Story Highlight
– Audemars Piguet rejoining Watches and Wonders exhibition next year.
– CEO Ilaria Resta promotes collaboration within the Swiss industry.
– Event showcases Swiss watchmaking, connecting brands and consumers.
– Smaller independents gain recognition alongside major brands.
– Swatch Group’s boycott deemed unfavorable and isolating.
Full Story
In what could be a pivotal moment for Audemars Piguet (AP), CEO Ilaria Resta has announced the brand’s return to the prestigious Watches and Wonders exhibition in Geneva next year, a decision that marks a notable shift in strategy. This announcement comes as a surprise given the previous management under Francois Henri-Benhamias, during which AP adopted a more isolationist approach.
Benhamias had previously unveiled plans for AP to expand its global network of boutiques as part of a direct-to-consumer strategy, which minimized reliance on events aimed at enhancing retailer relationships. However, in a recent conversation on the Luxury Society podcast, Ms Resta articulated a vision for AP that embraces collaboration within the broader Swiss watch sector, highlighting Watches and Wonders as “a great platform to connect with the industry.”
Her insights underline the importance of the event in the context of rebuilding post-pandemic industry connections. It serves not only as a venue for retailers and brands to converge but also as a showcase for the Swiss watch industry to assert its global presence through a unified display of its leading brands.
Resta’s commitment to returning to Watches and Wonders signifies a strategic alignment that, while not altering AP’s direct sales approach, acknowledges the significance of industry unity. She has also expressed her dedication to supporting smaller, independent watchmakers both at the main event and throughout Geneva, a stance that contrasts sharply with Benhamias’s leadership style.
Moreover, Resta has highlighted the evolving dynamics of media engagement within the watch industry, with Watches and Wonders successfully adapting to the new landscape where social media influencers and traditional journalists coexist. This evolution allows for a more interactive experience, culminating in the inclusion of the watch-loving public during the final days of the event, providing brands with vital direct feedback from their consumers.
The transformation of the event from a strictly trade-focused gathering into one that also embraces consumer interaction is not without its challenges, yet it presents a unique opportunity to gauge the market’s reception of new products. Concurrently, smaller independent watchmakers have begun to carve out their own niches throughout Geneva, launching collections and hosting events in alternative venues during the same period.
Historically viewed with skepticism by major players, these independents are now recognized as integral contributors to a city-wide celebration of horology, regardless of their origins. In stark contrast, the Swatch Group’s ongoing boycott of Watches and Wonders has painted it as out of touch and exclusionary, with critics suggesting it profits passively from the significant investments made by other brands to promote the Swiss watchmaking heritage while attempting to maintain industry relationships through more traditional communication channels.
