Swiss watchmaker Swatch Group is quitting the annual Baselworld watch and jewellery trade fair, said a report on Sunday, calling time on an event that has been a fixture of the luxury industry calendar for a century.
The annual horlogerie tradeshow held in Hong Kong, will kick off its 2017 edition September 5 to 9, with attendance numbers to be around 20,000 people. More than 810 exhibitors from 27 countries are slated to attend.
While high-end watches are still out of reach for most people, the increasing prevalence of deals on the grey watch market highlights the perplexing predicament in which luxury watchmakers now find themselves.
Already the most powerful company in the watch industry, partly due to being the leading supplier of mechanical parts, Swatch has reportedly inked a deal with watch empire Richemont to supply its movements after 2020.