Robb Read: Time’s Up For Baselworld

Time’s up as the once glistening fair is forced to rethink its future plans.

By Richard Brown 14/09/2020

You can’t knock the sanguinity of the MCH Group. When, in 2010, the parent company of Baselworld, the world’s oldest and (then) largest watch fair, commissioned Herzog & de Meuron, the Basel-based architects behind the Bird’s Nest stadium in Beijing, to modernise its senescent exhibition facilities to the tune of 430 million Swiss francs (approx. $655 million), the marketing and events giant was looking back on a decade in which the wholesale value of Swiss watch exports had risen from CHF 10.3 billion to CHF 16.2 billion (approx. $15.7 billion to $24.8 billion).

In the three years, it would take Herzog & de Meuron to complete its three-storey extension of Hall 1, build an overhead bridge to Hall 3 and wrap the whole thing
in a hyper-modern basketweave of brushed aluminium, exports would surge to a record CHF 21.8 billion (approx. $33.3 billion).

Business was booming and Basel’s Messeplatz was the watch world’s Mecca, even if none of the big houses actually hailed from the German-speaking border city. And yet, within the space of ten years, MCH’s flagship event would lose 75 per cent of its exhibitors, see visitor numbers shrink by almost half and, in April of this year, lose its two most important participants, Rolex and Patek Philippe.

Even before the coronavirus reared up and kick-started a chain of events that would cause the mightiest and most prestigious of watchmakers, respectively, to abandon the industry’s most significant get-together, the watch industry trade show, in its traditional format at least, was a concept living on borrowed time.

“Fairs such as Basel and SIHH are last-century business models that did not adapt to the new configurations of the luxury watch business,” Jean-Christophe Babin, CEO of Bulgari (which pulled out of Baselworld 2020 in February), tells Robb Report. “Basel, for instance, was the yearly gathering of agents and distributors: they attended, ordered, and then we’d deliver [watches] to them to provide to retailers. Today, this chain is obsolete: agents and distributors have almost totally disappeared. The major brands have local and/or regional integrated branches so that business operates 12 months a year, 24 hours a day.”

Baselworld’s inability to move with the times—its failure to invest in technologic infrastructure, its commitment to charging eye-watering exhibition prices at a time when the industry was struggling with a series of socio-economic sucker punches, political unrest in two of its biggest export markets (Hong Kong and China) and the snowballing uptake
of each new edition of the Apple Watch—had already cost the show its single biggest exhibitor.

“Today everything has become more transparent, fast-moving, and instantaneous,” wrote Swatch Group CEO Nicolas Hayek Jr in a bombshell press release that detonated in July 2018. “In this new context, annual watch fairs, as they exist today, no longer make much sense… The MCH Group, which organises Baselworld, is clearly more concerned with optimising and amortising its new building… than it is in having the courage to make real progress.” And with that, Swatch Group’s 17 brands—Omega, Blancpain, Breguet, Longines and Tisso among them—said so long and thanks for all the fish.

Baselworld had, of course, lost big-name watchmakers to splinter shows before. Brands belonging to the Richemont Group had decamped to SIHH (now called Watches & Wonders) in the 1990s. More recently, Breitling, Corum, Maurice Lacroix, Raymond Weil and Ulysse Nardin had all failed to renew their Baselworld contracts, so too LVMH brands (Tag Heuer, Hublot, Zenith) which this January also hosted an ‘in-house’ showcase in Dubai.

Yet it was the show’s myopic reaction to the coronavirus that would prove its ultimate demise. Forced to cancel Baselworld 2020 as Europe failed to contain the spread of Covid-19, MCH announced that it would be refusing to refund watchmakers already committed to the show. Instead, MCH offered companies the chance to put 85% of their 2020 outlay towards rebooking a space at next year’s event—since cancelled—retaining a 15% fee to cover ‘administration costs’. That parochial strategy had already prompted polite, yet hefty, censure from Hubert du Plessix, president of the Swiss Exhibitors Committee at Baselworld and, just as significantly, a long-standing Rolex director.

