Inhoudsopgave van November 2024 (In Time) - Issue 54 - REVOLUTION WATCH

I remember it was in March last year when I shared a boat ride from the mainland of Malé to my friend Evan Kwee’s resort in the Patina Maldives. I’d been invited to participate in the inaugural “Gathering of the Tribe” for Maximilian Büsser and Friends. We spent several days with Max Büsser and his wife, Tiffany. Little did we know at the time that a year later, Max would secure a much-deserved investment by Chanel to purchase 25 percent of his brand. For Max, this was primarily about securing the future and planning the succession of MB&F. As the guy that was the first to catapult independent watchmaking into the spotlight, the security and financial stability brought on by Chanel’s investment is richly deserved and I would like to…

The watch industry is bracing for a seismic shift in 2024. For years, Apple has reigned supreme as the world’s top watch brand — even though some would argue that we are comparing two completely different categories — driven by the meteoric success of the Apple Watch. However, this dominance is now under serious threat. Rolex, the legendary Swiss watchmaker, is poised to overtake Apple in terms of watch sales by value, marking a significant moment in horological history. THE APPLE WATCH PHENOMENON Since its debut in 2015, the Apple Watch has redefined what a watch can be. By blending cutting-edge technology with sleek and recognizable design, Apple turned the humble wristwatch into a multifunctional device capable of monitoring health, receiving notifications and even making calls. The Apple Watch quickly…

In 2024, Patek Philippe once again dazzled the world of haute horlogerie with its Rare Handcrafts exhibition in Geneva, an annual event celebrating the centuries-old techniques that have come to define the brand’s unparalleled craftsmanship. Held in the historic setting of the Rue du Rhône salon, the exhibition offered enthusiasts and collectors a unique opportunity to marvel at a selection of exquisite timepieces and dome clocks, while also witnessing live demonstrations of the artisanal techniques used to create these miniature works of art. This year’s showcase was a true homage to the rare handcrafts that breathe life into each Patek Philippe creation, solidifying the brand’s legacy as the pinnacle of luxury watchmaking. The exhibition was a visual feast, featuring a massive selection of pocket watches, wristwatches and dome and table…

There was no doubt that 2024 would test the mettle of the industry. The broader economic headwinds, coupled with the slowdown in key markets like China, have put pressure on even the most entrenched luxury watch brands. However, if you look at the watches themselves, especially those from Richemont, home to the highest number of luxury watch brands, the releases were heavy-hitting and nothing short of extraordinary in the context of this year and in any given year. They excelled in delivering the one thing that truly matters, and that is vital to the health and long-term sustainability of the entire industry: horological content. It is, after all, watchmaking that defines a watch. While much has been said about the “low volume, high value” strategy adopted in these uncertain times,…

Starting with strong brand releases, how has the first half of 2024 fared for the Swiss giant? Despite enough doomsday predictions to turn even a baby’s hair gray, the Federation of the Swiss Watch Industry only reported a slight group decline in sales of -10.7 percent compared to 2023. This is less than expected with the view of a much-improved second half. After a strong 2023, we’ve seen a 20 percent drop in Hong Kong and China, while Europe and the U.S. are still in the green. But based on the strong releases so far, the well-judged brand balance should make for a strong year-end. Omega has made the most out of its Olympic presence, with judicious launches matching the industry’s precious metal renaissance. This has been matched by titanium…

When the stars aligned on the Citizen Group, the watch community was shown that magic happens when outdated geographical rivalries are set aside. Backed by the strength of La Joux-Perret’s movement expertise and the in-house forte of Citizen’s Japanese mothership, the growing roster of complementing brands seems to be going from strength to strength. With brand synergies that have quietly built on their niche specialties, the span of wristwear goes from everyday chic to the world’s fastest GPS satellite watch. At a glance, and judging by the variety of heritage values from Bulova, Alpina’s tough sports, and Angelus’ astute vintage purity, where is the common thread? Adding a rich catalog of spaced-out Accutrons and haute horlogerie from Arnold & Son does not make the picture more cohesive. Or so you…

Over the past few years, the maison has been working tirelessly towards revitalizing and amplifying its watchmaking savoir faire through highly creative interpretations of time telling while always incorporating elements of the Chanel origin story into the pieces. They could be a whimsical side of Gabrielle Chanel to beautiful objects within her apartment or Aubazine, the place where the Mademoiselle spent her childhood, her favorite things such as the camellia flower, the lion or the number five, and not forgetting as well the craft of haute couture. The maison has also consistently built a formidable ecosystem of watchmaking know-how through investments within the industry, owning key stakes in F.P. Journe, Romain Gauthier, Bell & Ross, G&F Châtelain, Kenissi and, most recently, MB&F. Taking these varied elements into the product creation…

