Luxury watch maker Audemars Piguet enters a new but very familiar world on its first appearance at Watches and Wonders in Geneva. The Swiss firm's CEO Ilaria Resta is hoping to make an impression with an ambitious project that revives the firm's tried and tested method for creating masterpieces.
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A step into the unknown can be fearful but also provide huge opportunities for lessons and growth. Swiss luxury watchmaker, Audemars Piguet is hoping for the latter as it makes its premier appearance at Watches and Wonders this year.
In some senses, the firm faced a stark choice which limited its options. The industry has been hit hard by soaring prices for precious metals and a general downturn in demand for luxury goods.
Few, if any, would dare whisper seeing signs of the green shoots of recovery but Audemars Piguet's CEO, Ilaria Resta is bullish and bright about the future.
"It's an important moment and milestone for us because we have been celebrating the 150 years anniversary last year. So we want to start the next chapter of Audemars Piguet history together with the rest of the industry," says Resta. "We believe this platform is a great opportunity to connect with the other players in the industry, to learn from each other, and to celebrate this wonderful watchmaking industry."
There's good reason for Audemars Piguet to be cheerful. Part of its exhibition at Watches and Wonders is a showcase of its innovative 'AP Lab', an elaborate pop-up space in the heart of Geneva where people curious about the industry find out more from the firm's watchmakers.
"It's a very unique format that is basically a space of engagement with our watchmakers, a space for learning, a space of discovery open really to everybody, to the public, to the kids, families, anybody who wants to learn about watchmaking," adds Resta.
Women and watches
Resta hopes the open house policy will also help end the belief that the luxury watchmaking sector is extremely conservative, overtly male-dominated and tangled up in old-fashioned traditions.
She is living proof that women have prominent roles in the industry, and that picture is reflected she says at all levels.
"Women have been working in watchmaking for centuries... Wrist watches were invented for women and if you look the data for 2030, 45% of women will be buying mechanical watches."
"We see women growing in the purchase of high-end complications. For me it's important also to break the narrative that there are watches for men, watches for women. I don't believe in that because this is not what women or men ask. There is a blend between these two segments of watches and now people just love complicated watches."
Thinking about the future
Resta's optimism is as infectious as her enthusiasm feels rocket-fuelled.
Yes, she freely admits, the wider industry is struggling, alluding to ongoing uncertainty in the Middle East, but much closer to home, she points to perhaps a renewed sense of solidarity throughout the sector.
"It's a very vibrant time for watchmaking, although it's tough moment for the broad industry, but we see lots of creativity. I'm very happy to have our stand very close to the independent brands. There is really the desire to continue pushing the boundaries of what we think is possible from a mechanical standpoint, but also from a decoration standpoint."
Watches and Wonders is also the launchpad for Audemars Piguet's latest project, 'Atelier d'Etablisseur' - a tribute to the firm's time trusted age-old techniques that will be combined with cutting-edge technology to manufacture new products with new materials and new creators.
Part of that knowhow will be on display during the weekend as Audemars Piguet unveils three new different watches, the Etablisseur Galette, the Etablisseurs Nomade, and the Etablissesur Peacock.
For more on Audemars Piguet's plans watch the full interview with Ilaria Resta in the main player.
