China is set to welcome its first dedicated Rolex store, as confirmed by local media reports. The luxury Swiss watchmaker will sell directly to consumers at the HKRI Taikoo Hui mall in Shanghai.
The new store will be managed by Bucherer, a well-established watch retailer acquired by Rolex in September. Although the store will feature Bucherer branding, no opening date has been announced yet.
Currently, China ranks as the second-largest market for Swiss watches, following the United States. In August alone, the country accounted for $209 million in Swiss watch exports. However, the Chinese government is intensifying efforts to reduce displays of excessive wealth, especially by cracking down on social media influencers who flaunt luxury lifestyles.
Meanwhile, overall sales of Swiss watches are declining, with the Federation of the Swiss Watch Industry reporting a negative outlook for the remainder of the year. Rolex, which holds more than 30 percent of the Swiss watch market, has traditionally relied on authorized dealers to handle its operations in China.
Related topics:
- India’s Diamond Polishing Revenues Expected to Hit Decade Low
- Paraiba Tourmaline and Diamond Ring Surpasses Estimate at Bonhams
- Burgundy Diamond Mines Seeks Government Support Amid Market Slowdown
