Background of the Rolex Company
Hans Wilsdorf a German national had founded Rolex. The journey of high-quality Swiss watch movements started in London, England by Hans Wilsdorf and his brother-in-law Alfred Davis with the signature “W&D” in 1905. The watches were produced by Hermann Aegler and used best quality cases of Dennison. Later, Wilsdorf changes the business and name it Rolex and registered the trademark in 1908. The company had opened its first office in Switzerland as it was the world’s center for high-quality watchmaking. However, the official name Rolex was registered in 1915 for the first time as a company name. Whereas, the name “Rolex” appeared on the watch dial in 1926 (Stuart, 2016).
Oyster the first world’s waterproof case by Rolex was launched in Geneva in 1926 after the company moved its headquarters in 1919 from the United Kingdom to Switzerland. The reason was increasing costs of taxes and export duties.
Afterward, a charity foundation was established by Wilsdorf when his wife died in 1944 with the name of Hans Wilsdorf, in which significant proportion of Rolex income has shared to charity (Stuart, 2016).
Now Rolex has run by the private charitable trust that supports charities to the children. Rolex has no trading shares on the public exchange, and the brand is a symbol of quality and prestige. There are more than 1500 watches produced every day, and Rolex is the single top and largest luxury watch brand in the world (Stuart, 2016).
The Rank of Rolex in the World
In the world’s ranking list Rolex stands at fourth with a high percentage of 77.68. Rolex products symbolize tough, arrogant, technical, exciting and ambitious that is Rolex brand personality (RepTrak®, 2015).
What drives company's reputation?
Based on the industry study, Rolex has a high company reputation due to its exclusive consumer product. A luxury brand like Rolex stands at fourth in the reputation ranking is unbelievable that how come a luxury watchmaker brand has a high standing on the list. It is because that it has built trust and confidence among its consumers. Also, it directly effects on a bottom line of the company that creates reputation of any business that wants to survive in the market for a continuous period.
How does company reputation affect public support?
Public support depends on four factors that are products/services, corporate behavior, relationship and financial performance. A defining impact mainly emphasizes on the quality and financial performance of the company’s management. There are several contributors to the reputation core that comes from different reputation drivers. The value of money, products made in a sustainable way, honest and fair communication that creates a positive influence on the society and build public support. All this has implemented by the Rolex Company through its innovation, scientific achievements and impressive designs that create customers across the world.
The trends, challenges and opportunities of Rolex Company
Rolex has brought change in the watch industry and introduced numerous patterns. The company innovation such as waterproof wristwatch of 1926, the 1945 Date-Just (an automated date turning dial), Rolex GMT Master of 1954 with an added feature that shows two time zones at once and Rolex has become the first watchmaker by earning a chronometer certification in 1908 (Adams, 2013).
Challenges faced by the company regarding its products was to make an up-to-date, accurate version of wristwatches that meet the market demand and beat the competitive market. So, the company has invested in the science lab and use hand assembled technique to remove the misconception that Rolex products made through machines (RepTrak®, 2015)
Opportunities build by the company through performance, workplace, leadership, products/services, governance, feeling, trust, and esteem. Also, brand strength has developed through effective communication with consumers (RepTrak®, 2015).
RepTrak®, (2015). The Global RepTrak® 100, The World’s Most Reputable Companies 2015 (pp. 2-53). Reputation Institute.
Adams, A. (2013). 10 Things To Know About How Rolex Makes Watches | aBlogtoWatch.aBlogtoWatch. Retrieved 31 January 2016, from http://www.ablogtowatch.com/10-things-know-rolex-makes-watches/
Stuart, D. (2016). Rolex Watch Company: History, Serial Numbers & Production Dates.Pocketwatchrepair.com. Retrieved 31 January 2016, from http://www.pocketwatchrepair.com/histories/rolex.html