This #BoFLIVE event was based on the Business of Fashion and McKinsey & Company’s ‘State of Fashion: Watches & Jewellery Report’ article. Click here to read our full analysis.
The watches and fine jewellery sectors, which are heavily reliant on physical retail, suffered substantial losses due to pandemic-induced reductions in consumer spending, travel restrictions and rolling lockdowns. The watch industry, valued at $49 billion in 2019, shrunk to $36 billion in 2020, while the fine jewellery sector went from a $280 billion valuation in 2019 to $246 billion in 2020. But looking ahead to 2025, both are poised for strong growth across various categories, geographies and channels, according to BoF and McKinsey’s Watches and Jewellery special edition of The State of Fashion.
“The report has really nailed some key points about the consumer: looking for value, looking for sustainability, looking for service, looking for trust, and looking for any product anywhere,” said Zahra Kassim-Lakha, director of business development and integration at Watchfinder.
In this edition of BoF Live, the authors of the report, including BoF’s Imran Amed; writer and consultant Robin Swithinbank; and McKinsey’s Achim Berg and Tyler Harris, global leader of the apparel, fashion & luxury group, and associate partner, respectively, are joined by industry experts to break down the shifts happening in the watches and jewellery sectors, and what they will look like in next few years — including how growing interest in sustainability considerations, online shifts and advancement of second hand markets will affect brands’ thinking about where and how they do business.
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