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ericg · 22 January 2015, 05:51 PM

Rolexes fly off Singapore shelves
Published: 20 Jan 2015 at 18.04 | Viewed: 4,696 | Comments: 0Online news: NewsWriter: AFP
SINGAPORE — Rolexes and other Swiss luxury watches are flying off the shelves in Singapore after the Swiss franc surged against other currencies, retailers said Tuesday.

A man walks in front of the Rolex watch retail shop at a shopping mall in Singapore on Tuesday. Luxury Swiss watches including Rolexes and Franck Mullers are selling like hotcakes in Singapore as buyers anticipate a price hike due to the appreciation of the Swiss Franc. (AFP photo)

Enthusiasts and investors are splurging on the fine timepieces before retailers adjust their price tags to reflect the strengthening franc.

The franc has shot up 20% against the euro and the US dollar since Thursday after the Swiss central bank stunned global markets with its bombshell decision to abandon the minimum rate of 1.20 francs against the European common currency.

Sales staff at Singapore luxury watch retailer The Hour Glass told AFP they had experienced an increase in sales of Swiss brands, with Rolexes thriving in particular.

Most of its retail outlets located along Orchard road, Singapore's main shopping district, sold 25-30 Rolex watches a day on Saturday and Sunday, compared to the usual four to five daily.

Among the favourites were entry-level models costing upwards of S$10,000 (245,000 baht).

One Rolex retailer located at a five-star hotel told AFP that Datejust and GMT Rolex models sold briskly and stocks were thinning.

Another shop at a high-end shopping mall along Orchard Road sold 10 Franck Muller watches per day over the weekend, a sharp increase over its usual one or two, sales staff said.

"The buyers are aware that retailers would soon raise the prices of our Swiss models," a watch store manager told AFP on condition of anonymity.

"About half of our customers enquire when it will happen and many are willing to make purchases in anticipation of this price rise."

Affluent Singapore has a per capita income of S$55,230, one of the highest in the world, and is also a key shopping destination in the region.

bayerische · 22 January 2015, 08:03 PM

Nr, 256?

Just kidding, interesting to see how people are reacting.

SUBversive · 22 January 2015, 10:40 PM

25 - 30 per day whoa

Lol-x · 22 January 2015, 10:47 PM

Beware of market manipulation by sellers....
Swiss franc and always go down in value too...
Just saying, don't get caught up in the hype.

Kingair · 22 January 2015, 11:00 PM

Quote:

Originally Posted by bayerische

Nr, 256?

Just kidding, interesting to see how people are reacting.

No Andreas . . . 652

22 January 2015, 05:51 PM	#1
ericg "TRF" Member Join Date: Dec 2008 Real Name: Eric Location: Thailand Watch: BLNR/SubC/SMP 300 Posts: 304	Saw this in yesterday Bangkok Post Rolexes fly off Singapore shelves Published: 20 Jan 2015 at 18.04 \| Viewed: 4,696 \| Comments: 0Online news: NewsWriter: AFP SINGAPORE — Rolexes and other Swiss luxury watches are flying off the shelves in Singapore after the Swiss franc surged against other currencies, retailers said Tuesday. A man walks in front of the Rolex watch retail shop at a shopping mall in Singapore on Tuesday. Luxury Swiss watches including Rolexes and Franck Mullers are selling like hotcakes in Singapore as buyers anticipate a price hike due to the appreciation of the Swiss Franc. (AFP photo) Enthusiasts and investors are splurging on the fine timepieces before retailers adjust their price tags to reflect the strengthening franc. The franc has shot up 20% against the euro and the US dollar since Thursday after the Swiss central bank stunned global markets with its bombshell decision to abandon the minimum rate of 1.20 francs against the European common currency. Sales staff at Singapore luxury watch retailer The Hour Glass told AFP they had experienced an increase in sales of Swiss brands, with Rolexes thriving in particular. Most of its retail outlets located along Orchard road, Singapore's main shopping district, sold 25-30 Rolex watches a day on Saturday and Sunday, compared to the usual four to five daily. Among the favourites were entry-level models costing upwards of S$10,000 (245,000 baht). One Rolex retailer located at a five-star hotel told AFP that Datejust and GMT Rolex models sold briskly and stocks were thinning. Another shop at a high-end shopping mall along Orchard Road sold 10 Franck Muller watches per day over the weekend, a sharp increase over its usual one or two, sales staff said. "The buyers are aware that retailers would soon raise the prices of our Swiss models," a watch store manager told AFP on condition of anonymity. "About half of our customers enquire when it will happen and many are willing to make purchases in anticipation of this price rise." Affluent Singapore has a per capita income of S$55,230, one of the highest in the world, and is also a key shopping destination in the region.

22 January 2015, 08:03 PM	#2
bayerische "TRF" Member Join Date: Nov 2009 Real Name: Andreas Location: Margaritaville Watch: Smurf Posts: 19,879	Nr, 256? Just kidding, interesting to see how people are reacting. __________________ Yeah, well, you know, that's just, like, your opinion, man.

22 January 2015, 10:47 PM	#4
Lol-x Facilitator Join Date: Nov 2005 Real Name: Steve Location: Omnipresent Posts: 33,262	Beware of market manipulation by sellers.... Swiss franc and always go down in value too... Just saying, don't get caught up in the hype. __________________ *Most folks are about as happy as they make up their minds to be.* ~Abraham Lincoln Nothing compares to the simple pleasure of a bike ride. ~John F. Kennedy ROLEXploitation - yeah I'm a victim

22 January 2015, 10:40 PM	#3
SUBversive Banned Join Date: May 2011 Location: ri Watch: Sun Dial Posts: 14,346	25 - 30 per day whoa

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