A Watch World Year in Review
Top 5 timepiece moments from 2024, through the Dimepiece lens.
CIAO BELLAS! Here’s what I’m taking away from the year 2024 in the beautiful bubble that is the watch world.
PATEK PHILIPPE RELEASES ITS FIRST NEW WATCH IN 25 YEARS
ICYMI, the launch of the “Cubitus” watch line was arguably the biggest news to hit the watch world in 2024.
Patek Philippe is the epitome of fine Swiss watchmaking, and up until this fall, they hadn’t released any new watch design since 1999’s “Twenty~4” ladies watch. We were all waiting with bated breath to see what Patek would unveil, the surprise slightly dampened by Fortune magazine running a print advertisement of the watch before the official reveal (which may have flown under the radar, were it not for the social media “creators” who picked up on the leak and disseminated it via their own channels).
Regardless of how the news broke, the Cubitus caused a stir. With such lofty expectations – drawn out over 25 years – and such high esteem reserved for Patek Philippe, one can only assume that any release could have been skewed as a letdown (the internet loves to hate!), but people were particularly riled up over the Cubitus.
Design wise, many liken it to a juuuust slightly-tweaked version of the brand’s famous Nautilus model, which debuted in 1976 at the hands of Gèrald Genta, the storied watch designer responsible also for the Audemars Piguet Royal Oak. Despite the mechanical wonders tucked inside the case, the cosmetic similarities to the pre existing Nautilus were enough to upset people. But a quick glance at Patek Philippe’s track record in the past 50-ish years shows that new releases consistently play off their predecessors – just compare the Nautilus to 1997’s Aquanaut – building up enough desirability and longevity to drown out any pre-Reddit criticism it generated upon launch.
We have to zoom out, consider the big picture, and take it all with a grain of salt. Nevertheless, the Cubitus x Nautilus connection is confusing. After all, Patek President Thierry Stern has worked (successfully or not) to have the brand not be defined by their historical Nautilus, going as far as to discontinue the ever-popular steel 5711 reference in 2021. And yet, here we have the Cubitus, widely received as merely the square Nautilus.
The people are also miffed at the price. The high-end calendar version of this watch is $88,378 and comes in platinum – fine! But the steel, time-only version (pictured above) clocks in at $41,243, which feels just a little too much even factoring in inflation, supply/demand, the upgrades differentiating it from the steel Nautilus (which retailed for around $34K before it was discontinued).
But this watch is not for “the people.” As Mr. Stern allegedly said during an interview with the Zürich-based magazine Bilanz: “The haters are mostly people who have never had a Patek and never will.” This is a quote taken out of context and has been bandied about the internet as clickbait, but the truth is that the Cubitus will sell out (to a select few lucky enough to get allocation) and generate years-long waiting lists, regardless of what the peanut gallery has to say.
Do I aspire to own a Cubitus? No. It’s sooooooo manly. But I will never give up my dream of “taking care of a Patek Philippe for the next generation”, and that is the power of the brand.
PS – If you’d like ‘An Education in Patek Philippe’, read my interview with Tania Edwards, who has amassed over 30 years of experience in the watch industry – much of which was spent working for Patek, where she spearheaded their game-changing ‘You never actually own a Patek Philippe. You merely look after it for the next generation ’ campaign.
PPS – I’m just gonna leave this here…
HAS THE WATCH INDUSTRY FINALLY REACHED PEAK “COLLAB”?
Since my 2019 introduction to the watch industry, I’ve been fiercely observing how brands tackle the "collab" landscape that the fashion world has all but beat into the ground, garnering headlines like Make the Collabs Stop (The Atlantic, Aug 2023). In watches, though, the idea of the "collab" still felt fresh and actually welcome – but are we at the tipping point?
The 2022 Swatch collab with Omega (the “Moonswatch”) generated a new slew of watch enthusiasts in a way that recent watch collabs haven't, providing a coveted product without the prohibitive price point. This, to me, is the idealized outcome of a collaboration. On the other end of the spectrum was 2021’s Patek Philippe 5711 Nautilus, released with a limited edition Tiffany & Co. blue dial, selling for a (somewhat contested) $6.5MM via Phillips – prohibitive, to be sure, but effective in stirring up a global media frenzy and shedding light on that year’s boom period for the luxury watch market.
Collaborations are not new in the watch world – Bulova and Dior worked together over 50 years ago on a wide range of timepieces, bringing haute-couture to the everyday woman, complete with an iconic, tongue-in-cheek ad campaign with slogans like “The Poor Girl’s Rich Watch.” Timex started working with Disney in 1930, which early-on morphed into a massive licensing deal. Fast forward to today, Timex is working with Margiela, while other brands are building off of entertainment IP (Audemars Piguet x Marvel or Oris x the Muppets), as well as talent (Hublot x Novak Djokovic or Bulgari x BLACKPINK's Lisa) without much criticism.
But two collab releases this year tell me we may be nearing (or past) peak “collab” in the watch world.
