Retailers Came Ready to Spend Time and Budget at Watches and Wonders
“The watch world is often referred to as a community and it certainly felt that way in Geneva this past week,” said David Hurley, deputy chief executive officer of Watches of Switzerland Group, after an edition of Watches and Wonders that spilled out onto the streets of the Swiss city.
The fair, a major moment in the watch industry’s calendar, “had a refreshed energy, excitement and buzz as the entire world was back to attending in-person,” said Tatiana Birkelund, vice president and general business manager, beauty and jewelry at Neiman Marcus.
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And if Swiss watch exports alone — 23.7 billion Swiss francs, or nearly $26.2 billion at current exchange rates according to the Federation of the Swiss Watch Industry — weren’t enough to attest to the health of the high-end watchmaking industry, the “busier than ever” edition “really gave everyone the reassurance the industry was in full swing,” according to Mr Porter’s senior buyer fine watches and jewelry Maxim De Turckheim.
Especially since retailers came ready to spend time and budget, letting touch-and-feel sessions guide them. “We do have a given budget. However, in the end, the collections and our crushes have the final say. So… no budget,” quipped French retailer Arije’s president and CEO Carla Chalouhi.
Brands certainly rose to the occasion, offering booths that caught the eye but also pieces that would hit the spot for “emotion but also the rarity through exclusive or limited-edition pieces” expected by consumers, according to Galeries Lafayette’s buying director of watches and jewelry division Mandana Levaux.
Innovation in materials, craftsmanship, vintage inspiration and iconic designs were among the ideas that stood out.
Here is what retailers thought of a record-breaking edition that saw an appearance by Julia Roberts, the return of Asian visitors and customers already reaching out:
Tatiana Birkelund, vice president and general business manager, beauty and jewelry at Neiman Marcus
Overall impression: Watches and Wonders had a refreshed energy, excitement and buzz as the entire world was back to attending in-person. The booths showed both a fresh perspective and continued innovation, and the watches advanced in newness and luxury. We are confident our curated buys and product assortment will resonate with our luxury customers.
Best booth: There were so many great booths at the event. One that stood out was Hermès with its use of materials to create movement, motion and overall lightness. We were delighted by their moving “butterflies” in the vitrines. Piaget’s booth also had a renewed energy [and] we foresee great things with their brand as they approach their 150th anniversary next year.
Top watches: It was exciting to see innovation in materials — the use of meteorite, Damascus steel, titanium blends, forged ceramic. We appreciate the versatility this brings to design, allowing the wearer to modify the watch depending on the occasion or mood. For example, Piaget had a feather watch that can also convert to earrings. We were excited to see trends in smaller, feminine watch case sizes and expect our clients to respond positively. In this trend, we specifically loved Hermès’ petite “H Hour” and Chopard’s smaller “Happy Sport.” It was wonderful to see so much color in dials and faces — blues, greens, reds and pinks. Watches as jewelry is an important category for our customers and one in which we saw a lot of great newness. Some of our favorites included Chanel’s lion cuff with the hidden face, Chanel’s pincushion watch, Hermès’ gold bracelet watches, and both Piaget and Chopard bejeweled watches with degrades of colored gemstones. Chopard had one watch with an exquisite dial in which the gemstones went from diamonds for day to sapphires at night.
Ordering behavior: Watches are such a unique and detailed category. Our ability to touch and feel them at Watches and Wonders is critical to understanding how the customers will respond to the curated assortment we procure.
What are your customers shopping for? [They] are looking for versatility, the ability to style their watches with both their look and their personality. Our customers are always looking for the watch with that “something extra” – more diamonds, more color, more interest to make their life extraordinary.
Your outlook for 2023: We remain excited about the future and bringing the best of Watches and Wonders’ luxury offering to our customers. [They] continue to trust Neiman Marcus to curate the best assortment of watches from our wide-reaching global brand partners.
