TALKING SHOP: Nick Boulle on raising the bar in the Lone Star State

Founded in Dallas in 1982 by Denis and Karen Boulle, deBoulle has been serving the Texas luxury market for over four decades. Their son, Nick Boulle, joined their ranks in 2015, and is now its President. Along with his sister, Emma, this new generation aims to keep the jeweler as relevant as possible, while retaining the core DNA of the brand. Watch Insider’s Daniel Malins caught up with Nick, as well as his director of creative and marketing, Josh Garcia, to discuss the rise and rise of deBoulle.

Watch Insider: What impact did the American government’s imposition of 39% tariffs on Swiss imports last year have on you?

Nick Boulle: I have to start by saying I can’t speak for the brands. I think that there is more at play than simply just tariffs. Obviously there’s the strength of the Swiss franc playing a part as well around the world.

Candidly, we had a great year. So we feel positive, you know. Oftentimes over the past year, I feel like there’s been a bit of a disconnect in terms of what we talk about and fears versus how business is going, and our business has been really strong across all sectors: new watches, pre-owned, fine jewelry. We’re upbeat.

WI: So there’s no sense in your mind that, for instance, increased sales in fine jewelry could act as a counterbalance against the negative effects of luxury watch sales potentially going down?

NB: I don’t think so, because at this time demand still far exceeds what we can deliver. The number of inquiries we’re getting hasn’t changed. So, fingers crossed, it keeps going well.

WI: What would you put that down to? Do you feel like the American economy is quite buoyant and consumer confidence is strong at the moment, more generally?

NB: I can’t speak for the rest of the country, but at least in Texas, it feels like business is very strong. It seems like a lot of people that were maybe working on M&A (mergers and acquisitions) deals, have found a way to close those deals now. From what our clients tell us, the economy feels strong.

WI: Focusing on Texas, which is where you’re based, you’ve got the two stores, one in Dallas and one in Houston. Are the stores of a similar scale or is one very much the flagship and one more the secondary store? And, secondly, is there any sense that one of those two cities is a stronger market for luxury goods than the other?

NB: You know, they’re so similar, but they’re so different. Houston is a much bigger city just based on population. Our daytime population around the Houston store is about 2.7 times what our daytime population around our store in Dallas is. I joke that when you get to Houston you have an hour and a half to get where you’re going because it’s very sprawling, like LA.

I would say Dallas is more of our operations base. It’s where our accounting team is based and where we have more space and we own the land and the building, versus Houston being in a shopping centre. They’re just very different. But it really does end up being almost 50/50 in terms of what each store produces.

But yeah, the Houston market as a whole is a bigger market, but it’s a very competitive market.

WI: Just in terms of sales, does Houston therefore turnover more than the Dallas store?

NB: It really is about 50/50, they’re really, really close. Obviously, we balance that out because in Houston we have Rolex and Patek Philippe, and in Dallas we have Patek and a lot of other brands, like Tudor, Gerard-Perregaux, Blancpain, Glashütte Original, Bell & Ross, Laurent Ferrier, plus a lot of pre-owned. But we just have a lot more space to entertain here [in Dallas]. Maybe we’ll end up with a larger footprint in Houston, one of these days.

WI: You said you own the land in Dallas, so how scalable is the store? Are the current two stores the perfect number or do you anticipate expanding to more? And, if so, would it be in Texas or further afield?

NB: The answer is kind of yes. We’re actually in the process of preparing for a big remodel, both on the exterior and an expansion of our property here in Dallas. But we’re always looking for new opportunities we love.

We love Texas, but we’re not bound solely to it. I think if the right city popped up, where we felt it was a place that was pro-business and it was a good city for luxury where we could focus on the high end, we’re always open. 

WI: When you say the Dallas store has more space for entertainment, I presume that means bespoke events for collectors, either hosted by you or hosted by the brands, or a combination of the two.

NB: Yeah, exactly. In the new space, once it’s all done, we’ll have a much larger area for entertaining on the second floor. We’re going to be able to turn some of the space we currently use for our office into a pre-owned watch lounge. And then a more dedicated kind of event space out onto the patio. We’re in the final days of getting that going.

WI: And how difficult or easy is it to track the ROI on event spaces? Or is it more that if you create the right environment, sales should take care of themselves?

NB: We traveled a lot before looking at what we were doing and we went to New York and we saw some of the major boutiques from not only the timepiece houses, but the fashion houses and major jewelry lines.

We’ve always operated on the basis that quality is what matters most. I was going to say quality pays, but I think that nowadays it’s very important for the experience to match the product.

