Hong Kong AD update

[kaiserphoenix]

Originally Posted by Wrist King

Can I suggest you just don't read it ? Get back to Facebook buddy.

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Hey bud, i know ur just starting out, good luck in your journey. No need to get saarcastic son.

[Nocomment]

Originally Posted by teck21

People who look forward to a credit crunch in order to be able to afford a watch are disgusting.

Try making more money to actually be able to buy one.


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[TswaneNguni]

Originally Posted by Wrist King

.... and a mint 2006 pepsi 16710 (although I don't like its smallness any longer). 

There are 16 Rolex ADs within 500 metres of my office in Central in Hong Kong. I visited 11 of them yesterday. All told me there are no lists and no watches, for anyone. I asked a few how come there are so many dealers in TST with 20, 30, 40 pepsi and hulks for sale? All claiming total ignorance. They're 888 registered so came from Rolex in HK. 

16710 ...one of the best ever ! Keep it .

ADs in HK serve their master ,the grey dealer.
Seems Rolex SA has always been very lenient on Rolex HK

[dmash]

Originally Posted by TswaneNguni

16710 ...one of the best ever ! Keep it .

ADs in HK serve their master ,the grey dealer.
Seems Rolex SA has always been very lenient on Rolex HK

Not to get into any type of political discussion, but I’m curious if recent events may in any way change this of HK being a Rolex ‘hub’.

[Wrist King]

There is not a single tourist in the city. There are closed stores all over where previously there were watch shops. Most watch sales staff sit bored with neither customers to serve nor watches to sell. It should be easier for a regular punter like me to buy. We shall see.

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[Tavli3]

Originally Posted by Wrist King

There is not a single tourist in the city. There are closed stores all over where previously there were watch shops. Most watch sales staff sit bored with neither customers to serve nor watches to sell. It should be easier for a regular punter like me to buy. We shall see.

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This tells me that the greys in HK are very strong and playing the long game, ADs playing short game and selling as much as they can to the greys who are willing and able to ride out the storm.

When better times arrive ADs will be getting their same handful of allocated pieces while the greys will have dozens of each.

The greys will be in charge of the market not Rolex and certainly not ADs. You want a watch this is the price or take a hike.

Smart very smart.


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[rambo99]

Originally Posted by Wrist King

There is not a single tourist in the city. There are closed stores all over where previously there were watch shops. Most watch sales staff sit bored with neither customers to serve nor watches to sell. It should be easier for a regular punter like me to buy. We shall see.

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my friend who is living in hong kong told me the gray market price of rolex hot models has been rising since July and is now in all time high.

[Tavli3]

Originally Posted by rambo99

my friend who is living in hong kong told me the gray market price of rolex hot models has been rising since July and is now in all time high.

And with no tourists!! The grays are already in charge. Few customers and no tourists and they are jacking up prices.

Wait till the storm passes.

It’s a good thing they’re strong and don’t have to dump inventory. It’s a double edged sword when greys control the market. If they dump prices crash and goodbye Rolex value perception. Right now Rolex is benefiting from the opposite.


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[Harry-57]

Originally Posted by Wrist King

I don't understand it and look forward to the next credit crunch (months, look at Evergrande yesterday). Then it shall be mine. 

Shocking and rather disgusting.

Be careful what you wish for.

[moting]

Even without tourists, the watch market is now globalized and watches can be easily moved around

[Snake Plissken]

2 years for a pepsi is pretty good :)

Do you know someone with an AD relationship who can make an intro? That worked for me

Also the shops you're talking about in TST are not ADs, they're grey dealers. If you want to try all 3 at once I'm sure there's a shop there that has all of them.

[Ihatecheese]

HK will be nightmare to purchase watches from ADs

They have so many more high net worth individuals both in China and local per head, compared to Europe and America, plus the migrant workers from west earning max 15% tax
some who can buy multiples of these in a weekly paycheck for fun.

The Grey's in HK are pros at spinning the yarn. They've been doing it long before Rolex became hard to come by. Good luck!

[Fleetlord]

HK AD don’t want to bother distributing SS Sports to the general public. They just sell to grey who act as a co distribution channel that will deal with the rat race of SS sports watches..

AD want to sell PM to VIP. Much less effort. Sure, they keep a few SS sports around for the VIP to gift to their butlers..etc.

All this means that the OP can’t source one from any of those AD.

[dmash]

Originally Posted by Fleetlord

HK AD don’t want to bother distributing SS Sports to the general public. They just sell to grey who act as a co distribution channel that will deal with the rat race of SS sports watches..

AD want to sell PM to VIP. Much less effort. Sure, they keep a few SS sports around for the VIP to gift to their butlers..etc.

All this means that the OP can’t source one from any of those AD.

The funniest part of this statement is it’s half true

[Wrist King]

Originally Posted by dmash

The funniest part of this statement is it’s half true

It is true, fkin everyonr and his dog wears a Rolex here.

