What Geneva Watch Days told us about the state of the industry

Russell Sheldrake

There is an overused metaphor in my favourite podcast, The Rest is History, which they make fun of. As they talk through the events that lead up to a great battle or the outbreak of war, they often emphasise the gathering storm clouds of war. Now, I have no idea where this saying originated from, nor do I care that much, but the phrase sprang to mind a few times during my recent trip to Geneva Watch Days. Does this mean I think brands are about to start launching skirmishes against each other? No. Nor do I think there will be a pitched battle between press and marketing departments. In fact, everything was incredibly civilised, as you would expect, in the Swiss capital of watchmaking. However, there was an ominous sense of things that were going unsaid, that the industry wasn’t in the best shape possible.

But enough with the vague metaphors and references to podcasts that have nothing to do with watches, you’re likely here because you want to know what it was like on the ground in Geneva during this year’s summer fair. Well, first of all, everyone who attended will remember it for its blistering heat, it was no cooler than 30°C every day that I was there. This meant the less fit journalists, of which I count myself in their number, would sweat profusely just by looking outside. While we Europeans aren’t known for our wide adoption of air conditioning, the AC units that were to be found in the Beau Rivage and Four Seasons hotels were working overtime.

For those who are not fully aware of what Geneva Watch Days is, I invite you take a quick read of Jamie’s previous article that gives you all the low down on who was there, what goes into it, and the history of the event.

Gathering clouds

As I mentioned above, something seemed a little off during the whole fair. While the usual dial changes were being promoted, and case metal swaps were publicised, the underlying sentiment was that the industry was still hurting. There was still talk of how badly the Chinese markets are affecting everyone, especially the bigger players, and the side effects of this can be seen in just how little most people cared what the big brands were doing and the great interest in the small disruptor brands.

It can’t be forgotten that part of the reason Geneva Watch Days was started was to given the smaller, young brands, a platform to promote their exciting watches. But now it seems these “pirates” as Andrew McUtchen calls them, have eclipsed the big box brands in the eyes of many industry insiders. This is partly because these brands only sell a handful of watches, and so they are far less exposed to the market trends, instead they just need to tap into the highly liquid collector core, and they sell out in moments. It’s also easier for them to say more outrageous statements and try more outrageous things which will always attract press attention. For example, the coming together of Ming, Fleming, and Shapiro Watches to create the Alternative Horological Alliance (AHA), and a five-link tantalum, universal bracelet is something a brand that turns out US$1bn a year could never dream of doing. Not because it would lack the funds, but rather the flexibility to make such a niche product.

Andy Hoffman of Bloomberg recently published an article that confirmed the unspoken words around Geneva, as it stated that Sowind Group, the owners of Ulysse Nardin and Girard-Perregaux, has sought government aid to place 15% of its workforce on furlough. It’s clear the slump in demand from China is hitting bottom lines hard, and now we can see the effects of this on the workforce. There is talk that the whole ecosystem of the Swiss watch industry is being affected, with the suppliers facing similar decisions as Sowind, but the question remains how far will these difficulties hit and for how long.

But it was the small brands that held the headlines throughout. Whether it was Studio Underd0g taking one of its biggest steps since its founding in the pandemic and teaming up with H. Moser & Cie for a highly talked about collaboration box set of two passionfruit inspired watches, or the Toledano & Chan B1 that was passed around most of Geneva according to Instagram. These were the real conversation drivers at this year’s fair, when we could spare a moment from complaining about the heat. Even the party of the fair seemed to go to the young publication Heist Out in collaboration with Piaget, although an honourable mention has to go to Bulgari for bringing out Johnny Marr.

The watches

Let’s take a look at the releases from this year’s event. That is the reason we’re all here after all. There were a lot of releases to get your head around, but it’s arguable that there weren’t too many brand new references or calibres that really moved the dial. I was pleased to see how Breitling took some initiative for its 140th anniversary, and alongside releasing a book and launching a pop-up museum, decided to develop a perpetual calendar module to sit atop its in-house, automatic chronograph B01 calibre. And the highly complex offerings from Bulgari in the form of its repeaters were nicely balanced with its more simple collaboration with Fender.

On the more niche end of the industry, the new models from Daniel Roth and Biver show that there is still call for highly expensive, and highly crafted watches – but these will always remain available to a small percentage of the collectors community whose passion is only surpassed by their purchasing power. The reaction to these from all those who got hands on with them was unanimously positive, as they continue to play all the right notes for the truly embedded collectors.

As expected, the Beau Rivage was a hive of activity, with brands on every floor and industry members ducking and diving in and out of the various suites to see the likes of HYT, Micromilspec, MB&F, and Doxa, just to name a few. And it was hard to make an appointment on time due to the number of our international colleagues that you would bump into on the way. But there were also brands to be found outside of the Beau Rivage, with some based in the Four Seasons, some at the Fairmont, some at the d’Angleterre, and a small selection of the Swatch Group brands at the conjoined Blancpain, Breguet boutiques. So there were a number of addresses to run between to try and see everyone.

One of my favourite parts of these fairs is not the brands that exhibit, but the people you bump into as you jump between appointments. Two that stood out to me were both young, rebellious independents, Alto and Anoma. Both brands are offering new looks at shaped case design, and I would even go as far as saying they offer a glimpse into what the collecting community are going to be asking for more and more. And this shows that one of the great things about Geneva Watch Days, and trade shows in general, is you get to see things and people that you might not.

The verdict

It’s clear the industry is no longer in the heyday we experienced recently. There is a slow down in progress, and it is now just a question of how deep and how hard it’ll hit. There are constantly questions being asked of just how resilient the industry is, and whether or not anyone will come out of this smelling of roses. However, these ominous signs should never, and I don’t think they have so far, deter the community from coming together and celebrating what makes this industry so fantastic. There are still reasons to write home, and while there may be a sense of deflation right now, you don’t have to look very far for some positives. And maybe the industry is in need of a correction. Allowing the strongest designs, mechanics, stories, and brands to float to the top, giving the best of the best a real chance to shine. Now, all we need is some more air conditioning in Geneva.