Rolex was founded in 1905 by Hans Wilsdorf in London which was later moved to Geneva in 1920. He had a dream of preparing watches that were not just elegant but also reliable. He wanted to name the company in such a way that it is easy to remember and shows royalty and thus came up with the name Rolex which is not derived from any language or particularly means anything but serves the purpose of the owner. Rolex in first 10 years achieved the Swiss certificate of Chronometric precision. In 1926 Rolex created the first waterproof watch “Oyster” and its claim was further proved when an English swimmer crossed the English Channel with the watch. The swim was of 10 hours and watch was perfectly working at the end of it. Its credentials were further proved when people climbed the Everest with the watch. Rolex then invented and patented the world’s first self-winding mechanism with a perpetual rotor which is a part of every modern watch.
Rolex further went on to design professional watches for activities like deep-sea diving, mountain climbing and scientific exploration, these were termed as “Watches of Achievers”. In 1956, it launched Oyster perpetual day-date which was the first wrist watch to display day and date of the week spelt out in full in the dial. The first ladies’ version of Rolex date chronometer was launched in 1957 by the name Lady-DateJust.
In 1976, Rolex celebrated the 50th anniversary of Oyster by honoring extraordinary individuals who possess the courage and conviction to take major challenges. In the new millennium, Rolex took the next step by introducing the mentor and protégé arts initiative, blue parachrom hairspring and Rolex DeepSea. The DeepSea successfully worked 12000 meters below sea level in extreme pressure conditions. In 2013, Rolex became the official timekeeper of Formula1.
Rolex watches have been long associated with people who have been exceptional leaders and guided the destiny of the world. Rolex has a major presence in the sports world with endorsements in golf, motor sports, tennis and yachting. Some of the world’s most famous athletes pitch Rolex watches including: Tiger Woods, Phil Mickelson, Roger Federer and Lindsey Vonn.
Rolex in India
Rolex in India is sold only in official stores of Rolex which are there in Ten Indian States. As per the watch market size in India which is estimated at 6500 crores per annum, Swiss watches in total account for 2000 crores. Rolex takes a major chunk of this market share by claiming sales of around 500 crores per annum making it the most preferred brand in luxury watches segment which constitutes of 30 brands. Rolex initially started carefully in a country like in India and focused on gaining the trust of the customers before wide-spreading its stores across the whole country.
Rolex and GST
The fluctuations in the market caused by the introduction of GST and increase of impose duty from 10% to 20% ensured that retailers in India couldn’t make any profit in the whole of 2017 and first six months of 2018. As per a statement released by Ethos which is official retailer of luxury brands, they expect the market to stabilize by second half of 2018 and expects to double turnover by 2021.
Product Range under the category:
This collection illustrates the array of timepieces available, and shows that each watch is made up of hundreds of delicate components that are created with extreme care. The company started developing watches that are deep-sea waterproof in 1953 and now stand tall as one of the best watch manufacturers in advanced diving technology. They introduced several features like helium escape valve, Glidelock bracelet extension and ringlock system in their watches. They continue to work with ocean scientists and explorers to ensure that they bring up new features as per the need of people.
Watches in this domain are made specifically for racers to ensure high performance while maintaining impeccable aesthetics. Rolex has been developing watches in this category since 1950s.
Rolex has selection of Day-Date models in 18ct gold and 950 platinum that are worn by top golfers in major competitions across the globe. The Rolex Cosmograph Daytona is the horological equivalent to high-performance endurance racing cars: a marvel of mechanical engineering designed, developed and manufactured to achieve the highest degree of precision, robustness and reliability over the long haul.
The women section of watches includes variety of bracelets, colors and pearls to perfectly reflect the different personalities of their wearers. These watches are crafted in steel, gold or platinum graced with diamonds or entirely gem-set.
White Gold and diamonds Everose Gold Everose Gold Yellow Gold White Gold Yellow Gold White Gold Everose Gold. Rolex is the most valuable watch brand in the world and it is a huge status symbol for people. The customers of Rolex are usually very rich people who believe in luxurious timepieces. Rolex has a very limited customer base due to the financial factor but the brand always ensures that it has variety of products for all its whole customer base. They use the concept of niche marketing because they mostly market to the very high class type of person.
Rolex has segmented its market on the following basis:
- Social Class: Lower, Middle, Upper and upper uppers
- Generation: Gen Y, Gen X, Baby Boomers and Silent Generation
- Benefit Segmentation: Enthusiasts, Image seekers and Traditionalists Savvy Shoppers: This segment believes in shopping too much without spending a lot. Overwhelmed: This category finds purchasing stuff very confusing.
- User and usage related variables: Occasions: Party, Business meetings and social get-together User Status: Nonusers, Ex-users, Potential users, First-time users and Regular users
- Loyalty Status: Hard-core loyals, Split-loyals, Shifting Loyals and Switchers
- Attitude toward product: Positive, Indifferent and Negative
Target Segment: Social Class: Rolex focuses on people from upper and upper uppers class. This is the only set of people who can afford this brand as the price of the watch is supremely high. This class includes international leaders, business leaders and sportsperson who are exceptionally rich.