Bulgari
Baselworld 2021 Takes Another Hit: The LVMH Group Steps Out
Bulgari
Baselworld 2021 Takes Another Hit: The LVMH Group Steps Out
In a short statement, the group noted the departure of the five brands and opined that: “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 Division and to the House of Bvlgari that they must also withdraw in order to preserve their image and their relations with their clients as well with the media. They will therefore not be taking part in the 2021 edition of Baselworld.”
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The release also states the “The four Maisons are examining various potential event formats corresponding to the need to present their strategic directions and new products to their commercial partners — as well as to the international press — next year.” In the headline of the release, it also expressed their intention “to join the other flagship brands of the Swiss watch industry in Geneva from 2021 onwards”.
The luxury watch industry has long been divided between the two watch fairs in Geneva and Basel. The Watches & Wonders Geneva fair (developed with the FHH, previously SIHH) has always catered to a smaller, invite-only crowd, though that changed in recent years to allow the public access to the expo. While SIHH focused on the fine watchmaking segment of the market, Baselworld has always catered to the entire industry at large.
Read about the thoughts retailers and other brands have regarding their departure here.
It further noted that “our partner brands have, of course, experienced the same disagreements as we have with Baselworld.”
After the postponement of Baselworld was announced, CEO of Bvlgari, Jean-Christophe Babin announced in an interview that they, with a number of other brands, were planning to develop a separate event called Geneva Days, intended to be held in April and now delayed till later this year. With this new announcement, the LVMH Group will also join Rolex, Tudor, Patek Philippe, Chopard and Chanel to work with the FHH.
CEO of Bvlgari, Jean-Christophe Babin, notes in the press release: “Grouping the entire Swiss watch industry in a single location, Geneva – the historical capital of watchmaking – and around a single date, is a major opportunity to at last revive a sector that all too many divisions and divergent interests have weakened compared to the rest of the luxury sector in which Bvlgari is active and that is making much faster progress. We are looking forward to going to Geneva in April 2021, even though we still need to define the terms of our participation, which we will specify in the coming weeks. We are also delighted not to have to make up for the lack of institutional watch shows, which in 2020 forced us to take tactical initiatives that were necessary in the short term but undesirable in the medium term.”
CEO of the LVMH Watchmaking Division, Stéphane Bianchi, said: “We are sorry to have to leave this over hundred-year Baselworld event to which our Maisons have been consistently loyal. It is nonetheless clear that we must respond quickly and make other arrangements. We are facing an opportunity to reinvent the format and content of one of the key moments of our watchmaking year, which represented both a major commercial challenge and a lever of influence for our brands. With this in mind, we will do our utmost to be present alongside the other prestigious Maisons that will gather in Geneva in April 2021, and thereby meet the requirements of our partners and clients while offering them an unrivalled experience.”
More empty booths up front in Hall 1.0, where these brands have the largest real estate and most luxurious setups, mean that the Baselworld management now lacks a strong anchor that will bring in visitors, from retailers to journalists and end-consumers. It needs to quickly develop a solution to fill those large booth spaces. Nearly 2/3rds of Hall 1.0 will now be vacant, as compared with Baselworld 2018.
This is a developing story.