering 31% figure imposed on Swiss exports, including watches, in April’s opening days. Since then, a less aggressive but still significant 10% number has been put in place, but the Swiss are still responding, with Rolex recently promising a 3% price increase in the United States as of 01 May, paired with a 1% reduction in margin for authorized dealers, according to WatchPro.

If the world’s most valuable and influential watch brand is immediately instituting a price hike in response to US tariffs, it’s reasonable to expect other prominent Swiss watchmakers to follow in the Crown’s footsteps. Being a watch nerd is about to get (even) more expensive. This also points to a potential part-time solution, where the tariffs' cost will be passed on in part to the consumer, but also absorbed by the brand and retail points of sale.

One Of The Few American Watchmakers Discusses The Impact Of Tariffs

Where Swiss viewpoints surrounding the tariff situation have been everywhere, we found it interesting to hear from an American watchmaker, Weiss Watch Company, based in Nashville, TN. In the video on the The Watchmaker's Workshop YouTube Channel, Weiss founder Cameron Weiss argues that in the United States, watchmakers are forced to rely on imported Swiss movements and other essential components to do business. The dramatic change in pricing necessitated by the tariffs means that producing watches in the United States, which is already a challenge, will only become more difficult, which will then make the task of starting American watch brands more daunting.

The tariff situation presents serious hurdles for US-based watch brands.

For more on American watch brands doing varying degrees of watchmaking, from assembly and QC to constructing complete calibers, right here in the United States, click HERE.

“It’s Trump Time” - Trump Watches In The Wild

President Trump wearing his Fight Fight Fight model in a recent Instagram post on the brand’s Instagram page.

After months of seeing nothing more than renderings on the website, the Trump watches, which were first covered in our September SITREP, have been photographed in the wild. Most prominently, the Fight Fight Fight model, a loose Submariner homage, was featured in a video on the Trump Watch Instagram page on the wrist of the President, who said, referring to the “red beauty”, “Wear it proudly on your wrist and everyone will know what it’s for, who it’s for, who it represents. It’s really going to be something special”, before declaring, “It’s Trump time”.  

Deputy White House Chief of Staff Dan Scavino wearing what appears to be the Victory Ultimate Jewel in a recent post on his Instagram profile.

From what we can tell, Trump watches, which start around $500, have been slow to reach consumers, but Dan Scavino, Trump’s Deputy White House Chief of Staff, appears to have skipped the line, having recently been photographed wearing a gold-tone Victory Ultimate Jewel with a gem-set bezel. At $1,200, you get genuine gold (plating), “semi-precious” gems in the bezel, real diamond indices, and a Seiko NH35 caliber. Unfortunately, this particular reference appears to be sold out. Even if it were in stock, you are limited to purchasing only three at a time. Bummer.

Breitling Wearing Former Senior CIA Officer Pleads Guilty To Acting As A Foreign Agent

Dale Bendler (right) wearing a Breitling Superocean Heritage, pictured alongside Felix Rodriguez.

Dale Bendler, a former Case Officer who spent 30 years working at CIA, recently pleaded guilty to acting as a foreign agent and mishandling classified materials, according to Department of Justice documents. Bendler, who was working as a contractor with the Agency, “...worked with a U.S. lobbying firm and engaged in unauthorized and hidden lobbying and public relations activities on behalf of foreign national clients.” In addition, Bendler abused his access to CIA personnel and resources, including numerous classified systems, while also lying to CIA and FBI about his activities acting as a foreign agent.

A Breitling Superocean Heritage similar to the one worn by Bendler.

As a part of his plea deal, Bendler faces a maximum penalty of seven years in prison as well as the forfeiture of $85,000, far less than the “hundreds of thousands” he is accused of receiving in his role as a foreign agent. It’s unclear whether the watch is related to Bendler’s nefarious acts, but the former Case Officer was photographed wearing a Breitling Superocean Heritage alongside CIA paramilitary officer Felix Rodriguez, who allegedly “liberated” Che Guevara’s Rolex after his death. Remember, we don’t make the rules.

W.O.E. In The Press

Now and then, our exploration of watches, the military, and intelligence intersects with popular media, and W.O.E. recently provided comments for an article on GQ’s website discussing the role played by G-Shock watches in Warfare, a recently-released film from Ray Mendoza and Alex Garland showcasing the heroic actions undertaken by a Navy SEAL platoon during the Iraq War. We’ve commented on W.O.E. in Hollywood before, but suffice it to say that having an on-the-head watch selection in a film, like the G-Shock models worn in Warfare, adds depth and realism to characters portraying members of our community. For more on G-Shock’s relationship with the US Military, click HERE.

Final Thoughts

It’s hard to believe, but this is already our ninth edition of the SITREP series, a brief overview of watch and espionage events we believe you’ll find informative and interesting. If you enjoy these articles or have ideas for events for us to include in future SITREP editions, please do not hesitate to let us know in the comments. Speaking to April specifically, there was a lot to unpack, including some big Bremont ambassador drama, Trump watches in the wild (finally), an incredible vintage Breguet owned by Allen Dulles, a treasonous former Case Officer, and so much more. Check back next month for more.

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