Geneva watch fair opens its doors with muted optimism
Published: Tuesday, Apr 9th 2024, 19:30
Updated At: Wednesday, Apr 10th 2024, 01:59
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On Tuesday, the "Watches&Wonders" watch fair opened its doors in the Palexpo halls in Geneva under special circumstances. After the record-breaking run of recent years, the outlook for the watch industry has clouded over. From next year, Cartier boss Cyrille Vigneron will take over the presidency of the fair.
Fear of a recession, rising prices and the uncertain global political situation with wars in Ukraine and the Middle East are unsettling consumers around the world. The 54 watch brands presenting their latest products in Geneva for a week are also feeling the effects.
"The last few months have shown the watch industry that crises, economic worries and inflation do not pass it by without leaving a trace," said Rolf Studer, CEO of Basel-based watch manufacturer Oris, in an interview with the news agency AWP. And Uwe Ahrendt, CEO and co-owner of the German watch manufacturer Nomos Glashütte, also spoke of a normalization after his brand had grown strongly.
Watches remain "relevant"
In the long term, however, manufacturers of expensive and less expensive timepieces remain optimistic. "The mechanical watch will remain relevant on people's wrists," says Studer, looking positively to the future. After all, more and more young people have taken a liking to mechanical timepieces, especially during the pandemic.
The Geneva watch fair, which is expected to attract around 45,000 visitors by April 15, is a good platform for Studer to meet with customers, draw attention to itself in the media and thus remain in the public eye, especially in uncertain times.
This was also emphasized by Jean-Frédéric Dufour, President and CEO of Rolex, at the opening ceremony: "We need this show to be able to present our brands and their products to the public together at least once a year." And in a video message, Minister of Economic Affairs Guy Parmelin referred to the tradition of watchmaking and the importance of the industry for the Swiss economy.
Handover of the presidency
Dufour went on to say that "Watches&Wonders" has not only gained new exhibitors, but is now even more geographically diversified than before with guests from 125 countries. The event is also attracting an increasingly younger audience. "This year, the average age at the trade fair is 35," he said.
In his speech, Dufour also announced that he would be handing over the presidency of the "Watches & Wonders Geneva Foundation", which was established in 2022, to Cartier boss Cyrille Vigneron. Dufour wished his designated successor that even more watch brands would heed the call to Geneva in the future.
In Geneva, brands such as Rolex, Patek Philippe, Tag Heuer and Cartier as well as smaller, less well-known manufacturers such as Alpina, Raymond Weil and Norqain from Nidau will be presenting new products from the world of timepieces to invited retailers and journalists. From Saturday onwards, the general public will also have the opportunity to visit the large and sumptuously furnished exhibition stands.
Meanwhile, the brands of the Swatch Group (Omega, Tissot, Longines, etc.) as well as Breitling and Audemars Piguet from the Jura are well-known absentees in Geneva. They use other formats to present their watches.
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