Rolex sales rocket ahead of COVID-19 pandemic
In an era where allocations for Rolex watches to their authorized dealers is arguably the most important issue facing every one if its retail partners, it would appear that the UK is punching well above its weight.
This appears to be a reflection of the huge investment retailers such as The Watches of Switzerland Group have been prepared to make in upgrading their Rolex presentation from a small shop in shops to full-blown mono-brand boutiques.
WOSG CEO Brian Duffy has said as much. The only way to influence allocation is to invest more, he has told investors and the media on many occasions.
Rolex Watch Company Ltd made no mention of the impact of Covid-19 in its financial statement, despite the report being filed at Companies House over the summer of this year.
As always, Rolex played its cards very close to its chest and the only guidance it gave in its 2019 accounts about the situation in 2020 is that it faces the same competitive threats from other watch brands and could see results affected by currency fluctuations with the Swiss franc.
There was no mention about production capacity being lost because its factories had to shut down during the covid quarter, which retailers have told WatchPro would have robbed the world of 25-30% of this year’s output.
We will only get answers to these questions when next year’s accounts are published, so tune in next October to see how the pandemic has impacted Rolex in the UK.
If you would like to discuss your investments further, contact us today for an informal chat.
ANDREW FRAIWALD Cert CII
01534 634400
