Wolf opens first physical store in 190 years: The business behind luxury watch cases

The watch industry has experienced a well-received boom in recent years. One niche aspect of this market that is often overlooked by outsiders, but retains importance among watch enthusiasts, is that of boxes and cases for the cherished accessory. It is a market, alongside jewellery boxes, that Wolf has been championing for 190 years, yet it is only now that the brand has ventured into the physical retail space for the first time.

Currently under its fifth-generation of family ownership, the company is being led by chief executive officer Simon Philip Wolf V, who had initially begun his journey as an apprentice for his father, Philip Wolf IV. Since taking the reins, Simon has been responsible for leading certain growth trajectories of the Wolf brand, overseeing its move across to the American and Canadian markets and now continuing to build on the business’ legacy as a creator of luxury jewellery and accessory boxes. This has also involved an expansion into the small leather goods and handbag categories, moves that were initiated in 2022 and have since become established fixtures.

‘It’s all about the people…’

Speaking to FashionUnited, Wolf elaborated on the challenges and opportunities that come with overseeing a brand with such strong generational ties. He noted: “It’s all about the people. I have a great team who are all aligned with a common goal to drive the business forward. From product design, finding new innovations in technology and sustainable materials to make them with; to marketing using digital methods to reach more and more people; to sales working hard to increase retailers who stock Wolf and training them to understand why we are the best to pass onto their customers. It’s not easy, but managing these teams around the world is made easier by how focused we are as one big Wolf family.”

With this, Wolf has ushered in a new chapter in the form of the brand’s first ever pop-up store, located in Covent Garden, London. Its launch builds on various activations initiated by the brand to celebrate its 190th anniversary, and expands on its identity in what intends to serve as a “complete Wolf experience for current and new product launches”. The pop-up concept came about as more of a necessity for Wolf, which needed to have a physical location where guests could view collections while celebrating its anniversary at London-based Wolf events, such as its Royal Opera House 190th Anniversary Gala.

Next to meeting consumers directly, the space, which will remain open until the end of the year, also serves as a site for its new talk series, ‘Leaders in Conversation’, as well as a training space for retailers, allowing the sales team to meet partnered representatives in one place. Its wider functions mirror Simon Wolf’s perspective of the current role of retail. He reflected: “For me, [retail] is all about experiences and customer service. The consumer is choosing to buy online more and more, so when they visit a retail space it needs to be something they remember, enabling the customer to learn more about the brand and for them to appreciate the human experience, being able to talk to someone who can help and guide them to find the perfect purchase.”

The opening comes amid a strong financial year for Wolf, the brand’s CEO said, with the company on track to potentially beat targets. A part of this is the reported ‘need’ for Wolf products displayed by the brand’s consumers, with the US being the biggest market, followed by the UK and Europe. “Our huge network of retailers around the world, alongside our own website, reach so many people who need ‘a Wolf’,” Simon said. “Whether they own an automatic or manual watch, jewellery or need to carry around their laptop or mobile, we have a product for everyone, so it’s about great marketing and our sales team increasing the number of doors where we sell.”

Watch winders see sales jump

Much of this growth could also be attributed to the boost in Wolf’s core markets, jewellery and watches, which are about equal in terms of sales for the company. Wolf’s patented watch winders lead the way, however, pointing to the rapid wider growth of the gadget, whose global market size was valued at 100 billion dollars in 2023. This is only expected to jump up even further by the end of 2030 to 180 billion dollars, according to the Verified Markets Report, which cited Wolf as one of the main drivers in this field.

The global watch market is also set to experience a healthy growth trajectory over the coming years, with its 2023 valuation of 101.91 billion dollars anticipated to grow to 155.67 billion dollars by 2032, at a CAGR of 4.82 percent between 2024 and 2032 [Strait Research]. This is already on the back of increased demand following the pandemic, after which a strong prevalence of luxury watches had emerged. “The rise of watch and jewellery sales through covid gave us a boost in sales and the appetite for somewhere to look after your watches and jewellery has not slowed down,” Wolf said. “There are still those people who keep their automatic watch or precious jewellery in their sock drawer when they should use a Wolf watch winder or jewellery box. Our mission is to find them all.”

Tracking down consumers at every touchpoint was a mission that had been further reflected in Wolf’s launch into the leather goods and handbag categories, a division of the business that was revealed at Pitti Uomo in 2022 and has since become a permanent part of the brand’s offering. The decision to explore new horizons was encouraged by a strong increase in global turnover for the company in 2021, thus leading the company to expand, while still putting to use its existing design, manufacturing and logistics expertise. The result was the production of three collections: Mimi by Wolf, a line of women’s accessories; The W Collection, embossed leather goods; and the Signature Collection, a selection of brown vegan leather wallets.

Not much has changed for Wolf in the way of consumer expectations from the brand, however, despite a younger consumer rising up the ranks with their avid interest in collectible, and often culturally-driven, watch styles. While basic needs have remained the same, Wolf said that there is a definitive lean towards sustainability from younger generations, a quality that had already been in the company’s eyesights for some time now. As such, it is on the path to achieving the Butterfly Mark, a sustainability certificate for luxury brands that Wolf believes will appeal to both young consumers and the brand’s current audience.

While Wolf said there were no plans as of yet to take the brand further afield in the physical retail space, developments in the UK and Europe, under the guidance of a new sales team appointed earlier in 2024, are planned in for the coming year, as is a heightened focus on the Asia-Pacific region. APAC in particular has proved to be a tricky market for luxury brands in recent years, yet for watches, it is anticipated to see a CAGR of 6.22 percent from 2024 to 2032, making it one of the most significant regions for the sector. With this, Wolf remains optimistic. “We have high hopes for next year,” he concluded.