Where jewelry meets machinery and the secondary market never sleeps. The watch desk reads Swiss export data, brand strategy and auction results — and tracks the collector indices that turned wristwatches into an asset class with a service manual.
Diamond-set footballs, athlete ambassadors, limited editions timed to the tournament — the industry is spending the summer converting football fever into waiting lists.
After the 2022–24 correction, blue-chip references have stabilized. Dealers report clean two-way trade again — the speculative froth is gone, the collector base isn't.
Waiting lists for steel icons persist because supply discipline works. The desks reads allocation strategy the way the diamond desk reads the sight.
Unauthorized but legal dealers trading new watches outside official channels. Grey premiums and discounts are the truest real-time price signal in the industry — we quote them daily.
A maison that builds its own movements rather than buying them. The word carries a price premium and a century of Swiss industrial politics.
A watch's model number — collectors trade references the way equity desks trade tickers. One digit can double a price at auction.
Any function beyond telling the time: chronograph, perpetual calendar, minute repeater. Complexity is the currency of horological prestige — and of service costs.
CHF 2.11B — US +12%, France +57% (logistics hub), UK +25%, China −21%; CHF 200–500 watches +24% while the CHF 500–3,000 middle falls 17%. YTD −3.1%.
FY2026 (ended March 31): group sales €22.4B (+11% constant); Jewellery Maisons €16.5B (+14%) at a 30.5% operating margin; net profit €3.5B (+27%).
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