Watches and Wonders 2023: what’s next for luxury timepieces this year? Rolex, Cartier, Chopard and more showed off new releases at the Geneva, Switzerland fair – and welcomed back the Chinese market

Apr 5 , 2023

Watches are seen in water at the booth of Swiss watch manufacturer IWC on the opening day of the luxury watch fair Watches and Wonders, on March 27, in Geneva. Photo: AFP

The event, held at Palexpo centre, featured tennis star Roger Federer at Rolex, football legend David Beckham at Tudor and actress Julia Roberts at Chopard

Cartier CEO Cyrille Vigneron is optimistic about the industry’s prospects, while Jaeger-LeCoultre CEO Catherine Renier and Panerai CEO Jean-Marc Pontroué highlighted the benefits of a face-to-face show

If you were one of the thousands of watch journalists, retailers, collectors or just plain aficionados who descended on Geneva for the luxury watch fair Watches and Wonders, you wouldn’t have believed that just a few days before the event began in late March, Credit Suisse, Switzerland’s second largest bank, collapsed.

The convention centre where the fair was held may have been only a few kilometres from the heart of a city famed for its financial and diplomatic might, but the fair couldn’t have felt more removed from the outside world. A looming recession in the US and Europe, rising inflation and the ongoing war in Ukraine may have been making headlines everywhere else, but within the grounds of the Palexpo centre, brands ranging from Cartier to Van Cleef & Arpels, and Chopard to Rolex welcomed guests at extravagant booths where they unveiled their new releases.

Tennis great Roger Federer, a Rolex ambassador, at Watches and Wonders 2023, on March 28. Photo: WWGF/Keystone

The mood at the fair was buoyant, especially given that for the first time since the pandemic guests from Greater China, one of the most important watch markets in the world, were able to attend in person. Also on hand were tennis star Roger Federer at Rolex, football legend David Beckham at Tudor and America’s sweetheart Julia Roberts at Chopard – just three of the celebrities who dropped by to add to the upbeat atmosphere.

A huge watch dial at the Ulysse Nardin booth during 2023 Watches and Wonders in Geneva. Photo: EPA-EFE

The hard luxury sector has been largely unaffected by the ups and downs of the global economy. Not even the crypto meltdown and the more recent banking collapses have put a dent in the growth of the watch market, which is going from strength to strength.

Cartier CEO Cyrille Vigneron says that the industry is used to “hiccups and periods of euphoria and shrinkage”. He recalls previous difficult times in China, such as the government’s crackdown on corruption and extravagant gifts back in 2014, anti-government protests in Hong Kong in 2019, not to mention strict policies to contain the pandemic in the region. When one market goes down, however, another one goes up, and companies with an extensive global presence and loyal local customer base like Cartier are well positioned for the long run.

Cartier unveiled a new version of the Baignoire watch at Watches & Wonders 2023. Photo: Cartier

“Cartier, Rolex, Patek Philippe … are doing super well. They don’t seem to be in trouble at all,” he says. “The Swiss watchmaking industry is in very good shape. This is going to continue. A watch is a sign of identity: its movement, precision or just aesthetics speak to who you are, and you can take a watch with you everywhere. You can’t take your car or furniture, but you can take jewellery and watches. With social media too, you need more signs to express who you are, and jewellery and watches play that role.”

He adds that unlike most fashion or beauty items, jewels and timepieces can be passed down from generation to generation and so are inherently more sustainable, a quality that luxury lovers appreciate as they require more transparency today from the brands that they invest in.

US actress Julia Roberts at the 2023 Watches and Wonders fair, in Geneva, on March 27. Photo: EPA-EFE

Sustainability was top of the agenda at Chopard, for instance. The brand held a conference with global ambassador Roberts to announce its commitment to using 80 per cent recycled steel in all its steel watches. The house has been using 100 per cent ethical gold in all its creations since 2018.