On Morgan Stanley Report, Rolex Has No Comment, but Tudor Pushes Back

House of Tudor. (Photo credit: Tudor)

Montres TUDOR SA, the sister brand of Rolex, has joined Swatch Group in questioning the accuracy of a report by Morgan Stanley and LuxeConsult on the Swiss watch industry, which compiles annual estimates of watch brand sales and production volumes.

A Tudor spokesperson said the gap between the bank’s estimates and the brand’s actual performance raises doubts about the study’s methodology. “The difference between the assumptions in the Morgan Stanley study on watchmaking and the reality of Tudor’s business performance is such, year after year, that we question the relevance of the methodology and the seriousness of the authors of this report,” the spokesperson said. The Swiss daily Le Temps first reported the comment.

Among the inconsistencies cited by Tudor is the report’s estimate of the brand’s revenue growth between 2024 and 2025, which it said does not correspond to the percentage increase reported in the same study. The spokesperson also pointed to confusion about Tudor’s distribution model. Morgan Stanley’s reports often attribute about 70% of Tudor’s sales to wholesale channels, even though the brand has relied exclusively on wholesale distribution since its founding a century ago, the spokesperson said.

Rolex had no comment on the report, which claimed the company’s sales topped 11 billion Swiss francs while it reduced production, or allocations to retailers, by about 2%.

Rolex Prepares Wider Use of ‘Superlative Certified’

Adjective flex. (Credit: Rolex)

Just two weeks after the Contrôle Officiel Suisse des Chronomètres introduced its new “Excellence Chronometer Certified” designation, Rolex has filed a trademark for the phrase “Superlative Certified.” The filing covers watches and watch components, as well as retail services and quality control, certification and authentication services.

The wording itself is not new. Rolex has used “Superlative Certified” on its green seal hang tag since 2015, while watch dials have retained the full designation “Superlative Chronometer Officially Certified.” The filing spans not only Class 14 goods but also retail presentation and formal inspection services, suggesting Rolex may use “Superlative Certified” more prominently in its boutiques, reinforcing it as a visible certification distinct from other Swiss standards.

The standalone “Superlative” trademark beneath Rolex’s crown logo is more intriguing because it separates the word from chronometry and suggests Rolex wants to make its own standard clearer to the public, distinct from COSC’s “Excellence” and METAS’s “Master Chronometer.”

Leaning Into Sustainability, Rolex Speeds Its Awards Program

Binbin Li, an environmental scientist in China, is one of Rolex’s newest Awards laureate. (Credit: Rolex)

In the latest sign of Rolex's financial wherewithal — and its desire to be more strongly associated with environmental causes — the brand has decided to accelerate the pace of its Rolex Awards. A program that previously operated on a two-year cycle will now run annually, effectively doubling the frequency of its support for explorers, innovators and scientists. This year, Rolex has shortened the name, too, from "Rolex Awards for Enterprise" to simply "Rolex Awards."

Founded 50 years ago, after then-Rolex CEO André J. Heiniger said the company had "a responsibility to take an active interest in improving life on our planet," the awards differ in that they are given for new or ongoing projects, not necessarily for past achievements.

Since 1976, the brand says, Rolex's backing has helped protect 32 major ecosystems, 57,600 square kilometers of Amazon rainforest and 137 endangered species, while contributing to the discovery of hundreds of new species. Laureates have also planted more than 50 million trees and developed 50 new technologies across environmental and scientific fields.

The program, which falls under the Perpetual Planet Initiative and is separate from the Hans Wilsdorf Foundation’s philanthropic activities, is run from Rolex’s headquarters in Geneva. In the future, the company plans to take a more active role in selecting applicants. Instead of waiting for submissions, Rolex will identify potential candidates and their projects and invite them to apply. For the first time in Rolex’s history, all five laureates this year are women, hailing from Indonesia, Nigeria, Peru, China and the U.S.

