Before Wimbledon there is Roland Garros, before the Academy Awards there is the Golden Globes and before Baselworld there is the Salon International de la Haute Horlogerie (SIHH). Held annually in the placid and idyllic surrounds on the shores of Lake Geneva, Switzerland, next week's SIHH is the first major event of the year in the world of watchmaking.
Now in its 22nd year, SIHH is the show for industry insiders - a private event that showcases new releases from 18 of the world's finest watchmakers, including the likes of Cartier, Audemars Piguet and Piaget. The event is organised by Swiss luxury conglomerate Richemont, with many of its brands taking prominence. However, the significance of SIHH has led other, invariably smaller, independent brands to piggyback the event with their own annual shows.
SIHH has also become a key determiner of watch trends for the year, as well as the first chance to show off new technology.
While some luxury sectors have felt the pinch of the recession, luxury watches have bounced back from a fall in sales in 2009 to record figures in the past two years.
'This last year is expected to be a record and we are also confident about 2012,' Jean-Daniel Pasche, president of the Federation of the Swiss Watch Industry (FHH) says, despite groans from other Swiss manufacturing industries struggling with a strong Swiss franc. According to the latest figures released by the FHH, total luxury Swiss watch sales grew 19 per cent in 2011 (January to November) with the vast majority of the growth coming from Asia. Sales to Hong Kong, the world's biggest importer of luxury Swiss watches, grew 29 per cent in 2011, while sales to China climbed an amazing 51 per cent last year. These figures are expected to be equally impressive this year and should see China overtaking the United States as the second biggest importer of luxury Swiss watches.
The Chinese market is increasingly dictating watch trends in design aspects and technological innovation. One of the biggest trends in luxury watches in recent years has been oversized case diameters in men's watches - a trend that arose from financiers in Europe and the US attempting to outdo each other with ever larger symbols of wealth. The oversized watch found some favour in Asian markets too, particularly Singapore, where even women were attracted to watches that had a case diameter of over 38mm. In China, however, the oversized watch never really took off in the same way, with Chinese customers preferring smaller, more traditional designs.
'The Chinese buyer loves the classical watch,' says Karlo Burgmayer, CEO of Chronoswiss. 'Nothing too fancy, a simple-to-read dial, automatic, easy to wear, but with high quality.'
