Swiss Watch Exports Drop as Rolex Expands

(Photo credit: Rolex)

After years of post-pandemic rebounds and record-breaking value growth, the Swiss watch industry shipped almost 10% fewer watches in 2024 than in 2023. Swiss mechanical timepieces, the crown jewel of the industry, were hit hardest, down 14.6% — all that according to recent data provided by the Swiss Federal Customs Administration.

Despite the broader slowdown, Rolex is taking a contrarian approach by ramping up production. Starting in early 2025, Rolex will activate new production lines at its acquired site in Romont, with plans to expand its workforce to 250 employees at the site. In less than five years, Rolex will launch its new mega-manufacture in Bulle employing over 2,000 people. Rolex’s bold bet as the industry retreats could exacerbate the balance of power.

Swiss watch exports by units and value. (Credit: FH)

While the Swiss industry's decline in volume is striking, the value of Swiss watch exports tells a more nuanced story. Total wristwatch exports in 2024 generated CHF 24.82 billion, marking just a 2.8% decline from the previous year, the latest sign of the industry's shift toward exclusivity and premiumization.

Despite a sharp 9.4% drop in the number of watches exported, the relatively modest decline in export value reflects the Swiss watch industry’s evolving strategy: fewer watches, higher prices.

Daytona Winner Rejects $120K Dealer Offer

Chris Mies, second from right, with Rolex Watch USA CEO Luca Bernasconi. (Credit: @chrismies/Instagram)

German racer Christopher Mies secured a GTD Pro class victory at the 2025 Rolex 24 at Daytona Sunday, driving the #65 Ford Mustang GT3 alongside Dennis Olsen and Frederic Vervisch. The win earned him a two-tone “Winner 2025” Rolex Daytona, an exclusive prize awarded to race winners.

But moments after stepping off the podium, Mies received an unsolicited $120,000 offer for the watch from a dealer. He declined, opting for sentiment over profit — even as the Rolex secondary market hits its lowest point in three years.

“It would be a lie if I said that I didn't think about it for a moment,” Mies told Germany’s Motorsport Magazin. “That's a lot of money to throw at me, and the exchange rate between the dollar and the euro is pretty good at the moment,” he said. On Instagram, he joked that with a wife and two kids, he’ll need at least two more victories to make sure everyone gets a watch.

Wilsdorf Foundation Hires Decorated Healthcare Leader

Bertrand Levrat. (Photo credit: Laurent Guiraud)

Bertrand Levrat is joining the Board of Trustees of the Hans Wilsdorf Foundation, Rolex's sole shareholder, bringing extensive experience in healthcare leadership and public service to the foundation’s philanthropic efforts.

Levrat’s appointment is the latest sign of the foundation’s ongoing efforts to reshape its board, introducing fresh leadership and a new generation of trustees over the past two years.

Levrat, who holds a master’s degree in law, served as Director General of the University Hospitals of Geneva from 2013 to 2024, overseeing major infrastructure projects, digital transformation and crisis management.

Previously, he held leadership roles at the Swiss Red Cross and served as a legal advisor for the International Committee of the Red Cross. His contributions to healthcare and public service earned him France’s prestigious Légion d’Honneur for his efforts in the Covid-19 response for French nationals.

It's Not a Pre-Owned Rolex. It’s a Sustainable Choice

(Photo credit: Rolex)

Rolex launched the Certified Pre-Owned program in Dec. 2022 for the official purpose of bringing “added value to the existing supply of pre-owned Rolex watches,” Rolex said.

The “RCPO” program — as it was rebranded last month — has experienced notable growth, increasing by 300% over the past year and expanding its footprint to 217 storefronts and 7,500 RCPO listings, WatchCharts reported earlier this month.

Meanwhile, the number of people who say they are likely to buy a pre-owned timepiece has doubled between 2020 and 2024, according to Deloitte’s latest survey.

(Data: Deloitte)

Still, purchasing a used watch from a Rolex boutique doesn’t always capture the same air of success, sophistication and exclusivity the brand is known for. But for Rolex, the pre-owned program now serves a greater purpose — it represents a new standard for sustainable luxury and a step forward in embracing the principles of the circular economy.

“This initially commercial initiative is now fully in line with the brand’s approach to sustainability, which aims to give its products already in circulation on the market a second lease of life,” Rolex said on its website. “This approach reflects the Perpetual philosophy: the tireless pursuit of excellence and a long-term commitment to future generations.”

