To reference the once-popular series Game of Thrones, winter has come for the luxury market in general—and the Swiss replica Rolex watches industry in particular. Factors contributing to this are a dismal decline in luxury spending from the all-important mainland China market, global economic and political uncertainty, and of course, the hangover effect from the two years of wild speculation that transformed wristwatches into an asset class. Yet, despite all this, Rolex has been on an absolute tear, moving from strength to strength, year after year, undaunted by the impending inclemency that is now the raging tsunami of reckoning at our door.
Why has Rolex remained so resilient? Michael Tay, a watch industry legend and director of The Hour Glass — one of the world’s most influential watch retailers — says, “In times of uncertainty, people invariably retreat to known brands that they consider to be perennial, and Rolex is foremost amongst these.” This is certainly true. But I would also say that the primary driver of Rolex’s remarkable growth over the past five years is the brilliant leadership of its CEO, Jean-Frédéric Dufour.
How has Dufour sustained Rolex’s consistent growth? To understand this, let’s start by looking at Rolex’s topline revenue over the past four years. Based on the Morgan Stanley report on luxury replica watches UK, Rolex’s revenue was CHF 10.58 billion in 2024, CHF 10.1 billion in 2023, CHF 9.3 billion in 2022, and CHF 8.05 billion in 2021.
Let’s pause here to clarify that Rolex still operates almost entirely as a wholesaler to its retail partners. So if we consider the retail value of its business, the numbers would be significantly higher. In 2024, the retail value of Rolex would be CHF 15.45 billion; in 2023, CHF 15.15 billion; in 2022, CHF 14.55 billion; and 2021, CHF 12.75 billion—a steady climb in line with Rolex price increases over the years. It is important to highlight this because brands like Audemars Piguet, with CHF 2.38 billion in retail sales in 2024, and Richard Mille, with CHF 1.55 billion, sell nearly 100 percent of their replica watches for sale directly. Thus, unlike Rolex, their revenue figures already reflect retail values.
Dufour’s Defining Vision
What makes Jean-Frédéric Dufour’s leadership so brilliant? Unlike many other brands, he has not drastically increased production, even during the boom years of 2021 and 2022. In fact, over the past four years, Rolex’s production increase has been extremely conservative. In 2021, Rolex produced 1.05 million 1:1 fake Rolex watches, followed by 1.2 million in 2022 and 1.24 million in 2023. Intriguingly, in 2024 Rolex made the strategic decision to reduce production, manufacturing 1.18 million timepieces. So how did the brand grow its revenue from CHF 10.1 billion to CHF 10.58 billion? By steadily and strategically increasing the average price of a Rolex over the past four years.
In 2021, the average price of a Rolex was CHF 11,500. In 2022, it remained unchanged before rising to CHF 12,220 in 2023 and reaching CHF 13,140 in 2024. Therefore, the difference in the average price of a Rolex between 2024 and 2021 is CHF 1,640. A simple multiplication of this by the 1.18 million units Rolex produced in 2024 results in an additional CHF 1.93 billion in revenue.
How has Rolex achieved this? Rather than simply increasing the prices of existing AAA+ Rolex copy watches like other brands, Rolex has successfully captured a higher segment of the watchmaking market. And in so doing, it has offered a strong value proposition in this segment. While many consider Rolex the King of Sports Watches—and it’s true that no timepieces are more iconic than its Professional models that defined the category and continue to be its greatest symbols, like the Submariner, Sea-Dweller, GMT-Master II, Explorer II, and of course, the legendary Daytona Chronograph—none of these watches can truly be called luxury tool best clone Rolex watches anymore. Instead, Rolex price increases have mirrored the brand’s deliberate shift toward true luxury, reinforcing its position at the pinnacle of high-end watchmaking.
