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At five points in the past 500 million years, life on Earth was almost completely wiped out. We are now on the brink of a sixth mass extinction, and we are the cause. Can humans right their wrongs? The luxury industry must lead by example.
An influx of capital ends a year marked by a boom in sales at auction and on the pre-owned market as watches take on a new role as investment products.
There are several possible lines of action to reduce the negative environmental impact of extracting precious materials. One solution would be for buyers to form a pressure group and request that producers provide guarantees. In 2008, the Swiss watch industry used 36 tonnes of gold or 1% of global consumption. This could be enough to put pressure on the market.
The current economic crisis clearly implies spending cuts in non-essential or secondary sectors. Regrettably, the environment is often considered as such. However, not every Fine Watch brand is feeling the effects of recession to the same degree. In this context, a company could be well-advised to manage its environmental impact, given the repercussions this can have on its image. Unauthorised constructions, accidental pollution due to non-respect of safety regulations or the increased number of commuters in the Arc Jurassien regions are all detrimental to a company’s reputation. Note too that proper environmental management also saves money through optimised use of resources and routine recycling.
Brazil, Venezuela, Colombia, Chile, Argentina… the Latin American countries did suffer from the global crisis that affects the world economy. But they still represent interesting markets for the Haute Horlogerie brands.
Distribution must contend with important challenges in the years to come, and the Fondation de la Haute Horlogerie (FHH), in partnership with Bocconi University School of Management in Milan, is shedding light on what these challenges will be. Their findings will be made public next January during the 2010 Salon International de la Haute Horlogerie in Geneva. Carlo Ceppi, Mission Delegate for the Italy-Greece delegation at the FHH and Manager for IWC Italy , gives a foretaste of the survey’s conclusions.
Even with the global economy in the grip of a slowdown, watchmaking is still struggling to recruit in certain specialist fields. The Centre de Formation dans le domaine de l’Horlogerie, set up by two professionals in the sector, aims to bridge this gap.
