Rolex increases watch prices in the UK market by 10%

　　It is reported that Rolex increased the prices of its watches in the UK market by 10% on 11 1, 2016, which is the first time in 2012 years that the UK marketa Rolex watchhas seen a price increase.

　　Rolex is the last major luxury watch brand to raise prices in the UK market, a move primarily aimed at narrowing the price gap between the UK and other major markets. After the Brexit referendum in the UK in 6, the pound sterling fell sharply, allowing tourists travelling to the UK to purchase luxury watches at prices 25% lower than in their home countries. This summer, while the UK market experienced a boom, dealers in countries with relatively strong currencies (such as the US and the Eurozone), as well as countries with currencies pegged to the US dollar (such as China and the Middle East), struggled.

　　Richemont and LVMH increased their product prices in the UK market in 9, and almost at the same time, Breitling and other independent watchmakers followed suit. However, Rolex held out for another two months, and because it was more attractive than other markets or competing brands that had already raised prices in the same market, sales of Rolex watches by UK retailers rose significantly.

　　The 10% price increase is not enough to fully offset the decline in the value of the pound against other major currencies, so Rolex watches in the UK market will continue to remain highly competitive unless the pound rebounds.

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