Geneva — Swiss watchmaker Swatch is quitting the annual Baselworld watch and jewellery trade fair, the NZZ am Sonntag newspaper reported on Sunday, calling time on an event that has been a fixture of the luxury industry calendar for a century. Omega maker Swatch is the most important exhibitor at Baselworld, which traces its history to 1917, but more and more brands are deserting the fair held every March, blaming high costs and insufficient returns. "The Swatch Group has decided not to be present at Baselworld from 2019," the newspaper quoted Swatch CEO Nick Hayek as saying. The portfolio of Swatch, based in Biel in western Switzerland, spans the expensive Breguet, more affordable Longines and plastic Swatch timepieces. Some of Swatch’s high-end competitors have left Basel for a rival fair in Geneva, but Hayek said traditional annual watch fairs were no longer useful in a more transparent and fast-paced world. Major exhibitors such as Swatch budgeted about $50m for each Baselworld,...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.