This episode of The Business of Watches is brought to you by Panorai.

2025 marks the year of the Luminor, a celebration of bold Italian design, technical innovation,

and the legacy of Panorai's most iconic collection.

Welcome to the Business of Watch watches, where horology meets high finance and each tick tells a story of

markets, margins, mishaps, and mechanical mastery. I'm your host, Andy Hoffman, senior business

editor at Haudinkie. In this series, we dive deep into the global

watch industry, a place where centuries-old craftsmanship intersects with billion-dollar valuations,

executive brand strategy, and investor speculation. From Swiss valleys to Silicon Valley,

we trace the movements shaping this uniquely resilient sector.

Just how big is the business of timekeeping?

Well, some estimates place the entire watch industry from ultra-luxery mazons to smart watches and microbrands

and north of $100 billion globally.

But behind that figure is a complex web of legacy, innovation, and ever-shifting consumer

tastes and demand.

This is the podcast for collectors, analysts, watch buyers, and sellers, and anyone who's

fascinated by the intersection of risk wear and wealth.

Because if time is money, then money is most certainly time.

So let's get down to business.

So if we're going to do a podcast about the business of watches, there's really only one place to start.

That's with Rolex, which is by far the biggest player in the Swiss watch industry,

accounting for about one-third of overall sales.

When I started covering the Swiss watch industry as a business reporter a few years ago,

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