Rolex, Tudor, Patek Philippe, Chanel, And Chopard Leave Baselworld for Good!

[Exceptional]

This morning, it was announced that Rolex, Patek Philippe, Tudor, Chanel, and Chopard, will be leaving Baselworld, the world's largest watch industry trade show, to start a new Geneva-based salon in conjunction with the FHH, the organizers of Watches & Wonders (formerly SIHH). The new show is set to take place in early April 2021 at the Geneva Palexpo at the same time as Watches & Wonders Geneva.

The move follows two major bits of news to drop over the last few weeks. First was the announcements by Rolex, Tudor, and Patek Philippe that they would be postponing their 2020 launches until later this year or even early 2021. Then there was a letter penned by Rolex executive Hubert du Plessix to the Baselworld management that asked for refunds to be issued to the brands that were to have participated in Baselworld 2020, which had been canceled due to the COVID-19 global pandemic. “Otherwise, we fear that this will be the end, pure and simple, of Baselworld, especially since the dates chosen in January 2021 are not suitable for the jewelry, gemstones and pearls sector, and that coordination with Watches & Wonders (SIHH) no longer exists,” Plessix's letter continued.

We'll have to see if Plessix's words portending the end of Baselworld will prove as prescient as they seem this morning.

The new show, which has not yet been named, was announced this morning in a joint statement from the five brands and the FHH, distributed by Rolex. It cites "a number of unilateral decisions made without consultation by Baselworld management, including the postponement of the watch show until January 2021, as well as its inability to meet the brands’ needs and expectations," as reasons for the formation of a new Geneva-based salon.

"We have taken part in Baselworld since 1939. Unfortunately, given the way the event has evolved and the recent decisions made by MCH Group, and in spite of the great attachment we had to this watch show, we have decided to withdraw," says Rolex CEO Jean-Frederic Dufour. "Following discussions initiated by Rolex, it seemed only natural to create a new event with partners that share our vision and our endless, unwavering support for the Swiss watchmaking sector. This will allow us to present our new watches in line with our needs and expectations, to join forces and better defend the interests of the industry."

He's not the only executive to weigh in directly either. "The decision to leave Baselworld was not an easy one to take for me, being the fourth generation of the Stern family to participate to this traditional yearly event," says Thierry Stern, president of Patek Philippe. "But life evolves constantly, things change and people change as well, whether it is at the level of those responsible for the watch fair organization, the brands or the clients. We constantly have to adapt ourselves, question what we do, since what was right yesterday may not necessarily be valid today! Today Patek Philippe is not in line with Baselworld’s vision anymore, there have been too many discussions and unsolved problems, trust is no longer present. We need to answer the legitimate needs of our retailers, the clients and the press from around the world. They have to be able to discover the new models from Swiss watchmakers each year, at one time, in one place, and this in the most professional manner possible. That is why, following several discussions with Rolex and in agreement with other participating brands, we have decided to create, all together, a unique event in Geneva, representative of our savoir-faire."

Frédéric Grangié, President of Chanel Watches & Fine Jewellery, remarked in part, "Like its partners, Chanel shares the same independence and the same desire to protect and promote the values, know-how, utmost quality and precision of Swiss Watchmaking. This initiative marks a key milestone in the history of Chanel watchmaking and is part of a long-term strategy, which began with the launch of this activity in 1987." Chopard CEO Karl-Friedrich Scheufele said, "Chopard first exhibited at the Basel fair in 1964 with a stand of some 25 square metres. After careful consideration, our family decided to support the Rolex initiative and retire from Baselworld – a painful decision. The creation of this new watch show in Geneva, in parallel to Watches & Wonders, will allow us to better serve our watchmaking partners and our customers."

Two things stand out in this announcement. One is that the decision to form the new show was initiated by Rolex, which has long been a major supporter of Baselworld. The other is that the event will not have the strong consumer element that Baselworld's new management is emphasizing in repositioning its show. "This new event will be geared predominantly towards retailers, the press, and VIP customers," the release notes. It also says that other brands might join the new show, though it doesn't provide any additional information on that front for now.

“The Fondation de la Haute Horlogerie is delighted to welcome a new salon which will strengthen the historical Watches & Wonders event in Geneva next year in early April," adds Jérôme Lambert, CEO of the Richemont Group, on behalf of the Fondation de la Haute Horlogerie Council.

Source: https://www.hodinkee.com/articles/ro...ave-baselworld

[beshannon]

https://www.rolexforums.com/showthread.php?t=736850

[key]

Wow. Thanks for sharing.

[AK797]

Looks like the non-refunds were the straw that finally broke this Basel's back - from the comments -

The reason for this move was Baselworld's own distasteful action. After arranging a joint show with SIHH this year (which got cancelled due to covid-19) they took SIHH's initial annual date on 2021 without consulting them. -Basel is always held on April, SIHH in January. They snuck in and announced their next one in January. They also refused to refund all of their exhibitors, lots of which are smaller independent brand who might close down due to the covid crysis. Thus Rolex gave them the ultimatum to "refund or Basel is over". They chose not to refund still.

I would assume that Baselworld's refusal to refund is actually more like their inability to refund. I believe MCH has pretty serious cash flow issues. It was probably two options: refund and go bankrupt now, or hold onto the money and maybe survive another year.

[Reign]

Serves MCH right. They got too cute with a lack of refunds on display fees for the small watch makers which actually need the cash back the most these days and on the side pounded their chest about how much liquidity they had to survive the COVID crisis...

I only hope the little guys get their money back but it’s a fitting outcome

[enjoythemusic]

Have been following various High-End Audio and consumer electronics shows and how they are handling their event cancellation due to Coronavirus. Many are giving full refunds such as HIGH END in Munich and RMAF are offering full refunds if their event gets canceled. One audio show rescheduled, so we'll see what happens as August 2020 approaches if their even happens, or if they offer refunds, or ????

An upstanding event should provide full refunds imho.

[shipitfresh]

Originally Posted by enjoythemusic

Have been following various High-End Audio and consumer electronics shows and how they are handling their event cancellation due to Coronavirus. Many are giving full refunds such as HIGH END in Munich and RMAF are offering full refunds if their event gets canceled. One audio show rescheduled, so we'll see what happens as August 2020 approaches if their even happens, or if they offer refunds, or ????

An upstanding event should provide full refunds imho.

Big fan of EnjoyTheMusic website!!! For me it's tubes, horns and vinyl!

[enjoythemusic]

Originally Posted by shipitfresh

Big fan of EnjoyTheMusic website!!! For me it's tubes, horns and vinyl!

(Blushing) A most humble thanks. There are soooo many wonderful people who continue to be of service to our readers year after year... and our readers e-mail us some great ideas too! Without a doubt it's a team effort

As always, in the end what really matters is that you...

Enjoy the Music

[garyk]

So who does Rolex consider a VIP, any customers?