In 2026, Rolex May Keep More Profit Than Meta, Alphabet and Amazon

Big Tech cash flow and capex estimates for 2026. (BofA Global Research)

In 2026, Meta, Alphabet and Amazon are set to spend more cash than they generate in a costly race to dominate AI. Meta is expected to produce about $112 billion in operating cash flow, yet spend roughly $135 billion in capital expenditures. Alphabet is projected at $165 billion versus $185 billion in capex; Amazon at $182 billion versus $200 billion.

The estimates, released earlier this month by BofA Global Research, stand in stark contrast to Rolex, a conservatively run company controlled by the Hans Wilsdorf Foundation, whose mission is to preserve the brand’s long-term survival and support social causes.

Rolex’s largest recent capex was the acquisition of Bucherer AG, estimated at under 5 billion francs. It has also purchased land in Bulle for 31.4 million francs, where it is planning a 1-billion-franc manufacture scheduled to open in 2029. The investment is spread over several years and directed into Swiss property, a safe asset whose value is unlikely to fall.

Even after distributing more than 500 million francs annually through its foundation, Rolex will retain more operating profit than Meta, Alphabet and Amazon, whose AI spending is projected to exceed their cash flow, an interesting twist in an age dominated by Big Tech.

Still, the Swiss watch industry, including Rolex, is weighing how much to turn to AI at a time when customers turn to old-world watchmaking to escape it. At Rolex, Jean-Frédéric Dufour believes AI can help with quality control, as “it enhances human capacity,” he said at Dubai Watch Week in November. “You can replace the human eye with AI, and instead of controlling a sample of what you make, you can control 100 percent of what you make in the most accurate way.”

But Mr. Dufour also believes AI will have a limited role at Rolex. He said it should not replace personal interaction with clients or the watchmakers who assemble each watch by hand. “I think it’s very important we keep that in our industry. The final consumer wants to feel connected to something real,” he said.

Rolex Builds Flagship Stores; Its Foundation Buys Emergency Housing

The latest acquisition: a building on rue des Deux-Ponts in Geneva operated by the Hospice Général. (Credit: Hospice Général)

Rolex sponsors champions and virtuosos in the most visible way, while the foundation that owns Rolex supports the orphaned and downtrodden quietly. These are the two faces of Hans Wilsdorf’s legacy. In the latest example, the Wilsdorf Foundation has spent just over 56 million Swiss francs to buy a four-story building in Geneva, according to public notices published by the canton earlier this month.

The building purchased by the foundation is used by Hospice Général and, for the past four years, has provided 130 emergency and temporary housing places for families and individuals in crisis. Contrary to its name, Hospice Général is not a medical hospice but the Canton of Geneva’s public social welfare agency, providing support to residents in need.

As Rolex opens a raft of multi-level flagship boutiques worldwide, complete with celebrity appearances, the buildings acquired by the Wilsdorf Foundation to assist the homeless carry no sign indicating Rolex funding. Coronet has tracked the purchase of at least three former Geneva hotels transferred rent-free to charitable organizations, each acquired for a double-digit million sum in francs: La Cour des Augustins (32.5 million) for CausE; the Lido (12.3 million) for the Red Cross, supporting at-risk youth; and another property (26 million) for Cœur des Grottes, assisting women and children who are victims of violence.

Hospice Général will save more than 1 million francs a year in rent that it was paying the former property owner, while continuing to provide emergency housing and basic assistance. For the Wilsdorf Foundation, buying real estate is a safe way to preserve capital in times of uncertainty. As global investors seek refuge in gold and the Swiss franc, holders of both turn to the next best thing: Swiss property.

As COSC Tightens Standards, Rolex Pursues a Different Strategy

The Timekeeper’s keeper. (Photo credit: Rolex)

Chronometry has been in the news recently after the Contrôle Officiel Suisse des Chronomètres introduced a new certification with tighter tolerances to meet “the evolving expectations of both manufactures and clients.”

