Rolex sales are soaring in Singapore, and other Asian cities as the Swiss franc’s value rises rapidly.
Staff of Singapore’s highest profile luxury watch chain The Hour Glass told AFP sales of Swiss brands have risen markedly in recent days, especially of Rolexes.
Most of its stores along Orchard Rd sold 25 to 30 Rolexes each day last weekend – far more than the usual five or six. Most sales were of ‘entry level’ models, costing S$10,000 upwards.
Some stores are running out of stock as shoppers snap up the luxury watches before an inevitable price rise fuelled by a 20 per cent increase in the value of the Swiss Franc relative to the US dollar and the euro.
Another luxury watch retailer sold 20 Franck Muller watches over the weekend compared to the usual one or two a day.
“The buyers are aware that retailers would soon raise the prices of our Swiss models,” a spokesman said on condition of anonymity.
“About half of our customers enquire when it will happen and many are willing to make purchases in anticipation of this price rise.”