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Piaget’s CEO on Powering Growth in a Challenging Watch Market

The Richemont-owned jewellery and watch brand is enjoying newfound momentum after relaunching its Polo 79 timepiece — part of a broader programme to reactivate the glamour of its jet-set glory days. CEO Benjamin Comar shares his vision for how Swiss watchmakers can reach new clients in a tough market for hard luxury for The State of Fashion: Luxury.

Piaget vignette lead — Piaget CEO Benjamin Comar shares his vision for reactivating the brand's heritage. (Piaget)

Robin Swithinbank

30 January 2025

BoF PROFESSIONAL

In 2024, the value of Swiss watch exports slipped after two years of record sales in 2022 and 2023. Brands battled the lingering effects of inflation across key markets, a sustained deterioration in Chinese demand and a challenging geopolitical climate amid conflicts in Ukraine and the Middle East. Volumes also continued to slide: Despite a bump from Swatch and Omega’s MoonSwatch (estimated to shift around 1.5 million units a year), the number of Swiss watches exported each year has roughly halved since 2015.

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The State of Fashion: Luxury

Macroeconomic headwinds, shifting customer preferences and a deteriorating value proposition continue to weigh on the global luxury sector in 2025. Companies need to review their strategic priorities — investing in talent development, product excellence and finding new ways to engage with clients. Download the special Luxury edition of The State of Fashion report by BoF Insights and McKinsey & Company to understand the strategic imperatives for luxury executives in the years ahead.

About the author

Robin Swithinbank

Robin Swithinbank is a contributing writer at The Business of Fashion. Swithinbank is a London based journalist, editor, and speaker who specialises in luxury watches.

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