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Times
21-07-2025
- Automotive
- Times
The Manchester college creating luxury watchmakers of the future
You've bought the mechanical watch you've had your eye on for a long time and take pleasure in wearing it. But eventually, especially if you strap it on daily, it might need a repair. At some future point it will also require a service to ensure it continues to function well. Think of it like this, says Jon Weston, the managing director of the Midlands-based Rudell the Jewellers, 'you've got an engine in a car running 24 hours a day for a period of time, how long could it last? While some new watches will run for ten years before needing a service, it's something that needs to be done over time. And someone experienced has to carry out the work.' You wouldn't want it to take months to repair your treasured timepiece. But in some cases it does. One of the reasons for the wait is because there's a worrying shortage of qualified watchmakers in the UK — and, according to the Federation of the Swiss Watch Industry, it's a worldwide problem. Positive changes in the watch world are driving this, from the unprecedented demand for luxury watches over the pandemic and since — which have often led to waiting lists and retailers displaying 'exhibition only' examples — to the public's increasingly enthusiastic embrace of vintage and pre-owned pieces, propelling businesses to seek more skilled technicians. Globally, the UK is a significant market, Weston says. 'For most luxury watch brands, it's in the top four. But if you sell twice as many watches that means you have twice as many for after sales servicing.' Also adding to staff shortages is the increasing number of watchmakers on the cusp of retirement. Helping to plug that gap is the British School of Watchmaking, the only school in the country to offer courses by the Watchmakers of Switzerland Training and Educational Program (WOSTEP), the industry gold standard accreditation for luxury brands and retailers. Gordon Bryan co-founded the Greater Manchester-based school in 2004. A trained watch and clock maker, he served an apprenticeship at Garrard and has worked with Asprey, Cartier, Breitling and Omega. While working at Signet Jewelers he was looking to employ watchmakers for the firm's branches. 'I was bench testing and all of them were unsuccessful,' he recalls. 'I moaned about it to a friend who said, why don't you do something about it? So I did.' It was a long haul. 'I'd studied at WOSTEP and they said they'd support us while the watch brands stepped up financial support, for machines and premises. It's important we give students the best equipment and facilities and keep the equipment up to date.' 'It had to be right,' Bryan says. 'We are nothing without the tutors, and it takes years to find them. Of course, they need to know the technical work but must have that inspirational factor. Now we have two tutors who have been students here, and the wheel has turned full circle.' The school turns out eight students annually, 16 every other year from a two-year course. It's a slow but steady roll out and 2021 saw the 100th graduate. The school offers two WOSTEP courses. There's a one-year, Service Watchmaker Course that prepares students for after sales services with eight places. Then there's the two-year Watchmaker Course which combines the syllabus with additional micromechanics training in which students learn how to create watchmaking components. A third industry-recognised course was introduced last year, WOSTEP's three-week programme teaching different polishing techniques. It's more a workplace than college, with 37.5-hour weeks and four weeks' holidays. Students are any age, and have ranged from 18 to 54. 'We've had very successful computer programmers, doctors, vets, joining the courses. More women are coming, and there's often a 50:50 split. At the moment there are two women with six men on the one-year course and all are sponsored by brands or retailers. I don't think we've had a student leave without a job' says Weston, who is one of the school's six trustees. 'It's not good enough to be taught by a colleague in the workplace. The WOSTEP qualification is internationally respected by the watch brands. It gives credibility to the student and what they've achieved.' The school has 35 well-known trade backers. 'Anyone who's anyone in the industry is a supporter,' Weston says. 'We were granted charity status in 2019 and we're providing a public service,' Bryan adds. 'The tutors are the only ones paid. It makes it so worthwhile to see the students collect their certificates at graduation with their families.' Two watches created by students on courses have been COSC-certified, surpassing tough standards set by the Swiss. 'We have to remember a lot of the important inventions in horology were made in Britain, there's so much history here,' Weston observes. 'It's so good now to be back producing quality watchmakers. One day, one of them might do something that is of a George Daniels [the legendary British horologist] level — or the ingenuity of [the contemporary British watchmaker] Roger Smith — so we'll be back up there.' And in the meantime, your watch will be back faster from a servicing.
