Financial Times mocks the entire Rolex buying process

[Patekfinder]

Gotta love seeing the absurdity of this hit the main stream media and get called out. They truly couldn’t have more perfectly captured this any better.

Bravo FT.




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[Onikage]

Makes us all look bad..

[BruRol]

This is not a new phenomenon or restricted to Rolex. Try walking into your local Porsche centre with zero purchase history and ask to order a GT3. See how far you get.

Must be a slow news day.

[Lawlex]

FT print version is great, the digital version however…


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[Fleetlord]

As long as there is still plenty and plenty of money getting in the hands of people who want to spend it on Veblen Goods, then this shall be the way.

Being expensive isn't exclusive enough. Money is the easiest part of acquisition.

Rolex is just in that class now, where the journey to acquisition adds to its prestige.

[GeorgeK]

Originally Posted by fleetlord

rolex is just in that class now, where the journey to acquisition adds to its ridicule.

fify.

[brandrea]

Originally Posted by Lawlex

FT print version is great, the digital version however…


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Do you have a link to the article? Thanks

[77T]

Originally Posted by brandrea

Do you have a link to the article? Thanks

https://ftalphaville.ft.com/content/...hy%20wristwear.

A perfect generative LLM AI article.

Now we are part of the training…

NOTE: “Watches of Switzerland plunged by 25 per cent on Thursday”

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[brandrea]

Originally Posted by 77T

https://ftalphaville.ft.com/content/...hy%20wristwear.

A perfect generative LLM AI article.

Now we are part of the training…

NOTE: “Watches of Switzerland plunged by 25 per cent on Thursday”

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Tough read. Lots of (brackets)

[Scapegoat]

Speaking the truth.

Whats the big deal?

[Flint]

An in depth article indeed ! Nothing we already know

[fooey]

Sounds like they nailed it!

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[DLRIDES]

Originally Posted by Onikage

Makes us all look bad..

/\ This /\

[JonnyOld Boy]

A friend of mine who "is not into watches" fancied "a nice watch" so went shopping in London for one. He laughed in the face of a Rolex AD who tried to con him into buying a Tudor Pelagos to "increase his chances". He came home with a nice Breitling Avenger from the AD three doors down. He just thought it was all hilarious. There must be tens of thousands like him.

[Calatrava r]

As long as consumers will do it, it will continue.

[2thdock]

Originally Posted by BruRol

This is not a new phenomenon or restricted to Rolex. Try walking into your local Porsche centre with zero purchase history and ask to order a GT3. See how far you get.

Must be a slow news day.

True, and most most people don’t know that either. Many high end items are similar. No news to people with interest, but surprise to all others.

[2thdock]

I don't think it make us look bad. We just happen to want a hard to get item. Heck, I wanted a Chevrolet Tahoe a year and a half ago and took me a three months to find the one I wanted and still had to pay a premium. A Chevy!

[BraveBold]

Originally Posted by 2thdock

True, and most most people don’t know that either. Many high end items are similar. No news to people with interest, but surprise to all others.

Yup, have to buy the base or less demanded cars for Porsche, Ferrari etc to get on the list. I will give credit to Porsche, however, for taking more concrete steps to suss out or even hurt the flippers.

They’ve blacklisted folks, they’ve introduced competing products that helped reduce speculative demand, and they generally maintain an atmosphere of humility (I have had three different primary Porsche dealers).

My Rolex AD has been good overall too - I have never purchased anything I would not otherwise buy and have secured a couple in-demand or highly-demanded watches. Though the wait times vary and it takes some encouragement/engagement to keep my seat warm.

The hype cycle referenced by the FT isn’t just for watches and neither is the absurdity. But to think every in-demand piece will ever come down to general accessibility is to think the world’s economy is on the verge of collapse. Luxury goods companies are always trying to produce “demand minus one” and keep stability for their halo products… despite the protestations of some, the value-stability of these goods make their price points more tolerable for the moneyed clientele that generally don’t like to throw $$$ away. Handbags, cars, watches, wine - if you can both enjoy it and see its value at least hold, you’re encouraged to partake more than otherwise…

[YGRLX]

Originally Posted by 77T

https://ftalphaville.ft.com/content/...hy%20wristwear.

A perfect generative LLM AI article.

Now we are part of the training…

NOTE: “Watches of Switzerland plunged by 25 per cent on Thursday”

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Plunged only because Rolex changed their allocations towards steel vs PM from what I read

[77T]

Originally Posted by YGRLX

Plunged only because Rolex changed their allocations towards steel vs PM from what I read

Plunged because of lowered guidance. Guidance was lowered because WOS doesn’t have a 3rd leg to make up the shortfall.

True - WOS blamed the Rolex product mix - but that means management was slow to react to their net margin shortfalls. Since the mark-up between SS & PM is identical, it was the cash shortfall due to other market factors. Like softening demand for all baubles methinks.


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[TBS]

Originally Posted by JonnyOld Boy

A friend of mine who "is not into watches" fancied "a nice watch" so went shopping in London for one. He laughed in the face of a Rolex AD who tried to con him into buying a Tudor Pelagos to "increase his chances". He came home with a nice Breitling Avenger from the AD three doors down. He just thought it was all hilarious. There must be tens of thousands like him.

He should have gotten the Pelagos, not to increase his chances, but because they are great watches in their own right.

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[JonnyOld Boy]

Originally Posted by TBS

He should have gotten the Pelagos, not to increase his chances, but because they are great watches in their own right.

