Rolex Denounces 'Pay-To-Play' Amid Industry Sales Decline

(Photo credit: Cyril Zingaro)

The watch market will continue to sag mainly due to China, where demand has plummeted in recent months, and in Europe, where consumer morale is low with war raging on its borders, watch executives at Geneva's Watches and Wonders said last week.

“2024 will be a challenge. A phase in which all manufacturers were doing well is coming to an end,” Rolex CEO Jean-Frédéric Dufour said in an interview for the Swiss newspaper NZZ before the opening of the fair.

In declining sales, multi-brand dealers might continue to push hard-to-sell pieces as a condition to own a new Rolex even if Rolex supply has picked up. But a representative for Rolex in Geneva said those sales tactics are being curtailed by the brand.

“There's been a real witch hunt by Rolex which clearly condemns this kind of practices,” the representative said.

For Rolex, Mother of Pearl Is the New Meteorite

(Photo credit: Rolex)

The brand is introducing a mother-of-pearl option for Daytonas with diamond-cut bezels. Mother of pearl is considered “the noblest, oldest part of the shell, and difficult to work with,” Rolex told me.

The new Daytona with a diamond-cut bezel made its entry into the catalog at Watches and Wonders this year. Such Daytonas were considered off-catalog pieces in the past but have grown in popularity, especially among men.

When asked whether mother-of-pearl dials are considered the new meteorite at Rolex, a representative said it would make sense to think that way.

“This is not clearly stated by the brand. But as an external observer, for me, it makes sense. The goal was to offer another dial which has a lot of relief, a lot of texture and a lot of volume.”

Rolex's New GMT Color Could Make the Others Rarer

(Photo credit: Rolex)

Rolex's big surprise at Watches and Wonders this year was not necessarily the new GMT-Master II in black and grey — but that the brand didn't discontinue the Pepsi, the Batman or the Sprite.

Rolex added a color option for the steel GMT, offering more color options than ever in the GMT line. That it hasn't removed any GMTs from the catalog begs the question: Will there be fewer GMTs produced of each color if the line shares the same case and movement?

“I imagine that would make sense to think that way given we are already producing at a near maximum level,” a Rolex representative said. “And if we don’t want to sacrifice quality — which we will never do — I imagine that would be the case.”

But the representative stopped short of confirming that fewer BLRO or BLNR would be produced. The brand doesn’t communicate production data or the ratio among bezels.

Rare GMTs Owned by the Brand on Display for the First Time

(Photo credit: L: Rolex; R: Jason Heaton. Used with permission)

The GMT-Master exhibition inside Rolex's booth at Watches and Wonders this year is showing pieces never seen before by the public, the latest sign the brand has amassed a collection well suited for a museum. (When asked about plans to build one, Rolex responded, “We do not comment on potential future projects.”)

Apollo 13 astronaut Jack Swigert's GMT-Master is among the watches on display for the first time. The first documented Rolex in space left circulation after Swigert gifted the watch to René-Paul Jeanneret, a Rolex executive, in exchange for a gold GMT.

“Certain GMT-Master watches worn by remarkable individuals have witnessed history in the making,” Rolex said. “Over the years, Rolex has safeguarded this heritage by conserving some of these exceptional timepieces.”

Rolex displayed a collection of vintage Daytonas at Dubai Watch Week in November.

Rolex Continues to Trend Upscale With Latest Launch

(Photo credit: Rolex)

Rolex's ineluctable march upscale continued this morning at Watches and Wonders, as the brand's long-awaited unveiling of its 2024 collection included only one steel model, a black-and-grey GMT-Master II. Meanwhile, it removed the Yacht-Master II from the catalog, the second time in two years Rolex has killed a steel reference after discontinuing the Milgauss in 2023. All the other releases were in precious metal.

With the unveiling of a solid-gold Deepsea, Rolex this year separated the Deepsea from the Sea-Dweller line in its catalog, making the Deepsea collection more visible than ever.

Rolex releasing an ice-blue Perpetual 1908 in platinum just one year after its collection introduction shows the brand is taking the 1908 seriously, and this release has just made Rolex a greater competitor than ever in the dress-watch segment.

You can read my commentary on the new Deepsea here.

Rolex Wishes Swatch Group Would Join Watches and Wonders

(Photo credit: Watches and Wonders)

This week the horological spotlight will be on 54 exhibiting Maisons, but none of them are part of the Swatch Group, the largest watch company in the world.

Still, Rolex CEO Jean-Frédéric Dufour, who also serves as the chairman of the Watches and Wonders Geneva Foundation, said he wished the Swatch Group were attending. “We would like the Swatch Group to join us. We hope to be able to show them that everyone has something to gain, that Watches and Wonders is a real success and that there is a place for them,” Mr. Dufour said.

