As we wrap up the year, Let us look back on what happened in the watch market. After its heyday during the COVID era, What changes did the luxury watch industry experience this year? We have summarized the enriched news, Including the launch of various new products by luxury watchmakers and the entry of global watch brands into Korea.

Watches and Wonders 2023

Last March, Watches and Wonders 2023 was held, Bringing together the world's top watchmakers and enthusiasts. It was said to be the largest event ever held since COVID.

2023 Rolex Updates

In particular, The 2023 new releases from Rolex attracted much attention this year.

Cosmograph Daytona Ref. 126506 / © Rolex

The 2023 new releases from Rolex were refreshing in many ways. The iconic Cosmograph Daytona lineup was updated for the first time in seven years. The Cal. 4130 movement, Used for over 20 years, Was replaced with the 4131, And the reference evolved from 1165XX to 1265XX, Along with changes in appearance.

Daytona 116500LN

40mm, White, Oyster

Daytona 126506

40mm, Ice blue/diamond, Oyster

1908 / © Rolex

A new line was also introduced in the Rolex catalog for the first time in 11 years. Rolex discontinued the Cellini, Its only dress watch, And launched a new dress watch line called ‘1908’. The name ‘1908’ refers to the year the Rolex trademark was registered. While inheriting the dress watch spirit of Cellini, It is a heritage-based line inspired by early 20th-century Rolex designs. The 1908 line also features a transparent case back. Alongside the discontinuation and introduction of new lineups, There were minor updates such as the Explorer 40mm and upgrades to the Sky-Dweller.

1908 52508

39mm, Intense white, Strap

Cellini Time 50529

39mm, Black, Strap

IWC Ingenieur

When it comes to ‘pilot watches’, IWC comes to mind first, And the brand revived its luxury sports watch line, Drawing on its heritage. The original Genta design, Discontinued in 2017, Finally made a comeback, Which was exciting news even for consumers who are not IWC fans.

IWC Ingenieur © IWC

With the popularity of the ‘Genta design’ at its peak, The return of the Ingenieur was met with cheers from enthusiasts worldwide. The new Ingenieur lineup faithfully interprets the design of the original 1976 Ingenieur SL and has received positive reviews. Due to its popularity, Resale transactions have already begun. The market price for the steel model is currently lower than the retail price (14.9 million KRW), So Genta fans seeking reasonable purchases can find excellent alternatives in the resale market.

Korea Rolex Introduces Online Reservations

Rolex queue in UAE © luxurybazaar

The ‘open run’ culture of lining up in front of stores in hopes of buying a Rolex has become a thing of the past. This is because an online reservation system has been introduced, Allowing reservations for the following month at a set time at the end of each month. As demand for Rolex purchases remains high, Some feel that the online reservation system has become even more competitive.

The domestic Rolex reservation system is still considered relatively fair. In many Western countries, Official Rolex dealers operate using interview and waiting list systems, Similar to the approaches of Patek Philippe and Audemars Piguet. There are even active discussions on overseas watch forums about how to approach Rolex dealers (ADs).

Luxury Watch Industry’s Growth in Korea

IWC Big Pilot Bar / © IWC

Breitling Flagship / © Breitling

It is no exaggeration to say that luxury conglomerates are targeting the Korean market. In 2023 alone, The chairman of Fendi and Bernard Arnault, Chairman of the LVMH Group, Visited Korea. According to a market report by Morgan Stanley, Korea ranks first in the world for luxury consumption. There is no reason for global watch brands not to pay attention to Korea. Following the opening of the ‘Big Pilot Bar’ by IWC in 2021 and the ‘Breitling Townhouse’ in 2022, Unique approaches to the Korean market are expected to continue.

Audemars Piguet Officially Opens Korean Boutique

In May 2023, Audemars Piguet announced the official opening of its first directly operated boutique in Korea. As one of the world’s top three luxury watch brands, This is the first official boutique since its withdrawal in 2017.

Royal Oak ‘Jumbo’ 16202ST / © Audemars Piguet

Additionally, AP House, Audemars Piguet’s exclusive ‘private retail lounge’ space, Is scheduled to open in Cheongdam-dong in 2024. Watch enthusiasts will now have more opportunities to experience Audemars Piguet timepieces in Korea.

Rolex Acquires Major Retailer
Bucherer

As the luxury watch market grows, Rolex’s presence and influence continue to expand each year. To increase production, Three new facilities were established, And in August, Bucherer, One of the largest watch retailers in North America and Europe, Was acquired by Rolex. Rolex announced that there would be no changes to its management system, But by acquiring a major retailer, It can now monitor the sales and performance of competitors. The industry is watching closely to see what changes will occur in the competition for shop-in-shop spaces among the many famous brands handled by Bucherer.

Bucherer, Rolex / © WatchPro

According to rumors, The chairman of Bucherer, A family-run business, Had no direct heirs and entrusted the company to Rolex, With whom it had maintained a long partnership. Jörg Bucherer, The company’s chairman, Passed away in November after the announcement.

Many Changes in the Resale Market…

According to Deloitte’s watch market report, The proportion of online purchases in the watch market continues to increase each year. The growing awareness of the resale watch market was also highlighted as a major topic. According to the survey, Industry leaders believe that the resale market has a positive impact on brand awareness and image, And that the resale market itself helps promote the overall watch market. However, Due to continuous price increases by watch brands, Genuine buyers are increasingly turning to the resale market. As one of the few practical tangible assets, Luxury watches are a sensitive and important issue for both investors and actual wearers. The 2023 resale market price report, Which will be of great interest to VIVER Magazine subscribers, Will be covered in the next issue.