Maxim De Turckheim, senior buyer fine watches and jewelry at Mr Porter
Overall impression: This year’s fair was busier than ever, which really gave everyone the reassurance the industry was in full swing. It was nice to see a slightly more simplified format for many brands, which made it easier to navigate booths and appointments.
Best moment: Julia Roberts casually making an appearance on Day One!
Best booth: I loved the Jaeger-LeCoultre booth this year with all the artisans showing their craft, amazing historical pieces from the archives, a water fountain projection and of course let’s not forget their insane hot chocolate (made from mountains of melted chocolate).
Top watches: Our top clients were already messaging us about the Vacheron Overseas Moonphase Retrograde, Cartier Tank Normale Platinum Skeleton and Jaeger-LeCoultre Chronograph. But my personal favorite was the Ressence Type 8 in a gorgeous sage green.
New talent: I loved the new Czapek collection with all the fun-colored dials and found Trilobe’s concept stunning and a great price.
Budgets: We were lucky that a lot of the brands we stock had already given us sneak previews so we had some budget already committed and a healthy amount to spend at the fair.
Ordering behavior: Being online, we had a huge surge of demand during the pandemic, which was maintained in 2022. For 2023 we want to introduce some nice opening-price commercial pieces to target our watch newbies but also secure some of the métiers d’art/rare/limited pieces for our biggest spenders. We see these two segments being the ones which will continue to grow.
What are your customers shopping for? Our customers are quite classic in their watches and very tasteful. They are going towards smaller sizes but also elegant designs. We have had lots of demand for Hermès recently since they launched their H08 as it is a perfect day-to-evening watch but also from new brands such as Gerald Charles, which are bringing back to life some of Gerald Genta’s gorgeous designs.
Your outlook for 2023: Lots of salmon and green.
David Hurley, deputy chief executive officer of Watches of Switzerland Group
Overall impression: It was wonderful to feel the energy of the fair back in full force, particularly with the added element of public access at this year’s Watches and Wonders. The watch world is often referred to as a community and it certainly felt that way in Geneva this past week. It’s the most exciting time for our industry and to have brands, press, buyers, executives, and now watch aficionados, from all around the world in one place makes the atmosphere unmatched.
Best moment: Too many to count but Day One when all the launches drop — what an exciting rush.
Best booth: I might have to give that to Ulysse Nardin. The interactive giant Freak movement with a mirrored ceiling was a great photo opportunity.
Top watches: We saw a lot of vintage inspirations with this year’s launches. Chopard’s new Alpine Eagle and Vacheron Constantin’s Patrimony Retrograde have exceptional dials that give them a retro-inspired and understated elegance. In addition to the excitement around the 60th anniversary of the Daytona, Rolex released a once-in-a-lifetime Day-Date with the puzzle-piece dial and emoji date window — a really unexpected drop. We also saw several brands doubling down on some of their most iconic pieces, Cartier with the new Santos in yellow gold and two-tone steel along with Ulysse Nardin with a black DLC coated titanium and rose gold Freak One. Always a favorite, Patek Philippe struck an undeniable balance between their modern unveils of new Travel Time and Pilot watches in juxtaposition to their rare handcrafts exhibition highlighting the artistry that sets them apart.
New talent: Watches of Switzerland will always champion the independents. Ressence and Speake Marin are two independents we always look forward to seeing and our clients continue to be intrigued by.
Budgets: We come to the fair with the intention of seeing the novelties in person, so we go in without prior commitments to our budget. Watches and Wonders is the most significant show for us so we always plan on maximizing the opportunity to introduce new lines to our clients based on what we see in person.
Ordering behavior: At Watches of Switzerland, our teams really appreciate the “touch and feel” component of the fair. We very much will look forward to our in-person appointments next year and the continued expansion of the current format.
What are your customers shopping for? With such a wide global network of clients, we really look to check all the boxes. Every market and client is different, so Watches of Switzerland looks to have the advantage of choice within the group. Overall, we are seeing a move towards 42mm being the largest size that clients are asking for and you can see from this year’s launches many brands are moving in that direction.
