Rolex Hikes Gold Watch Prices Second Time In A Row, But Luxury Buyers Stay Unfazed
https://ift.tt/D6mUK03 Rolex increased the price of its gold watches by an average of 5% this month, adding an unusual second annual increase to its major markets, which include the United States, Hong Kong, and Britain, according to reports. Despite a generally muted luxury goods market, there remains a robust demand for premium products, as evidenced by the increase, which comes after a somewhat larger increase in January that was neither worldwide nor gold-specific, reported Reuters , citing two luxury research platforms and dealers. According to Mark Xu, head of marketing at the research platform WatchCharts, other top luxury brands have also upped their pricing. For example, Cartier, which is owned by Richemont, hiked the price of its gold watches by up to 10% last month. Citing rising gold prices and currency fluctuations, Richemont stated in its annual report that it has adopted gradual pricing hikes at its Jewellery Maisons, including Cartier. The industry saw many price ...