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The Deloitte Swiss Watch Industry Study 2020 an Accelerated Transformation the Deloitte Swiss Watch Industry Study 2020 | an Accelerated Transformation
The Deloitte Swiss Watch Industry Study 2020 An accelerated transformation The Deloitte Swiss Watch Industry Study 2020 | An accelerated transformation About the study This report is the seventh edition of the Deloitte study on the Swiss watch industry. It is based on an online survey and interviews conducted between mid-August and mid-September 2020 with 55 senior executives in the watch industry. The study is also based on an online survey of 5,800 consumers in China, France, Germany, Hong Kong, Italy, Japan, Singapore, Switzerland, the United Arab Emirates, the United Kingdom and the United States. The year 2020 marks 175 years of Deloitte making an impact that matters. Today Deloitte is a thriving global organisation, which has grown to more than 300,000 people proudly carrying forth a legacy of connection and collaboration. We’re not trusted because we’ve existed for 175 years. We’ve existed for 175 years because we’re trustworthy. That’s our legacy. That’s our future. 02 The Deloitte Swiss Watch Industry Study 2020 | An accelerated transformation Contents 1. Key findings 04 2. Industry overview 05 2.1 COVID-19: Unexpected and unprecedented 05 2.2 Quartz watches: Continuing drop in exports and sales 07 2.3 China: Key for recovery and growth 09 3. Looking ahead 11 3.1 Beyond the pandemic 11 3.2 The Far East and high-end are vital for growth 12 4. Challenges remain 13 4.1 External risks: Protests and politics 13 4.2 Smartwatches: Industry missed the boat 14 5. Business strategies 18 5.1 Digitalising for a ’consumer first’ world 18 5.2 The pre-owned market heats up 23 5.3 Sustainability: The future is green 25 6. -
The Case of Switzerland and the World Watch Industry *
469 Technological discontinuities and flexible production networks: The case of Switzerland and the world watch industry * Amy Glasmeier tain and augment their competitiveness in a global Unrr~rs~t~of Texas at Austin, Texas, USA economy. On the eve of the electronics revolution, the Swiss watch production system, centered in the mountainous Jura region, was flexible, cost The twentieth-century history of the Swiss watch industry effective, and extremely profitable. Both horizon- illustrates how cultures and industrial production systems ex- tally and vertically disintegrated, the Swiss system perience great difficulty adapting to external change at differ- offered enormous variety while maintaining qual- ent points in time. The current emphasis on production net- ity and timeliness of delivery. “The multiplicity of works - unique reservoirs of potential technological innovation realized through cooperation rather than competition among enterprises, and the competition and emulation firms - lacks a detailed appreciation of historic networks, and that characterized the industry, yielded a product in particular their fragile character in times of economic of superior quality known the world over for high turmoil. While networks can and do promote innovation within fashion, design, and precision” [21, p. 481. an existing technological framework, historical experience sug- Beginning in the 1970s when foreign competi- gests their fragmented, atomistic structure is subject to dis- organization and disintegration during periods of technological tion hurdled technological frontiers in watch change. An exclusive focus on “production” ignores other movements, advancing from mechanical to elec- constraints that are powerful forces governing the reaction tric, electronic, digital and finally quartz technol- abilities of regions. Previous research has largely relied on a ogy, the Jura’s undisputed dominance ended. -
Swiss Watch Industry Study 2020 | an Accelerated Transformation
