In the wake of the coronavirus pandemic and the major watch shows declaring they would not take place this year, many of the world’s watch brands said they would delay releasing new models, and some, including Patek Philippe, postponed their entire 2020 launch programme by a year.
Since February, when lockdowns were imposed in China, there has been steep decline in the industry. In March, Swiss watch exports dropped 21.9 per cent by value compared with 2019. In Hong Kong it was even worse, a fall of 41.3 per cent.
Then, at the end of April, things began to recover