Watches of Switzerland & the Luxury Watch Market
Former Divisional Director at Watches of Switzerland Group PLC
inpractise.com/articles/watches-of-switzerland-and-the-luxury-watch-market-watch-house-retailer-dynamics
Watches of Switzerland & the Luxury Watch Market(June 24, 2024)
Former Divisional Director at Watches of Switzerland Group PLC
The expert is a former Division Director at Watches of Switzerland Group, where he spent 9 years in senior roles. He was primarily responsible for the core retail support and services functions, including all repairs, maintenance, and insurance partner operations. He led a team of over 120 across two business verticals, achieving a combined turnover of £110m. He played a key role during a significant leadership transition, working closely with the current CEO, Brian Duffy, to grow the business and prepare it for IPO.
Interview Transcript
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What do you mean by it's like a cartel?
Whatever Rolex says goes, and then everything else falls into place, like a domino effect. I'll give you a very good example. Fraser Hart is a jeweler here in the UK. You may or may not be aware of them. They had seven Rolex agencies and wanted to sell all seven. Watches of Switzerland Group wanted to buy all seven, but Rolex vetoed it, allowing them only four. The remaining three were given to Beaverbrooks, who introduced the loop concept. If Watches of Switzerland Group had acquired those stores, Rolex would have pulled the agencies from them. This demonstrates the type of power Rolex has, which is quite interesting when we discuss Bucherer as well.
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