Editor’s Note
In an era of economic uncertainty, luxury brands like Tag Heuer are leaning into their heritage of resilience and performance. As CEO Antoine Pin notes, the champions they partner with don’t slow down in the rain—they win. This article explores how the watchmaker is channeling that spirit into its latest campaign, launched at the Watches and Wonders fair.
Big Launches
“Those Formula One drivers who have been partnering with us, from Ayrton Senna to Michael Schumacher, Lewis Hamilton and Max Verstappen, they win when it’s raining. Under the rain, those guys don’t slow down,” said Antoine Pin, CEO of Tag Heuer, when presenting the brand’s latest campaign on the eve of the Watches and Wonders fair, which ran from 1 to 7 April in Geneva.
“In a period where people are concerned about the global situation, I think it’s also a good time to celebrate the beautiful things in life,” said Hublot CEO Julien Tornare.
Almost 50,000 visitors were expected at this year’s edition, up from 49,000 last year, and 60 exhibitors, including prestigious newcomer Bvlgari, up from 54 last year.
“2025’s Watches and Wonders exudes a renewed celebratory spirit for fine watchmaking, marking a stark contrast to last year’s more subdued atmosphere,” says Beth Hannaway, buying director for fine jewellery and watches at Harrods. “Anniversaries abound across the fair, adding a sense of heritage and continuity, while an overarching feeling of optimism and excitement signals a strong resurgence for the industry, despite the global outlook.”
Rolex, the largest watch player — with sales of CHF 10.6 billion ($12.4 billion) in 2024, or 32 per cent of market share, per Morgan Stanley — introduced the Oyster Perpetual Land-Dweller.
“Rolex has spoken: brand-new inside and out, the Land-Dweller is a triumph. Enough said,” Nick Foulkes, luxury historian and watch expert, posted on his Instagram.
Another key launch was the Chanel J12 Bleu in deep blue matte ceramic, marking the first time Chanel has released a new colourway since 2003.
“The slowdown didn’t start yesterday,” said Frédéric Grangié, president of watches and fine jewellery at Chanel. “We saw it last year, and we didn’t say to ourselves a year ago, ‘Things are starting to slow down, we’re going to put the brakes on Watches and Wonders 2025.’ In fact, it’s the opposite.”
“I do think that watchmaking is one of those industries that has always experienced cycles, rather sharp cycles,” he added.
Liberation Day at Watches and Wonders
The watch market continues to be severely impacted by the decreased consumer confidence in China, with Swiss watch exports down 8.2 per cent in February and a 25 per cent drop in exports to China, according to the Federation of the Swiss Watch Industry. And the US is no longer the bright spot, as exports were down 6.7 per cent in February.
On 2 April (day two of Watches and Wonders) came the crushing blow: US President Donald Trump announced tariffs of 31 per cent on Swiss imports.
“That’s worse than feared for Swiss watches,” wrote Citi managing director Thomas Chauvet.
“It’s a disaster, because it’s bound to slow sales in the only market that was pulling ahead,” said Oliver Müller, consultant and co-writer of Morgan Stanley’s annual report on the state of the Swiss watch industry.
Price Sensitivity
“Watches are 100 per cent better value for money than they have been in the past,” says Andrew McUtchen, founder of watch media platform Time+Tide. “It has been a red-hot topic among watch collectors. There have been several years of scratching heads just thinking, what is the logic [to pricing]? Whereas this year, things are making sense.”
He cites new models of the Jaeger-LeCoultre Reverso at “a sensible price”, along with the Rolex Land-Dweller, starting at €12,800 excluding taxes. “With a new movement, that sounds pretty reasonable to me,” he adds.
“The question isn’t, would there be a watch that is too expensive? It’s more a question of, is it too high for what it is?” says Cyrille Vigneron, Cartier chairman of culture and philanthropy and president of the Watches and Wonders Geneva Foundation. “Those who are very clear on what they do have no problem. We don’t see price sensitivity in general. Value for money and perceived brand perception are the key elements that could make the difference.”
Elegance
(Note: The original article’s “Elegance” section appears to be incomplete or cut off in the provided text. The translation reflects the available content.)
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