But Swatch Group CEO Nick Hayek in an interview in March said he was not interested in taken part in such “beauty contests.”

“Today, the world is more direct. There is no added value in being able to get together for a few days to drink champagne and go from one stand to another,” Mr. Hayek said.

Rolex Releases 2024 Teaser Video

(Source: Rolex via YouTube)

Fueling further speculation ahead of Rolex’s forthcoming new watch releases, which are set to be announced Tuesday, April 9, 2024, in Geneva at Watches and Wonders — Rolex dropped a 30-second teaser video on its website and social media platforms this morning.

The video is titled “When the Iconic Meets the Unexpected.” Here’s the link to the video on YouTube.

Scandal in Peru Brings Outsized Attention to Rolex

(Photo credit: Luis Iparraguirre)

In Peru last week, a single watch reported by a local podcaster was enough to turn a suspicion into a scandal and push a third of a government to resign.

Out of the 14 watches spotted on the wrist of Peru president Dina Boluarte only one was a Rolex, a 36mm Datejust in Everose Rolesor. Still, that was enough to turn the podcast episode into an accusation of corruption and a scandal now named “Rolexgate” in Peru.

On Friday, armed police officers broke down the front door of the president's house, but the search yielded no Rolex timepieces though other luxury brands were found.

“As a brand, we have no comment to make on the subject,” a Rolex representative said.

Rolex Gave Author 'Carte Blanche' on Book About Its History

(Photo credit: Osaka University)

Dr. Pierre-Yves Donzé, a professor at the Graduate School of Economics at Osaka University, is the author of a new 300-page book on the business history of Rolex, billing itself as the first to be written “from independent historical research.” The book, titled “La Fabrique de l’excellence,” was published last week in French after two years of research. An English edition is in the works, the author said.

Dr. Donzé, a French native speaker who grew up in La Chaux-de-Fonds, Switzerland, said he had informed Rolex CEO Jean-Frédéric Dufour of his plans to write on the history of the brand. They had an amicable conversation on the phone for an hour, he said, and Rolex gave him “carte blanche.” The brand didn't review the manuscript before publication.

Rolex said in a statement: “The brand respect the work carried out by Pierre-Yves Donzé, a recognized expert in the field of watchmaking, for the seriousness and credibility of his work.”

Exact Time of Rolex 2024 Collection Unveiling Released

(Photo credit: Watches and Wonders)

Rolex's new collection will drop at exactly 8:30am CET on Tuesday, April 9, which is 2:30am on the U.S. East coast, 11:30am in Dubai, 14:30 in Hong Kong, 15:30 in Tokyo.

“Everything will be revealed on our platforms at 8:30am Geneva time on April 9,” a Rolex representative in Geneva told me.

While the date is often announced through social media, the time is never made public by Watches and Wonders nor Rolex, allowing the media to break the news. The media service of Watches and Wonders confirms “all Maisons are still under embargo until Tuesday April 9 at 8:30am CET.”

A teaser video from Rolex is expected to be released by April 5th.

Rolex: No Comment on Using TikTok

(Photo credit: Rolex)

Rolex will launch its biggest communication campaign of the year in less than two weeks, when it unveils the 2024 collection on all its platforms.

Rolex won't be using TikTok though the viral video app has now passed 150 million U.S. monthly users equalling nearly half of America’s population. With $120 billion in global sales, it is also on track to overtake Meta as the world’s largest social media company by sales.

When contacted about posting on TikTok, Rolex said it didn't wish to comment on future strategies. (It took the brand six years after creating an account on Twitter to send the first tweet.)

The U.S. is Rolex's biggest market, but the platform's demographics might be the issue: Almost half of TikTok users in the U.S. are less than 25 years old, and just 14% are 45 and over. Still, Rolex could do worse than campaigning to young adults: At Watches and Wonders last year, a quarter of the people attending were less than 25. The average age of non-professionals attending was 35.

Rolex Has Considered a Milanese Bracelet for Its Watches

(Image source: Rolex via USPTO)

The designer at Rolex responsible for the palm motif dial and the violin dial, has designed a Milanese mesh bracelet for Rolex. That's according to patents filed by the brand in multiple countries. The clasp looks to be magnetic.

While there is no guarantee Rolex will use a patented design, the fact the brand has commissioned the design of a Milanese mesh bracelet — a strap originally popular in the mid-19th century and now coming back en vogue, including on James Bond’s wrist — is the latest sign of Rolex's willingness to break with tradition and include retro-inspired designs in its collection.

