The five most important luxury watch brands in the world — Rolex (and sister brand Tudor), Patek Philippe, Chanel and Chopard — will exit the industry’s most important watch show, Baselworld, in 2021, it was reported recently.
This news is tied to the impact of coronavirus on the watch industry on all levels. The cancellation of Baselworld, and the way refunds were handled, caused consternation in the luxury watch world. Rolex executive Hubert du Plessix, who is head of the Baselworld Exhibitors Committee, sent a sharp letter of protest to the organizers of Baselworld to warn that the major brands may walk away from the prestigious show.
Plessix’s letter has proven to be prescient. These big five watch brands are now looking to organize their own event for the watch industry in April 2021 with the help of Fondation de la Haute Horlogerie (FHH).
Each year, the FHH organizes the Salon International de la Haute Horlogerie (SIHH), known as the most prestigious watch exhibition for both collectors, aficionados, and the industry. This year’s show, renamed Watches & Wonders Geneva was cancelled due to COVID-19.
This new alliance between the major luxury watch brands and FHH has attracted major attention in the industry as those involved look forward to the new exhibition being planned by this powerful group.
As many of our clients are involved in this industry, we will continue to monitor these important developments.