The luxury watchmakers will be joined by jeweller Chopard, Rolex subsidiary Tudor and Chanel
Five of the world's biggest luxury watchmakers, including Rolex, Patek Philippe and Chanel, announced on Tuesday they would withdraw from Baselworld to create a new watch fair.
Joined by jeweller Chopard and Rolex subsidiary Tudor, the brands that for decades were considered pillars of the iconic fair in the northern Swiss city of Basel have decided to leave and instead create an annual event in Geneva, starting in April 2021, the Foundation High Horology (FHH) said in a statement.
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"This departure follows a number of unilateral decisions made without consultation by Baselworld management," the statement said.
It criticised the fair organisers for, among other things, unilaterally deciding to cancel the 2020 edition, which had been scheduled to kick off at the end of April, amid concerns over the novel coronavirus pandemic.
It also slammed the organisers' "inability to meet the brands' needs and expectations."