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The Swatch Group Time To Move product launch event has been cancelled.
The Swatch Group Time To Move product launch event has been cancelled.

Swatch Group cancels major retail event

Swiss watch conglomerate Swatch Group – which owns Omega, Longines, Tissot, and Breguet, among others – has cancelled its 2020 collection launch event, Time To Move, amid coronavirus fears.

The event was scheduled to take place in Zürich from 28 February–6 March.

In an email to attendees – sent to both retailers and media representatives – Swatch Group management explained the decision was made due to health concerns.

“Considering the uncertainty related to the 2019-nCoV coronavirus outbreak, and in order to guarantee the welfare of our guests, partners, and colleagues, Swatch Group has decided not to hold the Time to Move event,” the email read.

The virus was first detected in the Chinese city of Wuhan, with local authorities confirming the outbreak on 31 December 2019. It has since spread to 23 other countries including Australia, the US, and Germany.

"In order to guarantee the welfare of our guests, partners, and colleagues, Swatch Group has decided not to hold the Time to Move event"

More than 17,000 cases have been confirmed and several governments have taken steps to limit travel to and from China.

At the time of publication, there had been 361 confirmed deaths in China and one in the Philippines.

Due to the contagious nature of the virus, Swatch Group informed retailers that its ‘prestige’ brands – including Blancpain, Glashütte, Omega, Longines, Rado, and Jacquet Droz – will introduce new products “at a later stage during regional events”.

At the time of publication, no information was available regarding other Swatch Group brands.

The company withdrew from Baselworld in 2018 in order to hold its own Time To Move event. The inaugural event was held on 14–16 May 2019.

Several other companies have adopted similar models since then, including luxury conglomerate LVMH, which owns Zenith, Tag Heuer, and Bulgari. The first LVMH Watch Week was held in Dubai in January 2020, attended by more than 200 international retailers and media representatives.

In its most recent financial report, published in July 2019, Swatch Group recorded a 3.7 per cent drop in net sales and an 11.3 per cent fall in net income.

 

More reading:
Swatch Group withdraws from Baselworld
LVMH reviews Baselworld participation; 15 new brands sign on











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Tuesday, 31 March, 2020 07:17am
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