(Photo credit: Jake’s Rolex World)
When Rolex CEO Jean-Frédéric Dufour appeared next to President Donald J. Trump last Sunday, the image startled even the Swiss. Rolex, it seemed, had acted alone.
Rolex did not coordinate with the Swiss government, and Bern did not ask Dufour to lobby on its behalf or to use the US Open as a platform for talks, according to a report from the Neue Zürcher Zeitung.
Still, Dufour managed to get closer to Trump than the Swiss had in weeks. Just days earlier, Economics Minister Guy Parmelin led a delegation to Washington but left without a meeting with the president, settling instead for talks with senior cabinet officials.
At the US Open, Dufour knew the risk. Standing with a polarizing president could jeopardize one of Rolex’s most valuable assets: its image, cultivated over years through programs like the Perpetual Planet Initiative and Testimonees such as environmental activist Leonardo DiCaprio whose ideals stand in contrast to Trump’s policies.
Yet, of all Swiss watchmakers, Rolex is best positioned to absorb the 39% tariffs, thanks to still enormous U.S. demand and eager buyers in the Middle East and Asia. That is not the case for mid-sized and smaller brands, which face far tougher odds. Dufour chose to take the gamble, seizing a rare chance to meet with Trump and perhaps shift the status quo.