Rolex raised prices for its watches in the UK after the value of the pound fell against the US dollar to near the lowest level in more than three decades.
The largest Swiss luxury watch brand increased the price of its watches sold in Britain by an average of 5 percent on Sept. 1, a company spokesperson confirmed.
The price hike, first reported by trade publication WatchPro, follows a slide in the value of the British pound against the US dollar to $1.15 and near the lowest since 1985.
As the pound has weakened, the relative price for Rolex watches became cheaper in the UK compared to other markets.
The price of a Rolex Submariner without a date function increased to £7,500 ($8,600) from £7,150, WatchPro reported. The price of a red and blue bezel GMT Master II jumped to £9,000 from £8,400.
Rolex raised prices by a similar amount in most major markets including the UK and the US in January.
The most popular Swiss luxury watch brand has a market share close to 29 percent and annual sales of about 8 billion Swiss francs ($8.2 billion). Demand for Rolex watches has long outstripped supply and most customers are asked to join waiting lists with authorized dealers and wait months or even years before getting the call.
Rolex produces about a million watches a year.
By Andy Hoffman.
Learn more:
The Luxury Watch Craze, By the Numbers
High-end watches like Rolex, Patek Philippe and Audemars Piguet are flying off the shelves while customers leave their cheaper counterparts behind.
Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook
We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.
For all the latest Fashion News Click Here