At Rolex, however, whose latest movement, the Calibre 7135, took a decade to develop yet carries the same precision rating as movements released by the brand 10 years ago, the focus is not on tightening tolerances. “Ce n'est pas la précision, mais c'est la protection de la précision,” a Rolex representative in Geneva told Coronet.

The goal with Calibre 7135, which incorporates 16 patents, was not to chase a stricter rating, but to protect the current one from “a long list of factors that can disrupt a movement’s smooth running,” according to Félix Grasser, a Rolex employee and chronometry specialist in its R&D division. Mr. Grasser said they routinely rely on hundreds of human volunteers who wear modified or standard watches, sometimes fitted with sensors, to study their long-term behavior, a sort of beta testing at Rolex.

“We have found that the way a watch is worn is the leading cause of accuracy issues,” Mr. Grasser said. “Rolex wearers lead very different lifestyles. Some are highly active, others more sedentary. It is not necessarily the most active who will see their watches become less accurate. The type and frequency of gesticulations, even if they seem perfectly normal, can have an impact.”

Rolex Unveils First Duplex Boutique in Southeast Asia

It’s next level. (Photo credit: Rolex)

In the latest example of Rolex ramping up its flagship retail presence, the brand has unveiled its first duplex-style boutique in Southeast Asia, featuring a two-floor layout that allows for expanded product displays across the Professional and Classic watch collections.

Rolex last week launched its newest boutique in Thailand, its 15th in the country. The boutique, located in Bangkok, is now the country’s largest, spanning more than 300 square meters, or 3,230 square feet. From Rodeo Drive to Bond Street, Marienplatz and Galleria Vittorio, Rolex is opening a raft of multi-level, Rolex-exclusive boutiques worldwide while ending contracts with some smaller multi-brand distributors. Unlike traditional retailers, these boutiques go beyond displaying timepieces; they immerse visitors in Rolex’s storytelling, showcasing its heritage, innovations and expertise.

The new Bangkok boutique, operated by Cortina Watch, a Singapore-based retailer that has partnered with Rolex for more than 20 years, occupies the ground and first-floor units of a building at ONE Bangkok. ONE Bangkok is a new $3.2 billion mixed-use development targeting 90 million visitors annually.

According to Rolex, the new interior blends the brand’s familiar design codes, including dark green marble, fluted wall patterns and bracelet-inspired lighting, with a nod to Thailand through a wall depicting the Temple of the Emerald Buddha.

Rolex’s new boutique in Bangkok. (Photo credit: Rolex)

Bigger Boxes, a Smaller Divide Between New and Pre-Owned Rolex

From half-size to full status: Rolex’s new CPO box arrives.

Rolex’s redesigned Certified Pre-Owned boxes are reaching official retailers. Coronet reported in January that the brand was preparing to release resized packaging for CPO watches to match the dimensions of its new presentation box.

Since launching its certified pre-owned program in late 2022, Rolex has used beige boxes roughly half the size of its standard green presentation, a choice aligned with its sustainability messaging while stopping short of the full new-watch experience.

But last year, Rolex also introduced updated eco-friendly boxes for new watches, built with a structure composed of 45% wood, compared with the previous version, which was 92% plastic. The same material is now being applied to CPO boxes as the program continues to grow despite a volatile economy.

By increasing the size of its beige CPO boxes to match the green ones, Rolex is narrowing the psychological gap between new and pre-owned. CPO clients are often first-time buyers paying a sizable premium, not only over retail but also over non-CPO listings. According to WatchCharts, the global median CPO premium stands at 28% compared with non-CPO pre-owned watches.

The Swiss Franc, the Perpetual Tariff on Rolex

Swiss franc per U.S. dollar (Source: LSEG)

Switzerland and the U.S. may have agreed in principle to cap American tariffs on Swiss exports at 15 percent, but the Swiss franc keeps rising as investors seek refuge not only in gold but also in Switzerland during times of geopolitical uncertainty.

For Rolex, which already raised prices on Jan. 1, a stronger franc acts like a tariff that never expires. This begs the question of whether another price increase could follow before year-end. Costs, including labor, are largely paid in francs, while much of the brand’s revenue is earned in foreign currencies, especially dollars, its largest market.

