Rolex joins leading watchmakers withdrawing from Baselworld fair
14/04/2020 16:07
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.
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 coronavirus.
MCH carried forward 85% of the fees for exhibitors to next
year, while keeping 15% to offset out-of-pocket costs, among
options it offered exhibitors as it sought to manage the
financial impact. 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, declined to comment.
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)
((J.Miller@thomsonreuters.com; +41 58 306 7734; Reuters
Messaging: j.miller.thomsonreuters.com@reuters.net))