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Business News: Baselworld Responds To Rolex, Other Major Brands' Plans To Exit

The fair's management expressed great surprise at the move.

Business News: Patek Philippe, Audemars Piguet, And Hublot Announce Temporary Production Halt

As coronavirus spreads in Switzerland, more companies shut down.

Breaking News: Rolex Closes Swiss Factories Amid Coronavirus Pandemic

Facilities will close March 17 through March 27.

Geneva Watch Days 2020 Is On: Good News Or *Covid-19 Cough* Desperate, Short-Sighted, Money Grab?

Ian Skellern's feelings regarding the rapid series of announcements of watch events like the cancellation of Watches & Wonders and Baselworld as well as the full-steam-ahead project Geneva Watch Days have been equally quickly undulating: from initially being enthusiastically for, Ian ended feeling against Geneva Watch Days. Why put anyone’s health at risk, especially with perhaps little in return but a few photos and a persistent cough? But it is a tough call.

Business News: Watchmakers Announce Geneva Watch Days [Postponed]

Following the cancellation of both the year’s biggest watch fairs – Baselworld and Watches & Wonders Geneva (WWG) – due to the COVID-19 coronavirus, a consortium of watch brands have come together to show their wares come April. The event, dubbed Geneva Watch Days, was the brainchild of Bulgari and its chief executive Jean-Christophe Babin – one of the first brands to pull out of Baselworld – and conceived with European press and retailers in mind. [Update March 24, 2020: GWD will now take place August 26-29, 2020 instead.] WWG to GWD Taking place when WWG was due to happen, April 26 to 29, Geneva Watch Days now has a line-up of brands big and small: Girard-Perregaux, Gerald Genta, Ulysse Nardin, Breitling, MB&F;, De Bethune and Urwerk. A handful more might sign on, including H. Moser & Cie. and Chopard. However, at present, none of the brands belonging to the major watchmaking conglomerates, Richemont or Swatch Group, or either of the Geneva giants, namely Rolex and Patek Philippe, has announced their participation – and are unlikely to due to the complexities of the industry. Crucially, Geneva Watch Days is not a fair per se, rather it is a series of events organised by brands in separate venues, including boutiques and hotels, but happening during the same period. Because the individual events during Geneva Watch Days are small-scale and discrete, none of them will run counter to the Swiss government’s temporary ban on events with over 1,000 people. ...

Business News: Watch Brands Join Forces For Geneva Watch Days

Bulgari, Breitling and other high-end brands will show their watches in the Swiss capital of watchmaking April 26-29.

HODINKEE Radio: Episode 80: Phil Toledano And Big Baselworld News

From funky quartz Pateks to egocentric video art, we cover it all.

Business News: Baselworld Postponed Until January 2021

The coronavirus epidemic causes the first postponement in the show’s 102-year history.

Breaking News: It is official: Baselworld 2020 is off!

Baselworld sends out a communique to inform that the 2020 Edition will be postponed to January 2021, effectively canceling this year's show.

Breaking News: Baselworld 2020 Cancelled, Becomes Baselworld 2021 [Updated]

On a fast-moving Friday that started with the first case of the COVID-19 coronavirus in the city of Basel being diagnosed according to Swiss newspaper Le Temps, the day culminated in the organisers of Baselworld 2020 announcing its postponement to January 2021, essentially cancelling this year’s trade fair. This comes a day after the organisers of Geneva watch fair Watches & Wonders announced it was cancelled, which wipes out the entire year’s calendar for the major watch industry events. Though the Baselworld organisers had initially planned to meet on Monday, March 2, according to an announcement by Hubert J. du Plessix, the president of the event’s exhibitors committee (and also the director of investments and logistics at Rolex), events got ahead of them. The primary catalyst Baselworld’s cancellation was the Swiss government declaring a ban on all gatherings of over 1,000 people, until at least March 15 – which instantly made the Geneva Motor Show, one of the automotive industry’s most important events, a non-starter. Now Baselworld 2021 will take place from January 28 to February 2, with press day happening on January 27. Baselworld managing director Michel Loris-Melikoff, commenting in the announcement of the event’s cancellation, stated “We have found a solution that enables the industry and all our customers to avoid losing a full year and at the same time reset their calendars for the beginning of the year, a period that is conductive to the...