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[TswaneNguni]

Originally Posted by Fleetlord

HK AD don’t want to bother distributing SS Sports to the general public. They just sell to grey who act as a co distribution channel that will deal with the rat race of SS sports watches..

AD want to sell PM to VIP. Much less effort. Sure, they keep a few SS sports around for the VIP to gift to their butlers..etc.

All this means that the OP can’t source one from any of those AD.

Originally Posted by dmash

The funniest part of this statement is it’s half true

Originally Posted by Wrist King

It is true, fkin everyonr and his dog wears a Rolex here.

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I just want to categorically state that I am wearing a Jaeger leCoultre today .

[sgwatchguy]

So you wish a “credit crunch” to be able to land a Rolex at retail? Seriously? No need to answer though.

[kaiserphoenix]

Originally Posted by sgwatchguy

So you wish a “credit crunch” to be able to land a Rolex at retail? Seriously? No need to answer though.

Hes just starting out, we were all beginners at one point, lets give him some benefit of doubt.

[Tringer]

Hong Kong is a special place for Rolexes. Door step to completely price indiscriminate new money. Lots of old money in HK with connections. They don’t wed greys to sell hot models. They have billionaires and their entire extended families in spades. And wearing a Rolex specifically (even more so than fancier watched) is important to show face.

Can’t compare to the US or Europe. Here, if you want one you have to pay to play. Period.

[vh2k]

Originally Posted by Wrist King

There is not a single tourist in the city. There are closed stores all over where previously there were watch shops. Most watch sales staff sit bored with neither customers to serve nor watches to sell. It should be easier for a regular punter like me to buy. We shall see.

This is just a hunch... but, because HK and Singapore (two of the biggest luxury watch markets) are struggling, Rolex may be shifting/increasing shipments to other countries where demand is relatively stronger. U.S. would definitely be a beneficiary.

[teck21]

Originally Posted by vh2k

This is just a hunch... but, because HK and Singapore (two of the biggest luxury watch markets) are struggling, Rolex may be shifting/increasing shipments to other countries where demand is relatively stronger. U.S. would definitely be a beneficiary.

Why would you describe these two markets as struggling?

That it is still so strongly a sellers’ market suggests that struggling is not the appropriate term at the moment.


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[Wahlberg]

Originally Posted by Wrist King

I think they like it. Gets each and every watch sold right away. They leave some profit on the table but come the downturn the Grey's are in trouble but Rolex won't be.

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But this goes into the owners pocket, how can you employ sales people if they have nothing to sell?

[Roddypeepa]

Originally Posted by Wrist King

I have plenty. And the reason I have plenty is I'm smart with it. You don't pay 2x retail for a mass produced steel watch. It's just a rule for smart people.

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This


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[vh2k]

Originally Posted by teck21

Why would you describe these two markets as struggling?

https://www.reuters.com/article/hong...-idUSL4N2FS2CK

HONG KONG, Sept 1 (Reuters) - Hong Kong’s retail sales slumped for the 18th straight month in July as a resurgence of COVID-19 cases in the city and tightening of social measures battered consumption and tourism.

Tourist arrivals in July plunged 99.6% from a year earlier to 20,568 visitors, the tourism board said, compared with a drop of 99.7% in June.

Sales of jewellery, watches, clocks and valuable gifts, which depend heavily on mainland tourists, sank 53.7% in July. Sales fell 64.1% for the January to July period. ($1 = 7.7500 Hong Kong dollars)

[RoscoPico]

Originally Posted by teck21

People who look forward to a credit crunch in order to be able to afford a watch are disgusting.

Try making more money to actually be able to buy one.


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I'm actually looking forward to a drop in real estate prices here in the bay area. Then a lot of people will have a chance to get in the game when it's literally impossible now. And I can also buy another house :)

[teck21]

Originally Posted by vh2k

https://www.reuters.com/article/hong...-idUSL4N2FS2CK

HONG KONG, Sept 1 (Reuters) - Hong Kong’s retail sales slumped for the 18th straight month in July as a resurgence of COVID-19 cases in the city and tightening of social measures battered consumption and tourism.

Tourist arrivals in July plunged 99.6% from a year earlier to 20,568 visitors, the tourism board said, compared with a drop of 99.7% in June.

Sales of jewellery, watches, clocks and valuable gifts, which depend heavily on mainland tourists, sank 53.7% in July. Sales fell 64.1% for the January to July period. ($1 = 7.7500 Hong Kong dollars)

Yes, but it is also important to remember that sales did not fall equally across the board.

Without specific figures, it cannot be assumed that that’s the sort of hit Rolex has taken.

In fact, it may even be plausible that Rolex has benefited at the expense of other watch brands because of the pandemic as buyers become very selective and flee to quality. ie Rolex because of it’s perceived blue retention.

You may be right, I may be wrong or vice versa. Truth is probably somewhere in between.

What I’m saying is business in the secondary market definitely does not suggest that Rolex is struggling. Perhaps there’s a lag time, but as of this moment, not struggling at all.


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