2020 was, without a doubt, a turbulent year. This didn’t exclude the watchworld. The first two quarters looked grim for many watch brands, but as the Covid-19 pandemic played out, the markets showed their resilience, making this year not as gloomy for the industry as it could have been. So far, 2020 claimed only one distinct victim, as RJ watches (formerly known as Romain Jerome) closed its doors, but what can we expect for the new year?
2020 was, without a doubt, a turbulent year. This didn't exclude the watchworld. The first two quarters looked grim for many watch brands, but as the Covid-19 pandemic played out, the markets showed their resilience, making this year not as gloomy for the industry as it could have been. So far, 2020 claimed only one distinct victim, as RJ watches (formerly known as Romain Jerome) closed its doors, but what can we expect for the new year?
With the vaccines being distributed in many countries, the future looks hopeful. However, getting back to normal will, even with vaccines, take time. LVMH already turned their fair that would have taken place in Dubai in January digital, and so did Watches Wonders (what used to be SIHH). Knowing LVMH, they will follow up with an actual fair as soon as circumstances permit this, as they did this year with Geneva Days. It is still unclear what the Swatch Group will do, as they also had to cancel their 2020 fair. The most interesting will be how Baselworld will deal with this all. Before the pandemic hit, they were already in a tough spot, with many of their major exhibitors leaving the fair. They need an actual fair to show that they are still relevant, as going online will also simply not get them the revenues to sustain. While with James Murdoch, son of media mogul Rupert Murdoch, they got a new investor on board, he might want to focus on Art Basel, which is still a highly successful format.
While we saw quite a few introductions this year, it is likely that some brands held back. This means that we could see more new watches being introduced if we return to normal in 2021, especially when markets show a healthy recovery. As the development of a new model takes for most brands several years, a lot of watches are also already in the pipeline, and as 2021 might become the year of hope and revival, it could very well become a most exciting year in watchmaking. From all of us at Knockoff Watches Wholesale, Happy New Year!!
