Beyond the Watch: Timeless Advice for Success in Business

“Don’t watch the clock; do what it does. Keep going.” — Sam Levenson

At a meeting I had last week, it was interesting to find most attendees often taking not-so-quick glances at their smartwatches and frequently fiddling with them. It made me think, has the time come for luxury watches to say sayonara? You know the kind I’m talking about… those beautifully hand-crafted precision timepieces from Rolex, Patek Philippe, Audemars Piguet, and Omega.

The smartwatch trend brings me back to the 70s and early 80s Quartz Movement… remember the cheap Casio watch with a flashing LED time display that everyone had? At one point, it was hailed as a great technological advancement just like how the smartwatch is seen today.

But the idea that technology would deal a fatal blow to the luxury watch is almost laughable and simply hasn’t panned out.

And the best part, the primary function of a watch — to tell the time — has been rendered pretty much obsolete…Check out the facts:

• Today, the global luxury watch is a $45 billion industry and is on target to reach $51 billion by 2027 (Does that sound like a failing industry to you?)
• The top brands account for $15 billion (Rolex- $8B, Omega-$3.1B & Cartier-$3B)