Business News: RJ-Romain Jerome Declares Bankruptcy

RJ Watches, better known as Romain Jerome, has just gone bankrupt. Announced almost exactly a month after De Grisogono met the same fate, the bankruptcy of RJ Watches SA is the consequence of its majority shareholder, a company controlled by a member of the Saudi royal family, deciding to “stop investing in the company”. Though RJ was never a major watchmaker – its peak revenue was around 20 million Swiss francs – the brand was often in the headlines thanks to its shrewd and occasionally ridiculous marketing. Founded in 2004 and named after the two sons of its founder, Alain Bajulaz, RJ started out making mechanical golf-counter watches, but swiftly took a drastic new direction after Yvan Arpa was appointed chief executive in 2006. By then owned by the Saudi investor, RJ enjoyed a brief period of turbocharged, and in hindsight unsustainable, growth under Mr Arpa. A former Hublot manager, Mr Arpa was a fervent marketer of the most preposterous ideas that were somehow weirdly compelling. Amongst his creations were the rusty-looking Titanic DNA watches and timepieces sprinkled with actual Moon dust. Perhaps the masterpiece was a rusty-Titanic double tourbillon that had no hands and did not tell the time. The 2008 collaboration between Romain Jerome and Cabestan producing the Titanic DNA tourbillon – and now both brands are no more The case has a stabilised and protected rusty-look finish Mr Arpa and the company parted ways in 2009 amidst a lawsuit, and he went o...

Business News: Watches & Wonders Geneva Officially Canceled Due To Coronavirus Threat

The show formerly known as SIHH is slated to return in 2021.

Breaking News: Watches & Wonders Geneva Cancelled

Watches & Wonders Geneva (WWG), the trade show formerly known as SIHH, has just announced its cancellation. Scheduled to take place in Geneva from April 25 to 29, the event was canned due to “the latest developments concerning the worldwide spread of the COVID-19 coronavirus”. Organising body Fondation de la Haute Horlogerie (FIHH) said in a statement that the decision was made “to protect the health and wellbeing of all our guests, press, partners and teams.” Its announcement comes not long after Switzerland confirmed its first patient with the coronavirus on Tuesday, alongside a sudden spike in cases in Italy. A scene from SIHH 2019 WWG is the second major Swiss event to be cancelled, following the Swatch Group’s decision to call off Time to Move in Zurich, a launch exhibition of its new watches, which was scheduled to take place from February 28 to March 2. Industry insiders now expect Baselworld 2020, slated to take place right after WWG, to follow suit. Several exhibitors at Baselworld, including Bulgari and Citizen, have already pulled out of the fair. But as of February 20, the world’s biggest watch and jewellery trade show is still going ahead.

Breaking News: Watches & Wonders 2020 is cancelled!

This just in: The Fondation de la Haute Horlogerie has just cancellec Watches & Wonders 2020! Here is the official Press Release.

Business News: Bulgari Leaves Baselworld 2020

Coronavirus concerns are a factor. But sister LVMH group brands Hublot, TAG Heuer, and Zenith say they’ll stay.

Bulgari Octo Finissimo Automatic: Enchanting Ultra-Thin In Titanium, Gold, Ceramic And Now In Steel

Ever since the Bulgari Octo Finissimo premiered in 2017 George Cramer has been very attracted to the model, but was also afraid that the case would be too large for his wrist. But in Paris one day, he tried an Octo Finissimo on in the Bulgari boutique and was immediately convinced that it was perfect and also very comfortable. But he then had to decide which version was his favorite.

