New measure of time
The luxury timepiece industry is changing, forcing watchmakers to adapt at breakneck speeds. Meanwhile, the big-name brands are still creating excitement in the market with their 2020 horological novelties.
THE timepiece industry is witnessing big changes this year with the impact of a pandemic being felt around the globe.
With the major trade shows postponed or converted into digital-only, it is a whole different world for luxury watchmakers.
Sales have plunged. According to the Federation Of The Swiss Watch Industry, March Swiss watch exports fell 21.9% compared to a year earlier. Not surprising, as watch boutiques in most countries have been shuttered during the Covid-19 lockdown.
Luxury watches are not something you would ordinarily buy through a website too.
In fact, some of the more traditional brands have resolutely not offered online sales – preferring the exclusivity of an in-person sales service.
Patek Philippe only recently granted authorised dealers (such as London Jewelers and Hamilton Jewelers) the rare opportunity to sell its pieces online. However, this is only temporary until showrooms open back up.
Baselworld, the annual trade show held in Switzerland, has been decimated. After announcing a postponement of this year’s event to January of 2021, anchor brands Patek Philippe, Chopard, Chanel, Rolex and Tudor pulled out to organise their own shows.
Reports claim that the reason behind the departures was a disagreement about the rescheduling of the show without consulting the major exhibitors, plus the percentage of money being held by the show after the postponement.
Swatch Watch Group (which owns over 15 luxury watch brands) already announced its departure from Baselworld in 2018.
Earlier this month, the 2021 edition was then announced as cancelled – putting the future of Baselworld up in the air.
Another trade show annually held in Switzerland, Watches And Wonders (rebranded from Salon International De La Haute Horlogerie), cleverly went digital last month. As a “virtual show”, it saw participating watchmakers unveiling their latest timepieces online.
A special website was set up, with landing pages for brands. Each one features images and information about new watches, video presentations from brand representatives, social media portals, and other interactive elements.
Despite all the upheavals from a world gripped by a pandemic, most of the key players in the industry are still releasing their novelties for 2020.
These include some of the most amazing high-end horological creations – from innovative complications to breath-taking designs.
So, what are the trends that we can expect this year? In 2019, watchmakers gave a big push to heritage pieces. Last year also saw the use of composite materials (like carbon alloys), as well as less-conventional colourings (allblue or rugged green).
“I think we will see a continuing demand for women’s watches with sportier designs and larger case sizes, as these watches complement the more casual style, which is now common in the workplace,” notes Omega president and CEO Raynald Aeschlimann.
“Colour is very important for watch buyers, but I don’t think they look for the latest shade, it’s more a question of which colour suits their style and of course this can change depending on the kind of watch and how it fits into their life.”
The trends from 2019 are predicted to stay. Archival designs are still a big focus for watchmakers it seems.
Newly-released designs continue to make a grand statement too, whether in terms of unique shades or by evoking memories.
“Indeed, the strong vintage trend that we witnessed last year has contributed to enforce the focus on these watches,” says Montblanc CEO Nicolas Baretzki, regarding heritage designs.
He adds: “In terms of colours, after having launched models in khaki green and pink salmon that brought back the vintage colour from the 1940s, we will present a new blue icy theme capsule, as a nod to glaciers and snowy-mountain environments.”
“For the retro or archival designs, well, the design of every Omega watch has a connection to our heritage. Even our most recent watches draw their design inspiration from the past,” Aeschlimann points out.
Watchmakers have always been innovative.
The novelties for this year are no less remarkable in terms of their complications (features in a mechanical timepiece beyond the display of hours, minutes and seconds).
“Over our 150-year history, we have developed a reputation for creating functional complications. We are specialising in chronographs and calendars, which are ingenious, robust, and easy for customers to use,” remarks IWC Schaffhausen CEO Christoph Grainger-herr.
Giving an example, he points to the IWC Portugieser Yacht Club Moon & Tide. This particular watch is able to inform wearers about the approximate time of the next high water and low water.
“The double moon phase display of this watch was extended to also show spring tides or neap tides, informing about the strength of the current tides,” explains Grainger-herr, highlighting the fact that what a watch can do goes well beyond just telling time.
What about smartwatches? While it has hovered in the scene of Swiss watchmaking, the idea of smartwatches has not really taken off.
Brands like Tag Heuer may have fully capitalised on the trend, but for others, it is still a taboo of sorts.
“We would never shy away from changes in technology, in fact, we embrace change, but we have no interest in competing directly with this kind of digital technology, as it’s not compatible with what we do,” Aeschlimann says.
“Besides, our customers would be baffled and perhaps even disappointed if we went down this road, as they look to us to maintain a watchmaking tradition. I often equate our situation to classic cars or record players.
“You don’t see enthusiasts of these things just pushing them aside because there’s a new thing that’s faster, lighter or cheaper.
“Of course, there are almost daily advances in technology, but buying the latest fad is not important to everyone.”
I think we will see a continuing demand for women’s watches with sportier designs and larger case sizes, as these watches complement the more casual style, which is now common in the workplace.
– Raynald Aeschlimann, Omega president and CEO of Omega
Over our 150-year history, we have developed a reputation for creating functional complications. We are specialising in chronographs and calendars, which are ingenious, robust, and easy for customers to use. – Christoph Grainger-herr, CEO of IWC Schaffhausen
In terms of colours, after having launched models in khaki green and pink salmon that brought back the vintage colour from the 1940s, we will present a new blue icy theme capsule, as a nod to glaciers and snowy-mountain environments. – Nicolas Baretzki, CEO of Montblanc