Watchmaking At the Turn of the Millennium

A look back at the year 2000 and the events that

- Bilal Khan

Back in the October 2022 issue of WatchTime US, I wrote a lengthy piece about the lasting impact the nineties had on the world of watchmaking.

Now as WatchTime US celebrates its 25th anniversary, it feels like the right time to look back at the world of watchmaking during the time leading up to—and in the immediate wake of—the “new millennium” that was ushered in the year 2000.

On an unrelated note: Doesn’t Y2K hysteria seem so quaint now?

The Rise of Conglomerates and Global Wealth

Right around the year 2000, mergers and acquisitions were all the rage in the watch world with the expansion of known entities like the Swatch Group and Richemont while luxury conglomerate LVMH began its expansion to the world of horology.

LVMH began its foray into the watch market by scooping up Ebel and Chaumet from Investcorp in early 1999, which was then followed by TAG Heuer (for approximately US $740 million) and Zenith (for approximately US $48 million) later in the year. Practically overnight, the world’s biggest luxury group went from having no presence in the watch space to being a force to be reckoned with. Meanwhile that same year, the Swatch Group was also expanding its portfolio with the purchase of Breguet and movement maker Nouvelle Lemania. Later in 2000, Swatch would add Glashütte Original as well as Jaquet Droz to their already substantial roster.