Record Attendance At Watches And Wonders, With Tariffs Looming
Watches and Wonders took place in Geneva, Switzerland, April 1 to April 7.
Watches and Wonders, the luxury watch trade show held in Geneva April 1-7 was big on numbers this year, at least in terms of attendance and reach. While the mostly elite brands exhibiting launched mostly limited edition or limited production pieces – and in some cases, one-offs, the crowds grew bigger. The fair reports record attendance, with over 55,000 visitors throughout the week, compared to 49,000 last year (+12%), 6,000 retail representatives (+5%), 1,600 journalists (+7), and 23,000 tickets sold on the public days (+21%). Social media posts throughout the fair, using the hashtag #watchesandwonders2025, had an estimated reach of more than 700 million people. In addition to being the most important showcase for watch introductions for the year, Watches and Wonders includes guided tours, workshops, presentations, panel discussions and entertainment events.
Watches and Wonders is held at Geneva's Palexpo.
'It really shows the success of our initiative to open the show up to a broader audience, to all demographics,' says Watches and Wonders CEO Matthieu Humair. 'The average age of attendees is 35, so it shows that young people are interested in watches.'
The new Oyster Perpetual Rolex Land-Dweller.
The show is operated by the Watches and Wonders Geneva Foundation, a non-profit organization run by a committee of exhibitors. It is chaired by Cyrille Vigneron, the former CEO of Cartier. There are now 60 exhibitors, including Bulgari for the first time this year, joining other LVMH brands Hublot, Zenith, along with several Richemont brands (including Cartier, Piaget, A. Lange & Söhne, Jaeger-LeCoultre, Vacheron Constantin and Panerai), along with other big marques like Chanel and Hermès. Louis Vuitton and Breitling have yet to sign on, but perhaps the biggest gap on the exhibitor list is the Swatch Group, which includes Breguet, Longines, Omega, Blancpain and Harry Winston. 'There is still room to expand the show physically, and with the hotel capacity in Geneva,' says show chairman Cyrille Vigneron, 'There is room for the Swatch Group. They have been invited, so if they're willing, they're welcome.'
Rolex booth at Watches and Wonders
Despite the fact that President Donald Trump announced his administration would impose a 31% tax on Swiss exports, including watches, to the U.S. about half way through the show, the outlook was upbeat and optimistic, with plenty of gold, platinum and gem-encrusted watches on display. According to watch industry news site WatchPro, shares for the three major watch groups dropped since the announcement: Richemont, Swatch Group and LVMH shares are down 12.4%, 15.6% and 13.4% respectively. In terms of trends, some watch brands celebrated their heritage with anniversary or tribute editions, while others highlighted their iconic collections. Rolex introduced a new collection, the Land-Dweller, and Piaget introduced a new ladies' collection, the Sixtie. There were perpetual calendars by the score, and plenty of hardstone dials, along with blue dials of every color. Women were in the spotlight, particularly in the jewelry watch segment, and since case sizes are shrinking, there were more watches in general for ladies to choose from. And Bulgari broke a new record for micro-watchmaking, introducing the world's smallest tourbillon in its Octo Finissimo collection.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
UPI
an hour ago
- UPI
Swiss government proposes requiring banks to hold more capital
Switzerland's Federal Council Friday submitted new capital requirements for mega-banks like UBS in the wake of the Credit Suisse crisis. It requires UBS to hold $26 billion more in core capital. The Swiss National Bank and financial regulator FINMA both backed the proposed capital requirement changes. Photo by Hugo Philpott/UPI | License Photo June 6 (UPI) -- Switzerland's Federal Council Friday submitted new capital requirements for mega-banks like UBS in the wake of the Credit Suisse crisis. It requires UBS to hold $26 billion more in core capital. The Swiss Federal Council said in a statement that a review of the Credit Suisse crisis showed reforms are needed to reduce risks for the state, taxpayers and the economy. "These include stricter capital requirements for systemically important banks with foreign subsidiaries, additional requirements on the recovery and resolution of systemically important banks, the introduction of a senior managers regime for banks and additional powers for the Swiss Financial Market Supervisory Authority (FINMA)," the Federal Council statement said. The council is proposing amendments to the Banking Act in the wake of the Credit Suisse crisis that led to the UBS/CS merger. The Swiss National Bank supported the proposed amendments. "The Swiss National Bank supports the amendments at legislative and ordinance level planned by the Federal Council in the areas of capital and liquidity requirements for systemically important banks, early intervention, and recovery and resolution planning. The measures planned are key to strengthening banks' resilience and their resolvability in a crisis, and thus the stability of the financial system." "The crisis at Credit Suisse highlighted weaknesses in the regulatory framework. The regulatory adjustments now planned constitute a package of measures drawing the right lessons from this crisis." One major concern about UBS is its ability to cope with losses in its foreign units, and that's one of the reasons the Swiss government is increasing capital requirements. FINMA said it also backs the proposed changes ot the Banking Act. "FINMA welcomes the planned introduction of several preventive and disciplinary instruments that will set the right incentives for supervised institutions and thus make a decisive contribution to reducing the likelihood of crises and resolution occurring in the Swiss banking centre." FINMA said in particular, it supports, "the planned new statutory powers for FINMA in the areas of corporate governance, early intervention, recovery and resolution, as well as the introduction of higher capital requirements for systemically important banks with subsidiaries abroad." Morningstar senior equity analyst Johann Scholtz said in a note, "While winding down Credit Suisse's legacy businesses should free up capital and reduce costs for UBS, much of these gains could be absorbed by stricter regulatory demands." The new capital rules would require UBS to fully capitalize its foreign branches and do fewer stock buybacks. UBS took over Credit Suisse in 2023, with the government underwriting $10 billion in UBS losses created by the takeover.
