Record Sales for Rolex in UK
October 13, 24
(IDEX Online) - Rolex has reported a healthy rise in sales and profit in the UK for 2023, despite economic challenges.
Revenue for the year to 31 December 2023 in its fifth biggest market was a record $895m, a 13 per cent increase on the previous year and double what it was just six years ago.
Rolex Watch Company Ltd, a wholly-owned subsidiary of Rolex SA, also reported a 9.7 per cent hike in year-on-year profit to $85m (£65m) in its annual report and financial statements filed on 9 October.
It said "improvements in the mix, price and volume (of watches sold) and an increase in the level of marketing activity," had helped boost sales.
The UK is Rolex's fifth biggest market, after the US, China, Japan and Germany. Rolex dominates luxury Swiss watches with a 30 per cent market share. In 2023 it reported global sales of $11bn.
Pic shows the GMT-Master II, new for 2024.