The franc has gained 3 percent in the past two months alone, after a 14 percent rise already last year, reaching about 0.77 francs to the dollar, its strongest level since 2015. For many Rolex employees who are frontaliers, workers who live in France and commute to manufacturing sites around Geneva, a rising franc is not all bad news.

For Rolex, a second price increase this year would not be unprecedented. In 2025, the brand raised prices in January and again in May. It also implemented two rounds of increases in both 2024 and 2023. Rolex is likely awaiting the U.S. Supreme Court decision on the Trump tariffs, expected before June, before deciding whether to implement another price adjustment this year.

Bulle Update: Rolex Will Pay Over Half a Million in Annual Property Taxes to the City

Rolex’s future manufacture. (Photo credit: Pedro Gutiérrez)

Rolex will pay the city of Bulle about 600,000 Swiss francs, roughly $780,000, in annual property taxes, according to Jacques Morand, a Bulle City Council member. Bulle is set to become Rolex’s fifth manufacturing site, scheduled to open in 2029. Mr. Morand, who retires from the City Council in April, told the Fribourg-based daily La Liberté that Rolex did not seek a tax exemption. Coronet reported in October that Rolex had quietly donated 3 million francs to support the renovation of the public library and museum in Bulle, with no sponsorship or advertising attached.

Data on how much Rolex contributes in taxes are hard to come by, as the brand does not publish financials. But the Hans Wilsdorf Foundation said last September it had declined tax-exempt status for the past five years and payed about 75 million francs annually, according to its general secretary, Marc Maugué.

In Bulle, Mr. Morand said the site will initially employ just 600 people, short of the 2,000 projected by Rolex, with expansion tied to growth. But a report published earlier this month by Vontobel, a Zurich-based bank, said Rolex had reduced production in 2025 for a second straight year “most likely by design, as the brand prioritizes scarcity and pricing power over incremental unit growth.”

Rolex does not disclose production figures, and the bank’s estimates cannot be independently verified. Still, Vontobel’s report raises fresh questions about Rolex’s investment in its new manufacture in Bulle, a project expected to exceed 1 billion Swiss francs.

As Gold Surges, a Rolex Status Symbol Faces New Math

Left: Day-Date 40 in white gold, ref. 228239, $51,600. Right: The platinum version, ref. 228236, $68,800. (Credit: Rolex)

The watches look nearly identical; both share the same movement, dial and hands, differing only in the case and bracelet metal. The 40-millimeter white-gold Day-Date, pictured left, retails for $51,600. Its platinum version costs $68,800.

Platinum — Rolex’s “noblest of metals for the finest of watches” — is rarer than gold, with annual output of about 6 million ounces versus roughly 108 million ounces for gold, and it retains a higher-status aura, from platinum credit cards to platinum records. Platinum’s density gives Rolex watches a weight many clients associate with higher value, and its 95% composition reinforces that perception.

But the market tells a different story, now more than ever, as gold tops $5,000 an ounce while platinum trades for roughly half as much, near $2,100. Even after adjusting for white gold’s 75% purity, the bullion value inside Rolex’s white-gold Day-Date still exceeds that of the platinum model, which is tagged $17,200 higher at retail.

Rolex does not publish metal weights, but estimates based on total watch weight and shared components show that the white-gold Day-Date contains about 5.3 troy ounces of pure gold. In today’s market, that is worth roughly $26,500. The platinum model contains about seven ounces of platinum, valued near $14,700.

That means buyers of the white-gold Day-Date pay roughly $26,500 for metal and about $25,100 for the rest of the watch. To compare, the platinum version, which looks nearly identical, charges $14,700 in metal and $54,100 for the watch.

Rolex Celebrates Cinema in Public; Its Foundation Rebuilds One in Geneva

Rendering of Le Plaza. (Credit: Le Plaza Centre Cinéma)

The Rolex dichotomy is that the brand sponsors champions and virtuosos in the most visible way, while the foundation that owns Rolex supports the orphaned and downtrodden quietly. Together, they are the two faces of Hans Wilsdorf’s legacy.

