MGolodetz
8
Rolex article in Herald Tribune
The Herald Tribune had a large insert devoted to watches, and an intersesting article on Rolex. Unfortunately I no longer have the paper, but I can recall some of the points made.
1. A report from a well placed insider saying that Rolex lost 1 billion dollars in the Madoff Ponzi scheme. Rolex has denied the claim, but there was at least one high level resignation which coincided with the scandal going public.
2. Rolex is in the process of doubling their space, and increasing output.
3. This despite the market particularly the US market is very soft.In creases in prices have not gone down well, and some dealers are either returning stock or contemplating no longers acting as agents. Discounts continue to dog the brand, and many watches, (the Submariner was the example given is being sold at practically no profit to compete (generally the mark-up is 40%).
The tone overall was overall quite negative, as one would expect given the current economic situation. Unfortunately Rolex did not respond. Other brands have even bigger problems, and it seems that many have to be incredibly creative to survive.
Another article BTW was about the lack of skilled craftsmen to cope with the huge increase in watches with complications.
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Good article...
By: salmosalar : November 29th, 2009-15:44
I have read this and the article in the Pittsburgh, PA newspaper that makes many of the same points. I gather from both these articles that; 1- Swiss watch exports are down by a double digit number...this must be hurting large and small makers alike. 2- I...
