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Business News: Richemont First Quarter Results, Jewellery Faring Better Than Watches SJX Watches
Vacheron Constantin were singled out Jul 16, 2024

Business News: Richemont First Quarter Results, Jewellery Faring Better Than Watches

The first quarter results of Richemont, the Swiss luxury group that just announced a new chief executive, illustrate a well-established trend in the luxury goods industry, with the group’s jewellery brands outperforming its watchmakers in the three months to end June 2024. Dominated by Cartier and Van Cleef & Arpels, the Swiss group’s jewellery division eked out a 4% increase in sales, reflecting the strength of the group’s twin jewellery giants. Notably, the revenue growth was “supported by both jewellery and watches”, reflecting the brand equity of each jeweller has carried over into their respective watch offerings. The three jewellery brands – the smallest is Buccellati – accounted for 70% of Richemont’s turnover. Although profit was not announced, the jewellers are also responsible for an even greater share of the group’s profits. Watch weakness In contrast, the watch division saw revenue fall 13%. Amongst the division’s brands are IWC, Panerai, Piaget, and Jaeger-LeCoultre. Interestingly, A. Lange & Söhne and Vacheron Constantin were singled out for their “resilience”. Unsurprisingly, both are haute horlogerie brands that derive the highest proportion of revenue from in-house boutiques, as opposed to third-party retailers. Whether this resilience is durable is an open question, although odds are not in the brands’ favour given their respective product mix, sales strategies, and consumer sentiment. Only available at boutiques At a group leve...

Business News: Richemont Sales Recover in Third Quarter SJX Watches
Panerai Jan 20, 2021

Business News: Richemont Sales Recover in Third Quarter

In the third quarter of its financial year – the three months to end-December 2020 – Richemont reported a modest recovery, with sales rising 5% over the same period a year before at constant exchange rates. This modest recovery was enough to moderate its results for the nine months to date, with revenue for the period down 14%, as compared to the drastic 38% plunge in sales for the first half of the year. Owners of over two dozen watch and jewellery brands including Cartier, IWC, and Panerai, the Swiss luxury conglomerate was buoyed by robust demand in Asia, its biggest regional market, as well as the Middle East and Africa. Combined, the two regions make up approximately half of Richemont’s global sales. The Asia Pacific enjoyed a 25% rise in sales, driven largely by exceptional demand in mainland China, where revenue rose an impressive 80% for the period, with sales in Taiwan also seeing a marked 29% increase – both consequence of a return to regular economic activity as the pandemic was brought under control, and the inability to travel and shop overseas. Paradoxically, the results in the Middle East were driven by a revival of tourist spending in Dubai as flights resumed, and domestic spending in Saudi Arabia where citizens cannot easily go abroad. This contributed towards a remarkable 27% increase in sales for the region. Elsewhere, sales too rose, albeit in smaller, single-digit increments. Bolstered by domestic demand, sales in the Americas rose by 3%. Jap...

Business News: Richemont Sales Halve in First Quarter of 2020 SJX Watches
Panerai suffered from widespread store Jul 16, 2020

Business News: Richemont Sales Halve in First Quarter of 2020

Just days after the Swatch Group posted dismal half-year results, Richemont reported predictably poor sales for its first quarter, with revenue falling 47% to €1.99 billion compared to a year earlier. Like its rival the Swatch Group, Richemont was hit hard by the COVID-19 pandemic. The owner of almost two dozen watch and jewellery brands, including Cartier, IWC and Panerai, suffered from widespread store and distribution centre closures, a worldwide halt in tourism, and dampened consumer interest in many of markets, although China was a bright spot. Degrees of resilience The group’s business across the world was affected to varying degrees from region to region, depending on a combination of factors, namely the duration of closures, tourist spending, and spending of the domestic buyers. Although Richemont reported double-digit sales declines across all regions, distribution channels and business areas, the decreases were less pronounced in the Middle East, Africa, and Asia Pacific – the latter benefitted from a 47% year-on-year growth in sales in China, which exited its lockdown earlier than the rest of the world. China’s performance helped keep sales in the Asia Pacific resilient, to a degree. Sales in the region decreased by 29% at actual exchange rates to €277m, declining in all Asian markets, except China. Amongst the hardest hit were Japan and the Americas, where sales dropped 62% and 60% respectively due to widespread closure. The 2020 Cartier Privé Tank...

