Singapore Tatler Jewels & Time
BREAKING NEWS
The latest intel from the watch and jewellery world
The latest intel from the watch and jewellery world
Rumours of the demise of the Baselworld watch fair have been circulating in the industry amid news that an estimated 850 brands have pulled out over the past two years, including the whole of Movado Group, which owns watch brands such as Movado, Concord and Ebel. As a result, several halls were closed and the fair was shortened by two days.
The biggest shock for Baselworld, however, came in late July this year, when it was reported that Swatch Group would not be participating in Baselworld 2019. Swatch Group owns 18 watch brands, including the likes of Omega, Harry Winston, and Blancpain, and its cadre of brands usually occupied a large area of prime space in the main hall. The news was broken by Swiss newspaper NZZ am Sonntag, which quoted Nick Hayek, the CEO of the Swatch Group, as saying that the traditional annual watch fairs were no longer useful to the group because “everything has become more transparent, faster-paced and more spontaneous.” Hayek is not the only one to feel this way—brands are increasingly choosing to release news of their watch novelties gradually over the course of the year. Richard Mille, for example, only presented one watch at SIHH, with more novelties later in the year. Jewellery and watch powerhouse Van Cleef & Arpels has also pulled out of SIHH 2019, despite being part of Richemont Group, which runs the January fair.
The absence of Swatch Group might signal the beginning of the end of Baselworld, the pillar of profit for organiser MCH Group, which also runs Art Basel. As Hayek said quite pointedly, “MCH is too busy optimising and amortising its expensive new building, instead of having the courage to make real progress and make profound changes.” Until those changes are made, more exhibitors are likely to leave the fair.