Day: 12 May 2026

In a significant turn of events at Swatch Group’s Ordinary General Meeting, Steven Wood’s bid for a board position was dismissed for the second consecutive year, garnering only 20.4% support from shareholders. In contrast, Andreas Rickenbacher was elected with a commanding 92.2% approval, as Wood criticized the Hayek family’s influential control over the company. Despite a challenging financial year marked by a steep decline in profits, Swatch Group’s share price has surged 21.5% year-to-date, buoyed by signs of a potential recovery in key markets. CEO Nick Hayek remains optimistic about future growth, indicating that the company is poised to adapt swiftly to increasing demand.

Nominations have opened for the 2026 WatchPro UK Awards, set to take place on November 5 at One Marylebone. This year’s awards will highlight innovation in watch retail and include categories such as Best Customer Service and Best Marketing. Supported by UK Protection Ltd, the ceremony aims to celebrate the best of the British watch industry, with retailers and brands collaborating to acknowledge excellence across various disciplines. Nominations will remain open until August 7, 2026, leading to an eagerly anticipated announcement of winners later this year.

The luxury watch market, particularly for Rolex, has shown signs of recovery after a tumultuous period of price volatility. After peaking in May 2022, secondary market prices plummeted by 60% before stabilising in the summer of 2025. In a significant turnaround, Rolex Certified Pre-Owned sales soared to $594 million last year, reflecting a growing consumer preference for authenticated luxury timepieces. With a diverse market offering new retail options, discounts, and certified pre-owned watches, shoppers are now navigating a landscape that blends traditional luxury with savvy investment opportunities.

The National Association of Jewellers (NAJ) has celebrated its enduring 120-year partnership with TH March, underscoring a shared commitment to the jewellery industry. TH March continues to provide vital insurance solutions and industry support, alongside the co-founded SaferGems initiative, reinforcing its role as the NAJ’s preferred insurance provider. Members will benefit from exclusive offerings through the TH March Club, as both organisations emphasize their dedication to navigating the challenges and opportunities within the jewellery trade.

London Watch Week is set to return from June 2-6, 2026, promising an innovative approach to horology that emphasizes accessibility and cultural engagement. Founded by Lucy Mackenzie-Cheesewright, Justin Hast, and Tom Exton, the event seeks to spotlight independent watchmakers while positioning London as a global hub for watch enthusiasts. Attendees can look forward to a vibrant city-wide program, featuring showcases like the High Complication Showcase at Purdey, designed to foster dialogue between collectors, brands, and the public. This initiative marks a significant shift from traditional trade shows, aiming to redefine the experience of luxury watchmaking by making it more interactive and inclusive.

Breitling has reported an 11% drop in sales, totaling CHF 769 million for the year ending March 2026, and a 21% decline in adjusted EBITDA profit to CHF 162 million. Amidst these financial struggles, the luxury watchmaker has made approximately 50 layoffs across various departments. While the Swiss government continues to support businesses through a short-time work arrangement to mitigate job losses, Breitling’s UK operations reveal a sharper decline, with sales plummeting by 24.1% to £58 million. The watch industry faces ongoing challenges due to inflation and geopolitical tensions, leading to increased scrutiny on firms’ financial health.

Watches and Wonders 2026 has achieved record attendance, reflecting an unprecedented level of engagement within the watchmaking community. A collaborative effort known as The Five has offered fresh insights into the event, as they conducted over 30 meetings with leading brands. The initiative aims to enhance the narrative surrounding watchmaking, showcasing perspectives from 22 top brands in a comprehensive film that highlights emerging trends and innovation in the industry.