Rolex Hikes Watch Prices by 5 Percent in UK as Sterling Slides

Rolex raised costs for its watches within the UK after the worth of the pound fell in opposition to the US greenback to close the bottom stage in additional than three many years.

The biggest Swiss luxurious watch model elevated the worth of its watches bought in Britain by a median of 5 % on Sept. 1, an organization spokesperson confirmed.

The value hike, first reported by commerce publication WatchPro, follows a slide within the worth of the British pound in opposition to the US greenback to $1.15 and close to the bottom since 1985.

Because the pound has weakened, the relative value for Rolex watches grew to become cheaper within the UK in comparison with different markets.

The value of a Rolex Submariner and not using a date perform elevated to £7,500 ($8,600) from £7,150, WatchPro reported. The value of a purple and blue bezel GMT Grasp II jumped to £9,000 from £8,400.

Rolex raised costs by an analogous quantity in most main markets together with the UK and the US in January.

The preferred Swiss luxurious watch model has a market share near 29 % and annual gross sales of about 8 billion Swiss francs ($8.2 billion). Demand for Rolex watches has lengthy outstripped provide and most prospects are requested to affix ready lists with approved sellers and wait months and even years earlier than getting the decision.

Rolex produces about 1,000,000 watches a 12 months.

By Andy Hoffman.

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