Though women only account for 35 percent of the lucrative high-end watch market, several haute horlogerie brands are making moves to capture their attention
SIHH 2014: A New World of Women’s Haute Horlogerie
Over the last decade, collaborations between luxury brands and contemporary artists have gone beyond mere artistic partnerships towards a new kind of luxury branding.
PARIS â Art and fashion have always developed side by side, for fashion, like art, often gives visual expression to the cultural zeitgeist. During the 1920s, Salvador DalĂ created dresses for Coco Chanel and Elsa Schiapparelli. In the 1930s, Ferragamoâs shoes commissioned designs for advertisements from Futurist painter Lucio Venna, while Gianni Versace commissioned works from artists such as Alighiero Boetti and Roy Lichtenstein for the launch of his collections. Yves Saint Laurentâs vast art collection, recently auctioned at Christieâs in Paris, testified to his great love of art and revealed the influence of a variety of artists on his own designs.
In the 1980s, relationships between luxury brands and artists were advanced when Alain Dominique Perrin created the Fondation Cartier. In the Fondation Cartier pour lâArt Contemporain, a book marking the foundationâs 20th anniversary, Perrin says he makes âa connection between all the different sorts of arts, and luxury goods are a kind of art. Luxury goods are handicrafts of art, applied art.â
The Fondation Cartier pour lâArt Contemparain building in Paris
Though women only account for 35 percent of the lucrative high-end watch market, several haute horlogerie brands are making moves to capture their attention
The Jewellery Editorâs most notable pieces from SIHH 2014
Though women only account for 35 percent of the lucrative high-end watch market, several haute horlogerie brands are making moves to capture their attention
The world of complicated mechanical watches has traditionally been masculine. Though gender stereotypes are a somewhat unsophisticated way to solely segment consumers, the proof is in the product. And in the world of haute horlogerie, the product has historically been developed for, and marketed to, men.
âFor many, many years, the watch industry didnât communicate with women, period,â revealed Francois-Henry Bennahmias, chief executive officer of Audemars Piguet, to Bloomberg. The executive aims to boost his brandâs percentage of sales to women to 35 percent from 25 percent in the next three years.
Whispers of change have been on the winds of the watch industry of late. Particularly after SIHH 2013, when Vacheron Constantin chose only to present ladiesâ watches and a host of watchmakers started developing collections expressly for females.
But with products that take years to bring to market, developed by companies that have existed for centuries, this shift has not occurred at any great speed.
â For many, many years, the watch industry didnât communicate with women, period â
âFor watchmakers, [the woman] seemed to represent above all a âbright new dawnâ, but one that has always been postponed,â explains Michel Jeannot, editor in chief of WtheJournal. âAnd indeed, if you visit all the booths at the SIHH â apart from the female director of the exhibition â you donât see many women in command of brands.â
âPositions of responsibility are still mainly occupied by men. In fact, there is a lot of desire to create made-to-measure watches for women, but for the time being, women themselves are still mainly restricted to playing the role of attractive hostesses.â
One exception is Nayla Hayek, the chairwoman of Swatch Group AG, who helped lead last yearâs $1 billion purchase of Harry Winston to expand in bejewelled watches for women (Bloomberg). Another is Jasmine Audemars, Chairwoman of the Board of Directors at Audemars Piguet. That said, François-Henry Bennahmias acts as CEO.
Cartierâs Ballon Blanc de Cartier
Though it may be some time before we see a sharp increase of women in the boardrooms, it looks like we will be seeing more and more womenâs product in boutiques. âCountless CEOâs have been assuring me that women were one of their main focuses when creating their new products for 2014,â confirms Michel Jeannot.
âApart from IWC â which has stuck with its slogan âEngineered for menâ â and jewellery brands for whom womenâs watches are a natural progression, the more technically focused watchmakers seem to have realized that the âcontemporary, liberated and independentâ woman now has true purchasing power. And that it would be a shame not to make the most of it.â
Brands such as Cartier, Richard Mille, A. Lange & Söhne, Jaeger-LeCoultre, Parmigiani Fleurier, Roger Dubuis and Vacheron Constantin all leveraged SIHH 2014 to showcase exceptional pieces for women. Gruebel Forseyâs first-ever offering for women was perhaps the most audacious, with 272 diamonds it will retail for approximately $835,000.
â Currently the womenâs segment only accounts for 35 percent of sales â
The womenâs segment now accounts for 35 percent of sales, as industry executives acknowledge that females have been overlooked by the $50 billion industry in recent decades, in the race to outfit the wealthiest men with wearable status symbols (Bloomberg).
But the global market for ladiesâ watches has evolved according to Tracey Llewellyn of Watches of Switzerland. âBrands now recognise thereâs a horologically savvy female clientele out there demanding watches that are as beautiful on the inside as they are on the outside â which means mechanical, and often complicated, too.â
Currently females represent 12% of the global Ultra High Net Worth population (Wealth X), with a combined net worth of $3,515 billion. These UHNW women have a slightly higher average net worth than their male counterparts and are â on average â slightly younger (54 to 58 years-old).
Greubel Forseyâs Tourbillon 24 Secondes Contemporain Serti
In the coming five years, this population is set to increase by an average of 4% each year, driven largely by growth in Africa (6.5% p.a.), Asia (5.9% p.a.), the Middle East (5.6% p.a.) and Latin America (4.6% p.a.). As these wealth centres change, so too will the expectations and desires of female consumers.
It is clear that there is some way to go when it comes to haute horlogerie brands best leveraging the opportunities presented by the female consumer. But at a time when Swiss watch exports reported the slowest sales growth since the global financial crisis, the need for new products, customers and strategies is equally evident.
We can only wait with baited to breath to see what the 2014 edition of Baselworld has in-store, and if this female-friendly approach to development is set to continue in the coming years.
To further investigate the luxury timepiece market on Luxury Society, we invite your to explore the related materials as follows:
– In Conversation With Maximilian BĂŒsser, Founder, MB&F;
– 8 Must-Know Facts About the Swiss Timepiece Industry
– Luxury Watchmakers Focus on Sustainability
Creative Strategist, Digital
Sophie Doran is currently Senior Creative Strategist, Digital at Karla Otto. Prior to this role, she was the Paris-based editor-in-chief of Luxury Society. Prior to joining Luxury Society, Sophie completed her MBA in Melbourne, Australia, with a focus on luxury brand dynamics and leadership, whilst simultaneously working in management roles for several luxury retailers.