While Rolex is, without a doubt, one of the most instantly recognized brands around the world, the company’s presence is stronger in certain countries than others. Today, the United States is one of the brand’s top markets, notching sales over $1.5billion in2018. A survey by investment bank RBC Capital Markets reports 12.3% of affluent Americans have their sights set on purchasing a Rolex watch in2019. The same survey also examined overall brand awareness and found Rolex leads on four out of seven core brand attributes among American consumers. These include most exclusive, innovative, superior quality, and distinctive. In addition, Rolex’s global strategy spans beyond U.S. consumers alone. The brand’s corporate structure employs hundreds of Americans between the company training centre and the subsidiary based in theU.S. The Rolex brand’s rise to power in the American market has unfolded over the past century. Here, we uncover the evolution of Rolex in theU.S.
Rolex’s prominence in the American market during the1950s spanned beyond politics. The era also marked the rise and accessibility of intercontinental travel, and in1954 Rolex partnered with Florida-based Pan American World Airways to develop the first GMT Master as the official watch of the air carrier. The model featured a two-tone red and blue colour scheme, reflecting PanAm’s signature hues. Like the office of the presidency, the jet-setting lifestyle represented a certain superiority and exclusivity – the same qualities Americans continue to associate with Rolex. Today, this beloved style of the GMT is considered the most iconic among Rolex purists and has since been dubbed the Pepsi. Over six decades later, it continues to be one of the most popular iterations of the model. The brand’s work with PanAm over half a century ago was just one of many partnerships that helped to solidify Rolex’s reputation in the modern American market.
Over half a century later, Rolex has continued to grow its presence in the way of sports within the American market. The brand has extended its presence on the golf circuit as the Official Timekeeper of the U.S.Open since1980 and the U.S.Women’s Open since2003. It has also enlisted a number of pro golfers, such as the legendary Tiger Woods, as brand ambassadors. More recently, the brand established the Rolex New Guard, consisting of a number of today’s pre-eminent American golfers, including Bryson DeChambeau, Rickie Fowler, Brooks Koepka, Jordan Spieth, and Justin Thomas.
Rolex has also established strong ties in the sport of tennis in the United States. Recently, in2018, it solidified a partnership with the U.S.Tennis Association (USTA). As a result, Rolex notably became the Official Timekeeper and the Official Timepiece of the U.S.Open, the fourth and final Grand Slam tournament of each season. However, the partnership also includes the Western and Southern Open in Cincinnati, Ohio, making Rolex the sponsor of all nine Masters Series events. Last but not least, its work with the USTA supports the organization’s National Campus, which serves as the hub for mission-related tennis activities and programs, as well as the USTA Foundation, which helps under-resourced youth.
More recently, at the end of2018, Rolex announced a piece of major business news: Rolex’s U.S.President and CEO Stewart Wicht would be retiring at the end of the year. Though he only served in this role for seven years, he had been with Rolex since1975 and is credited with playing a key role in elevating the brand’s partnerships, image, and overall sales in the U.S.market. Following his retirement, Wicht was honoured with the Jewelers of America’s Lifetime Achievement Award. Today, he continues to serve on RolexU.S.A.’s board of directors as well as the boards of the American Gem Society and American Swiss Foundation. In January2019, former President and CEO of Rolex Canada Luca Bernasconi assumed Wicht’s place at the head of RolexU.S.A.
Rolex creates, manufactures, assembles and tests all its watches exclusively in Switzerland, thanks to the know-how and commitment of more than 9,000 employees at the brand's four sites, all at the cutting edge of technological progress.
Even the cheapest Rolex watch will cost around $5,000. Rolex is a luxury watch brand, so while collectors pay to wear a brand name, they also pay for quality Swiss craftsmanship designed to remain in perfect working condition for generations.
Switzerland: As the home of Rolex, Switzerland has many authorized dealers and resellers, which can create competition and lower prices. In addition, Switzerland has a value-added tax (VAT) refund program that allows non-Swiss residents to claim back a portion of the VAT paid on purchases made in Switzerland.
Slump in sterling and return of VAT rebates makes Rolex 31% cheaper in the UK than USA. Rolex and other luxury watchmakers cannot keep pace with the soaring dollar, falling pound and imminent return of VAT cash back for visiting shoppers.
Prices for Rolex watches start at around 2,000 USD. This amount will get you a pre-owned model in stainless steel. Premium models like the Daytona Rainbow can cost over 1 million USD. The Submariner Date is one of Rolex's most popular watches.
Quality. Rolex's commitment to quality is a hallmark of the brand, and it is one of the factors that contribute to the higher price of their watches. Rolex spares no expense when it comes to selecting materials and employing manufacturing processes that ensure exceptional durability and precision.
Rolex SA (/ˈroʊlɛks/) is a Swiss watch designer and manufacturer based in Geneva, Switzerland. Founded in 1905 as Wilsdorf and Davis by Hans Wilsdorf and Alfred Davis in London, the company registered Rolex as the brand name of its watches in 1908 and became Rolex Watch Co.
In 2009, Japan and Switzerland entered into a free trade agreement, and ever since then Swiss-made watches such as Rolex have been somewhere around 20% cheaper in Japan than many other countries around the world.
Absolutely. There are multiple reasons why. It all starts with the materials used to craft a Rolex timepiece. When investing in any jewelry, the precious metals add value to the piece, regardless of brand, age, etc.
Retail Rolex watch prices in the UAE are set by authorized dealers themselves. These prices are quite similar worldwide but vary slightly based on regional tax rates. It is important to note that buying a Rolex in Dubai from an authorized retailer is difficult, especially for first-time buyers.
Rolex watches are a Swiss luxury watch brand that are sought after worldwide due to their high quality and superior craftsmanship. One of the easiest places to buy a Rolex watch is in Switzerland itself, as Rolex is a Swiss brand and has many stores and authorized dealers in Switzerland. In addition…
Well, to get you started: most models within the Rolex catalog are so popular that they will resell for a premium on the grey market, so that's why the authorized dealers are a bit skeptical selling the watch to you. On the other hand, most of the models are available to well-known people, valued relations etcetera.
Our study showed that the average age of the average Rolex owner is 68, with male owners outnumbering women almost two to one. Their numbers are overwhelming. 66% of the people in our survey are aged over 65 and only 1.5% under the age of 35.
Every one of the approximately one million watches that Rolex produces every year is sold. You won't find any extra inventory of Rolex watches at retail shops. Demand outstrips supply, year after year.
In Morgan Stanley's annual Swiss watch industry report, Rolex dominated the chart with sales of 10.1 billion CHF (approximately $11.5 billion USD). The report included insights from Swiss consultancy LuxeConsult, detailing key breakdowns of market share as well as the top-ranking watch brands in Switzerland.
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