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Summary of our market study
The French luxury watch market is worth around 2 billion euros.
The global luxury watch market is valued at $52 billion.
Online sales jumped 27% in 2021. The secondary market for watches is booming.
Swiss watch exports of around 24.8 billion Swiss francs in 2022
The luxury watch market is a symbol of opulence and success. at the end of the 1990s, luxury watchmaking experienced a sharp increase in demand due to the influx of Asian tourists.
The market occupied by long-established companies is now being challenged by fashion brands, artisan manufacturers and smartwatches.
Demand for luxury watches worth between 2,000 and 5,000 euros is considerable among Chinese customers, and much lower in Europe.
Luxury watchmaking is dominated by several major groups alongside independent manufacturers and distributors. Companies such as LVMH, Richemont and the Swatch Group occupy a very important place in the market, but independent watchmakers continue to thrive.
Key players in the luxury watch market
- Swatch Group ( Breguet , Omega, Blancpain, Longines,Tissot, Calvin Klein)
- LVMH Group (TAG Heuer, Christian Dior, Zenith, Hublot)
- Richemont Group (MontBlanc, Vacheron Constantin, Piaget)
- Rolex and its subsidiary Tudor
- Bucherer, distributor of luxury brands acquired by Rolex
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Summary and extracts
1 Market overview
1.1 Market definition
Luxury watchmaking is a category that groups together watches from top-quality manufactures, whose manufacture has required precise watchmaking work not only on mechanical movements, but also on the elaboration and finishing of watch cases, as well as on elements such as dials and hands.
The high-end watchmaking segment exploded in France with the rise of luxury brands in the 1990s, driven in particular by the development of mass tourism in Asia since the 2000s. The 2008 crisis put an end to this boom, but the industry has been recovering since 2010.
The French luxury watch market will be worth nearly 1.8 billion euros by 2022.
Traditionally dominated by large historical companies, the market has seen the arrival of new competitors, first in the 1990s, then more recently . Initially, the big fashion brands, but also small artisanal players, are making their mark on this market. Secondly, the development of connected watches has altered the balance in the luxury watch market: Apple, for example, has managed to sell more Apple Watches than all Swiss watch brands combined since 2019!
E-commerce and the trend towards second-hand watches are key elements in understanding the luxury watch market.
However, even though there are many brands in the luxury watch segment in France, four major groups compete in this market. Among these players, the convergence between luxury and watchmaking is undeniable:
- Swatch Group: brands Breguet, Omega, Blancpain, Longines, Tissot, Tiffany & co, Balmain, Calvin Klein
- LVMH Group: TAG Heuer, Christian Dior, Zenith, de Beers, Hublot, Fred brands
- Richemont Group: MontBlanc, CBI, Vacheron Constantin, Piaget, Panerai, Van Cleef & Arpels brands
- Rolex: Rolex and Tudor brands
1.2 A robust global market
The luxury watch market was valued at $** billion in ****, registering a CAGR (***) of *. **% over the ****-**** forecast period.
The global luxury watch market France, ****, in billions of euros Source: ****
globally, consumers' growing preference for high-end, high-quality watches, which are perceived as status symbols, is the main driver of the luxury watch ...
1.3 The French market recomposes itself after the crisis
The market is growing, rising from *.*** billion euros in **** to *.*** billion euros in ****. The French watch market has therefore still not recovered its **** level of *.*** billion euros. By ****, it is estimated that the jewelry and watch sector will have increased its sales by **% [***]! We can therefore estimate that in ****, watch sales ...
1.4 Foreign trade in Swiss watches
In ****, Swiss watch exports rebounded by **.*% following a **. *% contraction in ****. They have thus exceeded not only their pre-pandemic level, but also their all-time high of ****. And in January and February, they rose by a further **.*%, according to statistics from the watchmaking federation. [***]
While Europe bore the full brunt of the strict ...
2 Demand analysis
2.1 Determinants of global demand for luxury watches
The major watch brands are struggling to keep up with demand after the spectacular recovery in luxury goods, to the point of having to delay the launch of some collections in the face of production capacity pressures. [***] La Montre Hermès, which came to present its new collections at the Haute ...