While the refund situation is said to have today found an “amicable solution”, according to MCH Group, in a letter dated 6 April and which was sent to Baselworld’s director general and almost all of Switzerland’s leading watchmaking federations, du Plessix wrote that a “lack of consideration on the part of the leaders of the MCH Group unfortunately recalls an era that we thought was over.” Du Plessix argued that full refunds “would be the best way to encourage exhibitors to participate in a future edition of Baselworld”, otherwise, “we fear that this will be the end, pure and simple, of Baselworld.”

In an industry often accused of moving at a glacial pace, events unfurled uncharacteristically rapidly. On 14 April, Rolex and Patek Philippe, along with Tudor, Chanel and Chopard, issued a joint statement announcing their withdrawal from Baselworld 2021: “The decision to leave Baselworld was not an easy one to take,” says Patek Philippe president, Thierry Stern. “Today Patek Philippe is not in line with Baselworld’s vision anymore, there have been too many discussions and unsolved problems, trust is no longer present… That is why, following several discussions with Rolex and in agreement with other participating brands, we have decided to create, all together, a unique event in Geneva, representative of our savoir faire.”

The quintet of brands will now create a new Swiss trade show to coincide with the Foundation of High Horology’s Watches & Wonders, effectively creating one large-scale, cross-conglomerate fair—something that many of the industry’s key players had been calling for prior to the latest Baselworld saga.

“We have branches, we can organise a brand event on our own without any problem, with strong results and return on investment,” says Bulgari’s Babin. “Nevertheless, the industry community gathering for a few days remains part of the game and an important moment… the fairs and salons are important because this community needs them.”

It’s a point furthered by Patrick Pruniaux, CEO of Ulysse Nardin and Girard-Perregaux. “Sure there is a digital transition impacting our business model,” he says. “However, human beings need to meet at least once a year. Look at the social distancing currently happening due to coronavirus—we are all connected through digital devices, but we lack the touch of humanity that we get from seeing each other.”

Ricardo Guadalupe, CEO of Hublot, agrees: “I’m in favour of a ‘great gathering’ for the watch industry that brings everyone together… It would be logical as it is much more convenient for all partners, clients and media to travel to one big show once a year, where they can discover all the beautiful new products from our industry.” And that show, it now transpires, will take place in early April 2021 in a colossal exhibition centre adjacent to Geneva Airport.

This piece is from our new Design Issue – on sale now. Get your copy or subscribe here, or stay up to speed with the Robb Report weekly newsletter.

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Watch of the Week: TAG Heuer Formula 1 | Kith

The legendary sports watch returns, but with an unexpected twist.

By Josh Bozin 02/05/2024

Over the last few years, watch pundits have predicted the return of the eccentric TAG Heuer Formula 1, in some shape or form. It was all but confirmed when TAG Heuer’s heritage director, Nicholas Biebuyck, teased a slew of vintage models on his Instagram account in the aftermath of last year’s Watches & Wonders 2023 in Geneva. And when speaking with Frédéric Arnault at last year’s trade fair, the former CEO asked me directly if the brand were to relaunch its legacy Formula 1 collection, loved by collectors globally, how should they go about it?

My answer to the baited entreaty definitely didn’t mention a collaboration with Ronnie Fieg of Kith, one of the world’s biggest streetwear fashion labels. Still, here we are: the TAG Heuer Formula 1 is officially back and as colourful as ever.

As the watch industry enters its hype era—in recent years, we’ve seen MoonSwatches, Scuba Fifty Fathoms, and John Mayer G-Shocks—the new Formula 1 x Kith collaboration might be the coolest yet. 

TAG Heuer
TAG Heuer

Here’s the lowdown: overnight, TAG Heuer, together with Kith, took to socials to unveil a special, limited-edition collection of Formula 1 timepieces, inspired by the original collection from the 1980s. There are 10 new watches, all limited, with some designed on a stainless steel bracelet and some on an upgraded rubber strap; both options nod to the originals.

