Swiss watchmaker Swatch Group Ltd. is pulling out of the annual Baselworld watch and jewelry trade fair, WWD reported July 30, citing a company statement.

"Today everything has become more transparent, fast-moving and instantaneous. Accordingly, a different rhythm and a different approach is needed," Swatch said in the emailed statement.

The group told the news outlet that annual watch fairs need to be reinvented and they are failing to do so.

Swatch also said that the MCH Group, which organizes Baselworld, is "more concerned" with "optimizing and amortizing" its new building than "having the courage to make real progress and to bring about true and profound changes," the report added.

Swatch did not immediately respond to S&P Global Market Intelligence's request for comment.