“Those Formula One drivers who have been partnering with us, from Ayrton Senna to Michael Schumacher, Lewis Hamilton and Max Verstappen, they win when it’s raining. Under the rain, those guys don’t slow down,” said Antoine Pin, CEO of Tag Heuer, when presenting the brand’s latest campaign on the eve of the Watches and Wonders fair, which ran from 1 to 7 April in Geneva.
It felt like a metaphor for the whole industry. At the fair, watchmakers responded to the economic woes with strong product launches, striking booths and big events. Some 600 guests, including Usain Bolt and Kylian Mbappé, turned up to Hublot’s bash in Geneva Arena to celebrate the 20th anniversary of its Big Bang timepiece. “In a period where people are concerned about the global situation, I think it’s also a good time to celebrate the beautiful things in life,” said Hublot CEO Julien Tornare.
Almost 50,000 visitors were expected at this year’s edition, up from 49,000 last year, and 60 exhibitors, including prestigious newcomer Bvlgari, up from 54 last year.
“2025’s Watches and Wonders exudes a renewed celebratory spirit for fine watchmaking, marking a stark contrast to last year’s more subdued atmosphere,” says Beth Hannaway, buying director for fine jewellery and watches at Harrods. “Anniversaries abound across the fair, adding a sense of heritage and continuity, while an overarching feeling of optimism and excitement signals a strong resurgence for the industry, despite the global outlook.”
1. Big launches
Rolex, the largest watch player — with sales of CHF 10.6 billion ($12.4 billion) in 2024, or 32 per cent of market share, per Morgan Stanley — introduced the Oyster Perpetual Land-Dweller. Rolex ambassador Roger Federer set connoisseurs abuzz posting a photo of himself wearing the piece while eating fondue before the fair opened (thus breaking the Watches and Wonders embargo). Melted cheese aside, the watch — the latest model released since the Sky-Dweller in 2012 — features significant movement innovation. “Rolex has spoken: brand-new inside and out, the Land-Dweller is a triumph. Enough said,” Nick Foulkes, luxury historian and watch expert, posted on his Instagram. Still, the Land-Dweller sparked heated conversations on social media, with some commentators deploring a mishmash of different design elements.
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Another key launch was the Chanel J12 Bleu in deep blue matte ceramic, marking the first time Chanel has released a new colourway since 2003. “The slowdown didn’t start yesterday,” said Frédéric Grangié, president of watches and fine jewellery at Chanel. “We saw it last year, and we didn’t say to ourselves a year ago, ‘Things are starting to slow down, we’re going to put the brakes on Watches and Wonders 2025.’ In fact, it’s the opposite.” The executive stressed the cyclical nature of the watches industry: “I do think that watchmaking is one of those industries that has always experienced cycles, rather sharp cycles."
It’s rare for a fashion house to compete with Swiss watchmakers in the credibility stakes. Frédéric Grangié, president of watches and fine jewellery at Chanel, shares the strategy.
2. Liberation Day at Watches and Wonders
But to continue on the rain metaphor, when it rains, it pours. The watch market continues to be severely impacted by the decreased consumer confidence in China, with Swiss watch exports down 8.2 per cent in February and a 25 per cent drop in exports to China, according to the Federation of the Swiss Watch Industry. And the US is no longer the bright spot, as exports were down 6.7 per cent in February.
On 2 April (day two of Watches and Wonders) came the crushing blow: US President Donald Trump announced tariffs of 31 per cent on Swiss imports. “That’s worse than feared for Swiss watches,” wrote Citi managing director Thomas Chauvet. “It’s a disaster, because it’s bound to slow sales in the only market that was pulling ahead,” said Oliver Müller, consultant and co-writer of Morgan Stanley’s annual report on the state of the Swiss watch industry.
3. Price sensitivity
Experts have noted an adjustment across the board when it comes to pricing. “Watches are 100 per cent better value for money than they have been in the past,” says Andrew McUtchen, founder of watch media platform Time+Tide. “It has been a red-hot topic among watch collectors. There have been several years of scratching heads just thinking, what is the logic [to pricing]? Whereas this year, things are making sense.” He cites new models of the Jaeger-LeCoultre Reverso at “a sensible price”, along with the Rolex Land-Dweller, starting at €12,800 excluding taxes. “With a new movement, that sounds pretty reasonable to me,” he adds.
“The question isn’t, would there be a watch that is too expensive? It’s more a question of, is it too high for what it is?” says Cyrille Vigneron, Cartier chairman of culture and philanthropy and president of the Watches and Wonders Geneva Foundation. “Those who are very clear on what they do have no problem. We don’t see price sensitivity in general. Value for money and perceived brand perception are the key elements that could make the difference.”
4. Elegance
One big trend this year is elegance. “Jaeger-LeCoultre Reverso in rose gold on a Milanese bracelet is by far the most popular post of the fair for us, both on Instagram and YouTube. Then secondly, Cartier’s Tank à Guichets is being called by many the watch of the fair,” says Time+Tide’s McUtchen. “And these two watches have one thing in common, which is the stylish design element — and it’s very niche. Tank à Guichets is a very particular design, so I find it super interesting that there’s such enthusiasm for avant-garde design, but also historically accurate design.”
Speaking of retro inspiration, last year Piaget launched a re-edition of the watch style once owned by Andy Warhol (which Piaget renamed Andy Warhol thanks to a partnership inked last year with the Andy Warhol Foundation). “We’ve had many orders from collectors,” says Piaget CEO Benjamin Comar, who hosted a dinner for the fair’s Warhol watch collectors. This year, Piaget launched other versions of the coveted watch as well as a brand-new women’s style. Named Sixtie, the ’60s-inspired trapeze-shaped watch with gadroons on the bezel echoes the timepiece of Warhol, while the campaign, lensed by Brigitte Niedermair, is also inspired by the decade.
Comar notes the rise of “shaped watches”, meaning non-round styles, which includes the Andy Warhol and the Sixtie. “ Creativity, whether it’s in watchmaking or jewellery, is increasingly appreciated by customers. Clients see a lot of things, so when we can surprise them, bring them something new, it’s a good thing,” he says.
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5. Formula One
Formula One’s popularity was recently turbocharged recently by the Netflix release Drive to Survive. Coming up next is the F1 movie starring Brad Pitt, which is slated for release this summer. So it’s no surprise watchmakers are doubling down on their investment in the sport, which was particularly evident at this year’s fair. Tag Heuer, which signed a decade-long partnership with Formula One (as part of LVMH’s partnership, which also includes Louis Vuitton) as its official timekeeper, won the show with a Formula One-themed booth featuring the actual cars of Senna and Verstappen. The Swiss brand also presented its Formula One watch first introduced in 1985 while unveiling the limited-edition Monaco Split-Seconds Chronograph to coincide with the racing class’s 75th anniversary this year. “You can’t get involved in Formula One and not celebrate all of its forms, including with exceptional pieces. We don’t use Formula One as an advertising platform — we have a very strong bond,” says Pin.
CEO Antoine Pin is refocusing the brand with a campaign that underlines its history with sport, alongside ramping up its innovation and global growth.
Meanwhile, IWC Schaffhausen showcased a car from the F1 movie “that was catapulted in the air and smashed into pieces with smoke coming from it”, McUtchen enthused. “ Formula One is a zeitgeist that cannot be fully owned. But the sport is nowhere near its peak zeitgeist, we’re going to see the sport reach incredible heights.”
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