Swiss dealer Bucherer will be the first to start selling certified-authentic pre-owned Rolex watches in stores across Europe, Rolex said on its website.
Other authorized Rolex dealers will be able to start participating in the program in spring 2023. Rolex said it will only certify watches that are at least three years old in an effort to discourage resellers selling new watches at prices higher than retail prices. sale to the public
The decision to authenticate its own pre-owned watches marks a significant shift for Rolex, whose watches dominate pre-owned sales at dealers and online. The pre-owned luxury watch market is expected to grow to $35 billion by 2030, according to Deloitte.
Until now, Rolex was not responsible for authenticating or tracking its products once they were sold to its dealer network. The program will also help prevent counterfeits.
Unauthorized dealers selling pre-owned watches in person and online, as well as auction houses, will not be allowed to participate.
Other Swiss watch manufacturers have already certified pre-owned watches. Rolex watches represent the majority of pre-owned watches sold.
Other smaller rival brands such as Vacheron Constantin and Zenith sell certified pre-owned watches in their own stores, as do independent brands such as H. Moser & Cie and MB&F.
Richemont, which owns Vacheron as well as a host of brands including Jaeger-LeCoultre, IWC and A. Lange & Sohne, bought online retailer Watchfinder in 2018.
In some cases, authorized dealers are likely to sell certified pre-owned watches at higher prices than new ones offered at retail. Models like the Rolex Submariner, Daytona, and GMT often sell for more than their retail price, as retail demand outstrips supply.
Rolex is the largest Swiss watch brand, producing about a million watches a year, with annual sales of about 8 billion Swiss francs ($8.5 billion) and a market share of about 29%, according to estimates from Morgan Stanley.
Source: Gestion
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