2.2 Foreign tourist arrivals in France boost demand
The current health crisis, particularly in Asian countries and the United States, has led to a decline in visa applications for France since the start of ****.
In fact, the number of visas issued fell by **% year-on-year in the first three months of the year before being virtually nil during the *ᵉʳ containment. ...
2.3 Booming demand for luxury watches online and in e-commerce
On average, most respondents(***) prefer to buy watches in-store. Nearly half of Chinese consumers prefer to shop online, while almost half prefer to shop in traditional stores. France, Japan, Switzerland and Italy have a clear preference for in-store shopping.
When buying a new watch, where are you most likely to make ...
2.4 The rise of second-hand luxury watches
The second-hand watch market, which is booming thanks to millennials and Generation Z, could be worth ** billion Swiss francs (***) by ****, according to a study by Deloitte. [***]
How likely are you to buy a second-hand luxury wristwatch in the next ** months? World, ****, % Source: ****
Luxury goods are seen as good investments in times ...
3 Market structure
3.1 Simplified diagram of market structure
3.2 Watch production in France
The number of companies specializing in watch manufacturing fell by almost **% between **** and ****, as several manufacturers struggled to remain competitive with foreign competitors. In addition, the shutdown of various factories and sales outlets, considered non-essential during periods of confinement, contributed to the decline in French luxury watch production. By ****, this number ...
3.3 Distribution channels for luxury watches
French watchmakers mainly manufacture watch components and accessories, such as dials, cases, hands, bracelets, etc. Finished products such as watches account for less than a third of their total production by value.In luxury watch distribution, there is a concentration of distribution channels, since the network is currently almost entirely represented ...
4 Offer analysis
4.1 Offer typology
There is a wide variety of luxury watch models, but we can draw up the following non-exhaustive list:
Classic watches such as the Montblanc Tradition Automatic Date; Products with horological complications, such as the Piaget Emperador Coussin; Antique watches such as the Patek "Asprey "; Military watches like theHamilton Khaki Field Auto ...
4.2 Pricing strategies at the heart of luxury watch offerings
In ****, the average price of a watch will be €***, compared with €*** in ****. Watch sales account for **. *% of the watch and jewelry sector.
In recent years, a strategy of lowering prices has been implemented throughout the luxury watch market. luxury watch market, in particular to stimulate sales volumes (***). The major companies have ...
4.3 The arrival of connected watches disrupts the luxury watch landscape
The connected watch segment is becoming increasingly important, attracting a wide range of players. Indeed, in addition to the big tech players - Apple, Samsung, Google among others - the traditional players in the watch sector areoffering connected watches.having long ignored the competition from these connected watches, it now appears ...
5 Regulations
5.1 Counterfeiting at the heart of regulations governing luxury watches
Luxury watches are particularly affected by counterfeiting and smuggling. The Direction Générale de la Concurrence, de la Consommation et de la Répression des Fraudes (***) is the authority in charge of fighting these frauds, as specified in the Code de la Propriété Intellectuelle and article L. ***-**. * of ...
5.2 Legislation governing the jewelry and metal trade
Jewelry sales in France are strictly regulated and reserved for professionals. The main points to bear in mind regarding these regulations are as follows:
Declaration of Existence: Before starting a business involving precious metals, jewelry professionals must file a declaration of existence with the relevant guarantee office. This declaration is subject ...
