Rolex, Patek, Tudor etc leaves Baselworld

[Mystro]

The “New watch show” by Rolex and PP is designed to be a lot more exclusive and more VIP in who attends. This just confirms Rolex is indeed targeting a more upscale image with their watches. Considering PP and Rolex are using the same targeted demographic with this new joint show, it’s easy to read the direction Rolex is moving their watches.

[timeldn]

Will Baselworld continue? or even survive?

[OttawaSteve]

It appears that MCH (owners of Baselworld) decided to listen to their lawyers rather than their customers. The decision to "postpone" the 2020 show until next year instead of cancelling it, which is effectively what they did, allows them to avoid full refunds of the exhibitors deposits. However, Rolex, PP et al weren't born yesterday, and this was clearly the last straw. I would think that M. Loris-Melikoff, the managing director of Baselworld, would be wise to update his CV.

[Swaye]

I am not too fond of some of the quotes that seem to indicate the show will now be more retailer and VIP focused, vice normal consumers (me). Rolex, imho, continues to move further and further from their roots. Hope I'm wrong, but I doubt it.

[Mystro]

Originally Posted by Swaye

I am not too fond of some of the quotes that seem to indicate the show will now be more retailer and VIP focused, vice normal consumers (me). Rolex, imho, continues to move further and further from their roots. Hope I'm wrong, but I doubt it.

Yup, that was the first thing that jumped out at me. Rolex is heading more upscale/VIP. We all kinda saw the writing on the wall given the last year and free market price point that indicated how high customers are willing to pay over msrp.

[Heady Topper]

Death blow

[Geckobros]

When The Swatch Group left, I knew this was next.

[Swaye]

Originally Posted by Mystro

Yup, that was the first thing that jumped out at me. Rolex is heading more upscale/VIP. We all kinda saw the writing on the wall given the last year and free market price point that indicated how high customers are willing to pay over msrp.

Agree. One of the user comments below the Hodinkee article really resonated with me:

"This new event will be geared predominantly towards retailers, the press, and VIP customers," - I think this is completely out of touch with trends of connecting more closely with customers through direct sales, transparency, providing meaningful experiences and opportunities for interaction with customers and that more closely connects customer beyond a transaction. It unfortunately highlights how quickly big brands can loose sight of who their real customers are, us, the ones who ultimately buy these watches, help them to build their brand, and celebrate their products with other like minded collectors and friends."

Rolex doesn't owe me anything. I have been a loyal fan of the brand for years now, and will always love the watches. But I do sort of feel like the brand is leaving people like me, who helped build the brand, behind in a rush toward exclusivity. And that's fine. Things change. But it doesn't mean I have to like it. There are other watch brands that still seem to value their fans in a different and more intimate way, and one I might prefer. We shall see when they actually roll out these changes I suppose.

[rambo99]

may be the last baselworld event had been staged.

[Swaye]

Originally Posted by rambo99

may be the last baselworld event had been staged.

I hope they can keep it going in a much smaller format and focus on independents and smaller brands. Wishful thinking probably.

[Rrpdc]

About time. They have been price gouging people for years at Basel.

[Mifune]

I think it's a good to move towards an 'industry only' type show... and leave the public gatherings to the local shows.

bye basel

[ZOOK]

Originally Posted by Swaye

Agree. One of the user comments below the Hodinkee article really resonated with me:

"This new event will be geared predominantly towards retailers, the press, and VIP customers," - I think this is completely out of touch with trends of connecting more closely with customers through direct sales, transparency, providing meaningful experiences and opportunities for interaction with customers and that more closely connects customer beyond a transaction. It unfortunately highlights how quickly big brands can loose sight of who their real customers are, us, the ones who ultimately buy these watches, help them to build their brand, and celebrate their products with other like minded collectors and friends."

Rolex doesn't owe me anything. I have been a loyal fan of the brand for years now, and will always love the watches. But I do sort of feel like the brand is leaving people like me, who helped build the brand, behind in a rush toward exclusivity. And that's fine. Things change. But it doesn't mean I have to like it. There are other watch brands that still seem to value their fans in a different and more intimate way, and one I might prefer. We shall see when they actually roll out these changes I suppose.

This won’t mean anything to most here. We will still depend on Rolex.com, other internet hucksters and if we’re lucky the traveling dog and pony show to see new models.

[Swaye]

Originally Posted by ZOOK

This won’t mean anything to most here. We will still depend on Rolex.com, other internet hucksters and if we’re lucky the traveling dog and pony show to see new models.

Totally agree. I realize Rolex has been keeping consumers (non ultra wealthy variety) at arms length for a long time. But, before the last several years I could trick myself into believing they still cared what I/we thought.

It is what it is. Won't have a meaningful impact on my life I suppose. This is just a hobby after all. But the more I collect and enjoy this hobby, the more I realize that seeking out brands that are trying to create closeness with end users, vice distance, might be a good thing.

[Swaye]

Originally Posted by Mifune

I think it's a good to move towards an 'industry only' type show... and leave the public gatherings to the local shows.

bye basel

This is a great point actually. I have heard good things about a few local shows in recent times. Maybe I should check one out.

[BroncoOne]

I'm not surprised. Based world took its vendors/customers for granted. It raised costs and reduced services, acing like the world owed them for holding an event.

As for Rolex releases, I'd bet it's all at the new show. I don't see it making sense to release anything until then for two reasons:
1-It's all about getting and keeping cash for companies right now. Cash is king because it gives you options both during and after this pandemic.