Your outlook for 2023: [It] is extremely positive. Our teams’ phones are off the hook with clients reaching out about releases they’ve seen coming out of Watches and Wonders. Watches of Switzerland continues to be in growth mode, globally, but particularly in the U.S. market where the watch consumer demographic continues to grow exponentially.
Mandana Levaux, buying director of watches and jewelry division at Galeries Lafayette
Overall impression: It’s a very successful second [physical] edition bringing the biggest names of high-end watchmaking, with much energy and creativity.
Best booth: Chanel’s beautiful staging of its creations on 3D-printed mannequins, a true black-and-white immersion into [its] world.
Best moment: Cartier’s touch-and-try, a moment of conviviality to enter into the brand’s collections, try product and share our impressions.
Top products: Collections that were very colorful, with a lot of green but also new colors on the dials. Much richness in the treatments and decors for dials. We are seeing that smaller sizes, often unisex, and a growing women’s offer in collections. Our favorites were Rolex’s Yachtmaster 42mm in RLX titanium; Cartier’s Santos Dumont skeleton; Panerai’s Radiomir Quarenta; Hermès H08 in rose gold and titanium, and Hublot Classic Fusion Chronograph Orlinski in titanium.
What are your customers shopping for? Our clients are looking for emotion but also the rarity through exclusive or limited-edition pieces.
Your outlook for 2023: [The year] starts on a very good dynamic and the novelties of this year should allow us to see another excellent year on high-end watches.
Carla Chalouhi, president and chief executive officer of Arije
Overall impression: We believe that positivity, innovative spirit, and novelty — and some positive messages in a colorful palette were the key words of this 2023 edition.
Best moment: What we appreciated the most was being brought back all together in the beating heart of the industry.
Best booth: The Hermès booth for its artistic and poetic aspects.
Top watches: The new Yacht-Master 42 in RLX Titanium and as another premiere for Rolex the Day-Date 36 with 31 emojis and colorful statements. The Cartier Clash [Un]limited jewelry watch with its innovative purple gold, and its high jewelry Art Deco declination. Last but not least, the Greubel Forsey Balancier Convexe S2.
New talent: Yes — we will reveal our crushes in the coming weeks.
Budgets: We do have a given budget. However, in the end, the collections and our crushes have the final say. So… no budget.
Ordering behavior: [We] certainly [won’t go for] the digital methods [as] we strongly believe that you need to touch, try, feel a watch you are going to wear on your wrist… [This is an] essential part of the emotion.
What are your customers shopping for? Our clients look for quality, innovation, rarity and exclusivity all together. They expect to be surprised.
Your outlook for 2023: We cannot say that the market is immune to the macro environment. However, we can and will remain optimistic.
Roberto Chiappelloni, owner, and Robert Weintraub, manager, of Manfredi Jewels
Overall impression: A fantastic attendance, well attended from all over the world finally after COVID-19. There is a sense of cautious optimism from the other retailers that we connected with.
Best moment: Spending 45 minutes with the master watchmaker Kari Voutilainen, who will be celebrating his 20th anniversary this year as an independent watchmaker. We have been very fortunate to be a retail partner of his from the very beginning.
Best booth: Hermès.
Top watches: Grand Seiko Tentagraph, Parmigiani Tonda PF Minute Rattrapante, Rolex Day-Date 36 with a celebration dial filled with emotion.
New talent: We are already a retailer [for the brand] but we are very pleased with the evolution of Schwarz Etienne watches. We are also very excited to have seen the watches that we will be receiving soon from Frederick Jouvenot, as we will be the first retailer representing them in North America.
Budgets: We always come well prepared to make purchases that will represent all of our brands in the best way possible.
Ordering behavior: It is a lot more fun to be together in person at these events, and to be able to actually touch and feel these beautiful mechanical wonders. There is no substitute for seeing a watch live, and putting it on your wrist.
