Rolex has been known to be the least communicative of all Swiss watch brands. It is therefore almost inconceivable that the company would release a statement to the media ……
But when Yahoo Finance delved into the growing shortage of Rolex watches, this really happened. It is estimated that Rolex makes about one million new watches a year, but it is still very difficult to own one, even if you have enough money. Many believe that this is a strategy that Rolex is applying, and with great success.
“Rolex has taken this business where they control the distribution of watches at the retail level and who can afford them and who can’t,” said Adam Golden, who represents watch distributor Classic Menta Watch Review.” Rolex has a lot of influence over its authorized retail partners, which is key to determining whether a customer can own a Rolex.”
As for the Yahoo Finance article, it explains that there are myriad reasons for the global shortage of Rolex watches, such as supply issues during the pandemic, unprecedented demand and a vibrant resale market – quite similar to the athletic shoe market.
Authorized retail partners are the key to determining whether a customer can own a Rolex.
And in an official statement, Rolex said.” The scarcity of our products is not a strategy at all. Current production really cannot meet all existing demand, especially since we always ensure that product quality comes first, something Rolex will never compromise on. The next step.”
“Each product’s level of excellence requires meticulous time and effort. Therefore, we will continue to take the time necessary to ensure that all of our products not only adhere to the highest standards, but also meet our customers’ expectations in terms of quality and precision. Trust. Rolex certainly does not compromise for any exceptions,” the statement from Rolex if clear.
According to the brand, all Rolex watches are produced in-house in four factories in Switzerland. They are assembled by hand, taking great care to meet all the unique and high standards of the brand in terms of quality, performance and aesthetics. Of course, this will limit production capacity – Rolex insists that they are working hard to raise the level of quality.
“Finally, one thing to note is that Rolex watches are sold by official and exclusive retailers. They have the right to distribute them independently to any customer,” added a representative of the watch company.
Rolex is not the only watchmaker to express frustration at its inability to meet the growing demand for high-end watches. In recent years, Patek Philippe president Thierry Stern has been vocal about the expansion of production and the length of time it takes to train professional watchmakers. He also estimated that a theoretical doubling of production could take 20 years to achieve.
Earlier, an article published in the South China Morning Post in August wrote that there are many people who have a hard time buying Rolex watches because they are more expensive than they were in 2020 and are particularly scarce. The difficulty of buying new products has also made the second-hand market bustle with people willing to spend money on second-hand watches, despite their inflated price. According to a report by consulting firm McKinsey, the used watch market could grow to $32 billion in revenue by 2025 if it continues at this rate.
Reputation has helped Rolex outpace many of its competitors and capture a quarter of the global luxury watch market.
Indeed, there is no denying that the scarcity strategy is one often used by luxury brands to increase the value of their products as well as to keep the brand luxurious in the eyes of consumers. Supreme is one of the brands that strictly follow this strategy. Thanks to this, the company’s products are always sought after and hold a high place in the hearts of fashionistas around the world.
Reputation has helped Rolex overcome many of its competitors, capturing a quarter of the global high-end watch market, twice as much as second place Omega. All successful people buy Rolexes. In other words, without Rolex, true watch lovers have not yet reached their peak. It is not only a symbol of luxury, but also a door that opens a different world.