Yahoo
2 hours ago
- Yahoo
Switzerland hits UBS with $26 billion added capital requirement; shares rise
By Ariane Luthi and Oliver Hirt BERN (Reuters) -The Swiss government on Friday proposed stricter rules for UBS following its takeover of Credit Suisse, which could make it hold $26 billion more in core capital, confirming some of the bank's worst fears about incoming new regulations. The key proposal, which the bank would have six to eight years to prepare for after it became law, is that UBS must fully capitalise its foreign units, confirming what many analysts, lawmakers and executives had been expecting. UBS shares, which have lagged European peers amid uncertainty about the new rules, jumped after the proposals were made public on Friday afternoon, rising by more than 6% and on track for their best day since May 2024. The government said its capital requirement proposal would allow UBS to reduce its holding of Additional Tier 1 (AT1) bonds by $8 billion. Today, UBS must only 60% capitalise its foreign units and can cover some of the capital with AT1 debt. UBS executives say the additional capital burden will put the Zurich-based bank at a disadvantage to rivals and undermine the competitiveness of Switzerland as a financial centre. Such was the shock in Switzerland over the 2023 collapse of Credit Suisse that top politicians led by Finance Minister Karin Keller-Sutter vowed to introduce more robust rules that would protect taxpayers and prevent another meltdown in future. Keller-Sutter now holds Switzerland's rotating one-year presidency and Friday's announcement will start a long period of political wrangling over the measures, which the governing federal council called "targeted and proportionate." "They strengthen trust in the financial centre, which, in the view of the federal council, is central to its stability and competitiveness," the council said in a statement. A parliamentary inquiry last year noted that since UBS bought Credit Suisse for 3 billion Swiss francs ($3.65 billion) in March 2023, it has had a balance sheet bigger than the Swiss economy, and urged the government to take the foreign units into account. The federal council said it would present drafts on the proposals for consultations with stakeholders in the second half of 2025. Finance Ministry officials say laws requiring parliamentary approval will not enter force before 2028. Separate measures known as ordinances that can be issued directly by the government could apply from the start of 2027. A six to eight-year transition period looked appropriate for UBS to meet new rules on capitalising foreign units from when they come into force, the government said. That could give the bank until the mid-2030s to comply. POSSIBLE TARGET? Sources inside the bank have warned the new regulations could make UBS an appealing takeover target. Under the Swiss proposals, UBS's Common Equity Tier 1 (CET1) capital ratio could end up somewhat higher than those of global rivals, the government said. UBS's CET1 ratio of 14.3% could rise up to 17%, above rivals like JPMorgan at 15.8%, Morgan Stanley at 15.7%, and 15.3% at Goldman Sachs, it said. Shares in UBS rose more than 60% in the 12 months following its acquisition of Credit Suisse. But the stock has since sharply underperformed; UBS shares have lost about 5% in the past year, while a top European banking index climbed 37%. Analysts say the new regulations could trigger a rejig of UBS's business model, which now focuses on growth in the United States and Asia. To take the edge off the rules, the bank may be tempted to sell some assets, banking experts say. The Swiss government also set out piecemeal reforms to bolster the market regulator FINMA, which was heavily criticised for its response to the Credit Suisse collapse. These include measures aimed at holding bankers to account, giving the regulator the power to impose fines and making it easier to restrain pay and claw back bonuses. Still, the proposals come years after the European Union introduced similar measures in the wake of the 2007-2009 financial crisis. The government also proposed making it easier for banks to access liquidity from the Swiss National Bank. Barriers to transferring collateral to the SNB will also be removed. ($1 = 0.8222 Swiss francs) Sign in to access your portfolio
Yahoo
3 hours ago
- Yahoo
UBS buybacks may be hit by new capital rules: government
ZURICH (Reuters) -UBS may be able to carry out fewer share buy-backs in future following proposals that it should hold higher levels of core capital, the Swiss government said on Friday. The government proposed higher capital requirements for the lender's foreign units as part of wide-ranging new rules for UBS aimed at making Switzerland's financial centre more robust in the wake of the collapse of Credit Suisse in 2023. Dividend payments and organic growth should still be possible, subject to "appropriate transitions periods and provided profits have been generated," the government said. "The measure could mean that UBS will temporarily implement fewer share buybacks and reports a slightly lower return on equity along with lower risks," the government said in a statement. UBS Chairman Colm Kelleher in April reiterated the Swiss bank's intention to repurchase shares to the tune of $3 billion in 2025, despite the looming capital rule changes and global economic uncertainty. The growth of foreign subsidiaries or acquisition of foreign companies by UBS will still be possible, but will become more expensive because it has to be fully financed by the core capital, the government added. "The measure can therefore make foreign growth in subsidiaries more expensive," it added. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
