Covid-19 is a wake-up call for the watch industry to refocus on quality: Favre-Leuba CEO Philippe Roten

The pandemic has wreaked havoc on the bottom line for a number of industries but some bosses are seeing a silver lining amidst the economic fallout. In a recent webinar addressing some of the issues the luxury market faces in the new world order, Favre-Leuba CEO Philippe Roten said the pandemic could provide a unique opportunity for brands to overcome complacency.

“Since the 1990s the turnovers of the watch industry have been steadily increasing, even during the financial crisis when other markets suffered. I believe this had led the brands to become a little complacent,” said the CEO. “While COVID-19 has impacted the industry’s turnover, it has the potential to become an important moment for brands to take the lead and bring back the focus on clients and quality. This pandemic is an opportunity for the (luxury watch) industry to utilize the time to prepare for the future, adapt, and become stronger.”

One opportunity that the CEO believes luxury watchmakers could capitalize on post-pandemic is the smart-watch-wearing customer base.


“I think we should thank smart-watch brands for their innovation and for putting timepieces on the wrists of millions of people who otherwise wouldn’t have worn them. By doing this, they have opened the doors for the watch industry to tap into the next generation, as they have started exploring other watch brands. We must take this opportunity to innovate and capitalize on these customers of tomorrow.”