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Yeh , actually he did mention that if he was a collector and into watches he may have picked up the Tudor ,,, I think he just wanted to get out of there. His Avenger is a great watch also, I used to have one , may grab another one soon also. Once Roleys get back into the shops a DJ will be on my list but I am in the camp that won't play the silly games currently to get one. Stock is coming through to our local AD though, gone aer the DO stock in the window, all was for sale albeit precise metal and bi metal versions.

[PhilAviate]

Originally Posted by Fleetlord

As long as there is still plenty and plenty of money getting in the hands of people who want to spend it on Veblen Goods, then this shall be the way.

Being expensive isn't exclusive enough. Money is the easiest part of acquisition.

Rolex is just in that class now, where the journey to acquisition adds to its prestige.

Nonsense.There is no prestige in the stupidity of the process of late, and I think Rolex knows that. Their long term sucess relies on long term customers and stability, not short term flex hype morons who come and go with the fashion of the day.

Most of the demand for rolex of late is driven by the notion that there will be further demand. Therefore they are using rolex as an item of speculation.
That bubble has burst, and the arrogance of the bad dealers means they are trying to act, like you are suggesting, that this will be the case forever. It isn't, and there is no logical reason to assume a trend of close to 100 years will suddenly change just because of a short upset of very unique circumstances.

We are witnessing the dying gasps of the stupidity of late, and the ones who will do best will be the ones who are the first to shift their focus back to customer service, not customer ridicule. The issue is that takes bravery and humility on the part of the store; the good thing is mainstream articles like this are the perfect tool for them to change gracefully and say they are reacting to the concerns highlighted and make themselves look the good guy.

I'd take a sizeable bet that before summer we will notice a marked shift in attitude from the dealers and be back to how it used to be where they tried to please you before the purchase. I know my dealer is half way there. We got 3 watches in 2023, without much drama, and while they somewhat try to still play the scarcity game, they are quietly shifting in attitude.

[Krash]

Why are we overreacting over an article that summarizes what we have known dating back to late 2017?


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[MARTIN1264]

It would be funny if wasn't true.....

[Jack T]

Originally Posted by Onikage

Makes us all look bad..

Not all of us…

[enjoythemusic]

Originally Posted by 77T

A perfect generative LLM AI article.

Well, it's a sign of the times i guess PADI.

In 7 years during the next orchestrated bubble upswing, FT will report how smart we all are as the multi-polar world expands.

[njlam]

I thought the article was a nice review of what is going on, but I think the larger issue is if Rolex is really serious about changing their distribution channel to make it more fair/transparent. I hope so.

In my opinion, the AD system is corrupt with so many watches are finding their way to flippers and grey dealers, frustrating the end customer.

The Bucherer acquisition really could really develop the channel for the most sought after watches. Why wouldn't Rolex want to make the whole spread (retail/wholesale) on their most popular models? It would be good for end buyers as Rolex would want to put watches into as many new wrists as possible (as we all know, you can't own just one). As Bucherer doesn't sell any jewelry and the probably don't want to sell you another watch brand if they can sell you another Rolex the purchase history thing become less important. While some people may have to buy more Rolexes than they may ultimately want, why does Rolex care? The Bucherer acquisition could be a good first step to a more sane buying experience.

At the same time, it is extremely bad for other major market retailers like WOS/BB/etc. Especially those who have stores in the same cities as Bucherer. Cities without Bucherer locations should be okay for now and still may have access to the most popular models.

However, while it may ulimately underserve parts of the country/world, limiting distribution to their own stores/boutiques may cut down on the flipper/out the AD back door problems that are so corrosive today.

I am optimistic for the future given the moves Rolex seems to be making.

[OTX]

Nonsense!. Not everyone plays this twisted sick game. My pride is more important than any piece of steel!. Anyway, gotta go and email my AD and see where on the waiting list I’m at lol.

[Jack T]

Originally Posted by njlam

I thought the article was a nice review of what is going on, but I think the larger issue is if Rolex is really serious about changing their distribution channel to make it more fair/transparent. I hope so.

In my opinion, the AD system is corrupt with so many watches are finding their way to flippers and grey dealers, frustrating the end customer.

The Bucherer acquisition really could really develop the channel for the most sought after watches. Why wouldn't Rolex want to make the whole spread (retail/wholesale) on their most popular models? It would be good for end buyers as Rolex would want to put watches into as many new wrists as possible (as we all know, you can't own just one). As Bucherer doesn't sell any jewelry and the probably don't want to sell you another watch brand if they can sell you another Rolex the purchase history thing become less important. While some people may have to buy more Rolexes than they may ultimately want, why does Rolex care? The Bucherer acquisition could be a good first step to a more sane buying experience.

At the same time, it is extremely bad for other major market retailers like WOS/BB/etc. Especially those who have stores in the same cities as Bucherer. Cities without Bucherer locations should be okay for now and still may have access to the most popular models.

However, while it may ulimately underserve parts of the country/world, limiting distribution to their own stores/boutiques may cut down on the flipper/out the AD back door problems that are so corrosive today.

I am optimistic for the future given the moves Rolex seems to be making.

Why do you think Rolex has any interest in making their distribution channel fair and transparent? They certainly have no obligation to do so.

As for the Bucherer acquisition, that was an effort to keep a long time, prominent Swiss enterprise in Swiss hands; Rolex, in my opinion, doesn’t want to be running front line retail operations. And major watch brands don’t want to be selling through a Rolex entity. When the time is right, I think Bucherer will be flipped, ideally in to private hands.