Watch Industry Consolidation – Coronavirus Watch 36

Watch brands for watch industry consolidation

As the watch world continues to grind through Coronageddon, we are starting to see the outline of what the post-pandemic new normal might be. More online sales, but not nearly enough to save everybody’s bacon; an even greater reliance on China, which is not the savior everyone is waiting for; and far fewer players as we head towards watch industry consolidation . . .

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LVMH Bails, Kering Cuts – Coronavirus Watch 36

GP boutique

“They hoard their most desirable watches for their own boutiques, force less popular pieces on their partners and price them in such a way that the only way to shift them is out of the back door on the grey market.” That’s watchpro.com‘s Rob Corder’s take on the war between watchmakers and retailers. No question: the watch industry is in turmoil. And not just at the sharp end. LVMH is bailing on their deal to buy Tiffany & Co. . . .

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China Syndrome – Coronavirus Watch 35

Duty Free store China

For the last 15 years the answer to any question about the luxury goods business has been China. China will supercharge sales. China will absorb production whenever a slowdown hits the West. China will drive the next stage of growth no matter what. China will save the Swiss watch industry. Will it? . . .

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Swiss Watch Exports Sink 17% – Coronavirus Watch 34

Swiss watch exports - Federation of the Swiss Watch Industry

“In spite of certain key markets increasing or remaining stable, Swiss watch exports overall continued to fall significantly in July,” The Federation of the Swiss Watch Industry reports. “However, the downturn was only half of that seen in June.” Hang on. Does that look like a recovery to you?

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Audemars Piguet to Retailers: FOAD – Coronavirus Watch 33

Watch news - AP CEO Bennahmias

“We are going to [see a] dematerialisation of retail,” Audemars Piguet CEO François-Henry Bennahmias pronounces in an interview with WatchBox. “I don’t need four walls to sell you a watch tomorrow.” (No word on how Audemars Piguet dealers feel about their dematerialisation.) According to watchpro.com, Bennahmias’ bet on online/home visit sales is based on . . .

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