Geneva-based luxury watchmaker Rolex SA has recently implemented a price increase for its watches in the UK, while leaving the pricing unchanged in the United States. The price adjustment, averaging around 4%, came into effect at the beginning of the year, according to a report by Barclays analysts.
Reports of the price increases were initially made by UK-based YouTube channel Britt Pearce and watch-focused blog Screw Down Crown. Rolex, however, declined to comment on the matter when approached by journalists.
While the price of the Rolex Air King model surged from £6,250 to £6,500 on January 1st, the prices at US dealers remained steady. Watches of Switzerland Group Plc, the leading retailer of Rolex watches in the UK, was the subject of Barclays' report.
It is worth noting that Rolex traditionally raises prices once a year, consistently choosing January for the adjustment. Previous fluctuations in major currencies led to Rolex implementing two price increases in the UK in 2022, in both January and September, due to the British pound's significant decline against the US dollar. The watchmaker also increased prices twice in European countries during the same year.
Rolex, known for its iconic models such as the Submariner and Daytona, produces over one million timepieces annually. Estimates from Morgan Stanley suggest that the company sells watches worth more than 9 billion Swiss francs ($10.5 billion) each year. With sales accounting for about 30% of the global luxury Swiss watch market, Rolex remains a dominant force in the industry. Controlled by the Hans Wilsdorf Foundation, named in honor of the company's founder, Rolex continues to uphold its reputation for timeless elegance and quality craftsmanship.