Mesh bracelets have a long lifespan compared to leather straps in tropical countries, and they are considered one of the most comfortable because they have no links.

Hans Wilsdorf Foundation to Probe World War II Police Report

(Photo credit: Rolex)

A 1941 Swiss police report describing Hans Wilsdorf as a “fervent admirer of the Hitler regime,” which was revealed in a new book published in Switzerland this week, is prompting the Hans Wilsdorf Foundation to issue a rare statement.

The foundation said Wednesday it takes the book’s allegations seriously and will commission an independent expert to conduct a full historical investigation.

“The foundation was surprised to discover the content of this report which contrasts sharply with what we know about the founder,” the foundation told Swiss newspaper Le Temps. “The foundation wished to explore the issue further by commissioning an initial documentary research which is in progress.”

In the book, titled “La fabrique de l'excellence,” its author Pierre-Yves Donzé, an economics professor, said Rolex had complained to the Swiss federal authorities that Great Britain no longer allowed exports of Rolex watches, prompting the police investigation. Still, the police reported no suspicious activities by Wilsdorf had been found.

Chemical Reaction Prompts Rolex Building Evacuation

(Photo credit: Rolex)

Rolex employees fled after an incident prompted the evacuation of one its manufactures at noon on Wednesday.

According to local reports, the Rolex manufacture in Chêne-Bourg, near Geneva, was evacuated after a runaway chemical reaction following the mixing of certain products released toxic fumes in one of its workshops. The intervention is still ongoing but the reaction has been contained, the Fire and Rescue Service said.

It’s unclear what chemicals were mixed, but the site is responsible for the production of dials, including gem-setting, as well as the production of Cerachrom bezels.

Recent patents filed by Rolex have revealed the challenges the manufacture faced of producing certain color combinations for its ceramic bezels, as zirconia must be mixed with other chemical compounds, primarily mineral pigments.

Four trucks, 20 firefighters and one ambulance were dispatched to the scene, according to the Fire and Rescue Service. No injuries were reported.

Archeologists Have Begun Digging on Rolex Land

Time travel. (Photo credit: Chloé Lambert)

Swiss archeologists reported last week their first finds taken from Rolex's recently acquired land in Bulle.

The brand’s future manufacturing site, slated to open in 2029, happens to sit on a 2000-year-old road built by the Romans, as reported in these pages last month. Archeologists are rushing to dig before the road is destroyed by the new construction.

A team of five archeologists said they’ve found a sepulcher and various objects dating from the Bronze and Middle Ages near the ancient road. In coordination with Rolex, the team was given priority to do the excavation.

The finding last Thursday of an ancient sepulcher — a cremation grave with the presence of calcined bones — along the side of the road was a surprise, the archeology team told local newspaper La Liberté. The team said the initial land survey had not revealed the presence of a vestige of this importance on Rolex's land.

A Crown For Every Achievement

(From: Rolex)

As Rolex generates record profits and enlist more Testimonees than ever, this was bound to happen: tennis, golf and ski converged in just one weekend bringing rare exposure to the brand.

The Indian Wells tennis tournament in California is the best-attended tennis tournament outside the four Grand Slam, the second largest tennis tournament in the country behind the US Open. Both man and woman winners this weekend are Rolex Testimonees, wearing a Daytona and a 1908, respectively, as they lifted the trophy. I wrote in January that Rolex now sponsors more tennis players than any other kind of celebrities.

Meanwhile in golf, Scottie Scheffler, another Rolex Testimonee, was crowned the champion at TPC Sawgrass on Sunday rocking a white Datejust on Jubilee, the first player to win back-to-back titles.

On the slopes in Austria, Lara Gut-Behrami won the Alpine skiing World Cup overall title, wearing the watch she’s most often spotted with: an Everose gold Daytona.

In Fight Against Emissions, Rolex Launches New Non-profit

(Photo credit: Vincent M.)

Rolex is taking another concrete step towards helping the environment — and this time without fanfare. The Hans Wilsdorf Foundation, which uses profits generated by the brand, has quietly launched a new non-profit organization named “Modus” whose link back to Rolex is hard to trace.

The aim of Modus is to curb transportation emissions, especially in Switzerland, where transportation generates more pollution than the world's average, 31% vs. 24%. This comes at a time when big cities across the world are trying to reimagine the role of automobiles, especially the gas-emitting kind, as city dwellers want cleaner, healthier air and less traffic.

The Modus Foundation will focus on Geneva county and said it will support the exchange of ideas to reduce automobile usage and financially back projects that helps reach the goal of a “carbon 0 objective by 2050,” the foundation said on its webpage.