Random watch thread 2

[Raza]

Attachment 129000

Puts you off a bit, doesn’t it?

[Mediocre]

According to this article.

https://www.nzz.ch/english/watches-a...air-ld.1825387

That is impressively disconnected

[Mediocre]

Puts you off a bit, doesn’t it?

I have been put off by them for years, long before the pandemic lunacy.

That though...next thing you know he is going to claim you just watch over them for the next generation

[tribe125]

But Dufour is exactly right, and in the context of the interview he hasn’t said anything remarkable or newsworthy. They are talking about the relative values of the Swiss franc and the American dollar, and Dufour is saying that it is less of an issue for a luxury manufacturer than the manufacturer of industrial machinery, and of course he is right.

It must be fifty years now since a previous Rolex boss is reported to have said, when asked: “How is the watch business?” - “I don’t know. We’re not in the watch business, we’re in the luxury business.” Same thing, and again, exactly right.

I don’t really see a problem with a CEO being frank about something that is generally well understood. We all know about luxury premiums, whether they’re attached to watches or any other discretionary purchase, and few of us aren’t prepared to pay the premium once in a while. Compared with some, the premium attached to a Rolex isn’t actually that great.

[Mediocre]

But Dufour is exactly right, and in the context of the interview he hasn’t said anything remarkable or newsworthy. They are talking about the relative values of the Swiss franc and the American dollar, and Dufour is saying that it is less of an issue for a luxury manufacturer than the manufacturer of industrial machinery, and of course he is right.

It must be fifty years now since a previous Rolex boss is reported to have said, when asked: “How is the watch business?” - “I don’t know. We’re not in the watch business, we’re in the luxury business.” Same thing, and again, exactly right.

I don’t really see a problem with a CEO being frank about something that is generally well understood. We all know about luxury premiums, whether they’re attached to watches or any other discretionary purchase, and few of us aren’t prepared to pay the premium once in a while. Compared with some, the premium attached to a Rolex isn’t actually that great.

I understand what he is doing. It is probably good for their corporate culture and brand positioning.

Blatant lack of humility, even if understood, does not necessarily taste good

[mlcor]

But Dufour is exactly right, and in the context of the interview he hasn’t said anything remarkable or newsworthy. They are talking about the relative values of the Swiss franc and the American dollar, and Dufour is saying that it is less of an issue for a luxury manufacturer than the manufacturer of industrial machinery, and of course he is right.

It must be fifty years now since a previous Rolex boss is reported to have said, when asked: “How is the watch business?” - “I don’t know. We’re not in the watch business, we’re in the luxury business.” Same thing, and again, exactly right.

I don’t really see a problem with a CEO being frank about something that is generally well understood. We all know about luxury premiums, whether they’re attached to watches or any other discretionary purchase, and few of us aren’t prepared to pay the premium once in a while. Compared with some, the premium attached to a Rolex isn’t actually that great.

It's not the underlying message, it's the way he says it...

[Cybotron]

Puts you off a bit, doesn’t it?

It sure does.

[tribe125]

I still don’t see a problem, and might question the way he has been reported. Other sources have reported the same comments quite differently, such as here:

2024 will be “a challenge” for the Swiss watch industry, Rolex CEO Jean-Frédéric Dufour told Swiss newspaper NZZ in a rare interview.

“A phase in which all manufacturers were doing well is coming to an end,” he said. “In good times, too much is often produced. When the markets weaken, as is the case now, watch dealers come under pressure and respond with discounts. This is extremely problematic because discounts damage emotional products like ours.”

Dufour said several factors presented issues for the industry, particularly the high price of gold.

“A kilo of gold currently costs almost 66,000 [Swiss] francs,” he said. “Thirty years ago, when I started in the watch industry, it was still 18,000 francs. Of course this makes the watches more expensive. The increased interest rates are also affecting people’s spending mood, and the geopolitical situation isn’t helping either.”

But he noted that large brands like Rolex are less affected than smaller companies by shifting marketplace conditions.

Less-established brands “may have seen a 20% increase in sales during the upswing, they may now experience a 15% decline,” Dufour said. “For the big brands, the fluctuations are smaller, in the range of plus or minus 2 to 3%. Big brands never achieve 20% annual growth.”