The Deloitte Swiss Watch Industry Study 2020 | An accelerated transformation About the study This report is the seventh edition of the Deloitte study on the Swiss watch industry. It is based on an online survey and interviews conducted between mid-August and mid-September 2020 with 55 senior executives in the watch industry. The study is also based on an online survey of 5,800 consumers in China, France, Germany, Hong Kong, Italy, Japan, Singapore, Switzerland, the United Arab Emirates, the United Kingdom and the United States. The year 2020 marks 175 years of Deloitte making an impact that matters. Today Deloitte is a thriving global organisation, which has grown to more than 300,000 people proudly carrying forth a legacy of connection and collaboration. We’re not trusted because we’ve existed for 175 years. We’ve existed for 175 years because we’re trustworthy. That’s our legacy. That’s our future. 02 The Deloitte Swiss Watch Industry Study 2020 | An accelerated transformation Contents .+ BUi p^TY^Wc -1 2. Industry overview 05 2.1 COVID-19: Unexpected and unprecedented 05 2.2 Quartz watches: Continuing drop in exports and sales 07 2.3 China: Key for recovery and growth 09 3. Looking ahead 11 3.1 Beyond the pandemic 11 3.2 The Far East and high-end are vital for growth 12 1+ ;XQ\\U^WUc bU]QY^ .0 1+. =hdUb^Q\ bYc[c7 Gb_dUcdc Q^T `_\YdYSc .0 1+/ J]QbdgQdSXUc7 u^Tecdbi ]YccUT dXU R_Qd .1 5. Business strategies 18 2+. <YWYdQ\YcY^W V_b Q mS_^ce]Ub pbcdm g_b\T .5 5.2 The pre-owned market heats up 23 5.3 Sustainability: The future is green 25 6. -
Annual Report / 2017 1 Contents
ANNUAL 2017 REPORT THE EARTH, THE SUN, A YEAR The Earth needs about 365.25 days to complete its gravity-assisted elliptical orbit of the sun. Of course, we generally round this number down and take care of that extra quarter day every four years. Typically, a day consists of 24 hours but we often record its two 12-hour halves. The 8760 hours in Swatch Group’s 2017 were significant. This is their story. SWATCH GROUP / ANNUAL REPORT / 2017 1 CONTENTS MESSAGE FROM THE CHAIR 2 OPERATIONAL ORGANIZATION 4 ORGANIZATION AND DISTRIBUTION IN THE WORLD 5 ORGANS OF SWATCH GROUP 6 BOARD OF DIRECTORS 6 EXECUTIVE GROUP MANAGEMENT BOARD 8 EXTENDED GROUP MANAGEMENT BOARD 9 DEVELOPMENT OF SWATCH GROUP 10 ART & PHILANTHROPY 11 BIG BRANDS 19 WATCHES AND JEWELRY 20 – 84 RETAILING AND PRESENCE 85 – 90 PRODUCTION 91 ELECTRONIC SYSTEMS 101 CORPORATE, BELENOS 107 SWATCH GROUP IN THE WORLD 115 GOVERNANCE 141 ENVIRONMENTAL POLICY 142 SOCIAL POLICY 149 CORPORATE GOVERNANCE 152 FINANCIAL STATEMENTS 2017 165 CONSOLIDATED FINANCIAL STATEMENTS 166 FINANCIAL STATEMENTS OF THE SWATCH GROUP LTD 216 COMPENSATION REPORT 2017 231 PLEIADES Swatch Group’s Annual Report and The Pleiades are an open star cluster in the Compensation Report are published in constellation Taurus. They are part of the French, German and English. Milky Way and can be seen from Earth with Pages 1 to 151 are originally published in the naked eye. Its name connects it not only French and pages 152 to 230, as well as the to the nymphs in Greek mythology, but also Compensation Report, in German. -
Risks and Opportunities for the Swiss Watch Industry
Copie Juré Copie Conseiller Copie Infothèque Risks and opportunities for the Swiss watch industry Travail de Bachelor réalisé en vue de l’obtention du Bachelor HES par : Alexander Kenel Conseiller au travail de Bachelor : Cyril Pasche Genève, 17.08.2018 Haute École de Gestion de Genève (HEG-GE) Filière économie d’entreprise Déclaration Ce travail de Bachelor est réalisé dans le cadre de l’examen final de la Haute école de gestion de Genève, en vue de l’obtention du titre de Bachelor of Science en économie d’entreprise < … >. L’étudiant a envoyé ce document par email à l'adresse d'analyse remise par son conseiller au travail de Bachelor pour analyse par le logiciel de détection de plagiat URKUND. http://www.urkund.com/fr/student/392-urkund-faq L’étudiant accepte, le cas échéant, la clause de confidentialité. L'utilisation des conclusions et recommandations formulées dans le travail de Bachelor, sans préjuger de leur valeur, n'engage ni la responsabilité de l'auteur, ni celle du conseiller au travail de Bachelor, du juré et de la HEG. « J’atteste avoir réalisé seul< e > le présent travail, sans avoir utilisé des sources autres que celles citées dans la bibliographie. » Fait à Genève, le 13.08.2018 Alexander Kenel Risks and opportunities for the Swiss watch industry KENEL, Alexander 1 Summary In the first part of my bachelor thesis I am presenting the watch industry in Switzerland. My goal is to impart the most essential information to convey a good overview about this highly interesting domain. I am explaining the current state of the sector, but also important historical events like the quartz crisis from the 1970ies. -