Seven are exclusive to Kith and its global stores (New York, Los Angeles, Miami, Hawaii, Tokyo, Toronto, and Paris, to be specific), and are made in an abundance of colours. Two are exclusive to TAG Heuer; and one is “shared” between TAG Heuer and Kith—this is a highlight of the collection, in our opinion. A faithful play on the original composite quartz watch from 1986, this model, limited to just 1,350 pieces globally, features the classic black bezel with red accents, a stainless steel bracelet, and that creamy eggshell dial, in all of its vintage-inspired glory. There’s no doubt that this particular model will present as pure nostalgia for those old enough to remember when the original TAG Heuer Formula 1 made its debut. 

TAG Heuer
TAG Heuer

Of course, throughout the collection, Fieg’s design cues are punctuated: the “TAG” is replaced with “Kith,” forming a contentious new brand name for this specific release, as well as Kith’s slogan, “Just Us.”

Collectors and purists alike will appreciate the dedication to the original Formula 1 collection: features like the 35mm Arnite cases—sourced from the original 80s-era supplier—the form hour hand, a triangle with a dot inside at 12 o’clock, indices that alternate every quarter between shields and dots, and a contrasting minuterie, are all welcomed design specs that make this collaboration so great. 

Every TAG Heuer Formula 1 | Kith timepiece will be presented in an eye-catching box that complements the fun and colour theme of Formula 1 but drives home the premium status of this collaboration. On that note, at $2,200 a piece, this isn’t exactly an approachable quartz watch but reflects the exclusive nature of Fieg’s Kith brand and the pieces he designs (largely limited-edition). 

TAG Heuer
TAG Heuer

So, what do we think? It’s important not to understate the significance of the arrival of the TAG Heuer Formula 1 in 1986, in what would prove integral in setting up the brand for success throughout the 90’s—it was the very first watch collection to have “TAG Heuer” branding, after all—but also in helping to establish a new generation of watch consumer. Like Fieg, many millennial enthusiasts will recall their sentimental ties with the Formula 1, often their first timepiece in their horological journey.  

This is as faithful of a reissue as we’ll get from TAG Heuer right now, and budding watch fans should be pleased with the result. To TAG Heuer’s credit, a great deal of research has gone into perfecting and replicating this iconic collection’s proportions, materials, and aesthetic for the modern-day consumer. Sure, it would have been nice to see a full lume dial, a distinguishing feature on some of the original pieces—why this wasn’t done is lost on me—and perhaps a more approachable price point, but there’s no doubt these will become an instant hit in the days to come. 

The TAG Heuer Formula 1 | Kith collection will be available on Friday, May 3rd, exclusively in-store at select TAG Heuer and Kith locations in Miami, and available starting Monday, May 6th, at select TAG Heuer boutiques, all Kith shops, and online at Kith.com. To see the full collection, visit tagheuer.com

 

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8 Fascinating Facts You Didn’t Know About Aston Martin

The British sports car company is most famous as the vehicle of choice for James Bond, but Aston Martin has an interesting history beyond 007.

By Bob Sorokanich 01/05/2024

Aston Martin will forever be associated with James Bond, ever since everyone’s favourite spy took delivery of his signature silver DB5 in the 1964 film Goldfinger. But there’s a lot more to the history of this famed British sports car brand beyond its association with the fictional British Secret Service agent.

Let’s dive into the long and colourful history of Aston Martin.

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What Venice’s New Tourist Tax Means for Your Next Trip

The Italian city will now charge visitors an entry fee during peak season. 

By Abby Montanez 01/05/2024

Visiting the Floating City just got a bit more expensive.

Venice is officially the first metropolis in the world to start implementing a day-trip fee in an effort to help the Italian hot spot combat overtourism during peak season, The Associated Press reported. The new program, which went into effect, requires travellers to cough up roughly €5 (about $AUD8.50) per person before they can explore the city’s canals and historic sites. Back in January, Venice also announced that starting in June, it would cap the size of tourist groups to 25 people and prohibit loudspeakers in the city centre and the islands of Murano, Burano, and Torcello.

