For decades, Switzerland has been one of the most economically dynamic countries in Europe. Despite its persistence to stay on the outskirts of the European Union, it took advantage of several sectors such as banking and financial sectors and was more focused on the luxury market of Swiss watch making.
The Swiss watch industry has evolved through the ages and has earned a reputation that is known worldwide. This study will present an analysis of the Swiss watch making industry. It is also important to remember that the region of Franche-Comte has a historical link with Switzerland and especially with its watch industry.
The Swiss watch business has subcontractors in the Franco-Swiss border and labor in the activity from the region of Franche-Comté. Regarding the issue, it seems interesting to focus on the future of the watch industry in Switzerland.
Indeed, following the globalization of trade, competitors are multiplying and the risks of counterfeit are also on the rise. In addition, the current economic crisis has certainly had an impact, directly or indirectly, in this sector.
Thus, this research will answer the following question: what is the future of the Swiss watch business and how does it deal with international threats?
Switzerland (Swiss Confederation for official purposes) is a country in Central Europe, consisting of 26 cantons and with 4 national languages (German, French, Italian and Romansch), making it a multicultural country. Numerous international organizations such as the World Trade Organization (WTO) or the International Community of the Red Cross are installed. Switzerland is also known for its political and military neutrality.
The watch industry is one of the key sectors of the Swiss economy. The Swiss watch industry is world famous for its guarantee of quality.
In the mid-sixteenth century (1541) that the Swiss watch industry was born in the Geneva area. In just a few decades, the region managed to acquire a real reputation for excellence in this field. However, it was not until the dawn of the seventeenth century that the first Swiss watch corporation was born under the name "Master watchmakers in Geneva.”
It was only thirty years later that the first electric watch appeared on the world market. In the sixties, the development of the first quartz wristwatch of the world was undertaken by the electronic center of Neuchâtel watch: the prototype was the famous Beta 21.
Therefore innovations have continued to emerge through, for example quartz watches without batteries or equipped with LED or LCD screen.
During the four centuries of evolution, values such as know-how, tradition and the perpetual innovation and the development of high technology were the undeniable growth drivers of leadership the Swiss watch industry. Despite the many challenges it faced, the watch industry has managed to preserve, preserving all its inventiveness and dynamism unmatched.
The range of qualities that benefit some brands also enhance the image quality and luxury that is one of the strengths in the Swiss watch industry from threats caused by globalization.
Thus, we can say that the future of the Swiss watch industry is based on innovation to push the boundaries even further and attract lovers of horology. Firms should not rely on their current position and must be vigilant over their competitors because the world is constantly changing.
Tags: Switzerland, watch manufacturing industry, crisis in the watch industry
[...] Switzerland suffered an economic crisis owing to this war: the textile industry faced competition from the Far East. Export sectors such as watches and hotels were hit hard during the crisis of 1921 and 1930 to 1936. The Swiss franc was devalued by 30% in 1936. In order not to suffer the same crises in the future, labor peace was introduced in 1937 based on the resolution of conflicts between workers and employers through conciliation and arbitration by ruling out strikes and lockouts. [...]
[...] Switzerland and the European Union First, it seems important to underline the fact that Switzerland is, and remains, a partner of all countries of the European Union. From a geographical point of view, Switzerland is centrally located and is literally enclosed by the member countries of the European Union. In addition, Switzerland also has cultural similarities with countries of the European Union, since three of its official languages from EU countries. On a political level, one can easily see that Switzerland shares common values close to the European Union, such as democracy, human rights and pluralism, for example. [...]
[...] The American watch industry proliferated rapidly with the arrival of more companies on the watch making scene and thus put in place machinery, production systems and standardization in order to achieve precision. In 1876, during the Centennial International Exhibition in Philadelphia, the Waltham Watch Company presented the first machinery for making screws and also bagged the gold medal at the first chronometric competition worldwide. This feat acted as a trigger for Swiss watchmakers who immediately set to develop their techniques and methods of production and eventually outstripped their US competitors during the period between the wars. [...]
[...] With goldsmiths and jewelers rapidly turning their attention to the watch making activity following the reform of Calvin, the industry initially flourished in Geneva and its surroundings. However, in the eighteenth century, the Swiss watch industry was hit by unemployment.The willingness to undertake horological activities then expanded across the border and settled in Besancon.Thus was born the link between our region of Franche- Comté and the Swiss watch industry. The French government encourages the movement of immigration and thus the Manufacture d'Horlogerie was born in Besançon in 1793, and subsequently the Watchmaking School in 1860. [...]
[...] However, the Swiss watch industry is facing external threats and the crisis is likely to continue with the imminent development of Chinese know-how that may pose, in the future, major competition to Switzerland in terms of watches, not only in the low-end but the medium and high end as well. The other major concern is the problem of counterfeiting, a problem that has now become the subject of a campaign in Switzerland "Fake watches are for fake people". C. The crisis and the Chinese threat To describe the crisis situation Swiss watches currently face, we can quote Mr Jean-Claude Biver, the president of the Hublot brand, "'It's time to pack umbrellas and deckchairs before the gale' fails to imply the whole extent of the situation". [...]
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