The price of the most popular Rolex models rose between 1% and slightly more than 3% in both the UK and the US in the start of this year, according to Barclays, which tracks data in both markets. Rolex prices climbed by an average of about 2.6% in the UK and 2.2% in the US, the analysts said.
Rolex often boosts prices once a year, typically in January, but moved to raise the cost of models including the Submariner and Daytona for ain the UK and Europe in September and November in response to currency fluctuations and the strong dollar. The latest increase shows the Swiss watchmaking giant believes it can lift prices to protect its margins amid rising inflation without hurting demand. Barclays said the price hike will benefit retailers including Watches of Switzerland Group, the biggest Rolex dealer in the UK, which gets about half its revenue from the brand.
Rolex raised prices in most markets by about 3.5% last January. It applied another 5% lift in the UK and a similar amount in Europe in November.
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