As the Watches And Wonders trade show kicked off March 27 in Geneva, those in the industry waited with bated breath to get a gauge of this year’s prospects.
Last year was indeed a record one for Swiss watch exports, according to data released by the Federation of the Swiss Watch Industry.
The hope is that there will be a momentum in terms of growth for 2023 – and any indication from a major event such as Watches And Wonders (where 48 Swiss luxury brands participated) is very much welcomed.
Upon wrapping up, the organiser released a statement saying that the week-long programme achieved historic figures.
There were 43,000 visitors (compared to 22,000 in 2022). Shares on social networks exceeded all expectations too, with 1.8 million posts mentioning #watchesandwonders and an estimated reach of over 600 million people – an all-time high.
This is the kind of optimism that the luxury timepiece industry is looking out for.
The watchmakers themselves are hopeful, but they remain less brazen.
“We never take anything for granted, but we are always willing to take bold steps, so I am looking forward to a great 2023,” says the president and CEO of Omega, Raynald Aeschlimann.
“Yes, 2022 was a strong year for the (Omega) brand. Our aim is to build on this momentum to achieve a record 2023, but of course we are cautiously optimistic.”
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Clemence Dubois, chief product and marketing officer of Girard-Perregaux, explains that quality watches are appealing to consumers, more than ever.
This is what she thinks will continue to drive significant growth over the next decade.
“We see a larger number of customers across the luxury watch industry, and we see them collecting more and more watches,” Dubois adds.
“It is true that the watch industry has been flourishing over the past year and although it is difficult to predict the future, the trend does not seem to be reversing at the moment.”
SK Teh, general manager of The Hour Glass Malaysia, says that there is going to be headwinds not just for the watch industry but for most.
Speaking on behalf of Hublot (The Hourglass being the exclusive retailer in Malaysia), he however predicts the brand will continue showing a strong performance into 2023.
“With the brand’s innovative approach to watchmaking, it is put in a good stead. Being first, unique and different puts Hublot in a better position to adapt and to face foreseeable challenges ahead.”
Not afraid of change
Aeschlimann says that he sees a current demand for watches that offer colour and variety without compromising precision.
“Look out for timepieces with a playful side that stay true to our design DNA and are strong enough to endure the toughest tests in the watch industry,” he notes.
“Perfect examples being the watches in the latest Seamaster Aqua Terra collection, with bold-coloured dials and Master Chronometer Certified movements.”
Omega is also seen constantly reinventing its classic models.
This is what Aeschlimann terms as “finding the sweet spot between tradition and innovation”.
“We are forward-looking yet never lose sight of our past. So, it is vital that we reinvent classics to make them relevant to an emerging generation and to avoid the watch stagnating and becoming something akin to a museum piece,” he explains.
“That said, we do not introduce change for its own sake. Every new development must pay tribute to what went before.”
According to Aeschlimann, the emerging generation has redefined luxury – and this has led to twists on traditional designs, new materials and greater choice.
This year’s shining achievement for Omega so far, is probably the Speedmaster Super Racing.
It houses the Spirate System, a revolutionary new balance spring mechanism thats allows for the fine tuning of the watch to a very impressive precision of just 0/+2 seconds per day.
Celebrating timeless designs
“Earlier this year we unveiled the Laureato Absolute Light & Shade and the Laureato Absolute Light & Fire,” Dubois says.
“Housed respectively in a metallised sapphire crystal case and a red YAG case, these two Laureato Absolute push the traditional design further into modernity.”
She also draws attention to the Laureato Green Ceramic Aston Martin Edition.
“Once again, we have sought to play with the materials on our iconic model and we choose green ceramic.”
A year ago, Girard-Perregaux launched the Casquette 2.0, a model that upholds the design language of the original Casquette produced from 1976 to 1978.
The Casquette 2.0 became a success with connoisseurs of the 1970s, as well as with the new generation.
Dubois cites this as a very good example of how the timelessness of design is a powerful marker for a watch.
“This particular design continues to have a strong appeal and has been modernised by its materials without losing its essence,” she enthuses.
“Timeless designs seduce. We saw it last year. We continue to see it in 2023. We will continue to do what we love, play with materials and explore new possibilities.”
Continuous innovation
“Colouring and shades are always a forte for Hublot, from the usual black, blue or white ceramic to vivid red, yellow and sky blue, or clear transparent sapphire to yellow, blue and red,” Teh says.
He gives examples of how the watchmaker has always been the first, or different and unique, in creating special materials.
“In 2021, Hublot introduced orange sapphire which was a world premier. Subsequently in 2022, Hublot again debuted purple sapphire,” Teh says.
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“Coming into 2023, during LVMH Watch Week (in January), Hublot pushed boundaries to introduce the first ever yellow neon coloured sapphire in the form of Saxem – a material fusing sapphire, aluminium oxide and rare earth mineral in order to achieve a colour that appears to glow with intensity.”
Those colours are said to be so special that, until today, Hublot still holds the privilege to be the only brand that has the ability to create them.
Hublot also released an updated model to the Classic Fusion Original in January, which watch lovers see as a return in earnest to the design that started it all for the brand.
Teh explains that it is one of the ways Hublot is paying homage to its tradition back in 1980 when the brand was launched.
“Hublot has always been connecting innovation with tradition over the years in watchmaking,” he says.
“It is always important to acknowledge the success of the past and recognise the progress that the brand has achieved. The homage is not just paid to the model in question, but also to the collectors.”
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