The watch industry is a slow-moving business—it takes time to create time. But as the world moves at a faster pace, even the titans of watchmaking have had to rethink how they do business. Those calling the shots remain, remarkably, the heads of family-owned businesses that include Swatch Group, Richard Mille, Audemars Piguet and Patek Philippe. As head of Swatch Group, the largest watch conglomerate, Nick Hayek announced last year that he would no longer be showing his brands at Baselworld, Switzerland’s—and the world’s—biggest watch trade show. Richard Mille and François-Henry Bennahmias, Audemars Piguet’s CEO, followed, declaring they would not be showing at Salon International de la Haute Horlogerie, the second-largest show. Meanwhile, amid rumors that Patek Philippe was looking for buyers, president Thierry Stern had to clarify that the…
