On this episode, we zoom out to the state of the watch business, using Watches of Switzerland as a real-time bellwether. We unpack strong holiday performance alongside shrinking margins, then dig into accelerating U.S. retail consolidation: why large groups are acquiring family-owned authorized dealers, how Rolex factors into approvals and allocations, and what this growing concentration could mean for collectors and regional markets.We then connect the dots on Swiss export data, tariffs, currency volatility, and rising material costs—and why pricing pressure in the U.S. isn’t going away, it’s just evolving. From pent-up demand following tariff relief to a weakening dollar versus the Swiss franc, we explore how macro forces are reshaping brand strategy and retail economics.We close by reacting to Audemars Piguet’s newest release, the Neo Frame, and discuss what this jump-hour design signals about AP’s creative direction and its efforts to expand beyond the core Royal Oak playbook.Hosted by Asher Rapkin and Gabe Reilly, co-founders of Collective Horology, Openwork goes inside the watch industry.You can find us online at collectivehorology.com. To get in touch with suggestions, feedback or questions, email [email protected].