Rolex joins Baselworld defections that cast doubt on watch fair's future (updated)
14/04/2020 19:25
(Adds comment from MCH)
By John Miller
ZURICH, April 14 (Reuters) - Rolex, Patek Philippe and
Chanel will not exhibit at MCH Group's MCHN.S Baselworld watch
and jewellery trade show in 2021, they said on Tuesday, another
blow to the flagging event that has already seen high-profile
exits including Swatch Group UHR.S .
The luxury timepiece companies, along with Chopard and
Tudor, said they would create a new trade show in Geneva with
the Fondation de la Haute Horlogerie, an industry group that
organises the rival Watches & Wonders fair, in April next year.
Following the defections, MCH Group said it would spend the
next few weeks "making a decision on the continuation" of the
Baselworld event, adding the watch companies' intention to move
to Geneva had not previously been mentioned.
Rolex said it was unhappy with changes at Baselworld and
recent decisions of exhibitions company MCH Group, which
postponed the 2020 edition of Baselworld planned for April
30-May 5 due to the coronavirus pandemic.
MCH carried forward 85% of the fees for exhibitors to next
year, while keeping 15% to offset out-of-pocket costs, as it
sought to manage the financial impact, although it did offer
alternative options to exhibitors. urn:newsml:reuters.com:*:nFWN2BI1J2
"We have taken part in Baselworld since 1939," Rolex said in
a joint statement with the other watch makers. "Unfortunately,
given the way the event has evolved and the recent decisions
made by MCH Group ... we have decided to withdraw."
Geneva-based Patek Philippe cited a breakdown in relations
with Baselworld organisers, saying the company "is not in line
with Baselworld’s vision anymore" and that "trust is no longer
present".
MCH Group, which last month predicted sales losses of up to
170 million Swiss francs ($177 million) for 2020 as the epidemic
wreaks havoc on events, said was "surprised" the watch makers
were abandoning Baselworld, contending they had previously
supported the plan to hold the fair in January 2021.
Swatch Group, the maker of Omega watches, left Baselworld in
2019, citing issues including costs.
($1 = 0.9621 Swiss francs)
(Reporting by John Miller and Silke Koltrowitz; Editing by Mark
Potter)
((J.Miller@thomsonreuters.com; +41 58 306 7734; Reuters
Messaging: j.miller.thomsonreuters.com@reuters.net))