Interview: "Selective Normalisation in 2026" - Overview of the Watch Industry with Jean-Philippe Bertschy, Head of Vontobel Equity Research
The watch industry faces a complex landscape as it enters 2026, characterized by "selective normalization" where growth is not uniform across all brands. While major players with strong brand power and integrated retail networks are returning to historical growth levels, many others continue to struggle with declining volumes and reduced visibility. This environment suggests a market increasingly dominated by a small number of brands that capture the majority of value, leaving little room for smaller or mid-range competitors. Despite challenges, there are signs of gradual recovery, particularly in high-end markets. The United States is expected to see moderate growth, while Mainland China stabilizes with a shift towards more mature demand. Europe remains sluggish, and while the Middle East shows promise, India presents long-term potential despite its current limitations. The overall sentiment is cautious, with a focus on selective opportunities rather than broad-based rebounds across the industry.
