by The 2020 edition of the fair was cancelled due to Covid-19. (Keystone / Georgios Kefalas) Rolex, Patek Philippe and Chanel will not exhibit at the Baselworld watch and jewellery trade show in 2021. The announcement marks another blow to the event, which has already seen high-profile exits, including by the Swatch Group. The luxury timepiece companies, along with Chopard and Tudor said on Tuesday they would launch a new trade show in Geneva with the Fondation de la Haute Horlogerie industry group, in April 2021. Rolex said it was unhappy with changes at Baselworld and recent decisions made by organiser MCH Group, which postponed the 2020 edition of Baselworld planned for April 30 – May 5 due to the coronavirus epidemic. MCH carried forward 85% of the fees for
Topics:
Swissinfo considers the following as important: 3) Swiss Markets and News, 3.) Swiss Info, Business, Featured, newsletter
This could be interesting, too:
Marc Chandler writes Sterling and Gilts Pressed Lower by Firmer CPI
Ryan McMaken writes A Free-Market Guide to Trump’s Immigration Crackdown
Wanjiru Njoya writes Post-Election Prospects for Ending DEI
Swiss Customs writes Octobre 2024 : la chimie-pharma détermine le record à l’export
The 2020 edition of the fair was cancelled due to Covid-19. (Keystone / Georgios Kefalas)
Rolex, Patek Philippe and Chanel will not exhibit at the Baselworld watch and jewellery trade show in 2021. The announcement marks another blow to the event, which has already seen high-profile exits, including by the Swatch Group.
The luxury timepiece companies, along with Chopard and Tudor said on Tuesday they would launch a new trade show in Geneva with the Fondation de la Haute Horlogerie industry group, in April 2021.
Rolex said it was unhappy with changes at Baselworld and recent decisions made by organiser MCH Group, which postponed the 2020 edition of Baselworld planned for April 30 – May 5 due to the coronavirus epidemic.
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.
“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 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.
You Might Also Like
Swiss economy could lose up to CHF35 billion to pandemic
Coronavirus will cost the Swiss economy CHF22 billion ($22.7 billion) in lost productivity in the best-case scenario, economists have warned. Losses could easily mount up to CHF35 billion between March and June. A nationwide lockdown of non-essential high street shops and services has been accompanied by partial closures of industrial plants in some cantons.
Swiss firm helps reduce shortage of disinfectant in Bavaria
The Swiss chemical company Clariant has started monthly production of two million litres of disinfectant at its facilities in neighbouring Germany amid the coronavirus pandemic. In a joint venture with Germany’s CropEnergies, Clariant is using its available infrastructure in Bavaria to blend the necessary ingredients, notably ethanol, into disinfectant, the Swiss company said.
New debt relief measures on the horizon for struggling firms
The Swiss government is examining plans to stave off bankruptcies of companies struggling with the fallout of the coronavirus crisis. But regular debt collection procedures will resume on April 20. Justice Minster Karin Keller-Sutter said the aim was to stabilise the economy and to secure jobs.
Swiss banks bow to pressure to delay half of dividend payments
Switzerland’s two largest banks, UBS and Credit Suisse, have asked shareholders to accept a delay of several months for half of their dividend payments this year. The move follows a request from the financial regulator to hold on to more cash during the coronavirus pandemic.
Cradle of agriculture in the Amazon region much older
People began growing manioc and squash much earlier than previously thought, a team of researchers led by the Swiss university of Bern has found. A study shows that the earliest human inhabitants of Moxos plains began transforming the tropical savanna eco-region in Bolivia 10,000 years ago, that is 8,000 earlier than previously thought.
Ranking finds Swiss cities less expensive
Zurich and Geneva are still among the world’s ten most expensive cities, but both have slid down the rankings since last year. The full effect of the coronavirus crisis remains to be seen. In the Economist Intelligence Unit’s annual report comparing the cost of living in cities around the world, Zurich is tied for 5th place with Paris; in 2019 it ranked 4th.
Pandemic takes a heavy toll on consumer confidence
Switzerland’s consumer confidence index plummeted to a “historically low” level in April, according to a Wednesday statement from the Secretariat for Economic Affairs (SECO). The index fell to -40 points, compared to -9 points in January, when the previous survey was conducted. That marks the lowest results since the early 1990s.
Swiss consortium launches bitcoin on Tezos blockchain
A consortium of Swiss cryptocurrency companies has incorporated bitcoin onto the Tezos blockchain. The move brings Tezos, which has based its foundation in Switzerland, a step closer to rival blockchain Ethereum. Launched in 2018, the Tezos blockchain was designed to play host to a new generation of decentralised finance, business and social projects.
Tags: Business,Featured,newsletter