Despite weaker economies in the US and Europe, Watches of Switzerland Group Plc, the main retailer of Rolex luxury watches in the UK, observes steady demand for premium timepieces with expanding waiting lists for more affordable brands like Tudor.
According to Chief Executive Officer Hugh Brian Duffy, the demand was staying robust in all the important regions. Also, he added that the firm would be satisfied if it saw an increase in sales of the Rolex luxury watches.
Although the UK and US shop has traditionally had to use customer waiting lists due to the limited availability of Rolex watches, Duffy claimed that more customers are now having to wait for Tudor products as a result of the release of new models this year. They quickly supplied the merchandise, but Duffy immediately said that they were out of stock.
Tudor as a less expensive addition to Rolex luxury watches
Hans Wilsdorf, the creator of Rolex, introduced Tudor as a less expensive alternative to the company’s signature brand. This year, Tudor introduced the Black Bay Professional, a new iteration of the Ranger field watch, and the smaller 39 millimeter Pelagos diving watch made of titanium.
Tudor, whose watches cost between $3,000 and $5,000, never has anything in-store for sale on any of the new models since it instantly goes on a wait list, according to Duffy.
Swiss watch industry is booming
According to the Federation of the Swiss Watch Sector, the Swiss watch industry is accelerating this year, with exports up 13% in the first nine months and September ranking as one of its greatest months ever.
More expensive timepieces are driving industry growth because demand is outpacing supply. The Apple Watch and smartwatches in general continue to overtake Swiss versions priced below 500 francs ($508) in lower price levels.
Even while Swiss watch exports over 2,000 francs are on the rise, “the world is not manufacturing enough,” according to Duffy.
According to Watches of Switzerland, revenue increased 21% at constant exchange rates to £374 million ($432 million) in the second quarter of the fiscal year. Early trade saw a 2% decline in the shares.
The company revised its full-year revenue prediction to reflect the strong dollar in the US, where it has its largest retail network outside of the UK, to a range of £1.5 billion to £1.55 billion. At constant currencies, the company maintained its guidance.
Are we going to see Rolex luxury watches in the Metaverse?
Rolex, the Swiss luxury wristwatch, recently filed a trademark registration pertaining to cryptocurrencies, non-fungible tokens (NFTs), and virtual products, which suggests that the company has showed interested in participating in the Metaverse game.
Michael Kondoudis, a trademark and patent attorney, tweeted information on the trademark application Rolex submitted to the USPTO, which reveals the luxury wristwatch has big plans for its brand in the Metaverse.
The trademark application with serial number 97655284 was registered on October 31 and includes ideas for nonfungible tokens as well as the exchange and transfer of virtual currencies, according to the information given.
The startup wants to create “online places for buyers and sellers of virtual products such as watches and watch parts,” in addition to conducting virtual goods auctions for digital treasures like watches and art.
The trademark of Rolex luxury watches in the digital context
By developing NFTs, NFT-backed media, and NFT marketplaces, Rolex hopes to firmly establish its brand in the Metaverse. The upscale timepiece also plans to sell its brand through product placements in online games as part of its virtual expansion.
The filing states that Rolex intends to use its trademark in the following contexts: downloadable media files and programs containing NFTs and digital collectibles; downloadable software serving as digital wallets and downloadable cryptographic keys which can be used in receiving and exchanging cryptocurrencies; an online platform to clear the way for an auctioning service for NFT-based virtual objects and digital collectibles; a virtual platform A virtual platform offering services including cryptocurrency exchange, distribution of digital assets among users, and maintenance of cryptocurrencies that acts as an NFT marketplace for interested parties wishing to purchase and sell NFTs and digital collectibles.
Other luxury brands in the Metaverse
In an effort to keep up with rival watchmakers like Jacob & Co, which introduced its limited-edition luxury watch with a Bitcoin motif in late August, this is Rolex’s most significant venture into the bitcoin ecosystem to yet.
The Swiss-based luxury watchmaker TAG Heuer has also gained access to the market, working with BitPay to accept cryptocurrency as payment for its high-end timepieces.
Burberry and Gucci are two other luxury brands that have been looking at their choices in the Metaverse, while many other companies, including Nissan, VISA, and Western Union, have been aggressively pursuing trademark applications for crypto-related goods and services in 2022.
