It’s an annus horribilis for watches. Swiss exports are down, tariffs are up in the key US market, gold prices are breaking record highs and inflation is pricing out aspirational buyers. Tough times, however, drive innovation.
In 2025, brands cut back on gimmicky one-offs to focus on lasting impact. The Vogue Business innovation audit shows a wave of fresh collaborations across sports and the arts, designed to build cultural capital and reach consumers beyond the collector echo chamber. The result is a reshuffle at the top, with both the usual suspects and fresh challengers leading through original, long-horizon strategies. Interestingly, the most aggressive innovators are often those under the greatest commercial pressure, using new levers to regain momentum. Market leaders — Rolex and Patek Philippe — by contrast, have stuck to proven strategies, prioritizing production increases to meet seemingly inexhaustible demand.
Innovation’s 2025 class
Top 5: Innovating heavyweights
The Vogue Business Watch Index assesses brand innovation across two main pillars: experiences for clients and stakeholders, as well as services for existing and prospective shoppers.
Experiences range from augmented reality (AR) and virtual reality (VR) features on brand websites and social media, such as virtual try-on, gamified experiences, collaborations across different media, including film and TV, to connectivity products and NFTs. The services analyzed include virtual consultations and video shopping, traceability, third-party or direct resale services, and the acceptance of cryptocurrency. Research was conducted through an audit of different brands’ long-term and point-in-time activations over the past year, with individual metrics weighted to consumer importance.
Biggest movers
The biggest climber was Panerai, rising from 18th place to 10th, thanks to its successful sponsorship of the Italian Luna Rossa sailing team, a competitor in the well-attended America’s Cup. IWC claimed the top spot as this year’s leading innovator, jumping five places with the launch of a line of watches linked to Brad Pitt’s highly anticipated F1 movie. Other strong performers include Jaeger-LeCoultre (up five positions to number eighth), Chopard (up three positions to fourth) and Zenith (up three positions to 16th). Cartier, already in the top five, climbed two spots to secure second place, while Breitling — last year’s leader — now sits third, although the brand just announced a major sponsorship program in the US.
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