Fraser Hart Split with Rolex
All 7 of Fraser Hart's stores that were authorised to sell Rolex watches have been sold. They will no longer work with the brand. Read more on this story below:
Beaverbrooks acquired 3 stores: Milton Keynes, Cardiff and Croydon.
The company has not yet shared any details about the deal or commented on its significance.
Watches of Switzerland Group has said in their financial statement that they have paid £31.7 million for 4 of Fraser Hart's stores: Brent Cross, Westfield Stratford, Kingston and York.
Watches of Switzerland Group has said that the combined revenue of these stores is £25.7 million, within earnings of £5 million.
The CEO of Anthony Nicholas Group (parent company of Fraser Hart), Noel Coyle, made no comment about Rolex. He said the group wants to offer a more consistent line-up of brands across its stores and online.
“Our strategy is framed by a clear vision of our target markets. We want our customers to enjoy the same high quality proposition wherever and whenever they choose to shop. That applies to every aspect of our business from the breadth and high quality of our watch, bridal and general jewellery portfolio to the overall customer experience,” he explained.
The company will now focus on a multi-brand strategy which includes: IWC, Omega, Breitling, Tudor,Tag Heuer, Longines and Gucci.
This news fits with the trend of Rolex moving out of the high street and into boutique-style stores. It's probable that Rolex's marketing strategy is paving the way for Tudor to fill its high street shoes in the near future.
Why not hire a Rolex watch for an upcoming special occasion? Perhaps this is a better choice if you're not sure about the future value of luxury watches.
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