Jeweller - May 2021

FEATURE
Watch Industry Review
WATCH INDUSTRY REVIEW | Watching the Clock
BY THE NUMBERS
Show Data
38
WATCHING
the CLOCK
The hybrid Watches & Wonders trade event – presented digitally
in Geneva followed by a physical Shanghai show – has rekindled
optimism for the Swiss watch industry, reports MARTIN FOSTER.
GREUBEL FORSEY CAMPAIGN
Far right: Baume & Mercier.
Below: A Lange & Söhne movement
In 2020, the COVID-19 pandemic focused the
world’s attention on large trade fair gatherings,
declaring them off-limits for health and safety
reasons. Yet even before this, what those within the
watch industry regarded as ‘normal’ was already
facing considerable challenge.
As we know, the previous annual cycle of trade fairs –
Baselworld, the Salon International de la Haute Horlogerie
(SIHH), Inhorgenta Münich, the Hong Kong Watch & Clock
Fair, et al – was already in disarray, primarily related to
uncontained costs.
The history of defections from Baselworld and, to a lesser
extent, SIHH reached a crisis point two years ago, and was
a result of ever-higher exhibitor costs and fair management
intransigence.
The history of the decaying Swiss industry loyalty is
well chronicled and does not need further exposure or
examination, but it has informed the current state of affairs.
In late 2019, SIHH was re-branded as Watches & Wonders
(W&W) Geneva, with a new format incorporating a new
experiential ‘In The City’ component that was intended to
promote the culture and lifestyle of Geneva.
W&W was then converted into a digital
platform due to the COVID-19 pandemic,
and considered a success – within the
limitations of an online event.
However, an organised week-long
online presentation such as W&W
is not a trade fair and to be
perfectly frank, there is quite
simply no comparison.
Experienced journalists
reporting digital presentations
are degraded to ‘influencers’
by removing any possibility of
genuine review.
Handling the actual product in
the company of the brand and
watch brands
presenting digitally
at Watches &
Wonders Geneva
2021
19
watch brands
presenting
physically at
Watches & Wonders
Shanghai 2021
23,000
guests invited* to
attend the digital
event – the same as
SIHH’s record 2019
attendance
*Actual attendance data
unavailable
CHF4,300
cost of smallest
exhibition space at
HourUniverse 2021
15%
proportion of
Baselworld
attendance cost
attributed to booth
rental, for an average
exhibitor
other industry journalists is a very different scenario to
sitting in the office staring at a computer screen while
studio images cruise by with a smooth brand commentary.
For the press, which has provided decades of reader and
buyer access to new products and informed, in-depth
industry coverage, constructing a reliable review with only
digital imagery adds a considerable degree of difficulty.
Of course, the highly developed physical trade fair
format primarily incorporates brand presentations and
commentary, and also digital components – but it is not
reliant on these.
Physical shows also provide the benefit of footfall to the
newer and smaller exhibitors – it should be noted that such
exhibitors were conspicuously absent for the seven days
of the digital W&W, and their selling platform was simply
non-existent.
For the 2021 edition, W&W was split into two parts, starting
with a digital format in Geneva, then over to Shanghai for an
in-person salon.
Thus, for more than 10 days, the eyes of the world were on
the creativity and expertise of the most prestigious names
in watchmaking.
The Geneva digital component focused on a well-organised
succession of brand and discussion forums during the
second week of April.
There were approximately 500 press conferences,
more than 40 keynote addresses, a daily live Morning
Show, six expert-led panels and a wealth of exceptional
horological creations revealed by the 38 prestigious
participating brands.
Industry heavyweights, including those that deserted
Baselworld, participated. Some new brands have recently
joined, such as the LVMH Group’s watchmaking division, as
well as Oris, Carl F. Bucherer, Maurice Lacroix and Nomos.
Most of the historic brands which were part of the
SIHH – and are largely owned by luxury conglomerate
Richemont – were still present, together with the big,
well-established independents Rolex, Tudor, Patek Philippe,
Chopard and Chanel.
May 2021 | 40