Luxury shoppers switch to second hand Rolexes because wait time is too long
Impatient luxury shoppers are opting to buy refurbished Rolexes because the wait list for a brand new five-figure watch is too long, the chief executive of Watches of Switzerland has said.
Brain Duffy, who heads up the designer store, said the growing trend amongst consumers to purchase a refurbished model of the pricey status symbol has little to do with customers trying to nab a better deal.
He said: “More than anything it is to do with the availability of products. All of our new Rolexes go to waiting list clients but we have immediate availability of the pre-owned product.”
According to the firm’s second-quarter results, pre-owned watch and jewellery sales grew by 88 per cent compared to the prior year.
The waiting lists for a fresh Rolex can sometimes be close to five years, but Duffy said that a watch that has been refurbished and reconditioned is as “good as new”.
Businesses which cater to the upper echelon of the UK shopping market have continued to rack in hefty profits despite the economic downturn.
Watches of Switzerland said that revenues rose by five per cent during the term to £379m, thanks to the resilience of the luxury markets.
The company also said it plans to double its profits and sales over the next four years, aiming to surpass a milestone of £3bn in revenue.
Duffy added: “The group is stronger than it has ever been, and we are tracking well ahead of the original plan we outlined in 2021, with a diverse pipeline of projects already scheduled for FY24, FY25 and FY26, which includes our strongest ever pipeline of committed Rolex projects.
“Our longstanding brand partnerships, leading multichannel capabilities, sophisticated marketing, and exceptional client service elevating the luxury experience truly sets us apart.”