The Annual Report on the Most Valuable Swiss Brands May 2017
Switzerland 50 2017 The annual report on the most valuable Swiss brands May 2017 Foreword. Contents steady downward spiral of poor communication, Foreword 2 wasted resources and a negative impact on the bottom line. Definitions 4 Methodology 6 Brand Finance bridges the gap between the marketing and financial worlds. Our teams have Executive Summary 8 experience across a wide range of disciplines from market research and visual identity to tax and Full Table (CHFm) 12 accounting. We understand the importance of design, advertising and marketing, but we also Full Table (USDm) 13 believe that the ultimate and overriding purpose of Understand Your Brand’s Value 14 brands is to make money. That is why we connect brands to the bottom line. How We Can Help 16 By valuing brands, we provide a mutually intelligible Contact Details 17 language for marketers and finance teams. David Haigh, CEO, Brand Finance Marketers then have the ability to communicate the significance of what they do and boards can use What is the purpose of a strong brand; to attract the information to chart a course that maximises customers, to build loyalty, to motivate staff? All profits. true, but for a commercial brand at least, the first Without knowing the precise, financial value of an answer must always be ‘to make money’. asset, how can you know if you are maximising your returns? If you are intending to license a brand, how Huge investments are made in the design, launch can you know you are getting a fair price? If you are and ongoing promotion of brands. -
Swatch Group Annual Report 2013
SWATCH GROUP ANNUAL REPORT 2013 SWATCH GROUP | ANNUAL REPORT 2013 1 Contents Message from the Chair 2 Operational Organization 4 Organization and Distribution in the World 5 Organs of Swatch Group 6 Board of Directors 6 Executive Group Management Board 8 Extended Group Management Board 9 Development of Swatch Group 10 Big Brands 11 Watches and Jewelry 12–76 Retailing and Presence 77–82 Production 83 Electronic Systems 93 Corporate, Belenos 99 Swatch Group in the World 107 Governance 133 Environmental Policy 134 Social Policy 136 Corporate Governance 138 Financial Statements 2013 151 Consolidated Financial Statements 152 Financial Statements of the Holding 206 Swatch Group’s Annual Report is published in French, German and English. The text on pages 1 to 137 is originally published in French and the text on pages 138 to 216 in German. These original versions are binding. © The Swatch Group Ltd, 2014 2 SWATCH GROUP | ANNUAL REPORT 2013 | MESSAGE FROM THE CHAIR Message from the Chair Dear Madam, Dear Sir, automation, robotics and design. The Swatch SISTEM51 that we Dear Fellow Shareholders, launched in Switzerland in December 2013 is an emblematic example of this philosophy. Swatch Group is the name of the multi-faceted company that we all jointly own. The fact that it was Swatch that gave its name to This change did not only make it possible to create an incredible our company is no coincidence. Thirty-one years ago, the launch number of jobs, thus consolidating the position as a hub of of Swatch saved the Swiss watchmaking industry. On the occa- Swiss industry; it did not only save professions – which today sion of its 30th birthday, which we celebrated with a number of are undoubtedly different but are nonetheless secured; it did events in 2013, Swatch finally reached adulthood. -
Brand Globalization and the Comeback of the Swiss Watch