TAG Heuer’s spring 2024 reissue of their cult-favorite original Formula 1 watch in collaboration with KITH begged the question: Why, after years of anticipation, and about as much hype as any watch could hope for, had TAG Heuer not just re released it without the co-branding? I’ve unpacked this, but I still feel that the watch would have been stronger without KITH getting involved.
And this November, Audemars Piguet, known for being one of the more progressive Swiss watch brands, dropped a limited edition of 250 Royal Oak Concept Tourbillon watches in collaboration with the artist known as KAWS. Priced at 200,000CHF (about $217K), the watch has been painstakingly fitted with a miniaturized version of the “Companion” toy that helped catapult KAWS to worldwide fame, via placement in Drake’s cheesy Toronto mansion to the streets of Taiwan, where the artist debuted the 118 foot, traveling “KAWS:HOLIDAY” sculpture. To celebrate the new watch release, KAWS:HOLIDAY found its temporary home on a rooftop in the tiny village of Le Brassus, where Audemars Piguet is headquartered.
In the words of a watch-world colleague, “What in the Uniqlo?!” Since his independent career started taking off in the ‘90s, KAWS has been ingeniously merging art and commerce to the point of ubiquity, entering official collaborations with (yes, Uniqlo), as well as NIKE, MTV, Dior, Pharrell, MoMa, the North Face…
I couldn’t help but wonder: Why would Audemars Piguet, not only one of the hottest watch brands in the world, feel the need to collaborate with an artist like this? If you’ve already got built-in cool and desirability – backed by almost 150 years of heritage – what is the point of diluting the brand and collaborating at all?
Armed with context, though, I quickly quelled my surprise and mild disappointment. Looking at AP’s recent collabs, the KAWS watch fits perfectly in the universe created by the visionary – and often polarizing – leadership of François-Henry Bennahmias, who exited last winter after 30 years.
Since FHB rose to the role of CEO in 2012, Audemars Piguet has been on the cutting edge of the cultural sphere relative to its competitors, best exemplified by their savvy clientele and official (heavily critiqued) collaboration with Jay-Z in 2005, when this sort of partnership was unheard of in the stuffy watch industry.
Last year’s perpetual calendar Royal Oak created with Travis Scott was 2023’s answer to the Jay-Z collab, equally argued over and praised, but no one can deny Scott’s widespread influence. Per a Pandemic-era Tweet by my internet friend @zeexbow: “Travis Scott stamps could save the USPS”. BTW, I went to the launch event for the Cactus Jack watch last December… In a very Kendall Roy move, FHB did a literal “mic drop” next to Travis Scott, signaling his AP exit in a room full of hype beasts.
Even though Bennahmias has been replaced – by watch outsider Ilaria Resta, a former beauty executive – his projects keep trickling through, like this KAWS situation, which stands reasonably in line with the strategy he’s cultivated: Be the most culturally relevant watch company and work with the most culturally relevant – whether you like them or not – mainstream brands. Just look at the Black Panther and Spiderman collabs… It doesn’t get much more big-brand than Marvel. This doesn’t translate to “cool”, but it’s just the way the world is moving now, for better or for worse.
I just hope for more creativity in the “collab” sector of the watch industry. This week’s BOF article asks “Why Are Sneaker Collaborations So Boring?”, boiling the answer down to the formulaic approach of tapping a designer to tweak a retro silhouette, which analysts say is “beginning to fall flat as consumers seek fresh original designs.” Let’s learn from this cautionary tale. I still value a good partnership’s way to impactfully reach non-endemic audiences. But! It's a slippery slope. As we've seen with fashion, one day you’re in, and the next day you’re out. Auf wiedersehen!
TINY WATCHES AREN’T GOING ANYWHERE!
If you survey what watches people are wearing today, it may be hard to believe that I felt the need to defend small watches in 2021. But look how far we’ve come! Cartier ambassador Paul Mescal does not step foot onto a red carpet without a comically small watch, a styling note taken directly out of Tyler, the Creator’s book, who in turn most likely sought inspiration from men in the 1950s, when timepieces nearing 36mm were considered massive.
All trends are cyclical, and the old way of wearing watches is back in favor – not just for the girls and the slender wristed Timmy Chalamets of the world, but for professional NBA players like (now retired) Dwyane Wade, stepping out in this teeny tiny Tiffany & Co. cocktail watch. The NBA’s affinity for teeny tinies has gotten to be such a thing, that Washington Wizards’s forward Kyle Kuzma broadcast to his IG story: “If you’re over 6’4”, put the Cartier watches down (Crash is fine) it’s time lol.”
And it’s not just the watch wearers making this a thing – the brands are responding to the trend with tangible product releases. In the past 2 years, Cartier has been doubling down on the teeny tinies, launching the mini Baignoire in 2023 and the mini Tank Louis the following year at the annual Watches & Wonders trade show in Geneva. Then there’s Audemars Piguet re-releasing the TTRO (teeny tiny Royal Oak) this spring, which has since claimed wrist real estate on everyone from Gwyneth Paltrow to Simone Biles to Badgalriri. Last year, Longines released their mini Dolce Vita. Richard Mille has been consistently releasing a slew of watches pour les femmes (also worn by NBA players) under the lauded direction of Cécile Guenat. Breitling just released their 28mm Chronomat… It’s. A. Thing.
