First Dedicated Rolex Store in China

Shenyang,Liaoning,China

China is to get its first dedicated Rolex store.

The luxury Swiss watchmaker will sell direct to consumers at the HKRI Taikoo Hui mall, in Shanghai, according to Chinese media reports.

The store will be operated by Bucherer, the long-established watch retailer that was wholly acquired by Rolex last September, and will carry Bucherer branding. No date has been given for its opening

China is the second biggest market for Swiss watches after the US, accounting for $209m of exports in August.

But it is currently intensifying efforts to curb conspicuous extravagance, particularly through a crackdown on social media influencers who flaunt excessive wealth.

In addition overall sales of Swiss watches are suffering, according to the Federation of the Swiss Watch Industry, which describes the outlook for the rest of the year as negative.

Rolex dominates the Swiss watch market, with a share of more than 30 per cent. It has always relied on authorized dealers to manage its Chinese operations.

Source: DCLA

US Watch and Jewelry Sales in June: Biggest Monthly Increase for Two Years

 US Watch and Jewelry Sales in June: Biggest Monthly Increase for Two Years

                Rolex Submeriner Date 41mm Oyster yellow gold

Watch and jewelry sales in the US picked up significantly in June, with their biggest single monthly increase in two years.
The year-on-year increase was 6.2 per cent, according to the latest figures published by the US Department of Commerce. The last time we saw such an increase was in July 2022 (also 6.25 per cent).
The trend for the last three months has been of continued growth, but at a slower rate (March 4.5 per cent; April 3.7 per cent; May 3.3 per cent). The rise in sales follows a year or so of almost relentless decline (October 2022 to October 2023).
Revisions to figures for April and May by the Bureau of Economic Analysis (BEA) at the US Department of Commerce show sales were higher than initially reported. The year-on-year increase for April was 3.7 per cent (revised up from 2.7 per cent based on actual transactions rather than estimates) and for May it was 3.3 per cent (revised up from 1.4 per cent).

Source: DCLA