What are your customers shopping for? At Manfredi we are very much in tune to our clients’ wishes and needs and are encouraged by the newfound appreciation for great timepieces that will deliver a lifetime of pleasure from their beauty and quality. We encourage our clients to compare and contrast between the many brands we carry, assisted by one of our passionate advisers to find the perfect timepiece to add to their collection, or to celebrate a special occasion. They are asking for sport watches with integrated bracelets in steel that they can wear in a variety of different settings and activities. Jeweled yellow gold ladies’ watches are gaining preference recently as well.
Your outlook for 2023: Cautiously optimistic.
Scott Udell, vice president of London Jewelers
Overall impression: The show was great. There was much buzz and anticipation leading up to [it] considering how strong the state of the watch market has been. Retailers and consumers were excitedly waiting for the new releases to drop at 8:30 a.m. on Feb. 27. People were telling me they were refreshing their feed every few seconds to see the latest drops from all the brands.
Best moment: The first time you enter Palexpo on Day 1, walking through the hall where Rolex and Patek Philippe’s booths are located as soon as the show opens, glancing at the new releases and full catalog of pieces in the windows. Even as a retailer it’s so rare to see the whole catalog in one shot in one place. There is something magical [about this moment] — like being a kid in a candy store.
Best booth: There were some really cool and innovative booths this year. The Van Cleef & Arpels [one] is always amazing, like walking through a [brand] fairy tale with colors and large glass and gemstones lining the ceiling, and beautiful and bright colors all around. The vibe is magical [especially in] the way they incorporate their jeweled and enamel watches and jewelry along with their one-of-a-kind featured works of art. A few of the other booths had some great technology, interaction or insight into the manufacturing process including Ulysse Nardin, Tudor, Jaeger-LeCoultre, [who] had their head enameler showing the whole process and painting dials live under a microscope — it was unbelievable. Patek Philippe had an interactive library of all their calibers and movements along with every movement in the window [so you could] zoom in on and see the differences [between them].
Top watches: The new Rolex GMT, released in steel and gold along with an all-gold version, [with an] almost a retro vibe to the piece but so well received. Definitely a fan favorite so far.
Tudor Black Bay 54, definitely another buzz of the show and favorite. [It’s] Tudor’s first ever dive watch made in a 37mm case and offered on a bracelet or rubber strap. [It has] a retro vibe to it and the size is just right. [By] moving back to a smaller-sized piece, Tudor really hit it out of the park. Great value, [priced] roughly under $4,000.
Patek Phillipe 5261R; Patek nailed it again! This new annual calendar Aquanaut is a more unisex size with a 39.9mm case and a new umbrella-shaped moon phase at 12 o’clock. Two beautiful subdials outlined in rose gold with day-and-date wheels. The rose gold [version] with its bluish gray dial and rubber strap; the watch flows beautifully and [is] definitely a winner. Again, great for both men and women!
The Jaeger Reverso Tribute Chronograph was definitely the buzz of the show. The iconic Reverso design now offered with time on both dials, [one] a classic watch and [the other] a subskeletal chronograph. [By showing] two different looks in one piece, Jaeger-LeCoultre nailed it with this piece.
New talent: Gerald Charles is making noise in the independent category. The latest and last designed watch by Gérald Genta, the most famous watch designer. Watch out for this brand in the future as they are doing amazing stuff. They released a gem-set piece with a blue sapphire bezel that is spectacular!
Budgets: We do not go to the show with a hard budget. It’s impossible to really know until we see what is being released. Most [of the] launches are preallocated so it’s a difficult environment to set a budget.
Ordering behavior: It’s always better to touch, feel and try on. Selling luxury watches is not a necessity but being able to see these fine timepieces firsthand and trying them on is the only way to do it.
What are your customers shopping for? The customers were so excited in anticipation of what was to come from the brands and fair that they waited to see [before] the buzz begins. The brands are so influential that [their interest is] more of the reaction to what gets put out.
Your outlook for 2023: The outlook for the watch industry is strong. Enthusiasm in the industry is at an all-time high.
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