Brand Globalization and the Comeback of the Swiss Watch Industry on the World Market, 1980-2010 Pierre-Yves Donzé, Kyoto University WORK IN PROGRESS, DON’T QUOTE WITHOUT PERMISSION Introduction Brand management is a key component of modern enterprises. 1 For firms, the main function of brands is to “differentiate them from competition”. 2 According to Teresa da Silva Lopes and Paul Duguid, brands have a positive effect for both consumers and producers. They enable the former to identify the product and reduce uncertainty, whereas for the latter, “they gave the capacity to shape consumers’ interest and tastes”. 3 Alfred Chandler argues that companies began to adopt brand management in the late 19th century when their markets expanded geographically.4 The transformation of the distribution system, with the emergence of chain stores and supermarkets, and the enlargement of consumption led to a need to identify products, especially in the consumer goods industry (processed food, beverages, tobacco, etc.). Yet despite the fact that packaged consumer goods manufacturers (Heinz, Kellogg, Nestlé, etc.) spread worldwide and built up a global organization during the years 1 Teresa da Silva Lopes, Global Brands: The Evolution of Multinationals in Alcoholic Beverages , New York: Cambridge University Press, 2007. 2 Teresa da Silva Lopes and Paul Duguid, “Introduction: Brands and Competitiveness”, in Teresa da Silva Lopes and Paul Duguid (eds.), Trademarks, Brands, and Competitiveness , New York & London: Routledge, 2010, p. 1. 3 Ibidem. 4 Alfred Chandler, Scale and Scope: The Dynamics of Industrial Capitalism , Cambridge: Harvard University Press, 1994, pp. 63-65, 168-170 1880-1914, this did not lead to the appearance of global brands. -
The Comeback of the Swiss Watch Industry on the World Market: a Business History of the Swatch Group (1983-2010)
Munich Personal RePEc Archive The comeback of the Swiss watch industry on the world market: a business history of the Swatch Group (1983-2010) Donzé, Pierre-Yves Osaka University, Graduate School of Economics April 2011 Online at https://mpra.ub.uni-muenchen.de/30736/ MPRA Paper No. 30736, posted 06 May 2011 02:26 UTC Discussion Papers In Economics And Business The Comeback of the Swiss Watch Industry on the World Market: A Business History of the Swatch Group (1983-2010) Pierre-Yves DONZÉ Discussion Paper 11-14 Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University, Toyonaka, Osaka 560-0043, JAPAN The Comeback of the Swiss Watch Industry on the World Market: A Business History of the Swatch Group (1983-2010) Pierre-Yves DONZÉ Discussion Paper 11-14 April 2011 Graduate School of Economics and Osaka School of International Public Policy (OSIPP) Osaka University, Toyonaka, Osaka 560-0043, JAPAN The Comeback of the Swiss Watch Industry on the World Market: A Business History of the Swatch Group (1983-2010)* † Pierre-Yves DONZÉ Abstract The objective of this paper is to contribute to a better understanding of the comeback of the Swiss watch industry on the world market since the end of the 1980s. It focuses on the Swatch Group (SG), currently the world’s biggest watch company. In 1983, the merger of the largest watch group (SSIH) and of the trust controlling the production of parts and movements of watches (ASUAG) into SG was the main measure taken to overcome the Japanese competition. Managed since 1986 by Nicolas G. -
The History of Blancpain As Our Lead Article in This Issue Along with Many Other Interesting and Entertaining Articles
ISSUE 05 ISSUE 05 THE LAST GARDENER OF THE RISOUD FOREST THE HISTORY The Quest for the Resonance Tree MAJESTIC HAND OF BLANCPAIN CRAFTSMANSHIP The Time-Honoured Art of Engraving 2008 Traversing 270 Years of Trials, Travails and Triumphs is Alive and Well at Blancpain Fifty Fathoms Tourbillon (ref. 5025-3630-52) WWW.BLANCPAIN.COM 2008 EDITORIAL | 01 DEAR FELLOW WATCH CONNOISSEURS: Welcome to Issue No. 5 In each of our preceding issues of Lettres du Brassus the subject of our feature article has related to contemporary Blancpain. In this Issue we break from that pattern to look back at our history. We are fortunate that Jean-Jacques Fiechter, the Blancpain CEO from 1950-1980 was able to meet with me to share his rich knowledge of our history. After spending many hours with him, enthralled by details of our patrimony gleaned both from