Rolex
 | |
| Company type | Privately held company |
|---|---|
| Industry | Watch manufacturing |
| Founded | 1905 by Hans Wilsdorf & Alfred Davis |
| Headquarters | Geneva , Switzerland |
Key people | Patrick Heiniger, CEO |
| Products | Wristwatches |
Number of employees | 9,000 (2024)  |
| Website | www.Rolex.com |
Rolex SA is a Swiss manufacturer of wristwatches and accessories renowned for their quality and prestige, as well as their cost (from a few thousand to more than one hundred thousand U.S. dollars). The watches have become popular status symbols, despite numerous other watch brands offering more expensive exclusivity.
Rolex is the largest single luxury watch brand, with estimated revenues of around US$ 3 billion (2003) and an annual production run of between 650,000 and 800,000 watches per year.[1]
History
Rolex SA was founded in 1905 by the German Hans Wilsdorf and his brother-in-law, Alfred Davis. Contrary to popular belief, Hans Wilsdorf was neither Swiss, nor a watchmaker. Wilsdorf & Davis was the original name of what later became the Rolex Watch Company. They originally imported Hermann Aegler's Swiss movements to England and placed them in quality cases made by Dennison and others. These early wristwatches were then sold to jewellers, who then put their own names on the dial. The earliest watches from the firm of Wilsdorf and Davis are usually marked "W&D" – inside the caseback only.
Hans Wilsdorf registered the trademark name "Rolex" in La Chaux-de-Fonds, Switzerland in 1908. The word was made up, but its origin is obscure. One story, which was never confirmed by Wilsdorf, is that the word "Rolex" came from the French phrase horlogerie exquise, meaning exquisite watch industry. Another is that the name was chosen to indicate movement when spoken in English.
The Wilsdorf & Davis company moved out of the United Kingdom in 1912. Wilsdorf wanted his watches to be affordable, but taxes and export duties on the case metals (silver and gold) were driving costs up. From that time to the present, Rolex has been headquartered in Geneva, Switzerland, though the company owns facilities in other cities (Bienne, etc) and continents (North America, Asia, Australia, etc).
The company name Rolex was officially registered on 15 November 1915. It is thought this change was part of a drive to popularize wristwatches, which at the time were still considered a novelty largely for women (pocket watches were more common). Wilsdorf was said to desire his watch brand's name to be easily pronounceable in any language. The company name was officially changed to the Rolex Watch Company during 1919. It was later changed to Montres Rolex, SA and finally Rolex, SA.
Rolex SA is a foundation initiated and originally funded by Hans Wilsdorf and the Aegler family. According to foundation documentation, the Rolex SA company can never be sold, nor traded on any stock market.
Other innovations
Among the company's innovations are the first waterproof watch case; the first wristwatch with a date on the dial; the first watch to show two timezones at once; and most importantly the first watchmakers to earn the coveted chronometer certification for a wristwatch.[2] To date, Rolex still holds the record for the most certified chronometer movements in the category of wristwatches.
Another little known fact is that Rolex participated in the development of the original quartz watch movements. Although Rolex has made very few quartz models for its Oyster line, the company's engineers were instrumental in design and implementation of the technology during the late 1960s and early 1970s. In 1968, Rolex collaborated with a consortium of 16 swiss watch manufacturers to develop the Beta 21 quartz movement used in their Rolex Quartz Date 5100.[3] Consequently, after five years of research, design, and development, Rolex engineering efforts finally culminated in the "clean-slate" 5035/5055 movement that would eventually power the Rolex Oysterquartz - arguably the finest quartz movement that has ever been made.[4]
The first self-winding Rolex watch was offered to the public in 1931, powered by an internal mechanism that used the movement of the wearer's arm. This not only made watch-winding unnecessary, but eliminated the problem of over-winding a watch and harming its mechanism. Rolex was also the first watch company to create a truly waterproof watch — another milestone from novelty to functional timepiece. Wilsdorf even went so far as to have a specially made Rolex watch attached to the side of the Trieste bathyscaphe, which went to the bottom of the Mariana Trench. The watch survived and tested as having kept perfect time during its descent and ascent. This was confirmed by a telegram sent to Rolex the following day saying "Am happy to confirm that even at 11,000 metres your watch is as precise as on the surface. Best regards, Jacques Piccard".
