Business News: Rolex CEO Says Brand Won’t Significantly Expand Own Retail And Will Continue To Work With Authorized Dealers
At Dubai Watch Week, Rolex CEO Jean-Frédéric Dufour announced that the brand will not significantly expand its own retail presence and will continue its collaboration with authorized dealers. Dufour emphasized that the acquisition of the Swiss-based Bucherer was a unique opportunity, stating that it only represents a small part of their distribution network. He stressed the importance of maintaining deep, long-lasting relationships with clients to ensure the watch industry thrives, avoiding the pitfalls seen in the automotive sector where brands have become disconnected from their loyal customers. Dufour also highlighted Rolex's commitment to training and apprenticeships, mentioning that the company currently has around 500 apprentices across various fields. He addressed the need for the watch industry to cultivate passion and emotional connections around mechanical watches, especially as they face challenges from the increasing digitization of consumer products. Additionally, he revealed that Rolex spends approximately CHF 100 million annually on upgrading machinery to ensure high-quality production, while also leveraging artificial intelligence to enhance quality control. The discussion underscored the importance of customer trust and long-term commitment through initiatives like the Rolex Certified Pre-Owned program.