his personal experience and from his careful historical research, it became clear that we must share what we learned with our Blancpain connoisseurs. Thus, we are delighted to present the History of Blancpain as our lead article in this Issue along with many other interesting and entertaining articles. I hope you enjoy Issue 5. Marc A. Hayek President and CEO Blancpain HIGHLIGHTS THE HISTORY OF BLANCPAIN TRAVERSING 270 YEARS OF TRIALS, TRAVAILS AND TRIUMPHS 04 THE LAST GARDENER OF THE RISOUD FOREST THE QUEST FOR THE RESONANCE TREE 14 CHAMPAGNE BOUTIQUE CHAMPAGNES THAT EMPHASIZE TERROIR AND GRAPE 34 CRAFTSMANSHIP THE TIME-HONOURED ART OF ENGRAVING IS ALIVE AND WELL AT BLANCPAIN 62 02 | 03 CONTENT IN TIME THE -
A Test & History of the Fifty Fathoms, from the Pages Of
THE WORLD OF FINE WATCHES SPOTLIGHT www.watchtime.com A TEST & HISTORY OF THE FIFTY FATHOMS, FROM THE PAGES OF WATCHTIME MAGAZINE BBLLAANNCCPPAAIINN Depth How well does the automatic BY ALEXANDER LINZ BenefPHOTOSi BY NIK SCHt ÖLZEL version of the Fifty Fathoms, Blancpain’s diving diva, perform in WatchTime’s rigorous test? TEST Blancpain Fifty Fathoms Pros + Blancpain manufacture caliber + Excellent rate results + High-contrast dial + Luminous in the dark + Very good workmanship on case and bezel Cons - Extra cost for strap replacement set - Huge back orders at present lancpain’s Fifty Fathoms was something of a novelty when it first appeared in 1953. In an era of function-foremost diving watches, the Fifty Fathoms combined elegant good looks with deep-seaworthy water-resistance and extreme durability. In 2003, to mark the 50th anniversary of this stylish but rugged watch, Blancpain introduced an updated, refined version Bof it, a limited edition of three series of 50 pieces each. It sold out in no time. Watch enthusiasts and collectors were virtually knocking each other over to get their hands on it. It came as no surprise, then, when last year Blancpain came out with an unlimited version of the watch as part of a new Fifty Fathoms collection. Unlike the 2003 limited edition, which con - tained the Frédéric Piguet Caliber 1151, with two barrels and 100 hours of power reserve, the 2007 model is powered by Blancpain’s newly developed Caliber 1315. This movement is based on the exclusive Blancpain manufacture hand-wound Caliber 13R0, with three barrels and a power reserve of eight days, which came out in 2006. -
Sales Internationalization of Swiss Luxury Watchmakers in China and Hong Kong
Sales internationalization of Swiss luxury watchmakers in China and Hong Kong Bachelor Project submitted for the degree of Bachelor of Science HES in International Business Management by Simeon BADOUX Bachelor Project Advisor: Philippe REGNIER Préverenges, the 31st of May 2017 Haute école de gestion de Genève (HEG-GE) International Business Management Declaration This Bachelor Project is submitted as part of the final examination requirements of the Haute école de gestion de Genève, for the Bachelor of Science HES-SO in International Business Management. The student accepts the terms of the confidentiality agreement if one has been signed. The use of any conclusions or recommendations made in the Bachelor Project, with no prejudice to their value, engages neither the responsibility of the author, nor the adviser to the Bachelor Project, nor the jury members nor the HEG. “I attest that I have personally authored this work without using any sources other than those cited in the bibliography. Furthermore, I have sent the final version of this document for analysis by the plagiarism detection software stipulated by the school and by my adviser”. Préverenges, the 31st of May 2017 Simeon BADOUX Sales internationalization of Swiss luxury watchmakers in China and Hong Kong Simeon BADOUX i Acknowledgements I would firstly like to thank my advisor and professor Mr Philippe Regnier, who on many occasions took the time to coach me during the preparation of this bachelor thesis. I would also like to thank my parents Marc and Judy Badoux and sisters Sarah, Suzanne, Sophia and Syelle for indulging me during the production of this thesis and for their support.