Rolex: Timeless Excellence - [Business Breakdowns, EP. 65]

29 snips

Jul 15, 2022

Ben Clymer, founder of HODINKEE and luxury watch expert, shares his unique insights into the legendary Rolex brand. He discusses the iconic Daytona watch's deep ties to motorsport and its cultural significance. The conversation reveals the emotional connections people have with their Rolexes, highlighting the brand’s innovative designs, like the Oyster case, and how they maintain a loyal customer base amidst a competitive market. Clymer also touches on the evolving landscape of high-end watchmaking and the brand's secretive yet fascinating business model.

Ask episode

AI Snips

Chapters

Books

Transcript

Episode notes

ANECDOTE

Favorite Rolex

Ben Clymer's favorite Rolex is the Daytona, particularly the early 6239s.
He appreciates its history, connection to motorsport, and Paul Newman's association with it.

INSIGHT

Jobs to be Done

High-end watches serve as tools for cosplay, allowing wearers to project a desired image.
Historically, they were essential for precise timekeeping in various professional fields before digital alternatives.

INSIGHT

Reasons for Buying

People buy high-end watches for their longevity and craftsmanship, unlike disposable alternatives.
They also appreciate the engineering, storytelling, and potential ROI, creating diverse appeal.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

Today, we’re breaking down one of the strongest brands in the world - Rolex. Founded in the UK in 1905 under the name Wilsdorf & Davis, Rolex has become the leading name in luxury watches. But, while the company’s products are iconic, the business itself is highly secretive. Owned by a Foundation and run as a non-profit entity, little is known about Rolex.

To unlock the secrets, we are delighted to be joined by Ben Clymer, founder of HODINKEE, and an expert on all things luxury watches. Ben has had rare access to Rolex and the people behind the manufacturer, making him the perfect person to dissect this business with us. Please enjoy this excellent Breakdown of Rolex.

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.

-----

Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.

Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.

Show Notes

[00:03:01] - [First question] - Ben's favorite Rolex watch ever; Ben's Inside Rolex piece

[00:04:24] - What makes the Rolex Daytona such a special watch

[00:07:19] - The job-to-be-done for high-end watches beyond just telling them the time

[00:12:18] - The strategy behind marketing luxury products; The Luxury Strategy

[00:14:34] - An overview of Rolex's business

[00:19:38] - The history of Rolex

[00:38:45] - Their genius in marketing and distribution

[00:41:55] - How they make decisions and what others can learn from them

[00:47:14] - The financials of Rolex and other luxury watch brands

[00:49:02} - Most important business lessons others can learn from Rolex

[00:52:54] - Other luxury brands worth studying

[00:57:26] - What Rolex hasn't gotten right