In the fine jewelry and fine timepiece business, we sell the only things that last for more than about two years. I just got the new iPhone and I’ve dropped it twice on a run with my daughter. It bounced out of the ‘perfect’ cell phone holder on the running stroller! I’m sure it will only make it about a year.

I think that it’s easy to say “Oh, we had an event and we sold X, Y and Z.” But it’s hard to track the ROI on the relationships you can build with friends and customers and people through the store just by creating a good sense of space. 

I think we’ve seen it for years in restaurants, you know. Certain restaurants just have an energy to them and some of that’s the people, some of that’s the design, but it all has to add up to something that creates a brand and something bigger than the people who are behind it.

WI: And how often would those events be in collaboration with one of the brands that you stock? Or is it largely just you guys doing what you want to do on a given evening?

Josh Garcia (deBoulle’s director of creative marketing): It’s about 50/50. I mean just for the next month, we actually have a Glashütte event coming up and a Patek Philippe event coming up in Houston. But as we get towards the holidays, it’ll be more of our own. I mean, obviously we’ll collaborate with the brands, but they’ll be more hosted by the store.

WI: A number of years ago, I remember it being quite a novel thing to hear a retailer tell me that they’d introduced a champagne bar or an event space into their shop. I’m not saying those things don’t work, but are we at saturation point in terms of innovation with these types of in-store events and spaces? I ask because it feels to me like there are only so many ways you can reinvent the wheel. Is there a new wave of ‘stuff’ about to happen, like interactive experiences that incorporate modern technology, or similar?

NB: I think that technology is getting better, for sure, even in simple things like lighting on the exterior. We’ve always talked about how we can use holograms, but we haven’t found a way yet because that technology isn’t quite there. 

It’s funny because we’ve had our store in Dallas and built everything around having certain very home-like elements to the store for 20 or 30 years. It’s something we’ve incorporated for a long time and we find it works very well. 

Both of our stores are kind of built around a bar and seating area. That’s the centre of the store that everyone gravitates to, and I have to say it’s wonderful because, as much as we love doing business, we realise that we have become a place for our clients and friends to stop by and have a coffee when they’re in the area. We’re not a high pressure business. So I think it’s worked really well for us, but it’s definitely something more common now than 20 years ago, as you say.

WI: It probably helps that humans tend to lose their inhibition somewhat when they’ve had a couple of scotches! I saw that you have a partnership that you’ve had for a number of years with a company called Holland and Holland, who operate in the firearms space. How did this come about and what does the partnership entail? Does it give you the appetite to go looking for more industry crossover partnerships?

NB: Holland and Holland just leases the space from us in Dallas. But I think we are always looking for crossovers. We partner with car dealerships because we love cars in Dallas and Houston. We look for people who I think have common values with ours, but also common interests. Obviously, with a brand like Holland and Holland, someone who can appreciate the fine craftsmanship that goes into making a gun the way they do, is someone who can appreciate making a very special timepiece or a fine piece of jewelry. 

WI: If Holland & Holland have got an event on, or if you’re hosting an event, I imagine there’s an opportunity to collaborate because the customer base is going to be so similar.

NB: Exactly. We’ve got a great relationship with them.

WI: On the subject of collectors more generally, they’re not all male and older than 35, but clearly a lot of them are. As a business, how much energy do you put into the next generation (Gen Z)? Do you have to balance future-proofing yourself by reaching out to this younger market, versus looking after your core customer base?

NB: Oh, that’s a tricky question. What do you think, Josh?

JG: I think you have to attract the new audience. You know, deBoulle’s been around since 1983 and some of those clients have been buying from Denis [founder] since 1983. It’s now 2025 and you get to a point where, unfortunately, that client’s not going to be able to buy anymore or something else happens to them.

So, you have to go after the new clientele. It’s funny you mentioned that because for the event that we’re hosting in just a couple weeks, it is about attracting the second generation. It’s the new clientele, so it’s people who actually don’t own a Patek Philippe right now.

WI: Does that attitude filter through to product selection as well as through marketing and events, either in the jewelry that you produce or the brands that you partner with? Are you trying to take a young person on a journey by offering them relatively entry level products, as well as the mega high end stuff?

JG: Six years ago, when Emma came on board, she began working with Karen and they started crafting a collection that actually catered to younger clientele. So, it was a lower price point. Still fine quality diamonds, still 18 carat gold, but it was just a little more affordable for somebody who is starting out and still wants to have an iconic piece to wear every day or when they’re going out. That’s something that they both continue to work on, even now, when they’re selecting and designing stuff.

