Due to inflation and the falling British pound, luxury watch brand Rolex is seeing a price rise in the U.K. Business of Fashion has reported that the value of the Sterling against the U.S. dollar has been the lowest in over three decades.
Rolex is considered the largest Swiss luxury watch brand and has a market share of nearly 29%. With annual sales of about $8.2 billion USD, demand for Rolex watches continues to be on the rise with many customers asked to join waitlists at authorized dealers that may take months or even years. The price hike of Rolex watches in the Uk has increased by 5% since September 1. For instance, the Rolex Submariner without the date function has increased to $8,600 USD while the red and blue bezel GMT Master II now costs $10,341 USD.
This is not the first time Rolex has hiked up its prices. Back in January, Rolex announced a price hike in the U.K. and U.S. markets of the same percentage. As inflation continues to be an issue worldwide, it comes as no surprise that prices will continue to rise.
