hen we have our eyes riveted on watchmaking’s highest echelons, it’s easy to forget the huge offering at entry level, including for the Swiss market. This cognitive bias is especially noticeable in an industry where even the most affordable brands promote their products using the marketing and communication methods of luxury.

Swatch Group remains the dominant force in the under CHF 3,000 segment, massively outselling the competition in volume. Tissot, Swatch and Longines alone are said to account for at least half of the 17 million Swiss watches that shipped to export markets in 2023.

Swiss watch exports per price category 2000-2023 (source: Federation of the Swiss Watch Industry)

Tissot’s sport-luxury PRX has been immensely successful these past years. In the first half of 2024, the Le Locle-based brand released a new version of another best-seller, the Seastar dive watch.

Here, too, a cognitive bias skews our perception, no doubt because contemporary watchmaking leans heavily towards neo-vintage sport-luxe designs. In reality, Tissot’s biggest seller is the ultra-classic Le Locle!

We spoke with Tissot CEO, Sylvain Dolla.

Europa Star: Exports of Swiss watches are contracting after an exceptional 2023. Is it the same for Tissot?

Sylvain Dolla: The industry is experiencing some difficulties in the Greater China region but as far as Tissot is concerned, I’m more than satisfied with first quarter results globally. The figures I’m seeing tend to contradict what I’m hearing in the markets.

Because of inflation, are customers shifting their purchases from watches above CHF 1,000 to others, such as yours, that are positioned below this symbolic price point?

I don’t think so and nothing suggests this is the case. Truth be told, I try not to let myself be too influenced by the general context. We follow our own path. We had a little intuition and a lot of luck with the PRX. The 40mm automatic Seastar is proving extremely successful. This morning I was in Le Locle to greenlight the new releases for 2026. What will the world be like in 2026, I have no idea, but I do know that with the right products, things generally go well.

The Seastar 1000 Powermatic 80, now in a smaller 40mm diameter

China is slowing down but India could be the next big market for Swiss watches, when the free trade agreement comes into effect next year.

For Tissot, India is already equivalent to a major European market such as Germany or France. The hundreds of millions of people who are set to join the country’s middle class represent an enormous opportunity for us in our price segment. The Indians love Switzerland and the image it conveys. Distribution was structured in a way that prevented us from achieving the same perspectives as in China, but things are changing. All the leading retailers carry Tissot and we also plan to open our own stores and develop e-commerce.

Sales of mechanical vs. quartz 2000-2023 (source: Federation of the Swiss Watch Industry)

You’ve released a new Seastar. A way to balance out the portfolio, given the success of the PRX?

Everyone’s talking about the PRX but our best-seller this year is actually the classic Le Locle. In Switzerland, the T-Touch is our second biggest seller in value. The Bellissima is doing really well in Asia. If there’s one segment where we should be more present, it’s the bijou watch, outside Asia. We’re working on it.

The new Tissot store on Zurich’s Bahnhofstrasse

Tissot is an industrial brand. Where do you invest the most?

We invest a lot in solar power. The group has invested some 20 million in a factory producing solar cells in La Chaux-de-Fonds. The T-Touch isn’t the only model concerned. Solar energy will be an interesting solution.

Sport, especially basketball, is a key part of strategy for Tissot, which targets a wide audience. Seen here, Sabrina Ionescu, point guard with the New York Liberty in WNBA and Tissot brand ambassador

You dominate your price segment, in fact it would be hard to name any real competitor in Switzerland. Where is your main competition? Japanese watches? Smartwatches?

You’re right, we do have competitors outside Switzerland, starting with Japan. Competition is important because it drives innovation. Because we cover such a broad spectrum, we can face competition in every product range. We offer connected watches, quartz watches, Powermatic mechanical watches, COSC-certified watches, solar-powered watches, et cetera. When I arrived at Tissot in 2020, in the middle of the Covid crisis, one of my first thoughts was, do we cover too much ground but this is actually an advantage. We are refocusing communication, on the other hand, and choosing our messages carefully.

Have you increased prices?

Not in Switzerland but in other markets, yes, to compensate for the strong Swiss franc, which we have to bear in mind.

New skeleton versions join the classic Chemin des Tourelles collection this year

What are your longer-term targets for volume sales?

I’ve set a target of five million watches a year, a figure not yet attained in the history of the brand. We have enormous growth potential everywhere. We talked about India but we can also mention Mexico, Australia and the UK, for example. We have 11,000 points of sale, flagships, digital stores and partner e-commerce. Sport is a fantastic sounding board too and something we focus on year-round, whether it’s the NBA, cycling or rugby. It’s replaced the annual trade fairs and the financial benefits are much greater. We’re communicating all the time, across all our markets.