Rolex Sydney boutique. (Photo credit: Rolex)
Australia is among the few countries that require companies to file annual financial reports. For Coronet, this offers a rare glimpse into Rolex’s operations in one of the fastest-growing regions for Swiss watchmakers. This magazine reported earlier this month on Rolex’s financials in the United Kingdom.
Rolex Australia Pty Ltd, a subsidiary of Rolex S.A., reported revenue of A$414.4 million for the year ending Dec. 31, 2024. To compare, Rolex in the U.K. reported flat revenue at £701.5 million, about A$1.43 billion. While the U.K. total is roughly three and a half times larger, it lacked the 11% growth recorded in Australia.
Australia is quickly emerging as a new growth frontier for Rolex, supported by younger consumers as China’s luxury demand remains tepid and U.S. tariffs add uncertainty. The wealth of Australia’s richest households has nearly tripled over the past two decades, according to the Australia Institute. Oceania also stands out as the only region worldwide to record a year-over-year increase in Swiss watch shipments, according to the latest data.
Rolex Australia reported a profit of A$29.3 million, representing a margin of 7.1%, a solid figure for a luxury-goods distributor. The result marks a turnaround from the A$1.9 million loss the year before, when Rolex made a major investment in its new Oceania headquarters in Melbourne, which also houses a state-of-the-art watchmaking training facility.