WI: Do you feel Gen Z doesn’t go out as much as older generations? If so, does that affect consumer trends and habits because they’re not as interested in having a status symbol around their neck or on their wrist? And would it undermine a lot of the effort that you put into the store and in-person events?

NB: I think the internet has become such a big portion of our society and that’s how people connect in so many ways. Oftentimes interactions are through social media rather than being in person and getting in front of people. A lot of people are building their community through their phones, rather than going out and meeting and chatting over a pint or dinner, or whatever it is. I think that’s a shame.

WI: Maybe as one door closes, another one opens. Perhaps there’s more opportunity than ever to show off your Patek by posting it on TikTok or Instagram. I guess the world evolves and adapts.

NB: Yeah, it’s interesting, isn’t it? I mean, I remember when the Apple Watch came out, people were saying to me like, “Are you scared?” I said that I thought that it was probably going to end up being really good for a business because everyone will be wearing a watch. At the end of the day, people don’t always want to wear the same thing. They don’t all want to have the same thing that everyone else is wearing. It kind of worked out that way, particularly for women.

WI: Once you get used to wearing something on your wrist every day, it almost doesn’t matter whether it’s $20,000 or $200. It gets you into a habit, and when you’ve got a bit more disposable income when you’re older, you’d like to think they’d be interested in upgrading and exploring.

NB: Yep, exactly. We want to be there at the start of that journey.

WI: On Rolex and Patek Philippe, how long have you had those relationships? And is there a pressure, internally or externally, from stocking those two brands, with the expectation levels that come with them?

NB: First, in terms of the length of all our relationships, we’ve had a relationship with Patek since 1989. And I believe we’ve had a relationship with Rolex for an even longer time period.

I have to say that we’re fortunate because we see eye to eye on 99.99% of things with the brands. I think that’s why we’ve had long, successful partnerships with them because we have similar commitments to excellence.

I think in terms of the industry, maybe it creates a target on our back, but I think our focus has always been internal. Of course, we look and see what other people do in marketing and other things and what brands are working and how they manage their locations and we try and learn, but our focus has always been inward. There’s always going to be that background noise and all we can do is focus on making sure that every person that steps through our door has a wonderful experience.

WI: When talking about focusing on internal issues, is part of your challenge to create more and more barriers to entry? It’s all very well for a wannabe jeweler to eye you up and think “I’m going to build a store and within 10 years I’ll be stocking Tudor and Rolex and Patek, etc.” but they don’t have the established relationships with the customers or the knowledge of the product and brands that you do.

NB: It’s certainly not gotten easier. I think there was a time, maybe a few years ago, where the values on everything were so astronomical that it seemed like it was the easiest business in the world, and there were people who thought they were getting into the business by taking a bunch of things on consignment and selling them. But it’s not that simple, long term.

WI: People get enticed in by a bubble, but if you’ve been around long enough, presumably you can see what the long term trend line looks like, which means you don’t get too giddy in good times, nor catastrophize in tougher times.

NB: Exactly. 

WI: A final point on Patek and Rolex. What is it about those two brands that you think elevates them so highly? Is it as simple as better communication and greater marketing budgets, or do they do things that other brands can’t or won’t do?

NB: Number one, I think that they’ve focused on absolutely perfecting their product, year over year over year. It’s an absolute dedication to producing the best version of each of their products and adjusting them slowly over the years to even better fit. Certainly they do an amazing job in marketing and all of that, but I think they have a good understanding of who their customers are and have remained loyal to that. 

You know, there have been a lot of brands in the past that I’ve seen jump as soon as there’s a slight change in style or something like that, and the most successful brands have a very good idea of who they are as a company and who their customers are, and I think they remain focused on that. I think many brands can learn a lot through what they’ve accomplished.

WI: Finally from me, and without wanting to cause a rift, what’s the best and worst thing about working with your family? Are you sick of the sight of each other by the time Thanksgiving and Christmas come around? It’s largely a tongue-in-cheek question but you must feel the strain a little bit, when family life and work are so tangled up an intertwined.

NB: No, we’re lucky, everyone in the family is super passionate about the business. I think we’re also fortunate in the sense that our business is something where people come 99.99% of the time for some happy reason. You know, they’re wanting to celebrate or something similar. 

So, we’re lucky in that sense and I think I know from a family side, we’re always kind of talking little bits of business but it doesn’t affect our relationship because the business itself is almost a family member in our eyes.