Hi Liam, they are in much tougher markets given the China exposure and lesser waitlists. I also don't think they have the same status as WOSG with Rolex. Valuation is cheaper but you have typical issues around corporate governance there.
Very extensive review of WoS, thanks. One item that I did not see covered is succession: both the CEO and CFO have come back from retirement for this opportunity, but at some point they will go back into retirement. What do the succession plans look like?
Thanks Herbert. The CEO and CFO both love the business and as you might expect say that retirement is a long way however. David Hurley, the head of the US business, was made Deputy CEO in 2022 and is earmarked to take over. I think it's also interesting that they picked the head of the US, not UK, to be the sucessor which underlines how the US is the future of the business. Hurley often travels with the current CEO to Geneva to meet Rolex. So although losing the current management will be a blow I do think they are prepared for succession.
Hi Chris, any view on other Rolex retailers, such as The Hour Glass & Oriental Watch?
Hi Liam, they are in much tougher markets given the China exposure and lesser waitlists. I also don't think they have the same status as WOSG with Rolex. Valuation is cheaper but you have typical issues around corporate governance there.
Very extensive review of WoS, thanks. One item that I did not see covered is succession: both the CEO and CFO have come back from retirement for this opportunity, but at some point they will go back into retirement. What do the succession plans look like?
Thanks Herbert. The CEO and CFO both love the business and as you might expect say that retirement is a long way however. David Hurley, the head of the US business, was made Deputy CEO in 2022 and is earmarked to take over. I think it's also interesting that they picked the head of the US, not UK, to be the sucessor which underlines how the US is the future of the business. Hurley often travels with the current CEO to Geneva to meet Rolex. So although losing the current management will be a blow I do think they are prepared for succession.