On the grid. (Photo credit: Instagram/@rolexattar)
Rolex CEO Jean-Frédéric Dufour doesn’t see Rolex as part of the luxury industry. “I wouldn't compare us to the fashion industry or any other of this luxury industry,” he said on Wednesday, speaking in a public forum at Dubai Watch Week. He added that new Rolex employees who come from those sectors often need “a little time to adapt because you just can’t jump into the watch industry.” Rather, he said, watchmaking is “closest to the high-end automotive industry.”
The 57-year-old CEO offered an interesting glimpse into managing Rolex after 10 years at the helm, showing a clear passion for the luxury car segment and drawing several parallels between the two sectors. In both, “people are ready to pay a premium to have a product that others don’t,” he said.
In remarks highlighting that passion, Dufour said he “would have cut my arm at 17 years old to be sure that at 18 years old I would be able to drive a car, whatever the car.” He also believes the watch industry today is “closest to the high-end automotive industry because they produce even more complicated products, but the brands also have a strong heritage. In terms of emotions, in terms of product, in terms of research and development, in terms of investment, at a different scale, it’s quite similar.”
Still, Dufour said the automotive world offers a cautionary tale. He lamented how auto shows have all but vanished, severing the “connection with the final consumers.” As a result, many buyers now see a car simply as a tool to go from A to B or do not need one at all thanks to Uber, a shift he believes the watch industry must work hard to avoid.
Read more from Dufour’s interview here.