They continue to sell out Rolex watches in Greece, with Rolex Hellas, the exclusive importer of the Swiss house in our country, not understanding inflationary and geopolitical crises.
In fact, the company, which markets the Rolex and Tudor brands in Greece, is betting on the good course of tourism this year as well, with the management being optimistic that sales will increase further.
It is sufficient, of course, that there are products available. “A critical element for the achievement of the higher goals is the timely supply of (the company) with available models, especially during the summer months when there is a greater demand” is pointed out in the financial report of Rolex Greece for the year 2023 .
The financial footprint of Rolex in the domestic market is brilliant
The turnover of Rolex Greece, recording an increase of 12.6% in 2023 amounted to 93 million euros with the company adding 10.5 million euros to its coffers.
The company’s gross profits amounted to 17.9 million euros, increased by 12.8% compared to 15.8 million euros in 2022, while their percentage of sales was calculated at 19.3% for 2023 from 19.2% in the previous year.
Net pre-tax profits amounted to 9.1 million euros, marking an increase of 1.92% compared to 2022’s 8.9 million, while a marginal decline (-0.1%) was recorded in profits after taxes which amounted to 6.66 million euros.
As stated in the company’s financial statements, the management declares its complete satisfaction with the results achieved.
“In view of facing the increased challenges in the international economic environment and the increase in its purchasing costs, the company managed to maintain a satisfactory level of sales in the fiscal year 2023 by keeping its operating expenses stable, strengthening its position in the industry and the competition” it states.
A generous dividend
The Greek subsidiary is to pay a dividend to the parent Rolex Holding SA, amounting to 6 million euros, of which 3.7 million euros came from 2023 profits and 2.3 million euros from previous years’ profits.
In the previous fiscal year, a dividend of 7.5 million euros was paid, of which 4.35 million euros came from 2022 profits and 3.1 million euros from profits of previous years.
The heist of 2022
It should be noted that the company in the previous financial year was fully compensated for the 24 luxury watches that were stolen in December 2022 from the Rolex store on Kolokotroni Street in the center of Athens. The amount of the compensation was 134,720.13 euros.
Distributor network support
Rolex Greece in our country has an extensive network of distributors, two retail stores as well as a watch repair and maintenance (service) department. It employs a total of 47 people.
In the financial report for the year 2023, it is stated that the company attaches great importance to improving the image of the Rolex and Tudor brands through its pan-Hellenic network of distributors, providing them with continuous training and effective communication. It also applies strict credit risk control policies and assists in providing legal protection in all cases of infringement by the illegal trade of counterfeit products.
High resale value
“The Rolex brand continues to function as a modern and powerful symbol that maintains its resale value over time, offering a strong incentive to both acquire and maintain an expensive timepiece, as well as a durable and highly sought-after form of investment. ” is pointed out in the financial report, in a quotation, in essence, of another reason for the company’s success.
Upward for Tudor watches
It is also emphasized that in recent years, Tudor watches have continuously gained market share, with increasing interest from the company’s customers and in the new points of sale in Greece, as they have a new refreshed image.
According to the company, this is the result of the continuous effort to develop new designs and models and the strategic promotion and advertising of them at a global level.
Source: ot.gr
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