Bring a Loupe: A Cornavin Diver, A Patek 1593 "Hour Glass," An Audemars Piguet Royal Oak Square, And More Hodinkee
Vacheron Constantin 6394 May 1, 2026

Bring a Loupe: A Cornavin Diver, A Patek 1593 "Hour Glass," An Audemars Piguet Royal Oak Square, And More

Given that May 1st is celebrated as International Workers Day, it seems almost compulsory to reward yourself with a little mid-day Mayday watch ogling, right? Congrats, Baller, you've done it again. Happy Friday. Scorekeeping last week's picks: the Certina Argonaut chrono went for £1,620, the Vacheron Constantin 6394 for £7,400, the IWC Mark XII for £2,400, and the Cartier Coussin for CHF 42,000. Strays Everyone's encouraged to take a closer look at this, described as an "18k Vintage Vacheron Constantin Geneve Quartz Watch," and let's take a moment to collectively register the fact that, in the pictures, the second hand has clearly moved, so either a) the battery's still got some life in it after all (impressive!), or b) maybe it's not quartz. Mr. Hoffman wrote earlier this week about the Patek 5322G, "[a] chiming alarm in a mechanical watch today is a purely romantic complication that recalls an earlier era." While he presumably wasn't specifically referencing the LeCoultre Memovox, it's certainly what springs to mind when I think of the alarm watches from an earlier era, and if you've made it this far in life without one, here's a pricey way to address that lack.  Photo courtesy Precious Collections. Yes, the dial is imperfect, but look, if you're going to scare the bejesus out of yourself with an old mechanical alarm that sounds like a tattoo machine suddenly buzzing to life on your wrist, don't you owe it to yourself to do so with lots of gold? Finally, if you've w...

Watches & Wonders: Our Favorite Under the Radar Releases Worn & Wound
Chronoswiss Behrens Apr 29, 2026

Watches & Wonders: Our Favorite Under the Radar Releases

Part of the fun of Watches & Wonders (in fact, most of the fun of Watches & Wonders) is discovering things you didn’t expect to find, or that slip through the cracks and don’t get nearly the attention you think they should once you see them in person. Let’s face it: the event is dominated by a handful of huge brands that save their absolute best for the show. But for every Tudor, Cartier, and Rolex, there’s a Chronoswiss, Behrens, and Hautlence releasing incredibly impressive watches we simply don’t talk about enough.  Here, Zach Kazan and Zach Weiss recap some of their favorite watches at this year’s Watches & Wonders that slipped under the radar for one reason or another. If there’s a release you saw or read about from the show that you think isn’t getting its fair shake, let us know in the comments, we’d love to hear about it.  Zach Weiss Hautlence Kubera Hautlence isn’t a brand that does half-measures. Their watches are all in, featuring wild complications executed in intricate fashion, housed in massive, equally exotic cases. I take a meeting with them at Watches + Wonders every year because, while maybe not a brand that is quite in our wheelhouse, I personally find them fun and inspiring. Plus, the brand has a very self-aware attitude that’s refreshing. Well, this year was different because, for the first time ever, Hautlence launched a watch that, while thoroughly strange and unconventional, was also wearable, and priced, for Hautlence, in a ...

Auctions: Previewing The Monaco Legend Spring 2026 Auction Hodinkee
F.P. Journe Répétition Souveraine – €400,000 Apr 20, 2026