Mint
24-06-2025
- Business
- Mint
India's time has come: Inside the rise of the luxury watch market
Next Story Varuni Khosla As India emerges as a key player in the global Swiss watch market, the appetite for luxury timepieces continues to grow. What is driving the love for these pieces and powering the growth? Exports of Swiss watches to India rose over 10% year-on-year in the first five months of 2025. Gift this article India's appetite for Swiss watches shows no signs of slowing. Exports of these timepieces to India rose over 10% year-on-year in the first five months of 2025, driven by aspirational buyers and evolving tastes. India's appetite for Swiss watches shows no signs of slowing. Exports of these timepieces to India rose over 10% year-on-year in the first five months of 2025, driven by aspirational buyers and evolving tastes. Exports of Swiss watches to India rose to 104.3 million Swiss francs ( ₹ 1,100 crore) in January-May, up from 94.2 million francs in the same period last year, according to the Federation of the Swiss Watch Industry (FH). This follows a strong performance in 2024, when exports reached nearly ₹ 2,600 crore. While globally Swiss watch markets such as China and Hong Kong have slowed, India has emerged as a bright spot with the strong momentum expected to carry through the wedding and festive season. Industry players say demand is not only rising, but also shifting towards higher price points and more design-driven choices. This year, growth is likely to match or even surpass last year's, retailers and distributors told Mint. India, the 21st largest global market for Swiss timepieces by value since last year, was one of the few markets to post double-digit growth. The other market with double-digit growth is Spain (+10%), while Taiwan (+9% %) and Turkey (+8% %) showed positive momentum. In contrast, traditional strongholds like China and Thailand saw sharp declines of 23.1% and 22.7%, respectively. Hong Kong contracted 13.8%, the FH data showed. 'The free trade agreement between EFTA (European Free Trade Association) and India is an important milestone and will benefit both countries," Yves Bugmann, president of the Federation of the Swiss Watch Industry (FH), told Mint. 'Hopefully, it will enter into force this year. India, by contrast, remains underpenetrated and therefore presents substantial potential for further growth." The federation, a non-profit private trade association, represents around 500 members, or more than 90% of all Swiss companies active in the production and sale of watches, clocks and components. While robust consumer demand is the main driver, a stronger Swiss franc against the rupee has also pushed up the value of imports this year. Last year, the Swiss franc was around 94 per rupee is currently around 106. Love for higher price bands Indian retailers see a shift in consumer preference. A top executive of Kapoor Watch Company, which has 15 outlets across the country, said the ₹ 7-12 lakh price bracket is emerging as a sweet spot for both collectors and first-time buyers this year, the ₹ 1-4 lakh segment remains strong. Kapoor retails brands like Rolex, Breitling, Bvlgari, Cartier, Chopard, Franck Muller, among others. 'We have seen a clear shift in customer preferences this year, with the luxury watch market not just growing but also evolving," Pratiek Kapoor, director of the company, told Mint. 'Compared to last year, we are witnessing steady and sustainable growth, driven not just by demand but by a more informed and design-conscious buyers." Kapoor has 15 outlets around the country. Listed luxury retailer Ethos Ltd reported a 22% year-on-year growth in revenue from its watches segment in the January-March quarter. The company attributed this to strong sales across entry and mid-tier brands and growing interest in limited editions. 'Watches that retain their value, hot, new brands and limited editions across price points are selling better over others," said Mukul Khanna, the company's chief operating officer. 'In dials, we see an increased interest in pop-colours too." Premium models, expanding distribution Julien Tornare, CEO of luxury watchmaker Hublot, who was in India in March this year, had told Mint that the country was emerging as a very promising global market. 