By Bruce Shawkey
As most of my followers know, I am not a huge fan of Rolex. With a few notable exceptions, I believe they are vastly over-rated. But I do concede that their history is interesting. Company founder Hans Wilsdorf (left) is said to have created a name that was short, easy to pronounce in any language, and memorable. He is said to have come up with the name "Rolex" because it sounded like the sound a watch makes when it's wound (I don't know about that; I don't know of any watch that sounds like "Rolex" when it is wound!).
However the name came about, Wilsdorf created one of most recognizable brand names in history. It ranks up there with the likes of Coca Cola and McDonalds. Ask anyone what a Rolex is, and they will tell you it is a watch.
Rolex traces it roots back to 1905 when Wilsdorf and Alfred Davis founded the brand. They focused on producing high-quality wristwatches at a time when pocketwatches were still the norm. They claim to have invented the self-winding movement, but that credit belongs to John Harwood, who came out with his invention in 1926. Rolex actually had to apologize for their misstep in the 1950s. I concede they made some of their calibers, but most of their calibers are ebauches from ETA and other manufacturers. Some of their more famous models include the Submariner, Daytona, and Datejust. The brand has also been associated with exploration and adventure, with Rolex watches accompanying adventurers to the highest peaks and the deepest oceans.
Rolex watches have appeared in numerous movies over the decades, most notably the James Bond movies, appearing first in Dr. No in 1962. They lost out to Omega in Casino Royale when Daniel Craig took over the lead role.
Another great Bruce article.
ReplyDeleteRolex is a “case “ study in brand management. It is the portable BMW for those wishing to impress.
Don’t get me wrong; they are well made and enduring. They also hold their value over time.
I believe their strategy of false scarcity is disingenuous, but novices are duped. Their current waiting list and vetting customers before sale is heavy handed.