Baselworld organiser MCH Group will no longer hold the show's 2021 edition, initially scheduled for January 28 to February 2.
In a statement, Baselworld Managing Director Michel Loris-Melikoff said MCH Group had reached an amicable settlement agreement with exhibitors.
Bernd Stadlwieser, CEO of MCH Group, commented, "In light of the large loss of revenue due to Covid-19 and our responsibility to all our stakeholder groups, this solution marks the limit of what is possible for us. With the amicable settlement for Baselworld 2020, we can now concentrate fully on the future."
As part of the agreement, luxury watchmakers Patek Philippe, Rolex, Tudor, Chanel, Chopard, Hublot, Zenith and Tag Heuer, have agreed to a lower refund so other exhibitors can benefit from better conditions, according to Hubert J. du Plessix, president of the Swiss Exhibitors’ Committee.
"I welcome the constructive attitude of the representatives of the MCH Group, which has enabled us to find a balanced solution," noted du Plessix.
Baselworld was originally scheduled for April 30 to May 5 this year but was postponed to 2021 due to the coronavirus outbreak.
In April, Rolex, Patek Philippe, Chanel, Chopard and Tudor left Baselworld and announced that they are holding a new watch fair at the Palexpo convention centre in Geneva, Switzerland in collaboration with the Fondation de la Haute Horlogerie.
LVMH Group's Tag Heuer, Hublot and Zenith also withdrew from the 2021 show.
According to Loris-Melikoff, Baselworld is working on options for "new platforms."
"We will be taking a decision on possible follow-up formats by the summer and will then provide information on the new concept and scheduling," he continued.