As we move further from the initial impact of the pandemic, it’s clear that this coming-of-age in independent watchmaking is not a fleeting trend but a lasting shift. Heightened consumer appetite for exclusivity and authenticity, a newfound appreciation for craftsmanship, and the accessibility provided by social media have converged to elevate even the smallest workshop in the world to the world’s stage. Today independents come in many guises and the world of horology is ever richer for their contributions. They may lack the marketing budgets of the larger maisons, but the good news is that their watches speak for themselves. As the most era-defining independent watchmakers are well into their second decade of business and look towards their next stages of growth and maturity, others have just begun to dance…

While approaching the idea of our In Time supplement, this very book you hold in your hands, a number of considerations sped through my mind. To begin, there was the uncomfortable question of relevance. Since its inception seven years ago, In Time was meant to be a consolidation of all the best watches of the year, such that if you only needed to read one magazine to know everything about watches for the entire year, In Time would be it. But over the years — and seven years is not so long if you really think about it — social media has grown to fill the role of watch product news, and it has done a fine job, indeed. These days we couldn’t avoid watch content even if we wanted…

Jaeger-LeCoultre continues to expand the iconic Reverso collection, showcasing new models that underscore the timeless appeal of its Art Deco design. This year, the brand introduces new variations, including the Reverso Tribute Duoface Tourbillon, Reverso Tribute Duoface Small Seconds and a fresh version of the Reverso Tribute Monoface in a new size. Since its creation in 1931, the Reverso has become one of the most recognizable wristwatches in the world. Originally designed to withstand the rigors of polo matches, the Reverso soon transcended its sporting purpose. Throughout its nine-decade history, the Reverso has evolved with new proportions and dial styles. The launch of the Reverso Tribute line in 2016, coinciding with the Reverso’s 85th anniversary, celebrated the original 1931 model’s stylistic codes, such as the trapezoidal indexes, chemin de fer…

Growing from strength to strength, the LVMH Group’s watch and jewelry division has begun to punch far above its weight thanks to a sharpening of strategic management in areas such as product development, brand identity and global marketing. This entire year LVMH has been dominating news headlines if not for its sponsorship of key events, such as the Paris Olympics and Formula 1, then for its leadership appointments and corporate acquisitions. On the horological front, the group has also grown by leaps and bounds, with its early investments in specialist manufactures now showing strong results especially with Bvlgari and Louis Vuitton, and to a smaller degree Daniel Roth and gérald genta, which are two brands that collectors today are watching closely in terms of how they are managed. Bvlgari has…

Maker of the world’s most sought-after integrated bracelet sports chic watch, Audemars Piguet has been steadily building a strong portfolio of new references that emphasize its fine watchmaking savoir faire. The company both wants and needs to grow its product offerings more holistically inasmuch as demand for its iconic Royal Oak still remains consistently high. A small part of this is handled by the Code 11.59 collection, which is now well into its fifth year and evolving nicely with time, but the manufacture has much more planned out to pique the interest of collectors. Lest anyone forgets, Audemars Piguet is undoubtedly one of the most innovative watch companies of the modern era, having been among the first to utilize cutting-edge materials such as forged carbon, ceramic and titanium in its…

As both a business and a watchmaker, Richard Mille has been a singular phenomenon — an improbable wunderkind whose against-high-odds success has no parallel in the industry. In a little over two decades, the company has risen through the ranks to become one of the world’s biggest luxury watch brands, standing tall alongside industry giants that have honed their craft for well over a century. Founded in 2001, Richard Mille now ranks as Switzerland’s sixth-largest watch brand by turnover, trailing only the esteemed likes of Rolex, Cartier, Omega, Audemars Piguet and Patek Philippe. But behind an account of success is a compelling saga of breaking barriers, transgressing the tyranny of tradition and reimagining the very possibilities of haute horlogerie, a field where progress is exceedingly incremental. This fundamental fact can…

If you traveled back in time to 2004 and told the pioneering generation of independent watchmakers — the Richard Milles and François-Paul Journes of the world — that in 2024, independent watchmaking would be one of the most dynamic and in-demand sectors of the industry, their reaction would likely be one of pleased surprise at how far tastes in high-end collecting have shifted, so that exceptionally low production pieces from independent brands have become spoken about in the same sentence as the doyens of high-end collecting. The great thing about this paradigmatic shift is that there’s a continual cycle of renewal. As one generation of independent watchmakers becomes an essential part of the fabric of the industry, like MB&F or Kari Voutilainen, there’s a fresh crop of emerging stars ready…

Cheryl Chia One of the greatest technical minds in luxury watch journalism today, Cheryl Chia is a renowned watch writer with a deep interest in specialist topics such as independent watchmaking, movement engineering and decoration. Contrary to popular sentiment, she believes that watches can be assessed objectively in terms of complexity, quality and finishing. Oliver R Müller Oliver R Müller is the founder of LuxeConsult, an independent agency that helps create or reposition brands in the watch industry. He is also foremost recognized as the primary contributor of the annual Morgan Stanley x LuxeConsult Swiss watch report, a valuable resource relied on by the entire industry. In addition to his blog Le Sablier, he contributes regularly to Revolution as Business Editor. Thor Svaboe Thor Svaboe is a seasoned writer on…

