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
Rolex raised retail prices for its watches in Europe for the second time this year because of currency fluctuations including the strong US dollar.
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.
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.
The value of the euro fell below parity with the US dollar earlier this year amid mounting signs of economic weakness across the continent, soaring inflation, and expectations of hawkish monetary policy from the US Federal Reserve.
Rolex is the most popular Swiss luxury watch brand, with a market share close to 29 per cent and annual sales of about 8 billion Swiss francs (US$7.9 billion).
The company produces about one million watches a year and demand for most models outstrips supply, which causes some to trade above retail prices on the secondary market.