Business News: Baselworld Cancels 2021 Show

Swiss watch exhibitors objected to the options. On April 6, Hubert J. du Plessis, president of the Swiss Exhibitors Committee (and head of investments and logistics at Rolex) wrote a harsh letter to the fair organizers objecting to the partial refund policy and the show management’s lack of consideration for the economic difficulties watch firms are facing due to the coronavirus pandemic.

MCH, of course, has its own financial problems. In the last three years, it has reported losses amounting to CHF310 million (about $320 million), and faces enormous losses this years due to cancelled shows.

Today, MCH announced that the parties had found “an amicable solution” to the dispute. No details were given. “I welcome the constructive attitude of the representatives of the MCH Group,” du Plessis said in a statement. “I would also like to thank Patek Philippe, Rolex, Tudor, Chanel, Chopard, Hublot, Zenith and TAG Heuer, who, in a spirit of solidarity with the sector as a whole, have agreed to a lower refund so that the other exhibitors can benefit from better conditions.”

Bernd Stadlwiesser, CEO of the MCH Group, said, “In light of the large loss of revenue due to COVID-19 and our responsibility to all our stakeholder groups, this solution marks the limit of what is possible for us. With the amicable settlement for Baselworld 2020, we can now concentrate fully on the future.”

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