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As Rolex, Patek Philippe quit Baselworld, can the world’s biggest watch fair survive?

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Gloria Fung, South China Morning Post

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/afp/04/16/rolex-watch.jpg"/><figcaption>This picture taken on April 8, 2020 in Geneva shows a woman walking past a closed watches store with empty Rolex watch boxes as Switzerland remains in partial lockdown during the COVID-19 outbreak, caused by the novel coronavirus. <em>Fabrice Coffrini, AFP</em></figcaption></figure></div><p>Following the cancellation of Baselworld 2020, the event takes another big hit as five of its biggest exhibiting brands &quot; Rolex, Patek Philippe, Tudor, Chopard and Chanel &quot; announced their exodus to form a new event in 2021.</p><script async="" src="//www.instagram.com/embed.js" type="text/javascript"></script><div> </div><p>In an open letter issued by Rolex, the big five reveal they&#x27;re working in collaboration with the Fondation de la Haute Horlogerie (FHH) to organise a new show in Geneva in 2021. This new show will be linked to Watches &amp; Wonders, which has also been cancelled this year and will resume in April 2021.</p><h3>Why are Rolex and Patek Philippe halting Swiss watch production?</h3><div> </div><p>FHH is the organiser of Salon International de la Haute Horlogerie (SIHH), which has now been rebranded as Watches &amp; Wonders Geneva. The Richemont Group, which owns brands including Panerai and Vacheron Constantin, along with a number of independent watch brands, are also participants of Watches &amp; Wonders.</p><script async="" src="//www.instagram.com/embed.js" type="text/javascript"></script><div> </div><p>In the letter, Thierry Stern, president of Patek Philippe, shares that as a fourth generation watchmaker exhibiting at Baselworld, the show no longer reflects their desired purpose. &quot;We need to answer the legitimate needs of our retailers, the clients and the press from around the world. They have to be able to discover the new models from Swiss watchmakers each year, at one time, in one place, and this in the most professional manner possible,&quot; Stern says, with reference to the geographical distance and the months between the two largest annual watch shows, Watches &amp; Wonders and Baselworld.</p><p>Rolex&#x27;s CEO Jean-Frederic Dufour said that a more tight-knit approach to the two watch fairs is best for strengthening the industry. &quot;It seemed only natural to create a new event with partners that share our vision and our endless, unwavering support for the Swiss watchmaking sector,&quot; he said. &quot;This will allow us to present our new watches in line with our needs and expectations, to join forces and better defend the interests of the industry.&quot;</p><script async="" src="//www.instagram.com/embed.js" type="text/javascript"></script><div> </div><p>Baselworld&#x27;s decision to offer only partial refunds or partial credits carried forward to the cost of next year&#x27;s show, following the cancellation of its 2020 edition due to Covid-19, left many exhibitors feeling dissatisfied.</p><p>The fair organiser also made the unilateral decision to move Baselworld 2021 to January, according to the joint statement, instead of rescheduling to its original time in April, without consulting any of the exhibitors.</p><p>Baselworld organiser MCH Group released its own statement expressing surprise at the five watch brands&#x27; decision, stating that, &quot;The companies now &#x27;migrating&#x27; &quot; including Rolex &quot; spoke out in favour of a postponement to January 2021&quot;, and that the desire for the brands to relocate their launches from Basel to Geneva was never brought up.</p><h3>4 vintage Patek Philippe watches up for auction (after coronavirus)</h3><div> </div><p>The future of the century-old fair may be hanging on a thread. In the statement, MCH Group said it &quot;will be making a decision on the continuation of Baselworld and on investments in its further development, which is geared to the long term&quot;.</p><p>This major announcement is a perhaps unsurprising follow up to an open letter from the Baselworld exhibitors&#x27; committee president Hubert du Plessix, a director of Rolex SA and Rolex Holding SA, last week, where he made his disappointment known, suggesting the refusal to issue full refunds to exhibitors, &quot;will be the end, pure and simple, of Baselworld&quot;.</p><p>Baselworld is now faced with a second mass exodus of its exhibitors; Swatch Group &quot; which previously presented novelties from its brands including Omega, Breguet, Blancpain and GlashUtte Original, among others, at Baselworld &quot; launched its novelties at a new event last year, tilted Time to Move, after announcing its departure from Baselworld in 2018.</p><h3>Alarm bells are ringing for Patek Philippe, Richard Mille &amp; Co</h3><div> </div><p>It is not the first time that top watch brands have made dissatisfaction of the organisers public. Baselworld, organised by the MCH Group, has in the past been scrutinised for overpricing everything from its exhibition space to the sausages it sells in a booth at the main entrance of the Messe Basel exhibition space.</p><p>Nor is it the first time exhibitors have left in favour of organising exhibitions that better suit the needs of clients and the press. Aside from watches, Baselworld also has a dedicated space for jewellery brands. In 2018, a collective of jewellers ended their time at Baselworld and instead exhibited at the newly formed GemGenEve, a show that coincides with the May auction season in Geneva. The organisers are long-time Baselworld exhibitors who felt their needs were ignored in favour of fulfilling the demands of larger watch brands. GemGenEve has scheduled its 2020 event in November.</p><p>Want more stories like this? Sign up here. Follow STYLE on Facebook, Instagram, YouTube and Twitter .</p><p>Copyright (c) 2020. South China Morning Post Publishers Ltd. All rights reserved.</p>

<p>Following the cancellation of Baselworld 2020, the event takes another big hit as five of its biggest exhibiting brands " Rolex, Patek Philippe, Tudor, Chopard and Chanel " announced their exodus to form a new event in 2021.</p>

Following the cancellation of Baselworld 2020, the event takes another big hit as five of its biggest exhibiting brands " Rolex, Patek Philippe, Tudor, Chopard and Chanel " announced their exodus to form a new event in 2021.

As Rolex, Patek Philippe quit Baselworld, can the world’s biggest watch fair survive?

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As Rolex, Patek Philippe quit Baselworld, can the world’s biggest watch fair survive?

Gloria Fung,

South China Morning Post

Published Apr 16, 2020 09:22 AM PHT

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