Rolex's Newest Brand Ambassador Is 17

Rolex’s official website will soon be updated to reflect 17-year-old tennis sensation Mirra Andreeva has joined its prestigious roster of brand ambassadors.

Fresh off a breakout run at the Australian Open, where she reached the fourth round in singles and the semifinals in doubles, Andreeva’s signing continues Rolex’s trend of recruiting players young — often in their teens — before their first major win. Rolex's global director of communication and image, Arnaud Boetsch, is a former tennis pro himself and seems to have a knack for picking talents.

Ranked No. 15 in the world, Russia’s Mirra Andreeva joins an elite group of Rolex Testimonees, including Jannik Sinner, Iga Świątek, Carlos Alcaraz and Coco Gauff, who were signed as teenagers before claiming Grand Slam titles.

Rolex-Backed Mission to Save Journalism Gets New Leader

Henry Peter. (Photo credit: Jacques Erard/Wikipedia)

Henry Peter, a philanthropist and honorary professor of law at the University of Geneva, has stepped into the spotlight as the new president of Fondation Aventinus, the organization that supports independent journalism, a philanthropic arm of the Hans Wilsdorf foundation.

Peter took the helm of Aventinus on Jan. 1 to fortify its role as a bulwark against the collapse of traditional journalism and its essential function in fostering democracy.

Peter said in a recent interview with Switzerland's Le Temps, a daily newspaper funded by Aventinus since 2020, that the foundation’s targeted support stabilizes Swiss journalism and reinforce democratic values. “The crisis of democracy in the United States is partly due to that of the media,” he said.

Weeks after the U.S. presidential elections, the “Rolex approach” to supporting journalism stands as a contrast with the current U.S. media landscape, where economic pressures and political influence can compromise integrity. Unlike Aventinus, which avoids editorial interference, many media outlets rely on profit-driven models that often prioritize sensationalism.

As Rolex Reshuffles Social Media Priorities, X Loses Ground

Social media channels listed on Rolex.com on Dec. 2 and Dec. 3.

Rolex has recently reorganized its social media strategy, placing less emphasis on X while following some power users and media who say they are concerned over polarizing content under its current ownership.

Still, the reasoning behind Rolex's reshuffled list, as posted on its official website, is unclear. The order does not align alphabetically or by follower count — but it points to YouTube, Instagram and Threads becoming central to Rolex's strategy while deprioritizing X as an official channel, placing it below LinkedIn despite X holding more Rolex followers.

As of Friday, Rolex has been inactive on X for five days but has posted on YouTube, Instagram and Threads twice in the last three days.

While X retains nearly a million followers for the brand, its “demotion” on Rolex.com is the latest sign of the brand’s effort to safeguard its image in an increasingly complex digital landscape.

The shift, which was implemented on Dec. 3, took place prior to Meta CEO Mark Zuckerberg's announcement that his platforms would follow X’s lead and no longer prioritize content moderation, raising fresh questions about Rolex’s brand safety on Meta-owned platforms.

U.S. Exuberance to Benefit Rolex in 2025

Rolex’s new boutique in Beverly Hills. (Photo credit: Gearys)

Rolex sales in the U.S. are poised to ride the wave of optimism under a freshly re-inaugurated President Trump despite Rolex's price hike and Trump's threats of a 10% tariff on all imports.

For Rolex authorized dealers in the U.S., the specter of increased tariffs has created pricing uncertainty in the brand's largest market, just weeks after Rolex raised prices by at least 7% on precious metal pieces, its second hike in the U.S. in six months.

Still, Trump’s plans for deregulation and tax reductions prompted a burst of enthusiasm from U.S. executives attending the World Economic Forum in Davos this week, according to reports, while on Wall Street the S&P 500 ended just shy of a new record high on Wednesday.

Trump may have inherited a surging stock market, but the level of optimism among investors seen at the Swiss gathering is a sign Rolex sales are likely to benefit from bullish prospects, as luxury spending is often tied to consumer confidence.

(Source: Bloomberg)

At Rolex, a Labor Union Breaks Down

Rolex’s stocking system. (Photo credit: Rolex)

Unia, Switzerland’s largest labor union, is navigating internal disputes in its Geneva branch, impacting its relationship with employees at Rolex, in the latest sign of turmoil in the watchmaking industry.

A notice posted at Rolex’s facilities first revealed the rift within the union: “Important information: As of January 1, 2025, the following individuals will leave the Unia [Rolex] council. Reason: disagreement with the current leadership of Unia Geneva.”

