News

Advanced Search

LVMH Pulls Out of Baselworld

Apr 20, 2020 9:31 AM   By Rapaport News
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share


RAPAPORT... LVMH has withdrawn its four watch and jewelry brands from the 2021 Baselworld show after several other industry heavyweights quit the event.

Bulgari, TAG Heuer, Hublot and Zenith will instead take part in a new exhibition in Geneva next April, LVMH said in a statement Friday. They will join Rolex, Tudor, Patek Philippe, Chanel and Chopard, which pulled out of Baselworld last week to launch the breakaway fair.

“Within this context of clearly weakened representation of the Swiss watch industry, and hence inevitably lower participation, it appears clear to the brands composing the [LVMH watchmaking] division and to the house of Bulgari that they must also withdraw in order to preserve their image and their relations with their clients, as well with the media,” LVMH said. “They will therefore not be taking part in the 2021 edition of Baselworld.”

The new show, organized by Switzerland’s Fondation de la Haute Horlogerie, will take place in early April 2021 at Geneva’s Palexpo convention center alongside the Watches & Wonders show (formerly SIHH). LVMH will clarify the terms of its participation in the coming weeks, it said.

This week, Baselworld’s management will begin talks with the shareholders of its parent company, MCH Group, to decide whether the show should continue, a spokesperson for the event said. Those parties are also looking into “new formats” for the fair, she added. She declined to comment on LVMH’s decision.

Several exhibitors have fallen out of love with Baselworld in recent years, as many considered it outdated and not worth the high costs. Swatch Group’s decision to sit out the 2018 edition came with a sharp criticism of the show management’s approach, and sparked a string of further exits, including Breitling and Gucci.

Bulgari had already pulled out of the 2020 show, but said in February it was open to returning in 2021. This year’s event was ultimately postponed to January 2021 because of the coronavirus, but disagreements over the event’s new timing and refund policy led to some of the biggest brands walking away.

Image: A Bulgari store in London. (Rapaport News)
Comment Comment Email Email Print Print Facebook Facebook Twitter Twitter Share Share
Tags: Baselworld, Bulgari, Chanel, Chopard, hublot, LVMH, patek philippe, Rapaport News, Rolex, SIHH, Tag Heuer, Tudor, Watches & Wonders, Zenith
Similar Articles
BaselworldBaselworld to Drop Name, Change Venue
May 19, 2020
Baselworld’s organizers are planning to change the event’s name, restructure its format and choose a new
Comments: (0)  Add comment Add Comment
Arrange Comments Last to First
© Copyright 1978-2020 by Rapaport USA Inc. All rights reserved. Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are registered TradeMarks.
While the information presented is from sources we believe reliable, we do not guarantee the accuracy or validity of any information presented by Rapaport or the views expressed by users of our internet service.