2023 Watch Industry Review: A Year of Dynamic Changes and Strategic Moves

This newsletter captures the eventful year in the luxury watch industry, highlighting major developments and transformations. Patek Philippe's significant restructuring of its retail network marks a strategic move, reducing its dealerships while maintaining robust UK sales. Rolex's acquisition of Bucherer raises questions about the balance between major retail groups and independent retailers. The secondary market sees a notable downturn, with Rolex models like the Submariner Kermit experiencing decreased values. A major development is the formation of The 1916 Company, where WatchBox merges with Govberg, Hyde Park, and Radcliffe Jewelers to create a $500 million conglomerate, blending primary and secondary markets. The year 2023 in the watch industry is marked by strategic overhauls, market shifts, and the emergence of new power players, indicating a dynamic and evolving landscape.