The implosion of the industry’s calendar, with the prospects of a global event becoming ever more remote, is a symptom of the erosion of the globalisation of watchmaking. The many new barriers to trade in the wake of the pandemic are pushing the sector into a reversal of the curve that has carried it over the last twenty years. As they move ahead in disarray, watch brands must prepare again to attract local customers, and adapt to a world in which people travel less.