“We need to find a new balance between the tourists and residents,’ Simone Venturini, the city’s top tourism official, told AP News. “We need to safeguard the spaces of the residents, of course, and we need to discourage the arrival of day-trippers on some particular days.”

During this trial phase, the fee only applies to the 29 days deemed the busiest—between April 25 and July 14—and tickets will remain valid from 8:30 am to 4 pm. Visitors under 14 years of age will be allowed in free of charge in addition to guests with hotel reservations. However, the latter must apply online beforehand to request an exemption. Day-trippers can also pre-pay for tickets online via the city’s official tourism site or snap them up in person at the Santa Lucia train station.

“With courage and great humility, we are introducing this system because we want to give a future to Venice and leave this heritage of humanity to future generations,” Venice Mayor Luigi Brugnaro said in a statement on X (formerly known as Twitter) regarding the city’s much-talked-about entry fee.

Despite the mayor’s backing, it’s apparent that residents weren’t totally pleased with the program. The regulation led to protests and riots outside of the train station, The Independent reported. “We are against this measure because it will do nothing to stop overtourism,” resident Cristina Romieri told the outlet. “Moreover, it is such a complex regulation with so many exceptions that it will also be difficult to enforce it.”

While Venice is the first city to carry out the new day-tripper fee, several other European locales have introduced or raised tourist taxes to fend off large crowds and boost the local economy. Most recently, Barcelona increased its city-wide tourist tax. Similarly, you’ll have to pay an extra “climate crisis resilience” tax if you plan on visiting Greece that will fund the country’s disaster recovery projects.

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Omega Reveals a New Speedmaster Ahead of the Paris 2024 Olympics

Your first look at the new Speedmaster Chronoscope, designed in the colour theme of the Paris Olympics.

By Josh Bozin 26/04/2024

The starters are on the blocks, and with less than 100 days to go until the Paris 2024 Olympics, luxury Swiss watchmaker Omega was bound to release something spectacular to mark its bragging rights as the official timekeeper for the Summer Games. Enter the new 43mm Speedmaster Chronoscope, available in new colourways—gold, black, and white—in line with the colour theme of the Olympic Games in Paris this July.

So, what do we get in this nicely-wrapped, Olympics-inspired package? Technically, there are four new podium-worthy iterations of the iconic Speedmaster.

Omega

The new versions present handsomely in stainless steel or 18K Moonshine Gold—the brand’s proprietary yellow gold known for its enduring shine. The steel version has an anodised aluminium bezel and a stainless steel bracelet or vintage-inspired perforated leather strap. The Moonshine Gold iteration boasts a ceramic bezel; it will most likely appease Speedy collectors, particularly those with an affinity for Omega’s long-standing role as stewards of the Olympic Games.

Notably, each watch bears an attractive white opaline dial; the background to three dark grey timing scales in a 1940s “snail” design. Of course, this Speedmaster Chronoscope is special in its own right. For the most part, the overall look of the Speedmaster has remained true to its 1957 origins. This Speedmaster, however, adopts Omega’s Chronoscope design from 2021, including the storied tachymeter scale, along with a telemeter, and pulsometer scale—essentially, three different measurements on the wrist.

While the technical nature of this timepiece won’t interest some, others will revel in its theatrics. Turn over each timepiece, and instead of a transparent crystal caseback, there is a stamped medallion featuring a mirror-polished Paris 2024 logo, along with “Paris 2024” and the Olympic Rings—a subtle nod to this year’s games.

Powering this Olympiad offering—and ensuring the greatest level of accuracy—is the Co-Axial Master Chronometer Calibre 9908 and 9909, certified by METAS.

Omega

A Speedmaster to commemorate the Olympic Games was as sure a bet as Mondo Deplantis winning gold in the men’s pole vault—especially after Omega revealed its Olympic-edition Seamaster Diver 300m “Paris 2024” last year—but they delivered a great addition to the legacy collection, without gimmickry.

However, the all-gold Speedmaster is 85K at the top end of the scale, which is a lot of money for a watch of this stature. By comparison, the immaculate Speedmaster Moonshine gold with a sun-brushed green PVD “step” dial is 15K cheaper, albeit without the Chronoscope complications.

