In a bold move that signifies a shift in the luxury watch industry, renowned Swiss watch brands Audemars Piguet and Richard Mille have announced their departure from the Geneva watch fair, which has long been dominated by Richemont. Instead, they are opting to focus on direct sales to consumers, bypassing the traditional route of working with third-party retailers.
This strategic shift underscores the brands’ recognition of the growing importance of e-commerce and social media in building stronger connections with customers and controlling the distribution of their products. By sidestepping wholesalers, they also hope to address the issue of the grey market, where unauthorized retailers sell luxury goods at discounted prices.
Audemars Piguet, a powerhouse in the watch industry with sales nearing $1 billion, is realigning its business approach to prioritize customer relationships and establish direct connections with watch enthusiasts worldwide. Over the next three to five years, the brand aims to transition all its sales in-house.
Likewise, Richard Mille, known for its innovative and sporty timepieces that often incorporate Audemars Piguet technology, is opting to focus on operating through dedicated mono-brand boutiques rather than working with multiple retailers. This move aligns with the brand’s strategy for exclusive and selective distribution.
Both Audemars Piguet and Richard Mille will make their final appearances at the Geneva watch fair in January before venturing away from the event. Their departure underscores the growing challenges faced by third-party retailers and traditional industry trade shows like the SIHH and Baselworld.
With Baselworld witnessing a decline in exhibitors and the departure of key players such as Swatch Group, the landscape of luxury watch exhibitions is evolving rapidly. While there was initial hope that the SIHH would benefit from Baselworld’s struggles, the recent decisions by Audemars Piguet and Richard Mille highlight the industry’s increasing focus on digital platforms and direct-to-consumer sales.
In response to these changes, retailers are expanding their international presence, investing in online and pre-owned watch segments, and seeking to differentiate themselves in the market. As the luxury watch sector continues to transform, brands like Audemars Piguet and Richard Mille are leading the charge in reshaping traditional distribution models and embracing new technologies to engage with watch enthusiasts worldwide.
For more information on Audemars Piguet, visit their official website here.
To learn more about Richard Mille watches, explore their collection on their official website here.