Auctions: Previewing The Monaco Legend Spring 2026 Auction

The spring auction season is sneaking up on us quickly. Things start early with Sotheby's Hong Kong auction (with its boatload of Cartier), which slightly edges Monaco Legend Group out of the gate, as their auction starts one day earlier. But on April 25 and 26, MLG will open its spring auction, which promises to be one of the more interesting and eclectic vintage-focused auctions of the season. That's not to say it's all vintage, of course. The auction starts out with a Bamford-modified blackout GMT (that the Parmegiani family behind the auction house seems to have an affinity for), an RM35-02 Nadal, a Journe Répétition Souveraine, and more Patek 5004s than you can shake a stick at, keeping things spicy. Lot 109 – F.P. Journe Répétition Souveraine – €400,000 to €800,000. There are 288 lots, and while the top lots sometimes feel a bit obvious to call out (mostly because everyone likely peers longingly at these watches and wishes they could bid), it's incredibly important to examine what is driving the top end of the market. And if you weren't paying close enough attention, you'd potentially miss the top lot. While it might look like a Rolex Daytona, like the ref. 116509 with a Tahitian mother-of-pearl dial and different indices, this is a whole different ballgame. Lot 78 of the auction is one of the "FAB 4" Daytonas, four unique platinum Zenith Daytonas, each executed with a hardstone dial (one with turquoise, one with lapis lazuli, two mother-of-pearl) made at...

Celebrating The Spirit Of The 1920s With The Semicolon Anachron Jump-Hour Watch Fratello
Christopher Ward C1 Jump Hour Mk Mar 30, 2026

Celebrating The Spirit Of The 1920s With The Semicolon Anachron Jump-Hour Watch

It is safe to say that the past 12 months have been all about the renaissance of the jump-hour watch. With the Cartier Tank à Guichets, Audemars Piguet Neo Frame Jumping Hour, Christopher Ward C1 Jump Hour Mk V, Maen × Nico Leonard Jump Hour, and Louis Vuitton Tambour Convergence Pink Gold, we have seen […] Visit Celebrating The Spirit Of The 1920s With The Semicolon Anachron Jump-Hour Watch to read the full article.

SJX Podcast: State of the Industry 2026 SJX Watches
F.P. Journe among independents Mar 16, 2026

SJX Podcast: State of the Industry 2026

Episode 31 of the SJX Podcast digs into two major industry reports - one from Vontobel on the primary market and one from EveryWatch on the secondary - and what they reveal about where value is concentrating in the watch industry. SJX and Brandon discuss the K-shaped nature of the market, the dominance of F.P. Journe among independents, and Cartier’s remarkable ability to sell across every price tier. The discussion also touches on the role of emotion in driving purchase decisions, the financialisation of the hobby, and why market reports have limited utility for collectors. Listen now on Apple Podcasts, Spotify, and YouTube.  

A Wishlist for Watches & Wonders 2026 SJX Watches
Patek Philippe Grand Seiko Mar 9, 2026

A Wishlist for Watches & Wonders 2026

Each year I find it surprisingly difficult to crystalise what I want to see from Watches & Wonders – perhaps I find it hard to hope for things I know will never come. Sometimes dreams aren’t logistically possible. For example, a compact Spring Drive chronograph probably isn’t reasonable given Grand Seiko already has its hands full scaling production of another new Spring Drive movement. At other times, imagination is bound by brand strategy: Cartier could easily steal the show with a quartz Crash Must priced along the same lines as a Tank Must – but never will. But I believe that the following watches, which I’d like to see from Patek Philippe, Grand Seiko and Credor, and Tudor are plausible enough to hope for. The following images were created without the use of generative AI. Patek Philippe In 2023, Patek Philippe launched the ref. 5316/50P, a minute repeating tourbillon with retrograde perpetual calendar and smoked sapphire dial. It remains among the brand’s best complicated offerings, other than the ref. 6301p, at least in my view. Last year Patek Philippe followed up with the ref. 6159G, which featured a smoked sapphire dial and the same perpetual calendar on a more pedestrian base movement. But if there is one reference more deserving of the smoked sapphire treatment than any other, it is the ref. 5236p in-line perpetual calendar, as imagined below in platinum. In 2021, Patek Philippe revived the historic in-line perpetual calendar, which is strongly asso...

The MeisterSinger Panthero Jumping Hour Celebrates The Brand’s 25th Anniversary Fratello
Audemars Piguet presented Feb 20, 2026

The MeisterSinger Panthero Jumping Hour Celebrates The Brand’s 25th Anniversary

There’s something in the water of the watch world. No idea what it is, but it’s making brands launch jump-hour watches. It started in 2025 with Cartier, Bremont, and Chronoswiss, to name but a few, and this year, Audemars Piguet presented a mechanical digital watch. The MeisterSinger Panthero Jumping Hour is yet another watch that […] Visit The MeisterSinger Panthero Jumping Hour Celebrates The Brand’s 25th Anniversary to read the full article.