The Omega Speedmaster Chronoscope in stainless steel with a leather strap is priced at $15,725; stainless steel with steel bracelet at $16,275; 18k Moonshine Gold on leather strap $54,325; and 18k Moonshine Gold with matching gold bracelet $85,350, available at Omega boutiques now.

Discover the collection here

 

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Here’s What Goes Into Making Jay-Z’s $1,800 Champagne

We put Armand de Brignac Blanc de Noirs Assemblage No. 4 under the microsope.

By Mike Desimone And Jeff Jenssen 23/04/2024

In our quest to locate the most exclusive and exciting wines for our readers, we usually ask the question, “How many bottles of this were made?” Often, we get a general response based on an annual average, although many Champagne houses simply respond, “We do not wish to communicate our quantities.” As far as we’re concerned, that’s pretty much like pleading the Fifth on the witness stand; yes, you’re not incriminating yourself, but anyone paying attention knows you’re probably guilty of something. In the case of some Champagne houses, that something is making a whole lot of bottles—millions of them—while creating an illusion of rarity.

We received the exact opposite reply regarding Armand de Brignac Blanc de Noirs Assemblage No. 4. Yasmin Allen, the company’s president and CEO, told us only 7,328 bottles would be released of this Pinot Noir offering. It’s good to know that with a sticker price of around $1,800, it’s highly limited, but it still makes one wonder what’s so exceptional about it.

Known by its nickname, Ace of Spades, for its distinctive and decorative metallic packaging, Armand de Brignac is owned by Louis Vuitton Moët Hennessy and Jay-Z and is produced by Champagne Cattier. Each bottle of Assemblage No. 4 is numbered; a small plate on the back reads “Assemblage Four, [X,XXX]/7,328, Disgorged: 20 April, 2023.” Prior to disgorgement, it spent seven years in the bottle on lees after primary fermentation mostly in stainless steel with a small amount in concrete. That’s the longest of the house’s Champagnes spent on the lees, but Allen says the winemaking team tasted along the way and would have disgorged earlier than planned if they’d felt the time was right.

Chef de cave, Alexandre Cattier, says the wine is sourced from some of the best Premier and Grand Cru Pinot Noir–producing villages in the Champagne region, including Chigny-les-Roses, Verzenay, Rilly-la-Montagne, Verzy, Ludes, Mailly-Champagne, and Ville-sur-Arce in the Aube département. This is considered a multi-vintage expression, using wine from a consecutive trio of vintages—2013, 2014, and 2015—to create an “intense and rich” blend. Seventy percent of the offering is from 2015 (hailed as one of the finest vintages in recent memory), with 15 percent each from the other two years.

This precisely crafted Champagne uses only the tête de cuvée juice, a highly selective extraction process. As Allen points out, “the winemakers solely take the first and freshest portion of the gentle cuvée grape press,” which assures that the finished wine will be the highest quality.  Armand de Brignac used grapes from various sites and three different vintages so the final product would reflect the house signature style. This is the fourth release in a series that began with Assemblage No. 1. “Testing different levels of intensity of aromas with the balance of red and dark fruits has been a guiding principle between the Blanc de Noirs that followed,” Allen explains.

The CEO recommends allowing the Assemblage No. 4 to linger in your glass for a while, telling us, “Your palette will go on a journey, evolving from one incredible aroma to the next as the wine warms in your glass where it will open up to an extraordinary length.” We found it to have a gorgeous bouquet of raspberry and Mission fig with hints of river rock; as it opened, notes of toasted almond and just-baked brioche became noticeable. With striking acidity and a vein of minerality, it has luscious nectarine, passion fruit, candied orange peel, and red plum flavors with touches of beeswax and a whiff of baking spices on the enduring finish. We enjoyed our bottle with a roast chicken rubbed with butter and herbes de Provence and savored the final, extremely rare sip with a bit of Stilton. Unfortunately, the pairing possibilities are not infinite with this release; there are only 7,327 more ways to enjoy yours.

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