'There's a growing appetite for luxury, and the country is heading in the right direction for us," he had said. He had said Indian buyers of their brand are increasingly opting for premium models—particularly those in gold and rose gold—priced at an average of €20,000 (around ₹ 18 lakh). Distributors are also upbeat about the second half of the year. "We're seeing a lot of retailers step up their pace of growth by adding new stores," Ashok Goel, who runs Delhi-based Luxury Time Pvt. Ltd, a distributor of brands such as Hublot, Tag Heuer, and Zenith said. "A rapid increase in the number of stores is a direct sign of a growing economy and market. A lot of watch retailers are also now providing experience centers as more and more shoppers are now buying in India, unlike before," he said. Design powering growth Interestingly, mid-range timepieces are also seeing strong growth and are playing a big role in driving overall exports to India, added the federation. "A distinctive feature of the Indian market is the strong contribution of the aspirational segment to growth. Unlike some other markets, where the high-end segment is the primary driver, India's expansion is currently fueled by aspirational consumers with growing interest in luxury," Bugmann of FH said. Retailers like Kapoor said smaller dial sizes are now back in fashion with men preferring 39-41 mm dials and women choosing 31-35 mm. Unconventional dial colours are also in vogie, particularly among male buyers. Tudor's pink Black Bay Chrono, for example, is a hit, Kapoor added. Bracelet watches, too, are outselling leather straps, due to their durability and casual-luxury look. Brands are responding swiftly to Indian demand, with several global watch brands bringing new launches to the country. Earlier this month, Franck Muller introduced a variant of its 'Double Mystery' collection in the country. The colourful diamond-studded piece is available in the ₹ 60 lakh- ₹ 2 crore range. In February, Rado, announced that India had become its top market globally. It also launched one timepiece exclusively for the Indian market, in partnership with local industrial designer, Tej Chauhan. The top five markets for Swiss watches in the first five months of 2025 remained the US, Japan, Hong Kong, China, and the UK though their trajectories have diverged significantly. The US market, which had seen near-flat growth between 2023 and 2024, rebounded sharply with a 28.5% year-on-year increase in 2025. Japan remained steady, with a slight 1.4% dip this year after modest growth last year. Hong Kong fell 13.8% in 2025 after already slipping in 2024, and China dropped a sharp 23.1% following a double-digit fall last year as well. The contrasting trends reflect a deeper shift in global luxury consumption—Western markets, especially the US, are driving the recovery while many parts of Asia, once dominant, are cooling. India's luxury market may still be small compared to global heavyweights, but it is rapidly evolving. Investment firm Bain Capital expects India's overall luxury market to cross $85 billion by 2030. Topics You May Be Interested In Catch all the Business News , Corporate news , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Mint
24-06-2025
- Business
- Mint
India is emerging as a bright spot for Swiss watches in 2025. Here's why
India's appetite for Swiss watches shows no signs of slowing. Exports of these timepieces to India rose over 10% year-on-year in the first five months of 2025, driven by aspirational buyers and evolving tastes. Exports of Swiss watches to India rose to 104.3 million Swiss francs ( ₹1,100 crore) in January-May, up from 94.2 million francs in the same period last year, according to the Federation of the Swiss Watch Industry (FH). This follows a strong performance in 2024, when exports reached nearly ₹2,600 crore. While globally Swiss watch markets such as China and Hong Kong have slowed, India has emerged as a bright spot with the strong momentum expected to carry through the wedding and festive season. Industry players say demand is not only rising, but also shifting towards higher price points and more design-driven choices. This year, growth is likely to match or even surpass last year's, retailers and distributors told Mint. India, the 21st largest global market for Swiss timepieces by value since last year, was one of the few markets to post double-digit growth. The other market with double-digit growth is Spain (+10%), while Taiwan (+9% %) and Turkey (+8% %) showed positive momentum. In contrast, traditional strongholds like China and Thailand saw sharp declines of 23.1% and 22.7%, respectively. Hong Kong contracted 13.8%, the FH data showed. 'The free trade agreement between EFTA (European Free Trade Association) and India is an important milestone and will benefit both countries," Yves Bugmann, president of the Federation of the Swiss Watch Industry (FH), told Mint. 