This year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
Pessimism of Swiss watchmakers climbs, report finds
Swiss watchmakers are the most pessimistic about the industry that they’ve been in the last four years, owing to the strength of the Swiss Franc and the increasing competition from smartwatches.
Zurich, Switzerland--The watch market has been struggling of late, and it appears the sentiment now is strongly felt by Swiss watchmakers.
According to Deloitte’s Swiss Watch Industry Study, 41 percent of Swiss watch executives surveyed are pessimistic about the economic outlook for the industry, compared to only 14 percent who are optimistic. This is the worst result since the firm started the study in 2012.
Deloitte reported that 69 percent of Swiss watch executives see the strong Swiss franc as a significant issue for their businesses. After the Swiss National Bank removed the currency cap on the euro in January, the Swiss franc appreciated in value by 15 percent to 20 percent.
Concern also comes from a weaker foreign demand, especially in Hong Kong and China, with more than half of executives in the Swiss watch industry indicating that they think it could pose a challenge for the business over the next year.
Additionally, 25 percent of watch executives in the survey now consider smartwatches to be a competitive threat, compared with only 11 percent in 2014. More than one in three of respondents also said that they became more aware of the challenges coming from this product category after Apple released its own version of a smartwatch, the Apple Watch.
RELATED CONTENT: Hermes brings high fashion to Apple Watch
Still, Deloitte notes the smartwatch market is still young and there remains still a window of opportunity for Swiss watchmakers to develop their own offerings, with increasing evidence at this year’s Baselworld that more of the traditional Swiss watch brands targeted by smartwatches (generally priced below $1,500) are starting to react as well.
“The willingness and ability of Swiss brands to offer smartwatches at Swiss-quality standards and with long battery life could potentially pay off as a successful competitive strategy,” the report said.
Not to mention the proportion of consumers intending to buy a smartwatch is greater than the amount of people who plan on buying a classical wristwatch, meaning that smartwatches have the potential to be highly successful
The report also said that watch companies are reacting to the challenges of the market with a number of measures, the biggest of which is cutting costs. One-half of respondents said they were implementing this measure to counteract the value of the Swiss franc, though Deloitte notes that this is a strategy that not all brands can adopt, particularly the lower-priced market segment.
Another top strategy for many of these brands is the introduction of new products. Sixty five percent of the watch executives surveyed consider this their top priority, up 10 percentage points from last year.
An increasing number also will give more emphasis to online sales channels within the next 12 months. Thirty-eight percent of respondents said that they consider e-commerce on their own site as the most important sales channel in the future.
Fewer, however, will be giving most of their marketing efforts to authorized dealers in the next year, and there also has been a slight reduction in the emphasis on opening new mono-brand or flagship stores.
Marketing campaigns will continue to focus on digital media, with social media leading as the most important channel this year.
The Latest

As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.

Discover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.

When investing in your jewelry business, it's important not to overlook the most crucial element of success: the sales associates.

The “Royal Ruby” Collection is a quintet of untreated rubies curated by collector Jack Abraham.


The entrepreneur and “Shark Tank” star will share his top tips for success.

Two existing executives have been given new roles.

More shoppers are walking out without buying. Here’s how smart jewelers can bring them back—and the tool they need to do it right.

Meredith Tiderington, an electrical engineering student, was selected for the award.

It will quit assigning the stones specific color and clarity grades in favor of applying “new descriptive terminology.”

From design trends to sustainability, here’s a roundup of can’t-miss education sessions at JCK Las Vegas.

The Jewelers’ Security Alliance offers advice for those attending the annual trade shows.

Her new role is director of strategic initiatives.

The designer is embracing bold pieces with weight to them in “AU79,” a collection she celebrated with a creative launch party.

On an earnings call, CEO J.K. Symancyk discussed what’s working for the company and how it’s preparing for the potential impact of tariffs.

The index partially rebounded after months of decline, due in part to the U.S.-China deal to temporarily reduce import tariffs.

The actress stars in the latest campaign set in Venice, Italy, and is set to participate in other creative initiatives for the jeweler.

The company has joined other labs, including GIA and Lotus Gemology, in adopting the Chinese term for "jadeite jade."

The large stone will be offered at its June sale along with a selection of secondary-type rubies from a new area of the Montepuez mine.

Located in Bangkok, the laboratory is Gemological Science International’s 14th location worldwide.

Those born in June have a myriad of options for their birthstone jewelry.

The diamond industry veteran has been named its senior sales executive.

The company plans to raise the prices of select watches to offset the impact of tariffs.

Between tariffs and the sky-high cost of gold, designers enter this year’s Las Vegas shows with a lot of questions and few answers.

Designed by founder Renato and his daughter Serena Cipullo, it showcases a flame motif representing unity and the power of gathering.

However, the tariffs remain in effect in the short term, as an appeals court has stayed the U.S. Court of International Trade’s decision.

The pop icon is one step closer to launching her “B Tiny” jewelry collection, a collection she first began posting about last fall.