Updated in October 2026. First published in September 2019.
Rolex in 3 figures
CHF 11.0 bn
Estimated Rolex sales in 2025, up 4% (Morgan Stanley and LuxeConsult)
32.9%
Rolex share of Swiss watch retail value in 2025
USD 229 m
Certified pre-owned sales in Q3 2026, up 61% (global estimate)
There is a saying in China: 穷人玩车，富人玩表, “the poor play with luxury cars, while the rich play with luxury watches”. We opened our 2019 analysis of Rolex in China with it, at a time when Swiss watch exports to mainland China were jumping.
Seven years later the saying still holds, but the market around it has turned. Swiss watch exports to China fell 12.1% in 2025, and by more than a third in two years, according to the Federation of the Swiss Watch Industry.
Rolex, on the other hand, keeps growing, and in China it is doing something it never did before: selling directly, and selling second-hand.
Rolex in China 2026: key figures
| Indicator | Figure | Source |
| Rolex estimated sales, 2025 | About CHF 11.0 billion, +4%, about 1.15 million watches | Morgan Stanley and LuxeConsult via The Hour Markers |
| Rolex share of Swiss watch retail value, 2025 | 32.9% | Morgan Stanley and LuxeConsult |
| Swiss watch exports to China, 2025 | -12.1% | FH |
| Watches in China’s personal luxury market, 2025 | -14% to -17% | Bain & Company |
| Rolex Certified Pre-Owned sales, Q3 2026 | About USD 229 million, +61% (global estimate) | Morgan Stanley report via Tarmac Life |
When the Chinese watch market shrinks, Rolex does not lower its prices. It takes control of the shop and of the second-hand market.
What is new for Rolex in China
A first Rolex-owned boutique in Shanghai
Until recently, every Rolex counter in mainland China was run by an authorised dealer. That changed with the 2023 purchase of Bucherer, the Swiss retailer that Rolex now owns. In October 2024, Bucherer confirmed that it would open China’s first Rolex-owned boutique at HKRI Taikoo Hui (兴业太古汇) in Shanghai, as Luxe.CO reported.
Jiemian called it a wake-up call for dealers, who often sell Rolex together with other brands or jewellery.
Certified pre-owned arrives in mainland China
Rolex launched its Certified Pre-Owned programme in December 2022, then brought it to Hong Kong in October 2024. In January 2026 it arrived in mainland China, starting at Oriental Watch’s store in Deji Plaza, Nanjing, Yicai reported.
By October 2026, three stores sold it: Beijing Guomao, Shanghai HKRI Taikoo Hui and Nanjing Deji Plaza, according to HK01.
These watches are not cheap. Each comes with a new box, a new card and a two-year warranty, and sells on average about 30% above the ordinary second-hand market, HK01 found.
A 2021 Submariner was listed at RMB 116,900 in Beijing. Not the cheapest way to buy a “black water monster” (黑水鬼) indeed, but the safest.
Why Rolex is changing its China strategy
The first reason is price. Second-hand prices fell when demand cooled: WatchCharts’ Rolex price index lost about 30% between its March 2022 peak and the end of 2023, Jiemian noted. By selling certified watches itself, Rolex sets a floor and keeps the margin inside its own network.
The second reason is trust. Counterfeiting was already a problem when we wrote about Rolex in 2019. A certified watch with a Rolex seal answers the first question every buyer asks on Xiaohongshu: is it real?
The third reason is control. A boutique run by Bucherer does not need to bundle a Rolex with a Tudor or a necklace to reach its targets. For the brand, this means a cleaner customer experience in China’s most important luxury city.
What Chinese buyers say on Zhihu
On Zhihu, the question “Why have second-hand Rolex prices crashed?” has been viewed more than 3.9 million times and received 750 answers. Three of the most liked answers sum up the shift we describe above.
The first one, with more than 1,300 likes, puts it bluntly: “只要年轻人不接盘的收藏品，价格都会暴跌” (“any collectible that young people won’t take over will see its price collapse”), adding that even people born in the 1970s now wear smartwatches (Zhihu, March 2025).
