The Swiss watch industry which has had a rough time since last couple of years with the younger generation opting out on buying other luxury goods other than a luxury watch has to probably do without its annual Basel World Watch Fair the coming year.
The downward trend in the industry began in 2015 and every year there are fewer people visiting Baselworld, Mecca for watch business and admirers alike.
With the launch of Apple’s Smartwatch and other phone companies following suit, the luxury watch industry has been lagging in customer interest.
Watchmakers have started to try strategies.like limiting their production and marketing their timepieces as the works of craftsmen, hiring young celebrities as brand ambassadors, developing smartwatches to combat the waning market in bid to revive the interest
The possibility of Baselworld being held in 2019 now looks like a slim chance with Swatch Group, the fair’s biggest client, with 17 brands deciding not to participate.
Baselworld 2018 was already much smaller than previous years
Following the news of the Swatch groups pullout from the fair comes the resignation of René Kamm CEO for nearly 20 years at the company MCH Group, operator of the Baselworld watch fair.
“The time has come for a change” say René Kamm.
“We don’t need a trade fair. We might do something more creative with other partners that are out there” says Nick Hayek, Swatch Group CEO who is looking for more dynamic ways to connect with partners.
With the upheaval that the Swiss watch industry is facing this comes and a shock to the entire world.
We are hoping though to see the revival in probably a new avatar in another space.