Against the backdrop of historic growth in the industry, the world‘s largest watch fair is taking place this week in Geneva. After the disappearance of Baselworld, Watches and Wonders is the new must-attend event for the globalized watch industry. But not all manufacturers are following suit.
This content was published on March 31, 2023
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Until April 2nd, almost fifty watch companies will present their innovations at the “Watches and Wondersexternal link“. The fair brings together the big, iconic brands of the industry such as Rolex, Patek Philippe, Cartier and TAG Heuer and attracts journalists from all over the world.
For the first time, the fair and its magnificent stands are open to the general public on April 1st and 2nd. As thousands of visitors travel to Geneva for this, smaller watch companies with more modest means present themselves at another fair, the Time to Watchesexternal linkand in the hotels of the city on Lake Geneva.
Serge Maillard, editor of the journal Europa Starexternal linkis convinced that Geneva will establish itself as the new competence center for this connecting event that is so important for the success of the industry.
Serge Maillard is a keen observer of the watch world. DR
swissinfo.ch: Following the financial woes that led to Baselworld’s demise, Watches and Wonders is being hailed as the new premier watch show of spring. Is this good news for the Swiss watch industry?
Serge Maillard: Yes, without a doubt. The watch industry cannot do without a major annual gathering that brings together professionals, journalists, but also watch fans and collectors. Such a fair represents a crystallization point for this community, which is represented all over the world.
The Watches and Wonders show is now the place to be in the spring if you have any connection to this community.
Geneva and Basel have long been at odds over leadership in organizing the world‘s largest watch fair. With the disappearance of Baselworld, Geneva is now the only anchor point on the map.
Geneva is a watchmaking center, which Basel was not. Do you see an advantage in organizing such a trade fair?
Indeed, being able to perform at home is an undeniable advantage for the Geneva brands. This is much easier to handle from a logistical point of view. These brands – such as Rolex or Patek Philippe – also take the opportunity to show their manufactories to retailers and journalists who travel from abroad. For example, if you had thought of a new watch fair in Zurich, which is really not the home of watchmaking, it would not have had the same effect.
But do we still need such a trade fair in our hyper-connected world?
Just a few years ago, many voices were heard questioning the usefulness of such events. Today that is no longer the case at all. The model of the cross-brand watch fair has not only survived the social networks and the Covid crisis, but has even emerged from it stronger.
I like to draw a parallel with the football World Cup. It is a global event that gives sport a high profile and brings together its main players. The same applies to the watchmaking industry: in an increasingly digital world, it is essential to strengthen the sense of community and bring together the key players in the industry under one roof.
Watches and Wonders is a networking and communication event. The fact that the fair focuses on a tangible object, the watch, that you want to see and, if possible, touch, gives it an additional legitimacy.
Baselworld was notorious for excessive stand rents and excessive hotel prices. These two factors contributed to the loss of the fair. Is it really different in Geneva?
This type of problem can be found on the fringes of all major world trade fairs. They must be contained before they become uncontrollable. However, Geneva is used to hosting large conferences. The city has the necessary infrastructure. And of course it’s easier for Geneva brands moving from home, since they don’t have to expensively accommodate their employees in the local hotels.
The event is mainly dedicated to Haute Horlogerie and remains closed to many brands that hold their fairs elsewhere. Would an extension be conceivable in the future?
Several small brands in the lower and middle price segment have joined the fair, which is a positive sign. At the same time, other events are taking place, attracting more and more players in the industry. The event will continue to grow in the years to come.
More and more brands, even those not represented at the fair, will coordinate the launch of their new models with the dates of the event, which will become the new fixture in the watchmaking calendar.
What about the Swatch Group, the largest watch company in the world with 17 brands, which is not taking part in the fair?
At the moment there is no question of integrating the Swatch Group into the trade fair. The group from Biel has an infrastructure that allows it to do without it, for example by organizing regional events.
Audemars Piguet and Richard Mille, two major players active in luxury watchmaking, also have different strategies to communicate their novelties and are not present in Geneva. In the long term, however, it would make sense for all the big brands to come together at one event.
This type of fair is a good opportunity to outline the current trends. Which are they?
The Swiss watch industry is experiencing a truly golden age. The unprecedented export growth observed over the last year continues, although the current banking turmoil is a cause for concern. Since one does not usually change a successful model, a consolidation rather than an epochal change can be observed. Each brand focuses on its DNA and its successful models. Sporty, chic metal watches with integrated bracelets and chronographs remain at the forefront of the major trends of the time.
The 19h30 report by the French-speaking Swiss television RTS from Watches and Wonders (in French):
Translated from the French: Marc Leutenegger
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