Rolex raises prices of its luxury watches a second time in 2022 for some customers

The Swiss watchmaker blames changes in exchange rates for its price increases in Europe on luxury watch models. Customers elsewhere are not affected

For fans of its Daytona, Submariner, Oyster Perpetual and other models in Europe, the price increases, which average 5 per cent, are the second this year

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A Rolex Oyster Perpetual watch. The Swiss company has raised prices for the second time this year in Europe, citing currency fluctuations. Photo: courtesy of Instagram/@watches.rolexx

Published: 11:15am, 7 Nov 2022

Rolex raised retail prices for its watches in Europe for the second time this year because of currency fluctuations including the strong US dollar.

The Geneva-based maker of the Daytona, Submariner and Oyster Perpetual said it had increased prices on the continent by about 5 per cent. That follows a similar increase in the UK in September in response to the plunging value of the British pound that made the coveted watches sold in Britain much cheaper for US buyers shopping in dollars.

Since the start of this month, “there is an alignment of euro zone prices due to currency fluctuations”, the company said.

The cheapest Rolex Daytona chronograph model that was priced at €13,900 (US$13,583) in January now costs €14,600, an increase of 5.04%, as one example.

Rolex Oyster Perpetual watches. The Swiss company makes about a million watches a year. Photo: courtesy of Instagram/@rolex.luxurywatches

This is the second time Rolex has raised retail prices this year. In January, it bumped up prices in most markets by an average of about 3.5 per cent across its model lines, with some in-demand steel sports models becoming as much as 10 per cent more expensive.