Swatch Group Brands Quit Baselworld And What It Means For The Watch Industry

Earlier today, the Swiss watch group Swatch announced that all of its brands will be leaving the Baselworld show, beginning with the upcoming March 2019 fair. This is huge news for the watch world and a big blow to Baselworld, which earlier last year saw the exodus of more than 600 exhibitors, including the entire Movado Group, resulting in a closing of several halls for the Baselworld 2018 edition. Additionally, the show was shortened by two days. The news, originally broke this morning by Swiss newspaper NZZ am Sonntag, was announced by Nick Hayek, CEO of the Swatch Group.  According to a statement issued by The Swatch Group, “Today everything has become more transparent, fast-moving, and instantaneous. Accordingly, a different rhythm and a different approach is needed. … In this new context, annual watch fairs, as they exist today, no longer make much sense. This does not mean that they should disappear. But it is necessary that they reinvent themselves, responding appropriately to the current situation and demonstrating more dynamism and creativity. Read more at Forbes.