Rolex chief foresees tough times for Swiss watch makers

[Oceanklassik]

ROLEX Chief foresees tough times for Swiss watch makers

Geneva: Switzerland's watch exports, a market it leads worldwide, could drop by as much as one-third this year, ROLEX chief Bruno Meier said in a German newspaper interview published on Sunday.

"I can imagine Swiss exports in 2009 dropping by up to one third of their value," the luxury watch maker's new chief told the NZZ newspaper amid the Baselworld jewellery and luxury watch fair in Basel.

Swiss watch exports were up 6.7 percent at 17 billion Swiss francs (11.2 billion euros) in 2008, but they have been dropping in recent months. They sank by 22.4 percent in February, according to the Federation of the Swiss Watch Industry Federation.

But Meier said ROLEX would be less affected than its competitors.

"We might reach a level equivalent to that of 2005," he said, adding that there were no plans to lay off permanent employees.

ROLEX, which is privately owned by the Geneva-based foundation Hans Wilsdorf, does not publish any sales or financial figures.

[116520]

Problem can be easily be solved... just increase Rolex prices in order to cover the loss in the sales.

ROLEX Chief foresees tough times for Swiss watch makers

Geneva: Switzerland's watch exports, a market it leads worldwide, could drop by as much as one-third this year, ROLEX chief Bruno Meier said in a German newspaper interview published on Sunday.

"I can imagine Swiss exports in 2009 dropping by up to one third of their value," the luxury watch maker's new chief told the NZZ newspaper amid the Baselworld jewellery and luxury watch fair in Basel.

Swiss watch exports were up 6.7 percent at 17 billion Swiss francs (11.2 billion euros) in 2008, but they have been dropping in recent months. They sank by 22.4 percent in February, according to the Federation of the Swiss Watch Industry Federation.

But Meier said ROLEX would be less affected than its competitors.

"We might reach a level equivalent to that of 2005," he said, adding that there were no plans to lay off permanent employees.

ROLEX, which is privately owned by the Geneva-based foundation Hans Wilsdorf, does not publish any sales or financial figures.

[Nooch]

Rolex chief foresees tough times for Swiss watch makers

Rolex chief foresees tough times for Swiss watch makers

GENEVA: Switzerland's watch exports, a market it leads worldwide, could drop by as much as one-third this year, Rolex chief Bruno Meier said in a German newspaper interview published on Sunday.

"I can imagine Swiss exports in 2009 dropping by up to one third of their value," the luxury watch maker's new chief told the NZZ newspaper amid the Baselworld jewellery and luxury watch fair in Basel.

Swiss watch exports were up 6.7 percent at 17 billion Swiss francs (11.2 billion euros) in 2008, but they have been dropping in recent months.

They sank by 22.4 percent in February, according to the Federation of the Swiss Watch Industry Federation.

But Meier said Rolex would be less affected than its competitors.

"We might reach a level equivalent to that of 2005," he said, adding that there were no plans to lay off permanent employees.

Rolex, which is privately owned by the Geneva-based foundation Hans Wilsdorf, does not publish any sales or financial figures. - AFP/de

[Darkangel]

Nooch double post la

[louisoh]

Dun tink they would be affected tat greatly.... demand for rolex is still there de...

[Darkangel]

It is still there...it will always be there

[exxondus]

i still reading up on how come rolex is so much higher in demand compared to the other brands leh..

honeslty in terms of design, i don find it that trendy loh...no offence intended

[PamDino]

He's saying Swiss Export / Swiss Watch. There are so many Swiss brands. Definitely, some would be (badly) affected during these down times. Nothing new.

Dino

[Darkangel]

i still reading up on how come rolex is so much higher in demand compared to the other brands leh..

honeslty in terms of design, i don find it that trendy loh...no offence intended

Their designs are timeless classics...not trendy actually.

But you go ask any uncle on the street...wad is Rolex? he knows...You ask him wad is Sinn? he will say simi sai?

Hahaha...

For the older gen...it's THE watch to own in their lifetime. There is always demand especially in Asia.

For me...I still have the older gen's spirit within....Rolex to me is THE watch

[cmsoh]

Over the weekend I was at a recreation club in town area, was just sitting at the poolside observing folks around me. Of the 10 folks closest to me in proximity, about 8 were wearing Rolexes. Even the two ladies, one had a ladies DJ and the other was wearing a SS GMT.

Also the classic story of how the POWs were ordering Rolexes even whilst they were in the POW camps.

Hard to imagine Rolex ever collapsing .... but then again, the same thing was said about Lehman Bros.

[Darkangel]

Hard to imagine Rolex ever collapsing .... but then again, the same thing was said about Lehman Bros.

Well there's a difference...Rolex sells a product..they will only die when nobody buys their product.

Lehman Bros sell financial instruments so to speak...these instruments have no intrinsic value....it cannot be used...it cannot be worn...nope.

[PamDino]

Their designs are timeless classics...not trendy actually.

But you go ask any uncle on the street...wad is Rolex? he knows...You ask him wad is Sinn? he will say simi sai?

Hahaha...

For the older gen...it's THE watch to own in their lifetime. There is always demand especially in Asia.

For me...I still have the older gen's spirit within....Rolex to me is THE watch

Like you said, most of the UNCLES know this brand. Back then, there were not so many brands and for one reason or another, it became a status symbol. Only the RICH can afford.

Another reason is that Rolex is widely accepted by the Second Great Uncle here. It has attained cult status, at least in Asia. So, it's hard to see the company winding up. But these days, anything can happens.

Dino

[exxondus]

Like you said, most of the UNCLES know this brand. Back then, there were not so many brands and for one reason or another, it became a status symbol. Only the RICH can afford.

Another reason is that Rolex is widely accepted by the Second Great Uncle here. It has attained cult status, at least in Asia. So, it's hard to see the company winding up. But these days, anything can happens.

Dino

seee, i knew it, have to be UNCLE grade then can appreciate matchsticks!!

[Darkangel]

Like you said, most of the UNCLES know this brand. Back then, there were not so many brands and for one reason or another, it became a status symbol. Only the RICH can afford.

Another reason is that Rolex is widely accepted by the Second Great Uncle here. It has attained cult status, at least in Asia. So, it's hard to see the company winding up. But these days, anything can happens.

Dino

Hmm...true...very true.

Yes it's the next most liquid item after gold.

Chances are slim but we never know....in any case...there will be other companies that will go first before they do

[cmsoh]

Well there's a difference...Rolex sells a product..they will only die when nobody buys their product.

Lehman Bros sell financial instruments so to speak...these instruments have no intrinsic value....it cannot be used...it cannot be worn...nope.

True, but then again, its just a watch.

Seriously though, I doubt if Rolex will ever belly up, but on the bright side, I do hope demand and prices will drop a bit, then can chiong Deepsea and Daytona at one go! If not, got to save damm long leh ...