Rolex Hellas, the exclusive importer for Rolex and Tudor brands in Greece, is experiencing unprecedented sales growth, despite ongoing economic uncertainties.
In 2023, the company reported a notable 12.6% increase in turnover, reaching €93 million, with net profits before tax rising to €9.1 million. The firm also added €10.5 million to its reserves for the year.
Despite global inflation and geopolitical challenges, Rolex Hellas has managed to thrive, with sales continuing to outperform expectations. The company's financial report highlights that maintaining timely supply, especially during peak summer months, is crucial for meeting high demand.
Rolex Hellas’ gross profit increased to €17.9 million, a 12.8% rise from the previous year, while its share of sales edged up to 19.3%. However, net profit after tax saw a slight decline, settling at €6.66 million.
The company’s positive financial performance has allowed it to declare a €6 million dividend to its parent company, Rolex Holding S.A., from which €3.7 million is derived from 2023 profits and €2.3 million from previous years.
The previous year's challenges, including a robbery of 24 luxury watches valued at €134,720.13 from its Athens store, were fully resolved through compensation.
Rolex Hellas, which operates two retail stores and a service department, emphasises ongoing improvement in brand image and distributor support. The company focuses on continuous training for its distributor network and strict policies against counterfeit goods.
The report also notes the rising appeal of Tudor watches, attributed to fresh designs and global marketing efforts, contributing to the brand’s expanding market share in Greece.
(Source: To Vima)