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Scoring Rolex
September 5, 2007
Every jeweler I talk to dreams about carrying Rolex brand watches in their store. Some have said to me that stores whom carry Rolex do easy a million a year in just Rolex watch sales. Is it true? Some say it’s a gateway to high-end consumers and those watch buyers are the ones who are buying extremely exclusive and high-end diamond jewelry? Others say carrying Rolex means you’re the crème de la crème of jewelers?
So, what's the deal—How do you score Rolex?
A few of my friends with very high-end jewelry stores have been trying to acquire the watch brand for their store, yet Rolex has repeatedly denied them the line. Why could this be? They have high-end stores, designer lines, and outstanding financials. Here’s the gossip I’ve heard when I questioned some:
1. Rolex only opens new accounts when and if another local store closes down?
2. Rolex has distance requirements—meaning your store can’t have it if another store in a certain mileage distance is carrying it too? Then what about the stores in NY City across from each who are both carrying Rolex?
3. Rolex only considers stores who have watch brands that compliment their lines such as Breitling, TAG, etc?
I too have sent a package to Rolex to be considered as an Authorized Retailer. I must say the package I sent was unbelievable and contained:
· A cover letter.
· A business model containing our mission statement, the history of Guliani’s, pictures of the new store, and demographics.
· Financials and projections of sales.
· A full list of all the brands we carry.
· High resolution pictures of sample inventory in each category.
· Detailed information on the shopping center we are located in with median household incomes and median home prices in the same zip code.
· Copies of my GIA certificates.
· My resume.
· And much more.
The letter I received, “I’m sorry but Rolex is not looking for more opportunities in your area. If we decide to, we will contact you in the future.”
So, those of you out there who carry Rolex—what’s the secret? Is it worth sending letters over and over to obtain the brand? Has it increased your stores sales overall? Are the buying requirements worth taking an equity line on the house?
If you carry the brand and want to answer without using your real name or stores name—place a pseudonym in the box.
Posted by Shanu Singh Guliani on September 5, 2007 | Comments (4)