'Hopefully, it will enter into force this year. India, by contrast, remains underpenetrated and therefore presents substantial potential for further growth." The federation, a non-profit private trade association, represents around 500 members, or more than 90% of all Swiss companies active in the production and sale of watches, clocks and components. While robust consumer demand is the main driver, a stronger Swiss franc against the rupee has also pushed up the value of imports this year. Last year, the Swiss franc was around 94 per rupee is currently around 106. Also Read: From Prada to Miu Miu, a dozen top brands are set to broaden India's luxury landscape Love for higher price bands Indian retailers see a shift in consumer preference. A top executive of Kapoor Watch Company, which has 15 outlets across the country, said the ₹7-12 lakh price bracket is emerging as a sweet spot for both collectors and first-time buyers this year, the ₹1-4 lakh segment remains strong. Kapoor retails brands like Rolex, Breitling, Bvlgari, Cartier, Chopard, Franck Muller, among others. 'We have seen a clear shift in customer preferences this year, with the luxury watch market not just growing but also evolving," Pratiek Kapoor, director of the company, told Mint. 'Compared to last year, we are witnessing steady and sustainable growth, driven not just by demand but by a more informed and design-conscious buyers." Kapoor has 15 outlets around the country. Listed luxury retailer Ethos Ltd reported a 22% year-on-year growth in revenue from its watches segment in the January-March quarter. The company attributed this to strong sales across entry and mid-tier brands and growing interest in limited editions. 'Watches that retain their value, hot, new brands and limited editions across price points are selling better over others," said Mukul Khanna, the company's chief operating officer. 'In dials, we see an increased interest in pop-colours too." Premium models, expanding distribution Julien Tornare, CEO of luxury watchmaker Hublot, who was in India in March this year, had told Mint that the country was emerging as a very promising global market. 'There's a growing appetite for luxury, and the country is heading in the right direction for us," he had said. He had said Indian buyers of their brand are increasingly opting for premium models—particularly those in gold and rose gold—priced at an average of €20,000 (around ₹18 lakh). Distributors are also upbeat about the second half of the year. "We're seeing a lot of retailers step up their pace of growth by adding new stores," Ashok Goel, who runs Delhi-based Luxury Time Pvt. Ltd, a distributor of brands such as Hublot, Tag Heuer, and Zenith said. "A rapid increase in the number of stores is a direct sign of a growing economy and market. A lot of watch retailers are also now providing experience centers as more and more shoppers are now buying in India, unlike before," he said. Design powering growth Interestingly, mid-range timepieces are also seeing strong growth and are playing a big role in driving overall exports to India, added the federation. "A distinctive feature of the Indian market is the strong contribution of the aspirational segment to growth. Unlike some other markets, where the high-end segment is the primary driver, India's expansion is currently fueled by aspirational consumers with growing interest in luxury," Bugmann of FH said. Retailers like Kapoor said smaller dial sizes are now back in fashion with men preferring 39-41 mm dials and women choosing 31-35 mm. Unconventional dial colours are also in vogie, particularly among male buyers. Tudor's pink Black Bay Chrono, for example, is a hit, Kapoor added. Bracelet watches, too, are outselling leather straps, due to their durability and casual-luxury look. Also Read: Inside India's hush-hush hype luxury economy where sneakers cost more than gold Brands are responding swiftly to Indian demand, with several global watch brands bringing new launches to the country. Earlier this month, Franck Muller introduced a variant of its 'Double Mystery' collection in the country. The colourful diamond-studded piece is available in the ₹60 lakh- ₹2 crore range. In February, Rado, announced that India had become its top market globally. It also launched one timepiece exclusively for the Indian market, in partnership with local industrial designer, Tej Chauhan. The top five markets for Swiss watches in the first five months of 2025 remained the US, Japan, Hong Kong, China, and the UK though their trajectories have diverged significantly. The US market, which had seen near-flat growth between 2023 and 2024, rebounded sharply with a 28.5% year-on-year increase in 2025. Japan remained steady, with a slight 1.4% dip this year after modest growth last year. Hong Kong fell 13.8% in 2025 after already slipping in 2024, and China dropped a sharp 23.1% following a double-digit fall last year as well. The contrasting trends reflect a deeper shift in global luxury consumption—Western markets, especially the US, are driving the recovery while many parts of Asia, once dominant, are cooling. India's luxury market may still be small compared to global heavyweights, but it is rapidly evolving. Investment firm Bain Capital expects India's overall luxury market to cross $85 billion by 2030.
