Do you consider Rolex an independent or a conglomerate?

[metallic]

Obviously it depends on how you define it.

There are a variety of criteria that could be used:

Public vs Private company
Single vs multi brand
Market penetration
Annual monetary value sold
Annual number of pieces produced
Marketing budget

There are clear cut independent brands such as Dufour or Greubel-Forsey. There are typically accepted independents such as PP, AP, and Journe.

It is similar to the art vs pornography question. You know it when you see it.

Aside from the first criteria, all of the other criteria I listed point to conglomerate.

My answer therefore is conglomerate.