Key Watch Industry Headlines of 2025

Partnership of the Year

Leonardo DiCaprio becomes a Rolex ambassador

In February, shortly before the Academy Awards ceremony, long standing rumours were officially confirmed when Leonardo DiCaprio was announced as an ambassador for Rolex. The partnership drew attention not only because of DiCaprio’s status as an Academy Award winning actor, but also due to his long standing role as a United Nations peace messenger and environmental activist.

The collaboration reinforced Rolex’s strategy of aligning itself with figures whose public image extends beyond traditional celebrity culture.

Executive Changes Across the Industry

Panerai, Bvlgari, Corum and Urban Jürgensen

The spring months brought a wave of leadership changes across several major and independent brands.

At the end of March, Jean Marc Pontroué stepped down as Chief Executive Officer of Panerai. From 1 April, the role was assumed by Emmanuel Perrin, formerly head of the watchmaking division at Richemont.

Around the same time, Jean-Christophe Babin was appointed head of the watchmaking division at LVMH. He retained his roles as President of Bvlgari Hotels and the Bvlgari Foundation, while leadership of Bvlgari passed to Laura Burdese, previously responsible for marketing and communications.

In April, it was announced that Corum had been acquired from Citychamp Watch and Jewellery Group by a group of Swiss investors. From 1 May, the brand has been led by Haso Mehmedovic, formerly International Sales Director at Corum.

Later in the year, independent watchmaker Kari Voutilainen stepped down from his role as co managing director of Urban Jürgensen, transferring operational leadership to his partner Alex Rosenfield. Voutilainen remains a member of the brand’s board of directors.

Recognition of Independent Watchmakers

Anton Sukhanov and Konstantin Chaykin

One of the most significant moments for independent watchmaking came in April, when Anton Sukhanov was formally admitted as a member of the AHCI, the Académie Horlogère des Créateurs Indépendants. His candidacy had been under review for more than two years.

Later in the year, Sukhanov also received the Horological Revelation Prize at the Grand Prix d’Horlogerie de Genève, further cementing his international recognition.

Another major milestone occurred during the May Phillips auction in Geneva, where a unique prototype by Konstantin Chaykin achieved a record result. The final prototype of what was presented as the world’s thinnest mechanical watch was sold for CHF 508,000, marking the highest auction price ever achieved by a Chaykin timepiece.

Deals of the Year

Strategic investments and vertical integration

In August, Audemars Piguet announced the acquisition of a controlling stake in Inhotec, a specialist manufacturer of movement components. The move was widely interpreted as part of a broader strategy aimed at securing supply chains and reinforcing technical independence.

In November, the LVMH Group acquired a minority stake in La Joux-Perret. Previously fully owned by Citizen Group, La Joux-Perret is now positioned to serve the needs of LVMH’s watch division, which includes Hublot, TAG Heuer, Zenith and Bvlgari.

Startups and New Ventures

Former Audemars Piguet executives strike out alone

September saw the announcement of a new holding company by François-Henry Bennahmias, former CEO of Audemars Piguet. The Honorable Merchants Group is structured to operate across luxury watches, home goods, jewellery, fashion and art.

One month later, another Audemars Piguet alumnus, Michael Friedman, unveiled his own independent watch brand. The debut product was a highly futuristic astronomical tourbillon, signalling an ambitious entry into the high complication segment.

Swiss Watches and US Import Tariffs

A year long trade dispute

The most disruptive story of 2025 centred on changes to US import tariffs on Swiss watches. Until early April, tariffs stood at approximately 2 to 3 percent. In spring, this figure rose to 10 percent, with proposals briefly pointing towards a potential increase to 31 percent.

Following a 90 day postponement announced by the Trump administration, Swiss authorities attempted to negotiate more favourable terms. Instead, on 1 August it was confirmed that tariffs would rise to 39 percent from 7 August, citing trade imbalances between the two countries.

The impact on exports was immediate and severe. Swiss watch exports to the United States fell by 55.6 percent in September, 46.8 percent in October and 52.3 percent in November. Manufacturers responded through a combination of reduced margins and retail price increases of approximately 10 to 15 percent.

By the end of the year, a compromise tariff level of 15 percent was reached, bringing a measure of stability back to the market.

Announcements and Forward Looking Projects

Several long term initiatives were also unveiled during the year. In May, Rolex established a new company dedicated to the development of atomic clocks. Working in collaboration with CSEM, the Swiss Center for Electronics and Microtechnology, Rolex developed optical atomic clocks based on rubidium atoms, with prototypes tested at its Geneva and Biel facilities.

During the summer, COSC announced the most significant update to its testing standards in five decades. The new Super COSC programme, scheduled for launch in mid 2026, will introduce testing under conditions closer to real world use and will apply to complete watches rather than movements alone. The existing ISO 3159 standard remains a prerequisite.

Vacheron Constantin, in partnership with Phillips, announced the creation of its first watch Concours of Elegance, open to wristwatches and pocket watches produced before 1999. Winners will be announced in November 2026.

In autumn, IWC became the official timing partner of Vast, a company planning to launch two commercial space stations. IWC is involved in developing watches capable of operating in zero gravity conditions, with the first station scheduled for launch in 2026.

Meanwhile, Artisans de Genève confirmed that its custom timepieces will undergo certification by TIMELAB, which conducts testing in line with Geneva Seal and COSC standards.

Losses of the Year

Jean-Pierre Hagmann and Angelo Bonati

The industry also mourned the loss of several influential figures. On 7 March, Jean Pierre Hagmann passed away. Renowned for his case making work with Patek Philippe, Vacheron Constantin and Arkrivia, Hagmann left behind a legacy that shaped modern haute horlogerie.

On 15 May, Angelo Bonati died at the age of 75. Serving as CEO of Panerai from 1997 to 2018, Bonati oversaw the brand’s integration into Richemont and played a pivotal role in building the global Paneristi community.

Year End Summary

2025 was marked by technical records as well as market turbulence. Bvlgari set a new world record for the thinnest tourbillon watch, earning recognition at the GPHG. Chopard and Blancpain each unveiled the most complicated watches in their histories, while Vacheron Constantin surpassed a long standing industry record for mechanical complexity.

Major auction houses, including Sotheby’s and Phillips, also reported record results, underscoring the continued strength of the high end collectors’ market despite broader economic pressures.

Taken together, these developments made 2025 a year that tested the resilience of the watch industry while simultaneously reaffirming its capacity for innovation, reinvention and long term vision.