Last year, Rolex made fewer watches for the second year in a row, and still sold more than ever. None of that money goes to shareholders, because Rolex doesn't have any. This is the file on a company you can't own.

In the second episode of Luxury, Long: the founder's story, the waitlist, the estimated numbers, the secondhand market, and the case against Rolex.

0:00 Cold open

0:39 The story

1:55 The Shelf: why can't you just buy a Rolex?

2:57 The Sheet: how big is a company that publishes nothing?

4:02 The Resale: where the market votes

5:18 The Case Against

6:39 Close

Ticker in this episode (TradingView chart, affiliate link):

WOSG, Watches of Switzerland on the London Stock Exchange: https://www.tradingview.com/symbols/LSE-WOSG/?aff_id=1172856

This is an affiliate link: new TradingView users who sign up through it get a discount on their first paid plan, and I may earn a commission at no extra cost to you.

Figures: Morgan Stanley and LuxeConsult estimates for 2025; secondhand prices from WatchCharts, as of October 2026. Rolex does not publish its results.

Luxury, Long is research and education, not financial advice. The host holds no position in Watches of Switzerland.

Watch the video: https://www.youtube.com/watch?v=ymDqm0Xuj6U

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