They're very much like the ones I think I wanna make, though, albeit lower-end. Miyota is kind of the second-lowest movement you go with if you're trying even a little hard; there's cheaper but it isn't the standard that everybody follows (that'd be an ETA). As to "niche" they did a half million dollar kickstarter 18 months ago. That's four times as much as the Indiegogo campaign for the watches that like four different people on Hubski wear.

As to profit margin? Good question. This post actually got me thinkin'. Random idiots on the Internet think about 40-60%. This is in the ballpark for the manufactured items I'm used to working with (industrial electronics).

But we can play that game with fancy brands, too.

Here's a Weiss. It's $950. They make the case, the strap is canvas. The movement is an ETA 6497, $239 retail. They probably aren't getting them for less than $190. They bought a half million dollars worth of machine tools to be able to make the cases. Assume the case cost is zero, assume the band and face cost is zero, they're still at half the profit margin. Shall we go taller?

Here's a Parmigiani-Fleurer Tonda. It's got diamonds and shit. It's got an engine turned, double-sunk dial that would take a craftsman an easy 5-10 hours of labor to crank out. It's got a bespoke case and band. It's also got a Vaucher Fleurer VMF3000 movement which is yours for about a thousand dollars.

Again - suppose all the shit we can't find a price for is free. We're still at half the profit margin of our Mustang friends.