Watch exports gained 1.4% over the first ten months of the year compared to 2019 and pre-pandemic levels. Financial results for the main luxury groups confirm this resurgence.
Since October 1st and until end December, Watches and Wonders has taken up residence in Sanya, in the island province of Hainan. This “Chinese Hawaii” is the subject of a recent report by McKinsey. At stake: a $40 billion market.
The Deloitte Swiss Watch Industry Study 2021 confirms a positive outlook for the sector, though not entirely without risks and challenges such as supply chain disruptions, greenwashing, falling export volumes, a diminishing appeal of Swiss-Made and reliance on China. There is still a lot to think about in a post-pandemic environment.
Philippe Dufour is setting salerooms alight; WatchBox has invested in De Bethune; Chrono24 has secured LVMH-backed funding; Watchfinder is presenting all the James Bond watches in its Paris showroom; Richard Mille has launched a certified network for its pre-owned watches… for watch fans, the moving and shaking is on the pre-owned market.
Xi Jinping’s call for “common prosperity” sent shudders through the stock market. This new policy, which portends a drop in purchasing power for the wealthiest Chinese, pushed down luxury share prices, which includes watch brands. What implications does this have?
UNESCO’s inscription of mechanical watchmaking and art mechanics on the List of the Intangible Cultural Heritage of Humanity was a victory for those involved. Six months on, as the groundwork for future action is prepared, in Sainte-Croix initiatives are already well under way.
With Swiss watch exports to the United States rising 20% over the first five months of the year compared with 2019, the US has a lot to offer. Despite being a “difficult” market for Swiss brands to work in, it represents a welcome complement to China.
The latest study from Bain & Co – Altagamma reports a return to growth for luxury in the first quarter. Will this play out for the entire year or – the more likely option according to Bain – will full recovery be in 2022?