Baselworld Looks to Reduce Prices

RAPAPORT... Baselworldis proposing to lower prices for exhibitors and visitors in an attempt toreinvigorate the annual watch and jewelry show. "Expensescrossed the pain threshold for many people in past years," Baselworld CEOMichel Loris-Melikoff said in a statement last week. "With regard to standrentals, we have already modified the fees in past years, and we'll continue tomodify them selectively in 2019 to reduce expenses for our exhibitors. We'lllikewise rethink the admission prices and adjust them downward, if possible." Thevalue of attending Baselworld has come under the spotlight since Swatch Group lastmonth pulled its 18 brands - including Tissot, Omega and Harry Winston - out ofthe 2019 edition, arguing that the show was no longer relevant. The event's organizerswill meet with all participants to find a solution to the high cost ofattending, Loris-Melikoff said. "Ournegotiations with hoteliers and restaurateurs make it clear that this willsucceed," the executive noted. Baselworld'sparent company, MCH Group, has been through a period of transition. Hans-KristianHoejsgaard joined last week as interim CEO after Ren?(C) Kamm resigned in the wakeof Swatch's withdrawal. Stephan Peyer, a member of MCH's executive board incharge of corporate development and services, also left last week for personal reasons, the company said, while Sylvie Ritter quit as managing director ofBaselworld in May, with Loris-Melikoff taking over. Lowerearnings from Baselworld resulted in a 17% drop in MCH's profit for the firsthalf of the year, the group reported last week. Theshow will also give jewelry exhibitors a more central position in Hall 1.2alongside a new "show plaza" with a 240-degree catwalk to attract visitors tothat location. It is also developing a new communications strategy, enablingbrands to showcase their products year-round.Image: Visitors walk the show at Baselworld. Credit: Baselworld