Swiss watchmaker Swatch Group announced that it will no longer take part in the Baselworld watch and jewelry fair. The company, which owns brands Tissot, Longines and Omega, will be leaving the fair as of 2019.

“Annual watch fairs don’t make sense anymore”, said The Swatch Group in a statement. “Everything has become faster, more transparent and more instantaneous, so now we need another rhythm and another format”. The company also noted that trade fairs need to reinvent themselves, displaying more dynamism and creativity.

Baselworld was once considered an essential event for Swiss watchmakers. Thousands of retailers would travel to Basel to see the watchmakers’ new collections and make the bulk of their annual orders. However, several brands jumped ship last year, arguing that having a stand at the fair has become way too costly. Baselworld’s 2018 edition featured almost 50 percent less exhibitors, in comparison to 2017.