CollectionsNov 22, 2024
Piece of the Week: Xander Jane’s ‘Spiked’ Pearl StudsThese punk-inspired earrings from the new Canadian brand’s debut collection reveal the alter ego of the classic pearl.
MajorsMar 20, 2019
Swatch Group Confirms That It Won’t Return to Baselworld
A company spokesperson also backed CEO Nick Hayek’s recent statement regarding watch parts for LVMH and Richemont.
The 2019 edition of the Baselworld Watch & Jewellery Show is set to begin Thursday, showcasing more than 500 exhibitors but missing key players like Swatch Group. The Swiss watch giant announced in July that it was pulling out of the 2019 edition of the show, and then confirmed this week that it doesn’t have plans to ever return.
Biel/Bienne, Switzerland—Swatch Group will not be returning to Baselworld any time soon.
CEO Nick Hayek made that clear at a press conference held last week in Switzerland ahead of the company’s annual report, and a Swatch Group spokesperson confirmed the company’s permanent pullout to National Jeweler via email Tuesday.
“There’s no need for it anymore,” Hayek said of the trade show in an interview with Bloomberg. “The world has changed.”
The confirmation is a blow to Baselworld, which is struggling to remain relevant in the digital age, and comes just as the 2019 edition of the show is set to kick off in Switzerland.
Show organizers did not respond to National Jeweler’s request for comment on Hayek’s announcement but said there will be a press conference held Wednesday at Baselword.
Swatch Group also manufactures movements powering many competitors’ watches, but not for long.
The company will no longer supply parts to LVMH Moёt Hennessy Louis Vuitton and Richemont brands once their contracts expire at the end of the year, the company spokesperson confirmed to National Jeweler.
LVMH’s watch brands are TAG Heuer, Hublot, Bulgari and Zenith while Richemont owns a slew of high-end watch brands, including A. Lange & Sohne, Baume & Mercier, Cartier, IWC Schaffhausen, and Van Cleef & Arpels.
Neither LVMH or Richemont responded to National Jeweler’s request for comment on the decision.
The announcements about Baselworld and watch parts came ahead of Swatch Group’s release of its full-year financials for 2018.
The company posted strong results in its annual report, with its prestige and luxury range leading the charge.
Sales rose around 6 percent to 8.48 billion Swiss francs ($8.49 billion) compared with 7.98 billion Swiss francs ($7.99 billion) in 2017.
Sales from its watches and jewelry segment, which includes brands like Tissot and Longines, rose about 11 percent, contributing 8.21 billion francs ($8.22 billion) to the total, compared with sales of 7.73 billion ($7.74 billion) francs a year ago.
Annual net income totaled 867 million francs ($868.28 million), a nearly 15 percent jump compared with 755 million francs ($756.12 million) in 2017.
Swatch Group USA saw double-digit sales growth and market share gains in every segment, according to the annual report.
The strongest sales growth stemmed from the prestige and luxury range, specifically Blancpain, Omega and Longines.
The highlighted brands increased their visibility through events and sponsorships throughout the year.
Blancpain touted its Fifty Fathoms Collection, both a tribute to the marine world and a call for ocean
preservation, through lectures and a traveling exhibition.
Omega showcased its watches during sporting events, including the PyeongChang Games and the Youth Olympic Games in Buenos Aires, Argentina. The brand was also as an official patron and watch of the PGA Championship.
Longines served as the official timekeeper and watch of the Kentucky Derby and Belmont Stakes, presenting an exhibition on the history of the brand in the United States.
Sales from Swatch Group’s electronics segments, which includes batteries and crystal for watch cases, rose about 2 percent to 273 million francs ($273.4 million) compared with 267 million francs ($267.4 million) the previous year.
Looking to the year ahead, Swatch Group is forecasting “healthy growth”, specifically in Japan and the U.S., and expects to resolve the production problems that led to delivery delays for Omega and Longines.
Omega showcased its watches during sporting events, including the PyeongChang Games and the Youth Olympic Games in Buenos Aires, Argentina. The brand was also as an official patron and watch of the PGA Championship.
Longines served as the official timekeeper and watch of the Kentucky Derby and Belmont Stakes, presenting an exhibition on the history of the brand in the United States.
Sales from Swatch Group’s electronics segments, which includes batteries and crystal for watch cases, rose about 2 percent to 273 million francs ($273.4 million) compared with 267 million francs ($267.4 million) the previous year.
Looking to the year ahead, Swatch Group is forecasting “healthy growth”, specifically in Japan and the U.S., and expects to resolve the production problems that led to delivery delays for Omega and Longines.
More on Majors
The Latest
SourcingNov 22, 2024
Facets of Fire Expands to Include Pear, Marquise DiamondsThe company brings its nanotechnology to two new fancy cuts for diamonds that feature its signature color and brilliance.
Supplier BulletinNov 21, 2024
Tasha R Releases 2025 Labbelle Lab Diamond Jewelry CatalogSponsored by Tasha R
Brought to you by
Navigating Cybersecurity: Essential Guidance for JewelersFrom protecting customer data to safeguarding inventory records, it's crucial to learn how to tackle cybersecurity challenges.
