Watches between unknowns and investments: tomorrow's Sole 24 Ore special on newsstands
We publish an excerpt from the front-page article of the Watch Report on newsstands 20 November 2025, enclosed with the newspaper
It is not an easy time for anyone on this planet. Not even for the watch industry nor for the high-end industry as a whole. However, everyone - people, companies, countries - is trying to keep a balanced outlook on the future, trying to distinguish between factors that we can influence in some way, and those that are partly or completely independent of our will or authority. Considerations that also apply to watchmaking and hard luxury.
The Fédération de l'industrie horlogère de la Suisse (Fh) will publish its export figures for October on 20 November, which will therefore not be able to reflect Donald Trump's surprise announcement last Friday, 14 November, on the reduction of tariffs imposed on the country, which fell from 39 per cent imposed in August to 15 per cent. The effect on exports in September, the Fh data of 21 October had certified, had been there: total exports of Swiss timepieces for the month had fallen by 3.1% to CHF 1.99 billion (EUR 2.15 billion) compared to the same month in 2024. Without the US decline, exports would have increased by 7.8% and tariffs had also affected the January-September period, which closed at CHF 18.95 billion (EUR 20.53 billion), 1.2% less when compared to the first nine months of 2024.
The export figure published monthly by Fh remains an important indicator for a large part of the sector: the Swiss timepiece cluster accounts for more than 50% of the sector's worldwide turnover and exports more than 90% of its production. According to many industry analysts, the September figures made it difficult for the year to end on a positive note, and the October figures could confirm this estimate. But it is also true that the months of November and December, at least partly relieved by tariffs and considering that they are the most important because of Christmas shopping, could reverse the trend or at least ensure an overall decline, but 'only' moderate.
In this report, we take an in-depth look at the watch industry from the perspective of companies, but also of watch enthusiasts and collectors, with articles on the major Italian retailers and events such as trade fairs, auctions and award ceremonies for the records set in 2024 by the various watch segments. Managers and owners of the different companies, both Italian and foreign, tell their respective views and highlights of the year that is coming to an end and, in many cases, make some predictions for 2026. Other numbers that can help to understand the uncertainty of the moment and to identify some milestones in this scenario are those of the listed companies specialised in hard luxury, starting with Richemont, the Swiss group that controls, among others, Cartier, the second largest watch brand in the world after Rolex. In the second quarter of fiscal year 2025-26 (July-September), Richemont's sales rose 14%, compared to +6% in the first fiscal quarter (March-June).
