Time still of the essence but change the watchword at Singapore showcase

The market for luxury timepieces is expanding, helped by the pandemic and collectors with a deepening interest in connoisseurship.

Julien Tornare (CEO, Zenith), Frederic Arnault (CEO, Tag Heuer), Ricardo Guadalupe (CEO Hublot), Antoine Pin (managing director, Bulgari Watches) at LVMH Watch Week in Singapore

LVMH Watch Week has officially kicked off 2023 for the sometimes weird and often wonderful world of watches. The fourth edition of LVMH Watch Week was in Singapore last week, following years in Dubai and virtual events during the pandemic. It gathered four of the luxury conglomerate’s watch brands – Bulgari, Tag Heuer, Zenith and Hublot – to showcase new novelties and give a taste of what is to come.

Julien Tornare, CEO of Swiss watch brand Zenith, says while the luxury market was already strong in Singapore, it is continuing to grow. “It’s growing more and more. As a hub in Southeast Asia, and the markets surrounding Singapore are growing fast. You know, we’re talking about Malaysia, Thailand, Vietnam is a new one we all talk about. And definitely Australia has also evolved a lot,” he says.

TAG Heuer Carrera Chronograph 60th Anniversary

Michael Tay, group managing director of luxury watch retailer The Hourglass, agrees the Australian market has grown exponentially.

“Regionally, the market in Australia and New Zealand is also growing at an astounding rate – we’ve doubled the number of boutiques in Australia in just under three years, including opening the first two Tudor boutiques in the country,” he says.

Tay says there has been a “tectonic shift” in the level of scholarship and connoisseurship among watch buyers in the past three years, thanks in part to the pandemic with people stuck at home and honing in on a hobby, and also social media.

“I think the watch culture, the watch knowledge has improved dramatically over the last 10 to 15 years,” he says.

Zenith’s launches in January speak to this breadth of choice, including a skeletonised (open dial) version of its Zenith Defy Skyline, new coloured dials (with and without diamonds on the bezel), from pastel pink to mint green, on the 36cm Defy Skyline and a recreation of its earliest Defy model, first launched in 1969.

Bulgari Serpenti Tubogas Infinity launched at LVMH watch week. Picture: Supplied

The brand will launch some of its novelties to the Sydney market on Thursday at an exclusive event at Icebergs in Bondi, with international DJ Carl Cox providing the entertainment.

LVMH Watch Week comes ahead of the watch world’s major watch fair, Watches & Wonders, held in March/April in Geneva, Switzerland. It was established after the Baselworld watch fair closed in 2019.

Frédéric Arnault, CEO of Tag Heuer (and fourth child of LVMH chairman and CEO Bernard Arnault), says the addition of LVMH Watch Week to the watch calendar adds an element of dynamism in the way brands launch new products.

“In the past all the novelties were launched just at the watch fair … it’s important to have other moments when we can talk strongly and that’s what we’re doing here with the other LVMH maisons in January. We will keep this moment in the years to come,” he says.

Arnault, who first started in Tag Heuer’s Connected (smart) watch division in 2017 before becoming CEO in June 2020, says watches are now viewed as more of a luxury product rather than a utility.

Hublot Big Bang Unico Integrated Rainbow, launched at LVMH Watch Week in Singapore January 10-12.

“People have a lot of interest in pieces that have a meaning, a special design, accompanied by great brands and this is a trend on which we‘re building,” he says.

It’s set to be a big year for Tag Heuer as it celebrates the 60th anniversary edition of the Carrera watch in 2023 and more to come with its new partnership with actor Ryan Gosling.

The launch last week of a 600-piece limited-edition anniversary timepiece honouring the original with its recognisable black and white “panda” dial kicked off the party. Other new additions included the Tag Heuer Monza Flyback Chronometer.

Meanwhile new launches from Hublot, the brand fresh from its duties as the official timekeeper of the World Cup in Qatar, speak to a shift in preferences.

Known for its hefty watches – such as the Big Bang in sizes up to 48mm – CEO Ricardo Guadalupe says smaller sizes have been resonating with clients (which includes a growing percentage of female customers – up to 27 per cent last year from 20 per cent the previous year).

During LVMH Watch Week Hublot launched a rainbow gem-set version of its Big Bang Unico Integrated and Big Bang Unico Time Only pieces, as well as an ode to its game-changing original Fusion watch.

Zenith DEFY Skyline, launched at LVMH Watch Week in January 2023.

The sporty chic watch was first launched in 1980 and introduced the then unheard of idea of a gold dial on a rubber strap.

Bulgari focused on jewellery creations for LVMH Watch Week with a line-up of cocktail and jewellery watches that reflected the Roman jeweller’s signature bold and colourful style. Bulgari also introduced a new version of its Serpenti Tubogas watch, pictured left, with a technique that allowed diamonds to be set along the bracelet for the first time.

More than ever, says Antoine Pin, managing director of Bulgari Watches, clients want something extraordinary.

“I think the opportunity for us is (in) the exceptional … there is a demand for exceptional items,” he says.