Business News: Swatch Group Annual Profit Falls with Hong Kong Slowdown

Hong Kong’s political unrest has resulted in the first fall in annual profits at the Swatch Group since 2018. The world’s biggest watchmaking group, which owns brands like Omega and Longines, just announced its 2019 results, showing declines in both sales and profits. Net profit fell 13.7%, while sales declined 1.8% at constant exchange rates, or 2.7% at current rates, to 8.24 billion francs. The drops in profit and sales were primarily due to a drastic contraction of its business in Hong Kong – a city with a population of just 7.4 million – where Swatch Group owns over 90 retail stores, largely catering to shoppers from the China. Sales in Hong Kong for the second half of 2019 fell by 200 million francs. While Hong Kong was the key driver of the decline, it was not the only one. The luxury watch business in general is suffering from anaemic growth, which is also evidenced by the watch division results at diversified luxury groups like LVMH and Kering. On a more positive note, Swatch Group has managed to fulfil its stated aims of reducing operating expenditure and thinning inventory. Operating expenses dipped about 6%, while operating cash flow rose 30% in 2019. And after several consecutive years of growth, the group’s inventories declined by 1% in 2019, to a still-substantial 6.85 billion francs at cost. It’ll be a slow 2020… With Swatch Group predicting the situation in Hong Kong will continue to be “challenging” in 2020, it is in a weaker positio...

Business News: Grand Seiko To Open First European Boutique In Paris's Place Vendôme

For its first European Boutique, the Japanese watchmaker has chosen an address synonymous with Parisian luxury.

Business News: Jean-Claude Biver Receives France's Legion Of Honor

The watch-industry legend has been awarded one of the French republic's most prestigious honors.

Business News: Stefanie Ng Appointed CEO of Audemars Piguet SE Asia

Audemars Piguet (AP) recently named Stefanie Ng to lead its operations in Southeast Asia, India and Australia. She succeeds Jonathan King, who departed the brand in April 2019. Having started her career at Swatch Group, Ms Ng joined AP in 2012 as marketing manager for the region, where she helped execute projects like the Royal Oak 40th anniversary exhibition and a giant floral clock at Gardens by the Bay. The past two years have been formative for the brand, both in Asia and the wider world, as it has steadily trimmed its third-party distribution while growing sales within its own stores, making the marketing efforts of Ms Ng and her team vital, particularly with the launch of the all-new Code 11.59 collection earlier this year. As chief executive, Ms Ng will work alongside two board members of AP, which is unusual amongst Swiss watchmakers in having shareholders resident in Singapore: Oliviero Bottinelli, whose family inherited its stake from former AP chief executive Georges Golay (1921-1987), and Sunil Amarasuriya, who was once the distributor for AP in the region and acquired a minority stake in 1990. The Audemars Piguet Code 11.59 tourbillon made for Only Watch, which sold for a record 1m Swiss francs at the charity auction in November Though the watch industry in the region, like that back home in Switzerland, is dominated by men, it’s noteworthy that two of the most important brands – coincidentally both family owned – are now run by women. The Patek Philipp...

Business News: Hong Kong Crisis Batters Swiss Watch Exports

Turmoil there knocked five points off global Swiss watch growth in October.

Industry News: GPHG Announces Revamp of Nominations and Awards

As the Grand Prix d’Horlogerie de Genève (GPHG) is gearing up for its 20th anniversary next year – and a week after the 2019 winners were announced – the foundation that administers the industry awards has announced the Academy. This adds an additional layer of nominations and votes to the awards to better encompass a wider swathe of the watch business. Slated to be several hundred strong – 300 was the number mooted – the Academy will be composed of individuals from across the watch industry, from brands to the media to retailers. The large size of the Academy and its diversity is to ensure the GPHG awards represent the industry’s views as much as possible. The GPHG trophy takes the form of a gilded hand The Academy will be able to nominate watches for the awards – in past years only brands could propose their own watches – as well as vote in the earlier shortlisting process. The final vote and physical evaluation of the shortlisted candidates will then be undertaken by a 30-member jury meeting in Geneva, which is similar to the voting process today. The first members of the Academy will be announced in early 2020. Subsequently, new members can join the Academy when nominated by existing members.

Business News: Why LVMH Has Bought Tiffany & Co., And What This Might Mean For Watch Collectors

The $16.2 billion deal doubles the size of LVMH’s Watches & Jewelry division.

