Saying absolutely nothing has served Rolex well over the past decade.
As we report today, sales rocketed to over CHF 8 billion last year, despite ongoing covid restrictions across the world last year.
The success of secrecy does not absolve Rolex and other Swiss watchmakers from their responsibility to respond to Russia’s invasion of Ukraine, which threatens the lives and livelihoods of millions in a European democracy and could spill out into an even larger and catastrophic war.
However, privately-owned operations, by families, family trusts or private equity, have not made their positions clear.
Rolex, Patek Philippe, Audemars Piguet, Breitling and Richard Mille — all contacted by WATCHPRO this week — have so far not commented on any change in their plans, almost two weeks since Russia’s invasion of Ukraine began.
This is a position that should not hold.
Russia was the 17th largest market in the world for Swiss watches last year, receiving exports worth CHF 260 million with a retail value of over half a billion francs.
Rolex made close to that, CHF 219 million, per day in 2021.
Stopping sales to Russia would not make the slightest difference from a revenue point of view since product could be shifted to other markets.
All brands will, justifiably, have concerns about their partners in Russia. They did not start this war and, to my knowledge, do not support it.
Loyalty to retail partners is a bedrock of the most successful Swiss watchmakers, and I would normally argue for it.
But this is not a normal situation. Russia’s leadership has made the country a pariah state, and should be treated as such until a peaceful resolution can be found in Ukraine.
Silence on this issue is not sustainable, and nor is continuing to supply Russian retailers.
Zelenskyy is the new Fauci.
Putin is the new COVID .
Ukrainian flags are the new masks .
Russians are the new “unvaccinated.”
It’s clear as day what is going on here. Now let’s hate on Putin by buying oil from Venezuela