I know a lot of watch people are fatigued of the “size” conversation, but, ultimately, the millimeter count is besides the point. What the teeny tiny trend has done is open the hobby of watch collecting up to a wider array of people – fashion girlies, gays, guys, theys – basically anyone who wasn’t necessarily feeling the steel sports watch trend that his dominated the arena for the past, like, two decades (I still want a steel Daytona though. 41mm).
When I saw the tiniest of Cartier Santos (Santi?) on Paul Mescal’s wrist, I was like, oh god, I’m being trolled. And maybe this means the “cool” factor of a tiny watch has all but faded. But I still think it’s cool :’) And the watch industry moves at a famously glacial pace, where cool isn’t necessarily the objective (as we’ve seen with AP’s KAWS release above). So, in the meantime, we can only anticipate more proportionally sized-down releases, get more watches on more people and ride the wave.
THE WATCH MARKET IS SOFT, BUT WE’RE STILL GOING HARD
The media loves scary headlines like “No End In Sight For Swiss Watch Industry Downturn” (Forbes)...
Yes, for the past two years, the luxury watch market has dipped (especially in relation to the absurd pandemic-induced boom of 2021), and continues to dip. The Federation of the Swiss Watch Industry reports steady decline in watch exports, most dramatically to China and Hong Kong. But “Is the Luxury Watch Market Turning a Corner?” asks the Business of Fashion in an article for which I was interviewed.
Generally speaking, if you’re not Rolex, Patek Philippe or Audemars Piguet, demand lags behind supply. But export numbers are still up in places like the US, Japan and the UAE. And the cultural obsession seems only to be growing. Just look at the NBA tunnel and any red carpet event. Anecdotally, I constantly get wrist shots from friends expanding their collection or texts claiming they’re “ready to buy their first big girl watch.” (It’s certainly a buyers market, so if this is you, go for it – but don’t get your hopes up that you’ll ever be able to buy a brand new Rolex at retail).
The brands, although cutting down on exports and, in some cases, furloughing employees, are bullish on their retail strategies, investing in Certified Pre-Owned programs and brick-and-mortar boutiques (just look at Tourneau Bucherer, with their supersized Las Vegas boutique, story for Dimepiece by
). Some, like the once relatively affordable value-prop brand Grand Seiko, are also raising the prices on their products because, according to William Massena, “These days, it’s easier to sell a $100,000 watch than a $1,000 watch.” This makes me sad. I don’t want to see the watch industry go in the direction of fashion, with soaring prices for handbags and other “soft” luxury goods. TAG Heuer – can you please just release a sub-$1000 F1 watch and see how it goes?As I said in the BoF article, there’s something about a watch that feels more permanent than other luxury items, so I’m staying optimistic that the watch market – like any market – will soon bounce back.
THE FUTURE IS FEMALE!!!
I started Dimepiece in 2020 to help fill a space that I felt was very underrepresented in the watch world. It’s gotten better, but I’m still with her, etc.
According to Deloitte x Watch Femme’s spotlight on the female market within their 2024 Swiss Watch Industry Insights report, “women are increasingly purchasing watches for themselves, marking a shift in market dynamics,” but they remain “underrepresented and insufficiently targeted by the industry, meaning there is untapped potential for growth.”
The brands that have strategically leaned into their femme-forward strategy and product offering, like Cartier, are reaping the benefits (according to this year’s Morgan Stanley x LuxeConsult report, Cartier surpassed Omega as the 2nd biggest watch brand for 2 years in a row, trailing only behind Rolex). But Cartier has the jeweler’s edge and has successfully positioned themselves in the hearts and minds (and necks and wrists and fingers) of the female consumer since the beginning.
According to the Deloitte report, 85% of female respondents said the watch industry doesn’t offer or market enough products they actually want to wear. Brands like Hermès are tackling this head on, as exemplified by their new Cut watch, a sporty automatic timepiece designed specifically for women (extra points for originality: it’s not just a re-release!).
Hermès is smart, prioritizing women in their overall strategy to elevate their horological offering. According to Carina Ertl, the acting CMO of Tourneau Bucherer USA, “There are more women entering the economy than ever – more women graduating college, entering executive positions, grasping financial opportunities … So, more women are buying themselves watches.” It would only benefit the watch brands to pay more attention to this upwardly mobile group
If anything, the fact that there’s such a white space in the ladies market is exciting. THERE’S SO MUCH POTENTIAL. We have barely scratched the surface, so… hire me to consult for your brand! <3
Graphics by Darian Newman.
THANK YOU FOR TUNING IN THIS YEAR. MORE NEWSLETTERS IN 2025, I PROMISE! HAPPY HOLIDAZE.
Great content. Appreciate the hard work. Go Dimegirl!
BRYNN FTW.