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Titre : |
How can watchmaking companies position themselves and adapt to the current environmental and social contexts and their challenges? |
Type de document : |
Mémoire |
Auteurs : |
Alexis BARKER, Auteur |
Année de publication : |
2022 |
Importance : |
25 p. |
Note générale : |
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Langues : |
Anglais (eng) |
Mots-clés : |
Management ENTREPRISE ; ENVIRONNEMENT ; INDUSTRIE DU LUXE SECTEUR
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Résumé : |
Time has always been fascinating to mankind, and precisely measuring it has been a long-lasting challenge for people all over the world. From the first sundial dating back from 1450 BC in Egypt to modern high-end timepieces, watchmaking has been developing for millenniums. Watchmaking has always been in constant evolution, and new technologies still appear to this day. Nowadays, the industry still proposes a wide variety of products at all prices, from small quartz watches worth a few dozen dollars, to smartwatches that can keep track of the user’s health, to exceptional and complicated multi-million dollars mechanical timepieces, therefore making watches a popular collector’s item. In 2020, the UNESCO even registered mechanical watchmaking on its Representative List of the Intangible Cultural Heritage of Humanity (UNESCO, 2021). Nowadays, time is displayed everywhere, and with the democratization of smartphones, some people might find it useless to spend money on a watch. However, the market is far from dying; as a matter of fact, it has been rapidly growing over the last few years. According to Business Wire (2022), it represented about 60.5 billion dollars in 2020 and is expected to reach 73.4 billion dollars in 2027, with a predicted compound annual growth rate of 2.8%. With the evolution of the Internet, the passion for watches has been spreading through blogs and social networks, and watches have become more of a fashion item than a useful tool. With such a huge industry, it is obvious that watchmakers utilize a lot of different types of resources. Most of the watches are made of plastic, metal, and electric components while the more luxurious ones are made of precious metals, diamonds, and other scarce resources. With sustainability, the environment and ethics being some of the most important topics of the twenty first century, it is important to assess the extent of the damage done by this industry (which is approximately the same economic size as Luxembourg’s growth domestic product) and to ask ourselves how watchmaking companies can position themselves and adapt to the current environmental and social contexts and their challenges. In order to answer such a question, we are in the first place and with the help of existing literature, going to assess the current state of the industry and define the topic of this dissertation and its keywords to overall put our problematic in context. To achieve this, we will use different resources, such as past research, articles, reliable online information and companies’ reports, but I will also use personal knowledge I acquired over time, as I have been closely following the evolution of the industry for a few years.
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Programme : |
Global BBA |
Permalink : |
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