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industry_consolidation

Industry consolidation

The watch industry has dramatically consolidated during the 20th century to just a few watch groups. There were waves of consolidation in the 1930s, 1960s, 1970s, 1980s, and 1990s, all of which resulted in a few companies (Swatch Group, Richemont, LVMH, Kering, and so on) controlling most of the Swiss and European watch industry. Similar consolidation occurred in Japan, where Seiko Group and Citizen Holdings own much of the industry, and in America, which is dominated by Movado Group.

Early Watchmaking Unions

1857

  • The Société des Fabricants et Négociants d'Horlogerie (“Society of Watch Manufacturers and Traders”) is founded in Saint-Imier

1869

  • September 2 - The Association Boîtes de Montres (“Association of Watch Case Assemblers”) is established in La Chaux-de-Fonds, serving Neuchâtel, La Chaux-de-Fonds, Le Locle, Tramelan, Franches-Montagnes, Bienne, La Neuveville, and the Saint-Imier valley
  • Société des Repasseurs, Remonteurs, Faiseurs d'Échappements Visiteurs en Horlogerie (“Society of Ironers, Reassemblers, and Adjusters of Escapements”) is founded in Saint-Imier
  • Société des Graveurs et Guillocheurs (“Society of Engravers and Guillocheurs”) is founded in Saint-Imier
  • Société des Faiseurs de Ressorts (“Society of Springmakers”) is founded in Saint-Imier

1871

  • Société des Monteurs de Boîtes de Montres (“Society of Watch Case Assemblers”) is founded in Courtelary

1874

  • Association Monteurs de Boîtes (“Association of Watch Case Assemblers”) is established in Saint-Imier
  • November 22 - Société des Ouvriers Faiseurs d'Échappements (“Society of Escapement Adjustment Workers”)

1876

  • October 15 - Union des Ouvriers Monteurs de Boîtes (“Union of Watch Case Assembly Workers”) is established in Porrentruy

1877

  • Société des Émailleurs (“Society of Enamelers”) is established in Courtelary

1886

  • October 31 - Fédération des Sociétés d'Horlogerie du Jura Bernois (“Horology Federation of the Bernese Jura”)
  • November 6 - Fédération des Ouvriers Horlogers (“Federation of Horology Workers”) in Moutier

1887

  • January 23 - The Assembly of Watch Manufacturers meets in Biel decides to found the FH
  • March 20 - Fédération des Ouvriers Repasseurs et Rémonteurs du Jura
  • June 5 - The Assembly of Watch Manufacturers meets in Saint-Imier
  • September 11 - Porrentruy watchmakers join the FH
  • December 20 - Syndicat des Fabriques d'Ébauches Suisses & Françaises (“Syndicate of Ebauche Makers in Switzerland and France”) is founded in Moutier

1888

  • Syndicat des Fabricants de Montres (“Syndicate of Watch Makers”) is established

1888

  • December 14 - Syndicat des Fabriques d'Ébauches Suisses & Françaises (“Syndicate of Ebauche Makers in Switzerland and France”) is founded in Moutier

1891

  • Syndicat des Fabricants d'Horlogerie (“Syndicate of Watch Makers”)
  • August 27 - Syndicat des Fabriques d'Ébauches des cantons de Berne et Soleure (“Syndicate of Ebauche Makers in Berne and Soleure”)

The Rise of Brands

1889

1890

1886

1893

  • March 27 - The Longines brand is registered worldwide

1893

  • The Zenith brand is registered

1920

The Great Depression

1924

  • January 17 - Foundation of the Swiss Watch Federation

1927

1929

  • Omega and Tissot form the SSIH, the industry's first large holding company.

1930

1931

1932

1933

1937

1938

1940

1941

1942

1944

1950

From Watchmakers to Corporations

1959

1960

1961

1965

1966

1967

1968

1969

1970

1971

The Quartz Crisis

1972

1974

1978

1979

1980

1981

1982

1983

1984

The Rise of Modern Groups

1985

1986

1987

1988

1990

  • Günter Blümlein and IWC begin working with Walter Lange to re-launch A. Lange & Söhne

1991

  • VDO's three watch companies (IWC, Jaeger-LeCoultre, and A. Lange & Söhne) are organized as Les Manufactures Horologes (LMH) under Blümlein
  • VDO is acquired by Mannesmann, which also owns Jaeger
  • SMH acquires Porta Micromechanic (PUW and Rowi) of Pforzheim and VEB Uhrenwerke Ruhla

1992

1993

  • Cartier Monde is renamed Vendôme Luxury Group and IPOs
  • October - Richemont separates its tobacco interests into Rothmans International and its luxury goods business into Vendôme, including Baume & Mercier, Cartier, Alfred Dunhill, Montblanc, Piaget, Karl Lagerfeld, Chloé, Sulka, Hackett, and Seeger
  • Investcorp acquires the remainder of Gucci

1994

1995

1996

1997

  • Q1 - An internal audit recommends that Audemars Piguet divest of the 40% of Jaeger-LeCoultre it holds; Stephen Urquhart leaves Georges-Henri Meylan as sole CEO
  • Vendôme acquires Officine Panerai and Lancel
  • November 26 - Richemont announces that it will the remaining 30% of Vendôme
  • Movado Group begins producing Coach brand watches under license

1998

1999

2000

International Industrial Groups

2001

2002

2003

  • March - LVMH sells the Favre-Leuba brand to Valentin; rumors suggest LVMH will exit the watch business completely
  • December 23 - LVMH sells the Ebel brand to Movado Group for $47.3 million, keeping Ebel's “Private Label Development” arm and renaming it Les Ateliers Horlogers, a developer of high-end watch movements for Dior and others
  • Richemont acquires the rest of Van Cleef & Arpels

2004

2006

2007

2008

2009

2010

2011

2012

2013

2014

2016

2019

  • November 25 - LVMH announces that it will acquire Tiffany €14.7 billion, though it would take two years to complete the deal

2021

  • January 7 - LVMH completes the acquisition of Tiffany at a lower price than announced two years earlier
industry_consolidation.txt · Last modified: 04.07.2022 02:55 by stephen

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