Business News: LVMH Buys Tiffany & Co. for US$16.2 Billion

After several weeks of negotiations, LVMH has sealed the deal to buy Tiffany & Co. in a US$16.2 billion, all-cash deal. Despite several years of listless growth and a declining share price – though its current management was in a midst of engineering a turnaround – Tiffany & Co. is the biggest acquisition ever in the luxury goods industry. The French luxury conglomerate, which owns Louis Vuitton and Christian Dior, is paying US$135 a share, about 35% above the last traded price before news of the takeover broke. With the acquisition of the storied American jeweller, LVMH strengthens its presence in the “hard” luxury business of jewellery and watches, a segment traditionally dominated by its Swiss rival Richemont, the owner of Cartier, Van Cleef & Arpels, and most recently, Buccellati. The addition of Tiffany’s to its 75-strong stable of brands, which includes watchmakers like Hublot and TAG Heuer, will also help LVMH grow its presence in China and the United States, where the jeweller’s baubles are popular. And the deal also means Tiffany’s well regarded chief executive, Alessandro Bogliolo, returns to LVMH, where he was once the chief operating officer at Bulgari.  

Business News: Citizen Sticks with Baselworld for 2020

Shortly after Seiko announced it was pulling out of Baselworld 2020, fellow Japanese watchmaker Citizen announced it was staying put, along with all of its subsidiary brands, save for Arnold & Son. According to a report in Chronos Japan, the decision was made in the summer, after some internal debate as to whether or not to remain in Baselworld, where Citizen has long boasted one of the most avant-garde booths, year after year. The Citizen booth at Baselworld 2019 Citizen – which launched a record-setting quartz watch at Baselworld 2019 – might have moved to the recently announced Watches & Wonders in Geneva, but that did not happen. So the brand, along with its subsidiaries Bulova, Frederique Constant, Alpina, and Miyota, will continue to exhibit at Baselworld. Only Arnold & Son, a relatively high-end Swiss brand also owned by Citizen, will exhibit at Watches & Wonders. According to an industry source, the remaining major Japanese watchmaker, G-Shock maker Casio, will also continue to show at Baselworld. Source: Chronos Japan  

BREAKING NEWS: CHF 31 Million Steel Grandmaster Chime Becomes Most Expensive Timepiece Sold at Auction

Breaking News: Patek Philippe Grandmaster Chime For Only Watch 2019 Sells For CHF 31 Million, Becoming The Most Expensive Watch In The World

The king is dead – long live the king.

Breaking News: The Audemars Piguet Royal Oak Selfwinding Perpetual Calendar Ultra-Thin Wins the Aiguille D'Or At The 2019 GPHG Awards

And we have all the other winners here for you too.

Breaking News: Grand Seiko And Seiko Will Not Participate In Baselworld 2020

A thirty-year partnership has apparently come to an end.

Breaking News: Seiko Exits Baselworld 2020

Switzerland’s biggest watch and jewellery fair will see one of its biggest exhibitors, Seiko, depart next year reports Yasuhito Shibuya of Chronos Japan. A Baselworld exhibitor since 1986, the Japanese watchmaker joins the stream of brands that have been departing the event since industry giant Swatch Group’s shock exit last year. According to Mr Shibuya, Seiko’s official reason for leaving is “because the opening time of Baselworld in 2020 is later than usual”, happening in May instead of the traditional March. Mr Shibuya also adds: “The fair happens a month later, coinciding with the Golden Week in Japan – a period with four consecutive national holidays within seven days. This is a particularly disappointing time for Japanese watchmakers.” “From the location of the booth to the floor plan of the fair [with Seiko’s booth on the second level], I do not think that Seiko has received equal treatment [as compared to Swiss brands]” noted Mr Shibuya. Despite its importance, both commercially and culturally, Seiko, along with fellow Japanese brands Casio and Citizen, has been relegated to the upper floor of the main exhibition hall since the venue’s lavish redesign in 2013. The loss of Seiko is no doubt a major blow to Baselworld, which has historically been a cash cow for exhibition organiser MCH Group, which also owns the Art Basel franchise. Instead of Baselworld, Seiko will launch its new products earlier in the year. However, according to a Seiko...