The announcement marked a formal break between Unia and seven of Rolex’s eight union representatives, driven by the controversial dismissal of a national union secretary, which the delegates called a tipping point amid broader frustrations with Unia’s leadership.

Although Unia has denied the mismanagement claims, the loss of seasoned union representatives at Rolex raises questions about Unia’s ability to maintain its influence at the brand. In the long term, Rolex can seize the opportunity to forge direct ties with employees and address workforce concerns more proactively.

Los Angeles Fires: A Rolex Story of Survival

(Photo credit: @kevincooley_/Instagram)

Watch collectors often indulge in a hypothetical scenario: “There’s a fire in your house, and you can only grab one watch. Which one do you choose?”

In a weird twist of fate, a man renowned for his wildfire photography — who was away documenting the Palisades Fire — found his house tragically destroyed in the Eaton Fire, which swept through neighborhoods in Altadena, Calif., leaving behind only ashes and memories.

But his wife’s quick thinking saved a Rolex Day-Date, a cherished heirloom that now represents a profound connection to his family’s past. Saving the Rolex wasn't just about the watch's value but its emotional significance.

The watch originally belonged to his grandfather, and his Los Angeles home also burned down in a wildfire decades ago. A watch that's been handed down from grandfather to father to son carries the weight of several generations, tragedies and stories of survival.

“He lost his house in the Bel Air fire so I have this connection, through the watch, to a man I barely knew, but have this shared sense of loss,” he told local TV station ABC7 in Los Angeles.

Rolex CPO Growth Defies Market Trends

(Photo credit: Rolex)

Despite an 11-consecutive-quarter drop in the pre-owned luxury watch market, Rolex's Certified Pre-Owned program is rapidly expanding — that's according to the latest report by WatchCharts and Morgan Stanley published Tuesday.

Even as overall Rolex preowned demand has softened, the CPO program has grown a staggering 300% in just one year, from 25 to 107 retailers globally, operating a total of 217 storefronts. Inventory has surged as well, with 7,500 CPO listings up from 4,800 listings in April 2024, WatchCharts said.

In the latest sign of retailers' confidence in the Rolex CPO market, Dubai-based Ahmed Seddiqi & Sons, the Middle East’s largest distributor, opened its first boutique dedicated exclusively to Rolex CPO models in Dubai in late 2024.

Rolex CPO growth aligns with broader industry trends, as more than a third (36%) of Swiss watch brands now plan to develop or create their own certified pre-owned program, according to a Deloitte survey released Thursday. The number of people who say they are likely to buy a pre-owned timepiece has doubled between 2020 and 2024, Deloitte said.

EU Publishes Findings on Rolex-Bucherer Deal Approval

The European Commission publicly released its report for the first time on Friday, outlining its July approval of Rolex's acquisition of Bucherer while examining competition concerns under EU merger regulations.

The 30-page report provides an insight into the Commission's analysis of the buyout’s impact on the watch market, particularly in the €10,000–€49,999 segment, where Rolex already commands a 50–60% market share.

The Commission questioned whether Rolex might prioritize its own products at Bucherer outlets. But it concluded that Rolex lacked the incentive to do so without harming its own broader distribution network​.

The Commission also raised concerns that Rolex could gain access to competitors' strategies, given that Bucherer sells products from various brands and holds valuable data on sales performance, inventory levels, marketing strategies and customer preferences. But Rolex pledged to enforce safeguards, including limiting employee access to sensitive information, maintaining completely separate IT systems and restricting Rolex to aggregated data, with detailed data only accessible to non-strategic staff.

Tudor Readies Launch of Tiffany-Blue Chrono

Jay Chou. (Photo credit: @JayChou/Instagram)

Montres Tudor SA, a sister brand of Rolex, is preparing to launch a Black Bay Chrono featuring a turquoise-blue dial, marking the fifth color variation of the steel model following white, black, blue and pink editions.

Taiwanese singer-songwriter Jay Chou posted Tuesday a photo of himself wearing the piece to his nearly 10 million followers on Instagram.

On Wednesday, former English soccer player David Beckham shared a glimpse of the watch on his fleeting Instagram Story, tagging Inter Miami CF — likely a nod to the football club's retro jersey unveiled in July 2024, which the watch's color appears to honor.

It is not the first time Tudor has teased new watch releases through brand ambassadors. That strategy is increasingly adopted by other brands to build anticipation and spark conversation during a period in the market when major product launches are scarce.