2-Why step on your investment in what you are trying to make the new premier watch show? You want to create as mch buzz as you can (maybe why the initial announcement says its limited to a select few invitees-drives FOMO and value in the arch enthusiast crowd who, let's face it, are largely prime demographic targets for this tactic)

[galarza2073]

whether they show at Basel or a lemonade stand...until we get back to being able to purchase what is shown..I don't really care.

[N2theCAPE]

Originally Posted by marc2828

I disagree with the logic of a cancel or next year release of new Rolex models. You have to think Rolex spent millions on brochures, machine retooling, etc. Rolex must have been making the new models since January. They must have lots of inventory of new models and when they reopen, machines are set to make new models. They have to release this year...if not in summer. Just my opinion.

What machine retooling? Rolex puts a jubilee bracelet on an existing model and calls it a new one... I definitely think that Rolex left the show because they wouldn't refund them the $$$$

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[N2theCAPE]

I have so many questions after reading the article from Hodinkee:

https://www.hodinkee.com/artic...ate...ave-baselworld

First of, does the Rolex group or Patek Philippe have any ties with Chanel and Chopard? Do they sell them movements or anything of that nature?

After reading the article it sort of sounded like Rolex (along with the other brands) were not issued a refund for the cancelation of Baselworld 2020. I know that this specific trade show weighs heavy on a lot of brands balance sheets. For example Swatch which was Baselworlds largest exibitor by brand size pulled out after the 2018 (I think so did Breguet?) show saying that it was due to management issues similar to what Rolex and Patek Philippe hinted at in the article. But what are the management issues? Lack of supposed reinventing the show? Or is it really just about the $$$$ Why isn't Omega part of those brands that banded together in the article? Or does Rolex want to control the new way that future shows are held? After all it seems to me like they're the ones that will be in charge of the future shows via this new platform and it will be interesting to see what they come up with.

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[Fedpete]

BaselWorld has been dumb for a while.

These companies should have always been doing Apple style keynotes and controlling the entire experiential aspect of the event.

The press will piss and moan that they now have to go to a bunch of events but get with the program. Trade shows are a wrap.


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[DiamondSt]

Great job.

[mykii]

This is an amazing time to be witnessing horology history. Basel is as good as dead.

[Tavli3]

Bottom line is don't F with Rolex as Basel management just found out.

[Major69]

Originally Posted by thepress83

Not a huge surprise and hopefully the new show will be better than Basel with more access to watches.

Since the release goes out its way to mention that the new event will be geared to "retailers and VIP customers", in all likelihood that means less public access to watches.

[Major69]

Originally Posted by Fedpete

BaselWorld has been dumb for a while.

These companies should have always been doing Apple style keynotes and controlling the entire experiential aspect of the event.

The press will piss and moan that they now have to go to a bunch of events but get with the program. Trade shows are a wrap.


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The new show will be more of an industry trade show than BW.

[Meyrin]

Originally Posted by Juan Luis

Baselworld did not help themselves with the high cost for the brands and for the people attending, with extremely high hotel and restaurant pricing etc.. So I have read.

With Rolex & co. planning to open up in Palexpo in Geneva I think you're going to see the same "extremely high hotel and restaurant pricing etc" as with Basel World, if not more so. I grew up in Geneva...it´s a VERY expensive place, believe me...!!

[Major69]

Originally Posted by N2theCAPE

I have so many questions after reading the article from Hodinkee:

https://www.hodinkee.com/artic...ate...ave-baselworld

First of, does the Rolex group or Patek Philippe have any ties with Chanel and Chopard? Do they sell them movements or anything of that nature?

After reading the article it sort of sounded like Rolex (along with the other brands) were not issued a refund for the cancelation of Baselworld 2020. I know that this specific trade show weighs heavy on a lot of brands balance sheets. For example Swatch which was Baselworlds largest exibitor by brand size pulled out after the 2018 (I think so did Breguet?) show saying that it was due to management issues similar to what Rolex and Patek Philippe hinted at in the article. But what are the management issues? Lack of supposed reinventing the show? Or is it really just about the $$$$ Why isn't Omega part of those brands that banded together in the article? Or does Rolex want to control the new way that future shows are held? After all it seems to me like they're the ones that will be in charge of the future shows via this new platform and it will be interesting to see what they come up with.

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Omega is a subsidiary of Swatch group who were not part of the joint announcement. Swatch group announced in the past they will be doing their own thing (events). Whether they join this show, we will have to wait and see....

[cocoabutter]

Rolex could afford for Basel to keep their deposit or whatever trick Basel world had up its sleeve, but they realized other smaller watch companies could not. I hope the smaller watch companies are some how incorporated into this new watch show.

Basel chased the quick buck and have lost out on future money and of course their legacy. Heads should roll due to this.

[FoolioABC]

Question - wasn't Baselworld already pretty much just a trade show? Everything I've read about it indicates that it was already pretty low access to attend as a "civilian". Granted they had intended to open it up more to the public, but we will never get to see if this adjustment was going to be fulfilled to any level of satisfaction for us plebs. So really it sounds like, from a watch enthusiast's standpoint, things will more or less remain the same? Especially since the vast majority of people wouldn't be able to find the time/money to travel to Basel just for the watch show anyway... As long as there's pretty pictures of new watches, won't it all be the same?

[Gregk]

would this affect the pricing on the grey market? Let me know!

CHEERS!