money Rolex's new 2024 watches are a return to tradition
Rolex unveiled its new watches for 2024. After debuting a series of "hype" watches in 2023, the 2024 lineup is more a return to normal for the luxury watchmaker.
In the video above, Yahoo Finance's Pras Subramanian takes a closer look at what Rolex has on offer this year.
For more expert insight and the latest market action, click here to watch this full episode of Market Domination Overtime.
Editor's note: This article was written by Stephanie Mikulich.
Video Transcript
JOSH LIPTON: Let's switch gears, talk about watches that I can't afford, Rolex making some news today.
PRAS SUBRAMANIAN: [CHUCKLES] Yeah, sticking with the luxury beat here, right? So Rolex watches and wonders, the big sort of trade show in Geneva. Rolex get the marquee spot, the opening day they get that. Their big debut here, a bunch of new watches here.
You know, a little bit subdued in a sense that they went from like, yes, last year was all the hype watches, the Emoji Watch, you know, the watch with the emoji signs that could pop up depending on the day of the week. Now they're more traditional. You got the new GMT. You got-- you got an updated Deep Seas Diving Watch, all gold. And also a very expensive Daytona, like you mentioned, Josh, a watch that I can't afford either. The big thing here is that--
JOSH LIPTON: --beautiful though.
PRAS SUBRAMANIAN: The big thing here is that for Rolex, the watch industry, at least the Swiss watch industry is kind of coming off recent highs here. Imports are down. Rolex, you still can't buy one in stores but the question is, how long is it going to last? They want to boost production. They want to boost-- they bought Bucherer and Tourneau operators to get more of a retail presence. We'll be seeing more watches in stores, we'll see. But I think the secondary market will be happy to see some of these watches.
JULIE HYMAN: How much correlation is there with the broader luxury market? Because we've seen some bumpiness from some of the large luxury companies as of late. Does this track pretty closely to that or are watches like their own thing?
PRAS SUBRAMANIAN: You know, Rolex's CEO spoke about this yesterday from the actual trade show about how the smaller brands are more sort of susceptible to the bigger shifts in the industry from higher rates, things like that. Rolex too is not immune from these things but to a lesser extent. They have more of a well known brand name. People want to be associated with them. They want to buy their watches. But yeah, he mentioned geopolitics. Things like that do affect you. [INAUDIBLE] I should buy a $15,000 watch, things are kind of iffy right now in the world.
JULIE HYMAN: To go diving. An all gold watch for deep sea diving.
PRAS SUBRAMANIAN: That apparently weighs over half pound.
JOSH LIPTON: Yeah. That's a lot of gold.
JULIE HYMAN: Well, that's it. You want to be buoyant when you're down there, don't you?
JOSH LIPTON: And you need another weight.
JULIE HYMAN: I've never been deep sea diving. But who are you impressing down there?
JOSH LIPTON: The important point is you're looking good as you're going, Julie.
JULIE HYMAN: As you're going for the octopi and the other deep sea creatures.
PRAS SUBRAMANIAN: Ulysses, mermaids, things like that, yeah.
JULIE HYMAN: Sure.
JOSH LIPTON: Pras, thank you. Appreciate it.
