Swatch Group which owns popular watch brands like Omega, Tissot, Longines and many more is reportedly quitting from Baselworld watch and jewelry trade fair next year. The news, which NZZ am Sonntag newspaper reported, will make a huge impact on Baselworld. More and more watchmakers have quit Baselworld citing high costs and low returns. The Swatch group incurs a cost of roughly $50 million on hotel expenses and $430 million on the exhibition building for each Baselworld event. President of the Swatch group Mr. Hayek even told the newspapers, “We are not there to amortize an expensive hall…”
Hayek even quoted that traditional annual watch fairs were no longer useful in a fast-paced world. Although no official responses were received from either Swatch or Baselworld, the latter is doing all that it could to retain one of its oldest partners who has had a century-long relationship with the former. While other watchmakers have left Baselworld for a rival fair in Geneva, it remains to be seen whether Swatch would follow suit.