The world of watches. Interview with Serge Maillard, Publisher at Europa Star.

We sat down with one of the most authoritative and recognized experts in the field of watchmaking, Serge Maillard (SM), who runs Europa Star, a family business and the world’s oldest private media publication dedicated to watches, which has been running continuously. Europa Star is a reference, almost like the ‘watch bible’, for all maestros and fans. Our conversation revolved around three themes.

What are the big trends in watchmaking? 

I would say watch collecting, which is both a short and a long term trend. There has been a surge in collecting recently. New buyers have been attracted by the most iconic brands and their icons, and jumped in, with purchases meant as an investment, or sometimes as speculation. Whatever the reason, prices went up, with long waiting lists for the top models. This also made the news globally, and fueled a sense of urgency and scarcity. But, we peaked, as far as collecting goes. Now prices are calmer. The bubble shrank and collecting has become a more ‘rational’ process. The past year has seen inventories going up, with speculators moving for sure to other hot assets, like crypto.

All in all, watch collecting is here to stay, and it will have an impact in the long term. Mechanical watchmaking is desirable, across all generations and regions. This is extremely healthy for the industry. Passion and social acceptance of watches is a thing, which is great for all stakeholders, and it’s true despite the last, very tight year. ‘Status’ for watches is there, like never before, because of category visibility and new buyers, icons and influencers. Everyone loves a timepiece. Yes, I just said like ‘never before’: sales, auctions, media buzz, interest; it’s all up and growing.

Taking a broader look at the past, during the years 2000-20, China was the main horizon, or holy land, for watchmakers. China is not so dominant today, after Covid. The watch business is really global and diverse, more fairly distributed across regions. Hong Kong has been the number one export for Swiss watches for 40 years. Now it’s the US. This global balance of trade and the search for new, more mature buyers is also a long term trend, which is actually less risky for the industry.

Are mechanical watches a Swiss or, maybe, more of an international business today? 

The Swiss-made label per se is not enough. Our December issue, for example, features a world watch tour, with brands from all countries. Interesting watchmakers are popping up everywhere. We are referring here to true artisans, not one-hit wonders. It’s the manual, artisanal craftmanship that is going beyond the four walls of Switzerland. This is what matters, and opens a new era for the industry. These “Masters”, all around the world, are very close to the Swiss-made philosophy, its processes, materials, finishing, and so forth. World-class craft can be executed everywhere. Craft and branding are still very intertwined in the world of watches, differently from other luxury categories, where retail & marketing globalization, and branding programs may have lowered the relevance of that original craft and spirit.

What is the future of a business like yours, in light of technologies like AI, for example? 

2027 will be the 100th year of our family business, Europa Star. Ours is a legacy watch media. The interest for vintage and history is booming. Our archives have been fully digitized, and made available as a service to watchmakers and aficionados. The memory of the industry is with us. During these tech times, the interest for the watch history is high, again like never before.

Our imperative, however, is also innovation. We always explore different views and angles, especially for the print edition. Creativity is key. Two new magazines have been launched this year, one dedicated to circularity and pre-owned, and one on jewellery and jewellery watches. Content is still king. The luxury world loves and supports our type of media. Tech will not kill print. Exactly like for physical retail. Of course, we have digital, video, podcast. We use all touch-points. The fundamental question is to have a strong identity, a unique style. Our audience is curated and we do individual shipments, eight times per year. On top of boutiques and retailers, we are adding private readers. The future is made of a combination of touch-points, where the human touch will always stay, even despite AI, which will help for sure. We use all the means that you can have, including print, to always provide a unique view on things.

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