Industry News – Richemont Sells Baume & Mercier to Italian Jeweler Damiani Monochrome
Vacheron Constantin Jan 23, 2026

Industry News – Richemont Sells Baume & Mercier to Italian Jeweler Damiani

Swiss-based conglomerate Richemont, owner of multiple jewellery and watch brands such as Cartier, IWC, Piaget, A. Lange & Söhne or Vacheron Constantin, to name a few, has agreed to sell Swiss watch brand Baume & Mercier, which it acquired in 1988, to the Italian, family-run Damiani Group, concluding a strategic review of the long-time Richemont […]

Is Watches And Wonders Turning Into Baselworld 2.0? Also, Audemars Piguet Is Back Fratello
Audemars Piguet Sep 29, 2025

Is Watches And Wonders Turning Into Baselworld 2.0? Also, Audemars Piguet Is Back

The SIHH, or Salon International de la Haute Horlogerie, was a watch trade show founded in 1991 by Cartier, Baume & Mercier, Piaget, Gerald Genta, and Daniel Roth. Organized by the Fondation de la Haute Horlogerie (FHH), the show, compared to Baselworld, aimed to create a more exclusive, high-luxury atmosphere dedicated to fine watchmaking and […] Visit Is Watches And Wonders Turning Into Baselworld 2.0? Also, Audemars Piguet Is Back to read the full article.

Are You Into Watches Or Watchmaking? Fratello
Girard-Perregaux Chairman Jul 12, 2025

Are You Into Watches Or Watchmaking?

On June 26th, the Fondation de la Haute Horlogerie (FHH) celebrated its 20th anniversary in Geneva. The non-profit organization started the celebrations with a press conference at the lakeside Ritz-Carlton Hotel in Geneva. To honor the FHH’s founding members, Audemars Piguet CEO Ilaria Resta, Girard-Perregaux Chairman and CEO Patrick Pruniaux, and Cartier Chairman of Culture […] Visit Are You Into Watches Or Watchmaking? to read the full article.

Watches & Wonders Announces 2026 Dates SJX Watches
Vacheron Constantin Jun 17, 2025

Watches & Wonders Announces 2026 Dates

Anchored by brands like Rolex, Patek Philippe, and Cartier, Watches & Wonders (W&W;) is the world’s biggest luxury watch fair  and it will take place at its traditional time of early spring, April 14-20, 2026, once again at Palexpo. As is now convention, the final three days, April 18-20, will be open to the public, who can access the fair by buying a ticket. The first four days will only be open to invited guests, namely members of the trade, primarily brand executives, retailers, media, as well as select clients. W&W; will also stage events outside Palexpo, the convention centre near the airport, with several events planned in downtown Geneva. In past years, these have included exhibitions, talks, and social gatherings. The exhibitors for 2026 have yet to be announced, but the establishment brands are a certainty, including the brands owned by Richemont like A. Lange & Söhne and Vacheron Constantin, and the LVMH marques like TAG Heuer and Hublot. There has been talk of brands joining (or returning to) the list of exhibitors – Bulgari was a newcomer in 2025 – but this will soon be known once W&W; publishes the exhibitors directory.  

The Evergreens – An Interesting Case… The History of the Almost Century-Old Jaeger-LeCoultre Reverso Monochrome
Vacheron Constantin Mar 7, 2025

The Evergreens – An Interesting Case… The History of the Almost Century-Old Jaeger-LeCoultre Reverso

Today, there is only one Reverso, with Jaeger-LeCoultre printed on its dial, but this was not always the case. During the 1930s, Patek Philippe, Vacheron Constantin and Cartier made watches that used the Reverso case for their timepieces. Moreover, the 1931 Reverso was not the first reversible case design. A few years earlier, Universal Geneve […]

Business News: Laurent Perves Appointed CEO of Vacheron Constantin SJX Watches
Vacheron Constantin As Vacheron Constantin gears Nov 29, 2024