AuctionsNov 21, 2024
Gold Watch Gifted to Titanic Rescue Ship Captain Sells for $2MThree Titanic survivors presented him with the personalized Tiffany & Co. timepiece about a year after the tragedy.
Weekly QuizNov 21, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsNov 21, 2024
Channel Elphaba in Muse’s ‘Have a Heart x Cynthia Erivo’ CollectionCynthia Erivo chose Dreams of Hope, an organization dedicated to empowering LGBTQA+ youth, as the charity for this year’s collection.
IndependentsNov 21, 2024
Mary Moses Kinney Is Now Part of The Edge’s Team Kinney, who spent nearly 30 years at IJO, has been hired to head Abbott Jewelry Systems’ new virtual marketplace.
Brought to you by
Enhance Your Expertise with IGI’s In-Person Courses in NYCThis fall, sharpen your skills in jewelry grading, quality control and diamond assessment.
CrimeNov 20, 2024
Sotheby’s to Pay $6.25M Settlement to NY State for Alleged Tax FraudThe auction house was accused of helping clients avoid paying taxes on millions of dollars’ worth of art purchased from 2010 to 2020.
Events & AwardsNov 20, 2024
Kering Debuts New Jewelry Award With Sustainability FocusThe four finalists will present their pieces at the 2025 JCK Las Vegas show.
CollectionsNov 20, 2024
Pamela Love Channels Surrealist Artists in New CollectionThe “Camera Oscura” collection showcases earring designs celebrating female Surrealist artists Claude Cahun and Leonor Fini.
Policies & IssuesNov 20, 2024
Columbia Gem House Raises $10K for Reforestation EffortsThe money will fund the planting of 10,000 trees in critical areas across Oregon, Arizona, Montana, and other regions.
Events & AwardsNov 20, 2024
The Jewelry Symposium Opens Registration, Scholarship ApplicationsThe event centered on advancing jewelry manufacturing technology will return to Detroit in May 2025.
CrimeNov 19, 2024
Woman Killed in Armed Robbery of Sacramento Jewelry StoreLocal reports identified the woman as the wife of the jewelry store owner.
AuctionsNov 19, 2024
‘A Tsar’s Treasure’ Fetches $2.9M at Sotheby’s Jewelry SaleA collection of pieces owned by Ferdinand I, the first king of modern Bulgaria, and his family, blew away estimates in Geneva last week.
MajorsNov 19, 2024
Trove Opens First US Flagship in NYCThe Australian jewelry box brand’s new West Village store will showcase new jewelers each month through its Designer in Residence program.
CollectionsNov 19, 2024
Snoop Dogg’s New Jewelry Collection Is All About Love“Lovechild” was created in partnership with Carolyn Rafaelian’s Metal Alchemist brand.
EditorsNov 18, 2024
Q&A: Helzberg CEO Brad Hampton on the Jeweler’s RebrandHampton discussed how Helzberg is improving the customer experience and why it was inspired by the company formerly known as Dunkin’ Donuts.
Policies & IssuesNov 18, 2024
Reciprocity Jewels Returns to NYC Jewelry WeekThe group will host several curated events and an exhibition of designer jewelry made with Peruvian gold traceable to the miners’ names.
CollectionsNov 18, 2024
Dolly Parton Shines in Collaboration with Kendra ScottThe collection honors the 50th anniversary of Dolly Parton’s “Love is Like a Butterfly” song, which shares a birth year with Kendra Scott.
Events & AwardsNov 18, 2024
IGI Jewelry Design Competition ReturnsThis year’s theme asks designers to take inspiration from classic fairy tales.
EditorsNov 15, 2024
Why Fine Jewelry Belongs at New York Comic ConSenior Editor Lenore Fedow makes the case for why more jewelers should be appealing to nerds at the annual event.
CollectionsNov 15, 2024
Marie Lichtenberg Battles Counterfeits with New ‘Raiz’in Scapular’ DesignsThe latest “Raiz’in” drop showcases a newly designed “Scapular” necklace and donates a portion of the proceeds to Make-A-Wish France.
WatchesNov 15, 2024
Piece of the Week: Citizen’s Commemorative Pocket WatchNo. 1 out of 100, the timepiece was created to mark Citizen’s 100th anniversary and will be auctioned off at Sotheby’s next month.
Recorded WebinarsNov 15, 2024
Watch: 10 Tips to Keep Your Jewelry Store Secure On the latest episode of “My Next Question,” two experts share best practices for store security during the holidays and year-round.
AuctionsNov 14, 2024
18th-Century Diamond Necklace Sells for Nearly $5M Sotheby’s sold the necklace, which potentially has ties to Marie-Antoinette, for $4.8 million to a woman bidding via phone.
MajorsNov 14, 2024
Saks Fifth Avenue Cancels Holiday Light DisplayInstead of its usual elaborate display, the store will illuminate its façade and frame the windows to highlight its flagship’s architecture.
