Rolex finally adjusted the UK price of its watches yesterday, with a 10% increase across the board, according to WatchPro sources.
Retailers were alerted to the price rise last week, which took affect on November 1. It is the first time Rolex has increased prices in the UK since 2012.
Rolex was the last of the major luxury watch brands to raise its prices in an effort to close the gap between prices in the UK and those in other major markets.
The dramatically weakened pound following the Brexit vote in June allowed visitors to the UK to stock up on luxury watches at prices often 25% lower than in their home countries.
Retailers trading in countries with comparatively strong currencies such as the USA, the eurozone and regions with currencies pegged to the dollar like China and the Middle East, were suffering as the UK was booming this summer.
Richemont and LVMH raised prices for its brands in September. Breitling and other independents reacted at around the same time.
But Rolex held out for two months more, causing a massive spike in sales for its British retailers as the brand was made more attractive in comparison to other countries, and also to rival brands that raised their prices earlier.
Retailers speaking to WatchPro asked not to be named, but reported that they have been enjoying a spectacular windfall of sales for Rolex over the summer, and since, the like of which they have never seen before.
The 10% price increase will not compensate entirely for the fall in the value of the pound against other major currencies and the UK will remain highly competitive unless the currency rebounds. Visitors able to reclaim the VAT they pay on purchases in the UK will still find luxury watches up to 20% cheaper in the UK than their home countries, analysts estimate.