Swiss Watch Industry Navigates Shifting Sands with Leadership Changes, Novel Designs, and Market Dynamics

The Swiss watch industry is currently undergoing a transformative period, characterized by notable shifts in leadership, the unveiling of innovative designs, and a dynamic marketplace. Recent developments include the departure of Stephen Forsey from Greubel Forsey, a brand renowned for its exquisite horological creations, alongside executive reshuffles within major luxury groups like Richemont. Audemars Piguet’s introduction of a new jump hour model signals an emerging trend, while the U.S. market played a crucial role in the December recovery of Swiss watch exports. Moreover, new reports from platforms like Collected and Bezel indicate a growing emphasis on structure and buyer protection in the secondary watch market.

A significant event shaking the industry is the departure of Stephen Forsey, co-founder of Greubel Forsey. In a candid Instagram post, Forsey revealed his 'regrettable disengagement' and immediate termination of his contract, hinting at internal turmoil within the brand. This unexpected exit has fueled speculation, especially concerning co-founder Robert Greubel's perspective and potential changes in ownership, as suggested by reports of Greubel Forsey exploring buyers. This mirrors a broader trend of executive instability within the Swiss watch sector, with TAG Heuer's CEO departing after only 18 months and Richemont reorganizing leadership across its North American divisions, even divesting its Baume & Mercier brand to Damiani.

Amidst these organizational changes, product innovation continues to shape market trends. Audemars Piguet (AP), often criticized for its reliance on the Royal Oak collection, has introduced a significant novelty: the Neo Frame Jumping Hour. This rectangular model in 18-karat pink gold with a black sapphire dial draws inspiration from the brand’s Art Deco heritage. The resurgence of jump hour mechanisms, which gained popularity a century ago with 'window watches' known for their distinct displays, has been championed by brands like Louis Vuitton, Cartier, and Bremont in 2025. AP's entry into this category solidifies the jump hour as a must-have style, signaling a diversification beyond its iconic lines.

Economically, the Swiss watch industry experienced a challenging 2025, with overall exports totaling 25.6 billion francs, a 1.7 percent decline compared to the previous year. This downturn was largely influenced by reduced demand in key markets such as China (down 12.1 percent), Japan (down 5.8 percent), and the U.S. (down 0.5 percent). However, a glimmer of recovery appeared in December, with exports increasing by 3.3 percent to 2.1 billion Swiss francs. This monthly rebound was significantly driven by strong growth in the U.S. (up 19.1 percent), attributed to a reduction in U.S. tariffs, and a substantial 50.8 percent increase in France.

The secondary watch market is also evolving, becoming more structured and transparent, as evidenced by new reports from Collected and Bezel. Collected’s inaugural survey highlighted consistent demand for access to inventory, particularly from buyers seeking alternatives to the traditional authorized dealer experience for modern watches, and those interested in vintage timepieces. A major frustration identified was the lack of protection when purchasing from unknown parties. Bezel's report, based on transactional data, revealed a high rejection rate of 34 percent for watches submitted for sale in 2025, a significant increase from previous years. These findings suggest that the once 'Wild West' nature of the used watch market is diminishing, with platforms like WatchCheck contributing to greater trust, transparency, and confidence for both buyers and sellers of pre-owned timepieces.

The Swiss watch sector is navigating a complex landscape, balancing internal restructuring and market volatility with a renewed focus on product innovation and enhanced market integrity. As the industry anticipates upcoming spring fairs, these trends indicate a proactive approach to maintaining its esteemed position in the global luxury market.