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The cost is in the vitreous (grand feu) enamel dial. The movements are fine, a lot of cheaper microbrands will use Miyota or Seiko rather than Swiss ebauches and outsourced production / assembly to get under a grand. And they’re also not adjusting the movement to the extent AnOrdain do (AnOrdain ask you which wrist you will wear the watch on and which way up it’s left overnight, and adjust the movement accordingly). Plus you get a really nice leather 2-watch case thrown in and a 5-year warranty.
But mostly, it’s the dial. Huge amount of time and highly skilled work in each one.
Lundis Bleus want 4k CHF for essentially the same thing:
That's a lot of money for an off the shelf low rent movement. I thought the first watches were overpriced but what do I know! Glad to see a Scottish company doing something different succeed.