China, which weighed on watch exports at end 2022, will be the key to activity in 2023, a year that opens with mixed prospects. Will China’s impact on luxury sales be as great as in 2021?
Once dismissed as a hang-out for unscrupulous traders touting fakes, in little more than a decade the pre-owned watch market has grown to remarkable proportions and is expected to surpass sales of new watches. Consultancy firm LuxeConsult predicts this reversal in roles for 2033.
Vaucher Manufacture Fleurier (VMF), under managing director Florian Serex, cut the ribbon at its new building in Fleurier on September 4th. This grouping of activities is typical of the buoyant watch division of the Sandoz Family Foundation (FFS), chaired by Pierre Landolt.
Audemars Piguet, "Le maître de l’horlogerie depuis 1875," has moved into its new Manufacture in Le Brassus. This CHF 35 million investment is the first industrial building in Switzerland to obtain Minergie-Eco® environmental certification.
On June 2nd, Vacheron Constantin unveiled the third and last set of the watches “Les Masques” (“Métiers d’art”) and exhibited the collection in the Metropolitan Museum of New York in the company of its predecessors from the two previous years.
Over the past several years, the Fine Watch sector appears to have grown more aware of its impact on the environment. Certifications, partnerships and energy-efficient buildings are just some of the many new initiatives, although not all these make the same contribution to reducing the sector’s ecological footprint.
There are several possible lines of action to reduce the negative environmental impact of extracting precious materials. One solution would be for buyers to form a pressure group and request that producers provide guarantees. In 2008, the Swiss watch industry used 36 tonnes of gold or 1% of global consumption. This could be enough to put pressure on the market.
The current economic crisis clearly implies spending cuts in non-essential or secondary sectors. Regrettably, the environment is often considered as such. However, not every Fine Watch brand is feeling the effects of recession to the same degree. In this context, a company could be well-advised to manage its environmental impact, given the repercussions this can have on its image. Unauthorised constructions, accidental pollution due to non-respect of safety regulations or the increased number of commuters in the Arc Jurassien regions are all detrimental to a company’s reputation. Note too that proper environmental management also saves money through optimised use of resources and routine recycling.