Same Author to Expand Rolex Book Series

(Photo courtesy of Rolex)

Nicholas Foulkes announced Wednesday that he will continue authoring future Rolex-commissioned books about the brand’s legendary timepieces.

The announcement appeared in an article published by Spear's, a British luxury lifestyle magazine. The London-based author began the series with Oyster Perpetual Submariner: The Watch That Unlocked the Deep, which was released last fall.

For the first time since the book's publication, Foulkes reflected in an article on his writing process and the exclusive access to Rolex's archives, saying he has set out to “write a series of books about the brand’s emblematic models.”

“It is a privilege and pleasure to sit in the Rolex archives sifting through more than a century of letters, memoranda, minutes of board meetings and order books, while surrounded by watches so rare and recondite that few people even know of their existence,” Foulkes wrote in the Spear's article.

If you missed it: Coronet’s series of short articles on Rolex’s first authorized book about the Submariner.

As Rolex Pre-Owned Supply Grows, Flippers Pull Back

(Data: WatchCharts/Morgan Stanley)

The inventory of Rolex models sold on the pre-owned market continued to swell in 2024, according to WatchCharts’ first market report of 2025, released Tuesday in partnership with Morgan Stanley. But those listed for sale in brand-new condition declined for the first time since 2021, a sign of more flippers exiting the market.

Still, the Rolex secondary supply has reached a record high when compared to 2021, putting more pressure than ever on prices. “We see no sustainable long-term factors that would drive an eminent market recovery,” WatchCharts wrote in its analysis after tracking a set of 30 modern Rolex models.

One reason for an ever growing supply of Rolex watches is sellers holding out and unwilling to realize losses. Meanwhile, the Rolex CPO program has grown significantly this past year, with 107 retailers now participating, compared to around 25 retailers enrolled in CPO a year ago.

Among prominent pre-owned dealers, Hodinkee exited the secondary market entirely in 2024, just three years after getting into the business through its $46 million acquisition of Crown & Caliber. In Europe, Chronext entered voluntary administration after unsuccessful fundraising efforts and was acquired in Dec. 2024. Chrono24 announced today it would cut 110 jobs, almost a quarter of its workforce.

“A return to a world where most Rolex models are readily available at retail is conceivable in the next few years,” WatchCharts said.

Rolex Doubles Down on DEI as Others Retreat

(Photo credit: Rolex)

“Diversity, equity and inclusion are priority topics for Rolex.” That's according to a document produced by Rolex and reviewed by Coronet. “Aware of the potential attached to diversity within managerial functions and technical professions in particular, the company is taking new measures to increase diversity at every level,” the document reads.

Rolex standing firm on DEI initiatives bucks the trend of companies that have recently abandoned diversity programs, as backlash toward DEI policies continues to grow. Meta on Friday said it is joining other corporations like Ford, McDonald's and Walmart that have pulled the plug on their DEI initiatives.

Still, in an industry traditionally dominated by men, Rolex said it is focused on increasing diversity within managerial and technical roles. Efforts to bridge this gap include active recruitment of women and showcasing diverse profiles at educational forums and student events. “New training courses are being developed to raise awareness of this topic among all management staff and teams,” Rolex said in the document.

Rolex's workforce currently comprises 43.1% women, but this drops to 18.6% in management roles, a disparity the brand is addressing through targeted initiatives. Rolex’s employee base currently includes 94 nationalities spread across 150 distinct professions, the document shows.

Rolex 'Eco-Friendly Box' Planned Since 2020

(Photo credit: @dcash0615)

Coronet reported in late December that Rolex’s new presentation boxes will ship with the mention indicating they are made from recycled materials.

The “eco-friendly presentation boxes,” as they’re officially called by Rolex, have been in the works since 2020, the brand said, the latest sign of Rolex’s ongoing efforts to reduce the environmental impact of its products. (Starting in 2025, all new movements brought to market will be 100% lead-free.)

Rolex said the new box is composed of a main structure made from 45% wood, compared to the previous version, which was 92% plastic.

The brand has now reduced the use of petroleum-based plastic from 92% to 6%, resulting in an annual reduction of 500 tonnes of plastic. Another significant component of the new box, accounting for 31%, is molded cellulose.

Rolex said the introduction of this box will ensure a 50% reduction in greenhouse gas emissions over its life cycle. The majority of these savings (46%) come from improvements in the material production phase.

Finally, the box's reduced weight — 12% lighter — decreases transport-related CO2 emissions by 2%, while its end-of-life disposal further reduces emissions by another 2%.