Dressed for Success? – Openwork Episode 95

Rolex's Padellone, Breguet's Retail Purge, and Swiss Exports

Eighteen months after Liberation Day, we look at where Swiss watch exports stand. Shipments to the U.S. are down 8.3% year to date but still up 8.8% versus 2024. Mainland China is down 23% from two years ago. Global exports are still up 1.7%, carried by the UK, India, Europe and South America. The growth is coming from watches over $50,000, while the $1,000 to $10,000 middle of the market gets hollowed out. Collector taste is moving away from steel sports watches and toward dress watches, complications and handmade pieces.

Rolex's new Padellone annual calendar is a business move. Starting at $59,000, it's another sign that Rolex wants to compete with Patek Philippe while Tudor handles Omega. We ask whether it will open buyers up to classical dress watches or stay inside the Rolex world, and which annual calendars we'd buy for the money instead.

Then there's Breguet. Under CEO Gregory Kissling, the brand has made some of its best product in years: the new Classique tourbillons and updated Traditions. At the same time, it has cut dozens of U.S. retailers in 18 months and is moving to company-owned boutiques. Lange, AP and Rolex all made that shift from a position of strength. We look at how Swatch Group mismanaged Breguet for decades, why the Hayeks are still involved, what happens to longtime Breguet clients when their dealer disappears, and what we'd do differently if we ran the brand.

Openwork is a weekly podcast about how the watch industry actually works. An unfiltered look behind the scenes — no press releases, no hype, and no sponsored takes. Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology. Available on Apple Podcasts, Spotify, YouTube Music, or wherever you get your podcasts.

You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email podcast@collectivehorology.com.