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- Location: New York City
The only problem? New Rolex watches are near impossible to find right now. Seriously.
This is the New York City area, and let me tell you - I've never seen anything like what's going on right now in all my years of reading about and buying watches. I state this without reservation - I talked to my favorite watch seller today, and also stopped by London Jewelers in Long Island, and it's come to this: If you want a new Rolex? Put your name on a list and wait - not for the highest end stuff, the newest Submariners, the Daytonas, Yacht Masters, and the real collector stuff, either. Virtually everything in stainless steel is complete sold out in this area, all of it; the only stuff on the shelves are gold-cased models and women's sized watches. There are totally empty display cases at authorized dealers. The demand for Rolex, at least in these parts, is far exceeding the supplies that even authorized dealers can obtain in time for buyers ... and all this in a year when Rolex announced price increases.
One of the guys I talked to noted to me that it's totally a value proposition - yeah, Rolex isn't cheap, not at all, but the retained value of the watches actually makes them unbeatable buys, particularly in this economy. I'm in the market for a "lowly" Oyster Perpetual, and the gent explained to me that the five grand I'd drop on a new one, if I want to sell the watch five years from now and keep it pristine, will actually net me about $500 to $1,000 over what I paid for it by the time I'd decide to sell it. That, combined with good economies in the luxury segment (I don't wanna hear how the watch industry is "hurting" - it's bullshit), and sales on Rolex are through the roof. As it stands now, I'm gonna have to wait to buy the watch I want, if I'm lucky enough to find one of them at all.
But don't let my two cents sway you; from a few days ago on the WatchPro website:
Rolex accounts for over half of sales at Watches of Switzerland
by ROB CORDER on MARCH 4, 2020
A presentation by The Watches of Switzerland Group’s chief executive Brian Duffy today revealed that 53% of group sales this year are from Rolex. From annual sales of £894 million (around $1.16 billion), the world’s biggest luxury watch brand brings in $616 million in the UK and United States, the presentation suggests.
Patek Philippe and Audemars Piguet add up to just 9% of sales.
In its latest quarterly financial report, group sales rose by 7% in the UK and 32.3% in the United States in the 13 weeks to January 26, adding up to worldwide revenue of £258 million for the Christmas and New Year trading quarter, up 13.4% at constant currency.
Like-for-like, same-store growth was 9% in the United States and over 32% in total; evidence that new stores are adding significantly to American sales.
The UK accounts for 71% of sales, the United States 29% for the group, which went public on the London Stock Exchange in May last year.
Rolex already plays such a dominant role for the group, which now makes less than 10% of sales from jewelry, but it would be selling even more if the brand could increase its supply, Mr Duffy says.
However, despite demand for Rolex running ahead of supply, the company says in financial filings that it has a stated ambition to widen its base of successful watch brands.
https://usa.watchpro.com/rolex-accounts ... and-group/