Watches and Wonders took place this past week and it’s clear the growth outlook for the watch industry in 2024 is not as strong as last year.

Based on headlines related to the big three watch groups — “‘Significant headwinds’: Swatch shares continue to fall after price target cut” (Cash), “LVMH Sees Aspirational Consumers Pulling Back on Luxury Amid Inflation” (Pymnts), “Rolex CEO Thinks 2024 Will Be ‘a Challenge'” (JCKOnline) — watch sales in 2024 will be tough.

On a more positive note, Only Watch 2024, which represents the postponed Only Watch 2023 Auction, takes place May 10th, 2024 in Geneva. (PW)

This article offers insights into why Rolex is so dominant “Rolex or how a discreet follower became queen of watchmaking” (Swiss Info)

In addition to the consolidation period that has been taking place in the past 12 months, such as Rolex buying Bucherer (PW), Breitling buying Universal Geneve (PW), or Four Retailer Groups merging (PW) wealthy watch brands and luxury groups are making headlines for buying not just watch businesses, but also entire office buildings “Offices are ‘once in a generation’ buying opportunities” (Fortune)

“Hermès Enlists Top Legal Team to Combat Birkin Bag Lawsuit” (Pymnts) and while this may not directly affect the Hermès watch division, the results from this lawsuit may set a legal precedent that could affect some of the top brands in the watch industry.

 

Photo by Professional Watches, taken at Roger Dubuis manufacture.