This year’s show featured a record 54 maisons. — Photos: WATCHES AND WONDERS
For a whole week, thrilling new timepiece launches and bedazzling A-listers claimed centre stage at Geneva in Switzerland, as Watches and Wonders 2024 shone a spotlight on the charms of watchmaking.
The most prominent event in the horological world, recorded several new highs.
With eight new brands and a record 54 maisons in attendance, the showcase held from April 9 to 15 drew more than 49,000 unique visitors, an increase of 14% from 2023.
Participating brands included traditional watchmaking houses such as Rolex, Patek Philippe and Chopard, as well as independent brands like Nomos Glashütte and Gerald Charles.
The trade fair saw more than 49,000 unique visitors.
While displaying its diversity, the watchmaking industry rallied around the shared values of innovation, craftsmanship and excellence.
The event also extended beyond an exclusive trade fair at the Palexpo exhibition centre, to include three public days – up from two last year – and a city-wide celebration with guided tours and watchmaking workshops.
An evening party on April 11, headlined by Belgian DJ Lost Frequencies, transformed Geneva’s quayside into an open-air festival for all.
A visitor admiring the intricacies of a watch.
Star-studded affair
Adding a splash of glamour to Watches and Wonders 2024 were supermodel Gisele Bündchen who appeared for IWC Schaffhausen, tennis champion Coco Gauff for Rolex, and football superstar Kylian Mbappé for Hublot.
Sporting the new Portugieser Chronograph with a dune-coloured dial, Bündchen also visited the IWC Manufakturzentrum to experience the fine watchmaking process of the new Portugieser collection.
“It was fascinating for me to see the level of detail and complex processes that go into making the watches,” says the Brazilian model.
“The Portugieser collection has amazing new colours, and I am impressed by the finishings and visual depth of the coloured dials. They are beautiful.
“And visiting where they are made, as well as seeing the precision of the craftsmanship first-hand has given me a whole new appreciation for my watches,” she says, as quoted in a media release from the Swiss luxury watch brand.
Bündchen at the IWC Schaffhausen manufacture. — GETTY IMAGES for IWC SCHAFFHAUSEN
Celebrities from Asia lent their star power to the event too.
South Korean heartthrob Lee Jun-ho wowed fans at the Piaget booth, Chinese artiste Jackson Yee repped Jaeger-LeCoultre, while Jing Boran, also from China, was invited by Montblanc.
“With his bright and cheerful personality as well as neat and sophisticated fashion style, Lee Jun-ho leaves a lasting impression on audiences worldwide,” Piaget wrote in its Instagram post to announce the appointment of Lee as its global ambassador.
Thai actor Apo Nattawin has also been appointed as Piaget’s global ambassador, while British model Ella Richards (granddaughter of Rolling Stones’ Keith Richards) became the brand’s Face of the Maison.
Hublot brand ambassador Kylian Mbappé launches the Big Bang e UEFA EURO 2024 official watch at Watches and Wonders 2024.
What’s trending
As always, Watches and Wonders reveals the watchmaking trends for the year.
For 2024, the organisers observe a return to more classic and unisex proportions.
They also find bigger presence of bold colours and the use of interchangeable bracelets.
“Grand complications continue to command prominence, while the use of métiers d’art exemplifies the intersection of watchmaking engineering and decorative art,” they note.
Oversized installations are among the wonders at Watches and Wonders Geneva 2024.
High-end prospects
Last year, Swiss watch exports set new records for the third consecutive year, reaching 26.7 billion Swiss francs (RM140bil).
The downturn in 2020 due to the Covid-19 pandemic was reversed by the so-called revenge buying, which occurred when consumers overindulged in retail therapy after being denied the opportunity during lockdowns. However, it was reported that growth in Swiss watch exports had slowed to 7.6% in 2023, compared to 11% in 2022 and 31% in 2021.
“I don’t want to say it’s a bad time; it’s a little calmer,” Patek Philippe president Thierry Stern told AFP.
“Maybe we’re coming back to reality,” he added.
The landmark watch fair came amid slower demand in China for Swiss timepieces and timid consumer spending across the board on luxury items, reported AFP.
Watches and Wonders 2024's watchmaking workshops. — Photo: WATCHES AND WONDERS
However, it also noted that the most high-end segment targeted a very wealthy clientele who would not be particularly exposed to the whims of the economy, which meant that they could continue to grow.
According to a study by US bank Morgan Stanley, models with price tags above 25,000 Swiss francs (RM131,355) account for 69% of growth in the Swiss watch industry.
Rolex SA CEO Jean-Frédéric Dufour, who is also chairman of the Watches and Wonders Geneva Foundation board, told Swiss newspaper NZZ that he anticipated 2024 to be a challenging year for the industry on the back of a strong franc, rising cost of gold, and geopolitical uncertainty.
“It marks the end of a phase in which all manufacturers have been doing well.
“In good times, production tends to be too high. When markets weaken, as is the case now, retailers come under pressure to cut prices,” he was quoted as saying.
An imaginative display concept.
Nonetheless, Dufour added that established brands were still doing well, and that the resale value of their watches did not decrease.
Patek Philippe, for one, is not worried.
“Right now, I can’t think of a market in trouble − not at the top end, in any case,” Stern told AFP.
He also remained confident about the prospects for Patek Philippe.
“I make 72,000 watches and they will almost all be sold here in one week,” he said.Younger generation
The organisers of Watches and Wonders note that interest in the event among a younger generation continues to grow.
Of the 19,000 tickets sold – up from 12,000 last year – one-fourth were sold to people under the age of 25.
Like last year, the average age of visitors at the 2024 edition was 35.
A round of partying outdoor at Watches and Wonders Geneva 2024.
Watches and Wonders Geneva Foundation CEO Matthieu Humair reveals that 40% of this year’s visitors are from Asia, and a significant portion of them hails from China.
“In a world where everything is so connected, there’s nothing more beautiful than a wristwatch powered by mechanical movement.
“It is timeless, a piece of art, something to pass down to generations,” he was quoted as saying by CNN.
“We’re very excited to see younger generations in Asia, especially China, show a lot of interest in watchmaking,” he adds.