Fashion United
20-06-2025
- Business
- Fashion United
Switzerland: Watch exports fall in May after record sales in April
Following substantial deliveries to the US in April, in light of impending tariffs, Swiss watch exports declined in May. However, the 'boomerang effect' proved less pronounced than anticipated, according to the Federation of the Swiss Watch Industry (FH). After a significant increase of 18.2 percent in April, Swiss watch exports across all markets fell by 9.5 percent to 2.1 billion Swiss francs in May. 40 percent of this decline can be attributed to reduced shipments to the US, the FH announced in a statement on Thursday. This 'significant decline' was expected, given the substantial increase in the previous month. In April, watch exports to the US saw an exceptional year-on-year increase of 149.2 percent. Swiss watchmakers had attempted to rapidly build up inventories in the US market to safeguard against potential tariffs. In May, shipments there fell by 25.3 percent. However, the FH noted that this 'boomerang effect' was 'more moderate than expected'. The White House's announcements in early April regarding reciprocal tariffs came in the midst of the Geneva Watch Fair and acted as a shock to the industry, which must produce its watches in Switzerland to bear the coveted 'Made in Switzerland' label. Since 2021, the US has been the most important sales market for Swiss watchmakers. Demand there has surpassed that from China and Hong Kong. With the decline in May, global watch exports since the beginning of the year totalled 10.8 billion francs – a 1.1 percent increase compared to the first five months of 2024. "However, this result does not reflect the actual sales situation, which has seen a less favourable development," the association warned. The export figures do not reflect actual sales, but rather retail orders as retailers replenish their inventories. Watch exports also declined in other markets in May: by 17.4 percent to China, 10.5 percent to Japan and 12.6 percent to Hong Kong. In Europe, exports fell by 14.5 percent to the UK, 18.1 percent to France and four percent to Germany. This article was translated to English using an AI tool. FashionUnited uses AI language tools to speed up translating (news) articles and proofread the translations to improve the end result. This saves our human journalists time they can spend doing research and writing original articles. Articles translated with the help of AI are checked and edited by a human desk editor prior to going online. If you have questions or comments about this process email us at info@
Fashion Network
19-06-2025
- Business
- Fashion Network
Swiss watch industry hit by tariffs as May exports fall 9.5%
Swiss watch exports dropped by almost 10% in May, driven by a sharp decline in shipments to the US. The fall reverses the previous month's surge, when manufacturers rushed to export ahead of anticipated tariffs. Total shipments fell 9.5% to 2.1 billion Swiss francs ($2.6 billion), the Federation of the Swiss Watch Industry said in a statement Thursday. Exports to the US—the largest market for Swiss watches—fell by just over 25%. The latest figures underscore the pressure of President Donald Trump 's trade policies on the luxury watch sector. In early April, the US imposed a 10% levy on imports from Switzerland and has threatened to raise it to as much as 31% if a new trade agreement isn't secured. Any additional increase would significantly affect the industry. Shares of Swatch Group AG and Compagnie Financière Richemont SA dropped as much as 2.3% and 2.5%, respectively, during early trading in Zurich. Shipments to Asia also declined, with China, Japan and Hong Kong all posting double-digit drops, further compounding the industry's global challenges. 'The rise of 'luxury fatigue,' a declining 'feel-good factor' from luxury purchases, and worsening consumer sentiment all contribute to a less optimistic outlook,' Vontobel analyst Jean-Philippe Bertschy said in a note. The decline in the Swiss watch sector mirrors a broader slowdown in the export-driven Swiss economy. Overall, foreign sales fell 42% in May, narrowing the country's trade surplus by the largest margin in nearly five years.
