Rolex Watch Company Limited reported sales of £268 million in 2016, a 41% rise over 2015. Operating profit for Rolex’s UK subsidiary rose by 13% to £22.5 million in 2016.
The Rolex Watch Company Limited accounts, published at Companies House, give a rare glimpse into the finances of Rolex, which is owned by Hans Wilsdorf Foundation, a private family trust that never shares financial information.
Rolex Watch Company Limited has seen sales double in the UK over the past five years, while operating profits are up five-fold. The company re-launched Tudor in the UK in 2014, helping turnover to rise to £190 million in 2015.
But the impact of Brexit on the value of sterling, which made luxury watches more than 25% less expensive in the UK compared to the eurozone, Asia and the United States, drove sales to record levels.
Rolex increased its prices by 10% in November last year, which narrowed the price difference with other markets, but while the pound remains weak the UK will remain one of the cheapest countries in the world for Rolex watches.
The top 10 watch businesses in the UK amassed sales of £1.09 billion in 2016, of which Rolex accounted for 24.6%.
2016 Vital Statistics
- Turnover: £268.04 million (+41%)
- Operating Profit: £22.54 million (+13%)
- Employees: 174