2024 Unwrapped: Highlights, Hiccups and Happy Moments Of The Watch Industry

We're almost entirely through the year. We've passed all the major watch shows and got a handful of exciting releases that have been bringing the heat in 2024. It has been another great year for watches with tons of amazing models making our wrists go crazy. From stylish Seikos for everyday wear to record-breaking mechanical masterpieces, this year has truly catered to every watch enthusiast's desires.

In the previous segment of our horological round-up for 2024, we covered all the noteworthy watch releases of the year. Now we focus on the next chapter of the milestones that watch brands attained. From some truly amazing and unbelievable collabs to watch model and brand anniversaries, we’ll recap everything watches that happened in 2024. Plus, we examine the major leadership changes and new CEO announcements by the brands and overview the market takeaways as we progress into the new year.

So, without wasting a second, let’s get started.

Crazy Collabs Of The Year

Collaborations have become a catchy trend in the watch world and throughout the year 2024, we got some interesting, unbelievable, colorful and conversation-starting collabs that made luxury watch news even more exciting to follow. Omega being the Official Timekeeper of the 2024 Paris Summer Olympics gave some awesome collab timepieces. What made significant buzz the year before continued for 2024 with the Omega X Swatch Mission to The Moonphase - Full Moon, the Snoopy MoonSwatch. We also got a new variation of the Blancpain X Swatch Scuba Fifty-Fathoms with the launch of the Ocean of Storms edition. Unveiled at Geneva Watch Days 2024, H. Moser & Cie. make a statement with their collab timepiece with Studio Underd0g, the H. Moser & Cie. Endeavour Perpetual Calendar Passion Fruit. It was released along with Studio Underd0g’s 03Series Passi0n Fruit.

Louis Erard teamed up with Vianney Halter for a striking Le Régulateur Louis Erard x Vianney Halter II. Tudor gave us the Tudor Black Bay 58 in collaboration with Inter Milan FC. We also got a Black Bay Ceramic in collaboration with Visa Cash App RB Formula One Team. Hublot introduced the Big Bang e in collaboration with the UEFA Euro’s 2024. TAG Heuer introduced the Formula 1 co-signed by streetwear brand Kith. There was also the TAG Heuer Connected Calibre E4 created in collaboration with Malbon Golf and the Tissot Powermatic 80 in collaboration with Seastar Wilson WNBA. Tissot also gave us the PRX Damian Lillard edition. A special edition PR 100 Chronograph was also launched in celebration of Tissot’s long standing partnership with Tour de France.

In terms of watches that are meant to instigate conversations, we got the best in the form of the Audemars Piguet X Kaws Royal Oak Concept Tourbillon ‘Companion.’ In regards to crazy AP collabs like the Marvel or the 1017 ALYX 9SM, the Kaws edition felt much more from the ground up as a singular piece. This concept is more intentional and integral.

Watch Anniversaries In 2024

The year was marked by significant anniversaries for some truly iconic timepieces. 2024 was the build-up to the 70th anniversary for the Rolex GMT. It was also the 40-year anniversary for the Breitling Chronomat. The A. Lange & Sohne Lange 1 completed 30 years in production and the Datograph turned 25. The Hublot Big Bang celebrated its 20th anniversary and the Vacheron Constantin Patrimony also turned 20.

In terms of brand anniversaries, Piaget celebrated 150 years in 2024. Breitling turned 140 years old this year and so did the Italian luxury brand Bulgari and the watchmaker Edox. Doxa completed 135 years and Oris celebrated their 120th anniversary. 2024 also marked the 100th anniversary of the first wristwatch with “Seiko” on the dial, signifying the beginning of the Seiko brand.

Major Brand Revivals In 2024

The year saw a comeback of some legendary watch brands, the most notable being Universal Genève introducing a trio of Polerouter tribute timepieces in build-up to launch of their new collections and models in 2026. Daniel Roth, owned by Bulgari since 2000 and operating with the involvement of Louis Vuitton and La Fabrique du Temps, introduced their second timepiece, the Tourbillon Rose Gold after their revival last year. Recently acquired by the Louis Vuitton La Fabrique du Temps umbrella, Gerald Genta brand launched its Gentissima Oursin capsule collection. Favre-Leuba, the second on the list of the oldest watchmaker brands, was also revived for the third time since it was founded in 1737 with the introduction of five new collections.

You can read more about the watch brand revivals here.

Leadership Changes In The Watch Industry

The luxury watch industry underwent a period of significant leadership transition. For brands, transitions in executive positions marked the scene aiming to steer them towards future success. Let's get into the key leadership changes in the industry for 2024.

• Richemont Group appointed Nicolas Bos as the new CEO.
• Jérôme Lambert has been promoted to CEO of Jaeger-LeCoultre.
• Laurent Perves was appointed as the CEO of Vacheron Constantin.
• Louis Ferla was announced as the new CEO of Cartier.
• Catherine Rénier was appointed as the new CEO of Van Cleef & Arpels.
• Emmanuel Perrin was announced as the interim CEO of Roger Dubuis.
• Frédéric Arnault was appointed as the CEO of LVMH Watches.
• Julian Tornare was appointed the CEO of Hublot.
• Antoine Pin took on the role as the CEO of TAG Heuer.
• Benoit de Clerck now leads Zenith as its new CEO.
• James Marks is the new CEO of Biver Watches.
• Laura Burdese was appointed as the Deputy CEO of Bulgari.
• Michel Nydegger was announced as the CEO of Greubel Forsey.
• Vahé Vartzbed was appointed as the CEO of HYT Watches.

Luxury Watch Market Takeaways From 2024

While the releases and collabs have been making interesting watch industry news, in some aspects, the industry didn’t truly signal positivity in 2024. This was marked by downturns in financial reports from brands and groups, a contraction in secondary market prices and a general air of pessimism with increasing inventories, decreasing waitlists and reduced speculation.

Unveiling a shift in the watch industry's trajectory, the statistics for the first-semester from the Federation of the Swiss Watch Industry painted a picture of moderation. Exports reflected a 3.3% decrease from the last year with total exports at 12.9 billion francs. The reports published by Swatch Group highlighted struggles with sales down by 14.3% at constant exchange rates and 10.7% at constant rates.

For the Richemont Group, although they reported stable sales figures with a 1% increment overall across the group, sales are predominantly driven by the jewelry division, with Cartier and Van Cleef & Arpels as key contributors. Conversely, their luxury watch brands division is experiencing a 13% decline in sales. LVMH too reported a decline in watches and jewellery division for the year 2024. The segment faced a 3% decline in organic revenue and a 19% drop in profit. While sales and exports have dipped compared to last year, they remain above 2022 levels, which wasn't a particularly poor year.

Looking Ahead

2024 was a landmark year for the horological forefront marking significant anniversaries for iconic models, revival of some legendary watch brands, major leadership changes and the best part, some truly amazing releases. The evolving market dynamics and ever-shifting buyer preferences, like ever, made the industry undergo significant transformations and the year 2024 was no exception. Strategic partnerships and brand collaborations too were the headline-makers with the auction realms bringing some unique and rare timepieces up for grabs.

With so many positives to celebrate from this year, we eagerly anticipate what 2025 has in store.