Rolex boss says time is not money

The head of Rolex SA said viewing luxury watches as investments is dangerous, following a surge in interest from speculators during the pandemic.

"I don't like it when people compare watches with stocks. This sends the wrong message and is dangerous," chief executive Jean-Frederic Dufour said in a rare interview with Swiss newspaper NZZ before the Watches and Wonders trade show that starts this week in Geneva. Prices for pre-owned watches skyrocketed to unprecedented levels in 2021 and early 2022. But secondary market prices have fallen sharply in the past two years amid weaker economic growth and higher interest rates.

The Bloomberg Subdial Watch Index, which tracks prices for the 50 most traded timepieces by value, has declined 40 percent in the past two years.

Rolex is the biggest Swiss watch brand and dominates the industry with an estimated 30 percent market share. The Geneva-based company's sales crossed 10 billion Swiss francs (HK$86.66 billion) for the first time in 2023.