The Chinese watch market collapsed around 1855 due to competition from France and the United States along with the tremendous number of Chinese-made counterfeits.[1] By 1864 problems caused by the Opium War caused the Bovet family to sell their interest in the company.[2] They sold the company to their manufacturing inspectors in Fleurier, Jules Jequier and Ernest Bobillier, who were soon joined by Ami Leuba.[3]