In the arts, the work of the Hans Wilsdorf Foundation is also on display — and behind the scenes. As Rolex prepares for the Oscars, Hollywood’s most glamorous night, where the brand is one of its biggest sponsors, few know that the Wilsdorf Foundation is quietly working to rescue a movie-theater complex.

The Plaza cinema, an iconic Geneva venue that opened in 1952, is now scheduled to reopen in early 2027, after the foundation launched an ambitious renovation. When the Plaza shut down in 2004, a public initiative to save it gathered over 11,000 signatures but ultimately failed. The Plaza was once Switzerland’s largest cinema and the country’s first equipped with CinemaScope. The Wilsdorf Foundation stepped in and purchased the site for a high double-digit million sum to save it.

The Plaza renovation is one example of Rolex funds supporting the screen arts away from Hollywood’s bright spotlights. For the first time this year, the brand also supported the independent film festival at Sundance in January. This week alone, Rolex backed a masterclass at the National Film and Television School in London, taught by Cameron Bailey, the chief executive of the Toronto International Film Festival.

Watch Dealer Lists Rolex ‘Pepsi’ at $35,000 as Rumors Persist

(Photo courtesy of My Watch LLC)

A watch dealer with years of experience and a strong reputation has listed a steel Rolex GMT-Master II "Pepsi" for $35,000, the latest sign of speculation that the model may be discontinued in April. A Pepsi priced $10,000 above market is not new, but one listed by a prominent U.S.-based dealer with a five-out-of-five Google rating across more than 700 reviews is.

Danny Tiwaini, owner of My Watch LLC near Detroit, has listed a fully stickered steel Rolex "Pepsi" from 2026 for $35,000. Mr. Tiwaini said his pricing reflects the lack of unworn 2026 Pepsis available, particularly examples like his that remain fully stickered and include the white hang tag. "This might be the only one that exists to my knowledge," he told Coronet. "And if it does indeed get discontinued in April, it’ll be the one collectors will want in their safe. Of course, we paid a massive premium to be able to purchase it, and have priced it accordingly."

The modern steel Rolex Pepsi has exceeded $25,000 only a few times in recent years and will be topping it again this year, according to the most recent data by Chrono24, which has visibility on sold prices on its platform. When the steel Rolex Pepsi exceeded $25,000, both the peak and subsequent drop coincided with Watches and Wonders. Now, with the Geneva event only weeks away, the specter of a Pepsi discontinuation has collectors and dealers jittery again.

Mr. Tiwaini said his 2026 Jubilee examples have already sold for more than $25,000, though he has only seen a handful. This year, something is different, he said. “No one can get any 2026 models. It appears the lack of production is happening ahead of an announcement.” Mr. Tiwaini’s $35,000 listing remains a risky bet, at least until next year.

The Case for Rolex to Buy Artisans de Genève

A wildcard entry. (Credit: Artisans de Genève)

There is some serious money behind the clients of Artisans de Genève, the small independent workshop that’s located less than two miles from Rolex's world headquarters. Artisans doesn't sell watches, but customization services that can top tens of thousands of dollars alone.

As the watch market has become more luxurious than ever, the 20-year-old atelier has customized watches for clients in the movie business, professional sports, Formula 1 and the music industry. Earlier this week, Artisans revealed its latest project for André Agassi.

While Rolex caters to top clients through off-catalogue pieces, that level of exclusivity is not enough for the select few, who seek bespoke services similar to those offered by Rolls-Royce, Aston Martin, Bentley, but also Vacheron Constantin and Audemars Piguet.

Rolex built its reputation on controlling every aspect of production, yet today it has little influence over the bespoke industry, which courts have allowed to operate legally. If Rolex acquired Artisans, a workshop employing fewer than 50 people, it could shape the design narrative, hewing closer to the brand’s identity while also benefiting from working with high-profile clients.

