This episode of The Business of Watches is brought to by Paneri.

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 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-luxury 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 riskwear and wealth. Because if time is money,

then money is most certainly time. So let's get down to business.

Among the varied world of Swiss watch brand executives, George Cairn is a constant force.

He's been in the industry for more than three decades, with stints at brands like Tag Hoyer, IWC,

and as the head of Richemont's Watchmaker Division before leaving to join Brightling under new private equity ownership in 2017.

It's been a dynamic ride so far. The Brightling brand was purchased from Switzerland's Schneider

family for less than a billion dollars. But by the time a stake was sold to a new majority

...