In the past, you might have purchased one of these incredibly well-made timepieces and used it like a rugged tool cheap super clone Rolex watches. Today, however, they are so exquisitely made — with impeccably finished cases, stunning dials, beautiful ceramic bezels, and state-of-the-art Rolex Superlative Chronometer Certified movements — that the vast majority of owners would not use them in this way. These high quality Rolex replica watches have undeniably evolved into luxury timepieces rather than tool watches, despite their origins in hard-use sports watches. The gold Deepsea, launched last year, was a clear statement from Rolex: “We may have our roots in sports watches, but we can express this heritage in a high-luxury way while retaining our authenticity.”
Part of Jean-Frédéric Dufour’s brilliance lies in the fact that, as Rolex moves away from the luxury tool perfect fake Rolex watches market by significantly elevating the quality of its timepieces, he has strategically positioned Rolex’s sister brand, Tudor, to occupy this space. In turn, Tudor has become the market leader in the category. The brand boasts an average price of CHF 3,260—nearly CHF 10,000 less than Rolex—while generating a solid turnover of CHF 360 million with 160,000 units sold in 2024. With Rolex price increases over the years, Tudor has naturally filled the gap for those seeking a more attainable alternative.
Rolex’s Mastery of High-End Watchmaking
To further solidify Rolex’s luxury positioning, Dufour has emphasized complicated models like the Sky-Dweller, which features an annual calendar. He has also introduced the 1908, a beautifully crafted and technically sophisticated dress fake Rolex watches for men. Most importantly, he has placed greater focus on gold models, many of which showcase Rolex’s exquisite artisan dials — made from materials like meteorite and mother-of-pearl and enhanced with traditional techniques like grand feu enamel and cloisonné enamel. In addition, we are seeing a growing number of gem-set Rolex models, which have become increasingly popular among both men and women.
One of my favorite timepieces launched last year was the Reference 126589RBR — a white gold Daytona featuring a striking brilliant-cut diamond bezel, baguette diamond indexes, and a white mother-of-pearl dial with contrasting black mother-of-pearl subdials. The ultimate “Panda Daytona,” if you will — and a watch I would definitely wear. Considering the value of the materials used, the price of this timepiece is surprisingly reasonable, especially when compared to similar best selling replica Rolex watches from many other brands that cost more. Rolex has been particularly intelligent in pricing its high-end models to ensure they still represent strong value.
One key factor to remember is that Rolex is unique among China fake Rolex watches brands in that it smelts its own gold and manufactures its own gold alloys. This gives it a significant advantage in quality, value and manufacturing flexibility.
All this was what I explained on Revolution’s YouTube channel in response to a few pundits who must have taken only a cursory look at the Rolex window at Watches and Wonders 2023 and declared “Rolex is over,” without making any effort to understand the significance of the stunning precious metals, craft-based dials and intricate gem-setting on display. All of which, incidentally, aligns with prevailing customer tastes.
Let’s also not forget that in times of economic uncertainty, the higher-end segment is the most insulated. This has been borne out by sales figures. Despite more than a year of challenges in the luxury market, the high-end jewelry sector continues to perform — and jewelry top quality replica Rolex watches are benefiting from this trend.
What’s Next for Rolex?
Last year, Rolex focused on elevating its brand, and as we can see, the results have been superb. But what about all those hoping for a more technical release from Rolex? Well, like the best Hollywood actors, Rolex knows how to pace itself for longevity, alternating between commercial blockbusters and critically acclaimed favorites. Since last year was more commercially driven, I expect Rolex to unveil something truly impressive this year.
One important thing to understand is that while Rolex appears to move at a deliberately steady, incremental pace, it is always furiously innovating behind the scenes. Consider this: Rolex was among the first top copy Rolex watches brand to experiment with silicon components, incorporating the material in its proprietary Syloxi hairspring, introduced in 2014. Meanwhile, its proprietary Chronergy escapement, launched in 2015, is an optimized version of the Swiss lever escapement, designed for greater efficiency and magnetic resistance. In 2025, as you will soon discover, Rolex has patented its own version of the natural escapement …