On this week's episode of  The Business of Watches, we sit down with Ilaria Resta, the Chief Executive Officer of Audemars Piguet.  Among the strategically important years in the brand's 150-year history, 2025 may rank among the most significant. Not only did it mark a century-and-a-half anniversary, it demanded a strong and determined leader to navigate through a mille feuille of challenges. Amid U.S. tariffs, record prices for gold, an extremely strong Swiss franc, and an overall downturn in market demand, Resta and her team from Le Brassus grew sales by double-digits, up 12%, as of the end of October compared to the year before, according to the brand. That's more than CHF 2.3 billion in sales, according to analyst estimates. 

That's no small achievement considering the extraordinary headwinds facing the industry. Overall, Swiss watch exports are set to decline for the second year in a row in 2025. Under Resta's leadership, AP is bucking the trend and then some. In this episode, we talk about the notable product releases from AP this year, including its innovative perpetual calendar and the highly wearable, groundbreaking RD#5; how she intends to manage production; the evolution of the brand; and possible changes to model lines. A long-time senior executive in the consumer goods industry, Resta discusses what makes the watch industry unique and what it needs to do to appeal to the next generation of clients.

Show Notes

3:50 Audemars Piguet at Dubai Watch Week

5:27 AP Perpetual Calendars in 38mm 

7:50 Book round-up featuring Audemars Piguet The Watch 

9:10 Swiss Watch Exports

11:52 Royal Oak Offshore 

15:30 Audemars Piguet says CEO Staying (BoF) 

17:33 AP Certified Pre-Owned 

19:30 Dubai Watch Week CEO Roundtable 22:25 A Plea For Proportionality (Hodinkee)