Rolex has also made a reputation in watches suitable for the extremes of deep-sea diving, aviation and mountain climbing. Early sports models included the Rolex submariner, Oyster Perpetual Sea Dweller 2000 (in 1971). This watch featured a helium release valve, co-invented with Swiss watchmaker Doxa, to release helium gas build-up during decompression. Another sports model is the Rolex GMT Master II, originally developed at the request of Pan Am Airways, to assist pilots in transcontinental flights. The Explorer and Explorer II were developed specifically for explorers who would navigate rough terrain — such as the world famous Everest Expeditions.
On the more glamorous side, Ian Fleming's James Bond character wore a Rolex Oyster Perpetual in the series of spy novels. In the early EON production Bond films, Commander Bond wore a Rolex Submariner. However, for the Bond films starring Pierce Brosnan and the film with Daniel Craig, James Bond's standard issue watch is an Omega Seamaster. This is due in part to Omega being open to jointly promote their association with the films' producers.
Watch models
Rolex SA has three watch lines, Rolex, Tudor and Cellini. Among modern Rolex Oyster watch models are the:
- Air-King
- Datejust
- GMT Master II
- Explorer
- Submariner
- Sea-Dweller,
- Daytona Cosmograph,
- Day-Date
- Oyster Perpetual
- Yacht-Master
The stainless steel Daytona has become one of the most sought after watches of all time. Dealer waiting lists can run from three to seven years and there are reports of collectors paying up to $15,000 for the privilege of owning this exclusive watch, though it is not uncommon for jewellers to rake up the profits themselves by buying the watches and selling it on, hence it is rumored that Rolex has dropped the infamous waiting list.
The primary bracelets for the Rolex Oyster line are named Jubilee, Oyster and the President. Rolex "dressy" watches are from their Cellini line. The third brand in the Rolex empire is the less expensive, but high quality, Tudor brand. It was established by Rolex founder, Hans Wilsdorf, in 1946. While still sold in Europe and the Far East, the Tudor line was discontinued in the United States as of 2004.
Rolex is the largest manufacturer of swiss made certified chronometers. In 2005 more than half the annual production of COSC certified watches were Rolex.[5]
Rolex counterfeits
Like many high-priced, brand-name accessories, Rolex watches are often counterfeited and illegally sold on the street and the internet. These fakes are mainly produced in Asian countries such as India, Taiwan and mainland China (EU figures show that 54% of fakes seized in 2004 originated in China),[6] and retail anywhere from $5 upwards to $1000 -- for high end replicas fabricated in solid gold. By some accounts, over 75% of all replica watches produced annually are copies of Rolex Oyster Perpetual designs. These watches have been nicknamed "Folex" or "Fauxlex".[citation needed]
Cited references
- ^ Rolex Business Report: What makes Rolex tick?
- ^ Rolex official website. Follow menu path: World of Rolex/Timeline/1910: In Switzerland Rolex obtains the first official chronometer certification ever awarded to a wristwatch
- ^ The Quartz Date 5100, Oysterquartz.net, Retrieved on 2007-02-27.
- ^ The 5035 movement, Oysterquartz.net, Retrieved on 2007-02-27.
- ^ Rolex production news from Swiss Watch News 2005
- ^ Cost of Piracy, manufacturingtalk.com, 2007-02-06, Retrieved 2007-02-27.
References
- Dowling, James M. & Hess, Jeffrey P., The Best of Times Rolex Wristwatches An Unauthorized History, Schiffer Publishing Limited, 1996. ISBN 0-7643-0011-3
- Brozek, John E., The Rolex Report, InfoQuest Publishing, Inc (Self-published), 2004. ISBN 0-9723133-0-3
- Jarman, T. Charles, The ROLEX Reference Guide - 4th Edition, Leap Enterprises (Self-published), 2003. ISBN 0-9709514-2-6
- Brown, Richard,The Replica Watch Report, Lulu Publishing, 2004. ISBN 1-4116-1402-X
See also
External links
- Rolex, Official Rolex site.
- DoubleRedSeaDweller, Rolex Collector's Information.
- oysterinfo, a non-commercial website about Rolex history, models and other information e.g. serial numbers=year of manufacture, workshops.
- Desktop Flyer and Desktop Diver, a comparison of the Rolex GMT II and the Rolex SeaDweller