The luxury watch industry is experiencing a wave of significant leadership changes, as top executives take on new roles to navigate their brands through evolving market dynamics and ever-changing consumer preferences. These executive movements highlight a period of transformation and strategic realignment in the luxury watch sector, as brands aim to stay ahead in a competitive and dynamic market. Here’s a roadmap of who’s who, who’s where, and what to expect from them next. RICHEMONT GROUP NICOLAS BOS, CEO OF RICHEMONT Nicolas Bos has been appointed to the role of Chief Executive Officer of Richemont following his appointment to the Senior Executive Committee on June 1, 2024. His election to the Board will be proposed at the Annual General Meeting on September 11, 2024. In his new role, Mr. Bos…

When it comes to fiction, one of my favorite character archetypes is the “fixer.” Why? Because while others pontificate, theorize or panic, the fixers, like Pulp Fiction’s Winston Wolfe played by Harvey Keitel, Scandal’s Olivia Pope played by Kerry Washington, Ray Donovan, in the drama with the same name, played by Liev Schreiber, or Mike McLusky played by Jeremy Renner in the fantastic Mayor of Kingstown, coolly, deliberately and with Nietzschean Superman-like inexorability, go about getting shit done. Which means solving the most complex problems always with a positive outcome for their clients. Like swans that appear to glide effortlessly across the surface of a lake, but with their feet churning furiously underwater, you never see the frenetic action undertaken by said fixers as they maintain the appearance of glacier-like…

Rolex is the perennial King of Swiss watchmaking and the latest market results proves this. Together with sibling brand Tudor, the Rolex Group once again emerged at the apex of the watchmaking pyramid, rounding off 2023 by capturing an impressive 30-percent share of the retail market. Apart from the big news last August that Rolex has acquired Bucherer, the group is also been steadily increasing production to cope with unprecedented demand for its watches. The Rolex brand itself has been elevating its sports watch collections across the board by shifting towards precious metals, gem-set watches and métiers d’art, such as guilloché in the stunning Perpetual 1908 with ice blue dial, even as Tudor leans into its tool watch heritage by shoring up its bestselling Black Bay and Black Bay 58…

There are not many brands more naturally acclimated to the water than Panerai, be it diving 300 meters deep to the ocean floor or flying 50 knots across the sea. Ultimately, this is a brand for whom the Latin phrase mare nostrum, meaning our sea, represents much more than a motto, and had gone on to inspire one of its most cultish collectibles of all time, a watch literally called the Mare Nostrum. Then there was also a moment when Panerai was associated with one of the most beautiful maritime events of all time, the Panerai Classic Yachts Challenge. Returning to the sea once again, Panerai ventured into the high stakes world of competitive yacht racing, the America’s Cup, in 2017. At that time the brand came in as official…

Something new is brewing at Patek Philippe and we’ve noticed it for quite a while now. The Geneva manufacture has been taking bold moves in watch design, experimenting with brighter colors, different dial finishes and a wider range of strap materials as a way to modernize its identity. Just as we would never have expected a left-hand crown grand complication from Patek Philippe, or a weekly calendar featuring hand-written inspired numerals, few would have been able to anticipate that denim would ever make it into the manufacture’s horological oeuvre. Or that a collection of gem-set novelties would see the first rainbow-hued Aquanaut Luce Minute Repeater. And if we take it back a few more years, we would remember how surprised all of us were at seeing the first Calatrava Pilot.…

It’s taken a while for people to notice, but one of the most critical shifts in the landscape of watchmaking is major fashion houses moving into serious horology. No longer are names best known for softer fashion content, like bags and clothes, content to license their names to other makers to create what is derisively called the “fashion watch.” No, today, these major luxury powerhouses are doing it for themselves; with their immense brand recognition and global retail networks, they have the ability to rapidly eat into the market share of the traditional players in the watch space, something the size and position of the Hermès booth at Watches and Wonders subtly signposts. Hermès’ 2024 releases are a great example of this shift. Though the brand has a long history…

The watch world loves nothing more than a hotly contested definition. Whether it’s drama around the concept of “in-house” or ambiguity over countries of origin, there’s always a semantic disagreement to be found around the watches we wear. Microbrands are no different. For many, the pure idea of a microbrand is one laid down 15-odd years ago and conjures up visions of passionate enthusiasts creating designs for a niche audience, producing them in small batches and selling them online. This might have been true once, but today, microbrand is a catchall term that covers this sort of “traditional” microbrand, as well as the sort of business most other sectors would simply call direct-to-consumer business. But make no mistake, these aren’t small businesses. Studio Underd0g, which operates by opening preorders for…