Audemars Piguet Takes Majority Stake in Inhotec SA to Strengthen Industrial Independence

Audemars Piguet has acquired a majority stake in Inhotec SA, a Swiss micromechanics specialist, to secure its strategic components and preserve Swiss watchmaking expertise.

Audemars Piguet Strengthens Industrial Independence with Majority Stake in Inhotec SA

Against a backdrop of geopolitical tension and a rapidly changing watch market, Audemars Piguet has announced the acquisition of a majority stake in Inhotec SA, a Swiss company specialising in high-precision micromechanics. The transaction, the amount of which has not been disclosed, is part of a vertical integration strategy designed to secure the supply of strategic components and preserve expertise essential to high-end watchmaking.

Founded in 2011 by Alexandre Eme, Inhotec SA has established itself as a key player in high-precision watchmaking, thanks to its ability to produce extremely complex components with rare levels of tolerance and finishing. Audemars Piguet had already been working closely with the company for several years and chose to take a decisive step by integrating it into its ecosystem. Despite this acquisition of control, Inhotec will retain its operational autonomy. Alexandre Eme remains Chief Executive Officer and Chairman of the Board of Directors, while retaining a significant minority stake, thereby ensuring the continuity of the company's technical and entrepreneurial DNA.

This acquisition comes at a particularly delicate time for the Swiss watch industry. After a decade of growth fuelled by Asian demand, the sector must now contend with the economic slowdown in China, a more uncertain political climate for luxury goods, and a notable drop in demand in this market. Added to this is a spectacular increase in US customs duties, which now stand at 39%, weighing on manufacturers' margins. Supply chain tensions, combined with rising production costs and lead times, reinforce the need for brands to exert greater control over their industrial capabilities. In this context, the partnership with Inhotec allows Audemars Piguet to secure rare skills while limiting its dependence on subcontractors who may be weakened by the economic climate.

For the Le Brassus-based brand, the stakes are high. Above all, it is about strengthening its industrial independence and guaranteeing the qualitative continuity of its iconic collections, such as the Royal Oak and Royal Oak Offshore. This vertical integration also helps preserve purely Swiss expertise, a key element in differentiating haute horlogerie brands from international competition. Audemars Piguet is thus ensuring it can support Inhotec's innovation by providing the financial and strategic resources needed to invest in cutting-edge production processes and machinery.

However, the impact goes beyond the interests of Audemars Piguet. By consolidating such a strategic player, the brand indirectly contributes to the stability of the entire Swiss watchmaking industry, as Inhotec also supplies other watch brands. Lucas Raggi, Industrial Director of Audemars Piguet, emphasised that this investment aimed to consolidate key skills essential to the future of fine watchmaking, not only for AP but for the industry as a whole. This approach is part of a long-term vision that combines the protection of Swiss industrial heritage with the anticipation of global economic challenges.

By taking majority control of Inhotec SA, Audemars Piguet is not just making an industrial acquisition but asserting its desire to control its technological and artisanal future. In a climate where globalisation and trade tensions weaken supply chains, this strategy could inspire other major brands to follow suit. AP is thus securing a decisive competitive advantage while playing an active role in preserving and passing on a unique watchmaking expertise.