Nicolas Bos, CEO of Van Cleef & Arpels, says, “Functionality is no longer the prime goal. There are obviously plenty of ways to tell time, to read time and we don’t necessarily need to wear a watch for that. So what more traditional watchmaking can bring is pleasure, emotion – something that goes beyond function,” The initial threat felt by the industry from the rise of smartwatches is now waning. The Swiss industry has realized that both, Smartwatches and Luxury Mechanical Watches, can coexist as it sees a 3 to 3.5 percent growth in 2017 after a 2-year slump. The growth trend is likely to continue in 2018.
In watchmaking and Haute Horlogerie has embraced this duality of tradition and innovation. It is now a mix of ancestral skills and handmade products, as well as modernization thanks to the new technology which pushes the boundaries further. 2018 is expected to be the year where we’ll see witness the smartwatches and mechanical watches fuse into one another closely.