A bespoke division certified by Rolex would command higher premiums than those charged by Artisans while serving as a testbed for new ideas. John McEnroe commissioned Artisans to create a left-handed Rolex years before the GMT-Master II “Sprite” was released. In the project unveiled Tuesday, Artisans re-engineered Agassi’s Daytona with a titanium case weighing under 80 grams, designed “to be played in and forgotten on the wrist.”

(Photo credit: Artisans de Genève)

Rolex Prepares Its Biggest Boutique in Germany

Construction takes time. (Photo credit: MUC Watch)

Rolex continues its flagship expansion across the world, refining its retail footprint by building prominent stores while terminating contracts with smaller multi-brand jewelers. From Rodeo Drive (2024) to Bond Street (2025), the Ginza district (2024) and Galleria Vittorio (2024), the brand has recently had a string of grand openings for new multi-level, Rolex-exclusive boutiques.

Most recently, it opened Canada’s largest boutique in Montreal, in 2025, while in the U.S. it added new boutiques in East Hampton (2025) and the Miami Design District (2025), and has acquired a building in Brooklyn for a future multi-level flagship, as reported by Coronet in October. The brand is also set to open its new 28-story American headquarters later this year. In Europe, Coronet has further reported on plans for new multi-level boutiques in Düsseldorf and Luxembourg.

In Munich, Rolex’s newest German boutique, rivaling the size of its London flagship on Bond Street, is just weeks away from opening. While little information has been disclosed so far, Munich-based vintage specialist MUC Watch, whose offices are located just across the street, provided Coronet with photos showing Rolex showcases being moved in last week. The activity is a sign that the opening is approaching after two years of construction. The new multi-level boutique, located on Perusastraße, will be Germany’s largest and will be operated by Bucherer.

Future Rolex boutique in Munich. (Photo credit: MUC Watch)

Elsewhere in Germany, Rolex plans to revamp its headquarters in Cologne, as reported by Coronet in October. Rolex Deutschland GmbH, the wholly owned subsidiary responsible for distributing Rolex products across Germany, intended to demolish and rebuild its headquarters. The company has since disclosed that it will instead preserve the existing structure, located near a 17th-century church, a decision it describes as more sustainable. “For us, renovation, from both an ecological and economic perspective, represents the more sustainable alternative to demolition and new construction,” a Rolex representative said.

Rolex Salutes Carlos Alcaraz After Australian Open Win

Alcaraz and Dufour. (Credit: Rolex, Nick Gould via Instagram)

Rolex CEO Jean‑Frédéric Dufour congratulated Carlos Alcaraz in Melbourne on Sunday after the player’s win in the men’s singles final of the Australian Open, his first. Alcaraz is the youngest player to have completed the Grand Slam, winning all four major tournaments by the age of 22. Dufour's attendance was first reported by Australian watch writer Nick Gould.

For Rolex, Alcaraz is a bet that keeps paying off. When the brand decided to sign the Spanish player, he was just 18 and had never advanced past the third round of a Grand Slam tournament, a typical Rolex strategy: think long, move early and wait. Today, Alcaraz is No. 1 in the world.

Few brands have the patience and wherewithal to keep 32 tennis players on their roster at the same time, as is currently the case with Rolex — especially when the product is not even visible during the game, unlike apparel or, say, a tennis racquet. The visibility of a Rolex watch is largely limited to the moment a trophy is lifted at the conclusion of a tournament, and only if it is lifted by a Testimonee. On the women’s side at this year’s Australian Open, all Rolex Testimonees had been eliminated by the quarterfinals.

Alcaraz wore his go-to Daytona in 18 kt yellow gold, with a turquoise blue and black dial and an Oysterflex bracelet, a gift from Rolex last year, when the model was released in April 2025. Rolex had it specially engraved to mark Alcaraz’s Roland‑Garros win the year before. On Sunday, Rolex updated the homepage of its official website with the message: “Carlos, this crown is yours.”