Business News: Laurent Perves Appointed CEO of Vacheron Constantin

As Vacheron Constantin gears up to mark its 270th anniversary in 2025, the brand has just announced Laurent Perves will assume the top job at the start of the new year. Having been the Chief Commercial Officer since 2022, Mr Perves succeeds Louis Ferla, who is now in charge of Cartier. Mr Perves is well positioned to lead the storied Geneva brand into its next chapter, having held management roles in the key departments of the manufacture, namely marketing, communications, and commercial. Although he began his career in fragrances, where he rose to senior roles in Proctor & Gamble, Mr Perves started in the watch industry a decade ago. He joined Audemars Piguet in 2014 as head of communications, before being tapped to become the chief marketing officer at Vacheron Constantin in 2016. Since 2022 he was the number two at Vacheron Constantin as chief commercial officer, where he oversaw the brand’s commercial strategy but also built relationships with key clients and collectors in general. Despite the high bar set by the Berkley pocket watch – the most complicated watch ever – Mr Perves and his team have put together an impressive lineup of products for the brand’s 270th anniversary, which will be debuted progressively over the next year.  

Highlights: Pocket Watches and Clocks at Phillips Hong Kong SJX Watches
Richard Mille RM020 pocket watch Nov 16, 2024

Highlights: Pocket Watches and Clocks at Phillips Hong Kong

Having covered independent watchmaking and metiers d’art highlights at Phillips’ upcoming Hong Kong auction, we now look at timepieces that aren’t wristwatches. The Hong Kong sale is a two-part affair: a theme sale focused on timepieces of Japanese origin christened Toki, and the The Hong Kong Watch Auction: XIX. Both include a notable number of pocket watches and clocks across the spectrum of style and periods, from an iconic Cartier Model A mystery clock in rock crystal to the Richard Mille RM020 pocket watch. The catalogues with online bidding for Toki and HKWA XIX. TOKI lot 60 – Breguet digital jumping hours pocket watch This uncommon Breguet pocket watch with a two-tone case was sold in 1926 to a certain Mitoui T.K. for the sum on 16,000 French francs. This was a period when Breguet was making few timepieces, making watches from this era, especially complicated ones, relatively uncommon. With elegantly angled cutouts for the hour and minutes, the jumping hour display makes this watch a rarity. Similarly displays were found on wrist- and pocket watches of the time, including the Cartier Tank à Guichet. This particular piece does not bear the classic Breguet style, like the coin-edged case band or engine-turned dial. The style, however, is typical of the 1920s, though the two-tone case makes it unusual. This watch was made in France, since this was produced well before the brand’s move to the Swiss Vallée de Joux in the 1970s. The white-and-pink-gold 45 mm c...

Business News: Bulgari and Six Independents Join Watches & Wonders 2025 SJX Watches
Christiaan van der Klaauw Kross Studio Sep 17, 2024

Business News: Bulgari and Six Independents Join Watches & Wonders 2025

Continuing the evolution and growth of Watches & Wonders Geneva (WWG), the event will see new additions next year, with Bulgari coming on board as a major exhibitor, along with a half dozen independent brands, including Christiaan van der Klaauw, Kross Studio, and HYT. Bulgari will then become the second major jewellery to show at the event, after Cartier, which historically dominated the Geneva fair when it was still known as Salon International de la Haute Horlogerie (SIHH). WWG was essentially a renamed SIHH after the demise of Baselworld, and Cartier retained its most-favoured status at the event even after the transition to WWG in 2020. As WWG has evolved, however, the balance of power has shifted, as reflected by the recent additions to the event’s governing board. While Cartier and its parent Richemont once had half the seats on the board, the pair now account for just two seats on the expanded, seven-member board, which now includes LVMH, the French luxury group that owns Bulgari. The last SIHH ever that took place in 2019 Indies and youth The addition of six more independent brands to WWG add to its diversity, with a majority of the exhibitors now being small and tiny independent brands. But as was the case with Baselworld before, the independent brands participating are a mixed bad of the good, the bad, and the ugly, which is one reason why some established independent brands are doing their own thing outside the fair – and which ironically was the reason SIH...