The biggest watchmaking group, will be leaving the largest watch and jewelry fair in Switzerland, Baselworld as of 2019. This is not just ordinary news for Baselworld but rather breaking news as Swatch Group includes 18 brands such as Breguet, Omega, Tissot, and more. Over the past few years Baselworld has received many complaints and already several departures. With the biggest watchmaking group departing, this is a big blow for the Swiss fair.
Nick Hayek, CEO of the Swatch Group, has been recently interviewed by Swiss newspaper NZZ am Sonntag and explains that such watch fairs like Baselworld create costs and expenses that could be avoided. Costs include travel expenses and accommodation that ring up CHF 50 million for the group. Over the years, the market has changed much of what it used to be, which is another reason Swatch Group will not be exhibiting their watches at Baselworld 2019.
Since 2015, Baselworld has seen many brand departures and the number of brands from 2015 went from 1,500 brands to less than 700 brands in 2018. These departures are a great impact on the watch and jewelry fair. Another problem faced by Baselworld is several management crises due to suspicion of nepotism.
As Rolex and Breitling will be present in 2019, everyone is curious to see the impact of the Swatch Group departing from the largest watch fair in Switzerland. This could be the start to the end of Baselworld.