The Rolex CEO spoke to the publication at Watches and Wonders Geneva. The annual trade fair has attracted big names like Rolex and Patek Philippe—but so far not Swatch Group, the leading watch conglomerate.

Dufour chairs the foundation that runs the fair, and he says the door remains open for Swatch Group to participate.

“I can’t see into [Swatch Group CEO Nick] Hayek’s head. I visited him and his family and invited them. But Nick Hayek has his own ideas. He says the Swatch Group is very industrial and doesn’t want to waste time on exhibitions. However, for us it is not a waste of time. We sell emotions and dreams. To keep this alive, you have to tell stories, you have to be active. You can’t just sell products.”


The ‘dreams’ bit sounds very different here, as it does in other publications. I doubt whether he was speaking in a high-handed manner at all.

[mlcor]

I still don’t see a problem, and might question the way he has been reported. Other sources have reported the same comments quite differently, such as here:

2024 will be “a challenge” for the Swiss watch industry, Rolex CEO Jean-Frédéric Dufour told Swiss newspaper NZZ in a rare interview.

“A phase in which all manufacturers were doing well is coming to an end,” he said. “In good times, too much is often produced. When the markets weaken, as is the case now, watch dealers come under pressure and respond with discounts. This is extremely problematic because discounts damage emotional products like ours.”

Dufour said several factors presented issues for the industry, particularly the high price of gold.

“A kilo of gold currently costs almost 66,000 [Swiss] francs,” he said. “Thirty years ago, when I started in the watch industry, it was still 18,000 francs. Of course this makes the watches more expensive. The increased interest rates are also affecting people’s spending mood, and the geopolitical situation isn’t helping either.”

But he noted that large brands like Rolex are less affected than smaller companies by shifting marketplace conditions.

Less-established brands “may have seen a 20% increase in sales during the upswing, they may now experience a 15% decline,” Dufour said. “For the big brands, the fluctuations are smaller, in the range of plus or minus 2 to 3%. Big brands never achieve 20% annual growth.”

The Rolex CEO spoke to the publication at Watches and Wonders Geneva. The annual trade fair has attracted big names like Rolex and Patek Philippe—but so far not Swatch Group, the leading watch conglomerate.

Dufour chairs the foundation that runs the fair, and he says the door remains open for Swatch Group to participate.

“I can’t see into [Swatch Group CEO Nick] Hayek’s head. I visited him and his family and invited them. But Nick Hayek has his own ideas. He says the Swatch Group is very industrial and doesn’t want to waste time on exhibitions. However, for us it is not a waste of time. We sell emotions and dreams. To keep this alive, you have to tell stories, you have to be active. You can’t just sell products.”


The ‘dreams’ bit sounds very different here, as it does in other publications. I doubt whether he was speaking in a high-handed manner at all.

That's a very different quote, I would agree.

[Samanator]

But Dufour is exactly right, and in the context of the interview he hasn’t said anything remarkable or newsworthy. They are talking about the relative values of the Swiss franc and the American dollar, and Dufour is saying that it is less of an issue for a luxury manufacturer than the manufacturer of industrial machinery, and of course he is right.

It must be fifty years now since a previous Rolex boss is reported to have said, when asked: “How is the watch business?” - “I don’t know. We’re not in the watch business, we’re in the luxury business.” Same thing, and again, exactly right.

I don’t really see a problem with a CEO being frank about something that is generally well understood. We all know about luxury premiums, whether they’re attached to watches or any other discretionary purchase, and few of us aren’t prepared to pay the premium once in a while. Compared with some, the premium attached to a Rolex isn’t actually that great.

Well said Alan. You captured my thoughts exactly, and I find a bit of honesty refreshing. Rolex and Omega are my favorite watch companies, and Rolex can justify their price increase more than Omega's whim $1K-$5K price increase they did a few months ago. There is no justification for it since It's fairly easy to get standard model Omegas except the Speedy with the 321 movement. That's the watch they should be building more of. Don't get me wrong Omega has made some good moves, but for some of them, they are just following the crown brand. I think driving the Metas standard that increases magnetic resistance in our device world is a good thing. Following Rolex with - plus year service intervals and a 10-year warranty are also good things for the owners.