6 Positioning the players
6.1 Segmentation
- Swatch Group
- Rolex
- Richemont Group
- Michel Herbelin
- Patek Philippe
- Audemars Piguet
- Frederique Constant Alpina
- Dubail
- Kronometry 1999
- Wempe
- Cresus
- Collector Square
- La Cote des Montres
- Berenger
- Pierre Lannier
- Aion Group
- Fleurus Groupe
- Jean Rousseau Manufacture
- LVMH Montres et Joaillerie
- Bucherer (Rolex groupe)
- Vacheron Constantin (Richemont Groupe)
- Tudor (Rolex Group)
- TAG Heuer (LVMH Groupe)
- Seiko
- Richard Mille
- Rado (Swatch Group)
- Parmigiani Fleurier
- Panerai (Richemont Groupe)
- Omega (Swatch Groupe)
- Longines (Swatch Groupe)
- Jaeger-LeCoultre (Richemont Groupe)
- Jacob & Co
- IWC Schaffhausen (Richemont Groupe)
- Hublot (LVMH Groupe)
- Girard-Perregaux
- Breitling
- Breguet (Swatch Groupe)
- Blancpain (Swatch Groupe)
- Bell & Ross
- A. Lange & Söhne (Richemont Groupe)
- Pequignet Horlogerie
- SBM Lip Horlogerie
- Utinam
- Yema
- SIS Maroquinerie Groupe
- Perrin Créations Maroquinier
- L'Epée 1839
- Société des montres bisontines (SMB) - Lip Montres
List of charts presented in this market study
- The global luxury watch market
- The French watch market
- How has your attitude towards owning a watch changed over the last five years?
- Are you ready to pay more than CHF 1,000 for a watch?
- Growth in the number of watchmaking establishments
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Latest news
Rolex, the Swiss ogre of luxury watches - 20/08/2024
- - Annual production: Over 1.2 million units per year.
- - One in three luxury watches sold is a Rolex.
- - World's leading watch brand since the early 1970s.
- - Opening of a subsidiary in Hong Kong in 1967.
- - In ten years, Rolex has doubled in size.
- - Share of sales in the luxury sector: Over 30% of sales of high-end Swiss dials.
- - The watch resale market is worth 25 billion euros, with Rolex as a key reference.
Betakron, the French subsidiary of Patek Philippe, doubles its production area - 31/05/2024
- patek Phimippe founded in 1839 and owned by the Stern family since 1932,
- Production of 72,000 watches each year.
- betakron, a 100% subsidiary of the Swiss watchmaker
- Subcontractor to the luxury watchmaking industry
- 190 employees in 2024
- only French manufacturing subsidiary of Patek Philippe
- the seven other subsidiaries are located in Switzerland
Nicolas Bos, a Frenchman at the helm of Swiss luxury giant Richemont - 28/05/2024
- - Record sales of 20.6 billion euros.
- - Sales growth in Asia-Pacific: +4% at actual exchange rates; +10% at constant exchange rates.
- - Jewelry sales growth: +6% at actual exchange rates.
- - Decline in sales in specialized watchmaking: -3% at actual exchange rates.
- - Sales decline in other activities: -2% at actual exchange rates.
Luxury goods: in good shape, Richemont chooses a new CEO - 20/05/2024
- - Richemont sales: 20.6 billion euros, up 3% year-on-year.
- - Richemont net profit: 2.3 billion euros
- - Jewelry sales rose by 6% to 14.2 billion euros, representing 69% of total sales.
- - Watch sales fell by 3% to 3.7 billion euros.
- - Richemont acquired the Milanese brand Vhernier, its first acquisition since Buccellati in 2019.
Rolex, the watchmaking champion, passes the $10 billion mark - 01/03/2024
- Percentage increase in Rolex sales last year: 11%
- - Total Rolex sales last year: $11.5 billion
- - Rolex market share: 30% (previously around 25%)
- - Cartier and Omega market share: 8% each
- - Swatch Group AG sales: more than 2 million MoonSwatch models sold, i.e. around 5.8 million watches sold one year after launch
- - Rolex production: 1.24 million watches
- - Acquisition of Bucherer by Rolex: 100 boutiques in 7 countries
- - Market segment where Rolex is most sought-after: second-hand
Watches: LVMH shows its claws in Florida - 02/02/2024
- The wealthiest customers' share of global luxury purchases has risen from 35% to 40% over the past three years, according to Bain & Company.
- LVMH's Watches & Jewelry division is worth €11 billion and has tripled its sales since 2018.
- It is LVMH's second most profitable division after the Fashion & Leather Goods Division.
- The company is not looking for very strong growth in volume due to limited production capacities, but rather growth in value with increasingly high-end products.
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the luxury watch market | France
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