Another user explains why business owners used to buy Rolex: their outfit was meant “降低社交沟通’信任’成本” (“to lower the trust cost in social dealings”). Today, he writes, luxury is “只是锦上添花” (“just the icing on the cake”) (Zhihu).
A third answer links the price fall to Rolex’s own moves, noting that official certified watches sell 30% to 50% above unofficial channels and squeeze second-hand dealers’ margins (Zhihu). This is one user’s estimate, but it matches what we see in the official stores: Chinese buyers now compare new, certified and grey-market prices before they buy.
Benchmark: Rolex against other Swiss watch brands
| Brand | 2025 sales estimate | Change | Share of Swiss watch retail value |
| Rolex | About CHF 11.0 bn | +4% | 32.9% |
| Cartier | About CHF 3.5 bn | +10% | 8.7% |
| Patek Philippe | About CHF 2.5 bn | +9% | 7.0% |
| Audemars Piguet | About CHF 2.6 bn | +9% | 5.6% |
| Omega | About CHF 2.2 bn | -8% | 6.4% |
| Longines | About CHF 0.9 bn | -18% | 3.1% |
Source: Morgan Stanley and LuxeConsult estimates, reported by The Hour Markers in February 2026. Brands do not publish their sales.
The table tells a simple story. Brands at the very top grew, while mid-priced Swiss brands lost ground. This is exactly where the Chinese market hurt most: in 2019, Omega led the Chinese luxury watch market, ahead of Rolex and Cartier.
In 2025, Omega’s sales fell 8% while Rolex grew 4%. Chinese buyers have not stopped buying watches. They buy fewer of them, and they go for the names that keep their value.
What we wrote in 2019, and what still holds
| What we wrote in 2019 | Status in 2026 |
| Omega led the Chinese luxury watch market, ahead of Rolex and Cartier | Rolex now grows while Omega declines |
| Chinese names such as “green water monster” (绿水鬼) made the Submariner famous | Still true: collectors use these nicknames, and certified stores sell them |
| Rolex relied on Chinese musicians Lang Lang, Li Yundi and Yuja Wang as ambassadors | In our view, scarcity and resale value now weigh as much as ambassadors |
| Counterfeiting was watering down the brand’s image | Rolex answered with certified pre-owned |
| Rolex was moving beyond physical shops to platforms such as JD.com | Rolex now takes control of physical retail instead |
As we wrote in 2019, “China is a huge market with a lot of potentials, but only for those who can sort out its complexities.” Rolex sorted them out by owning more of its retail and its resale.
Daxue Take
We see Rolex’s move as a lesson for every luxury brand in China. The market is not growing any more. Brands that win are the ones that control their price.
Second-hand is part of the brand now. Chinese buyers check resale value before they buy. A brand that ignores its second-hand market lets others set its real price.
Retail partners matter more than ever. Dealer practices such as bundling may help short-term sales. They also hurt the brand experience.
In a slower Chinese market, owning the shop and the resale is worth more than opening new doors.
Our recommendation for watch and jewellery brands: map where your products are resold in China, on Xianyu, Xiaohongshu and in watch shops, and measure the gap with your official price. Then decide which part of that market you want to own.
FAQ about Rolex in China
Does Rolex have its own store in China?
Yes. Rolex’s first company-owned boutique in mainland China is at HKRI Taikoo Hui in Shanghai, run by Bucherer, the retailer Rolex bought in 2023. Other Rolex points of sale in China are run by authorised dealers.
Can you buy a certified pre-owned Rolex in mainland China?
Yes, since January 2026. Rolex Certified Pre-Owned watches are sold in Nanjing Deji Plaza, Beijing Guomao and Shanghai HKRI Taikoo Hui, with a two-year warranty. They cost on average about 30% more than the ordinary second-hand market.
Is the luxury watch market in China growing?
No. Swiss watch exports to China fell 12.1% in 2025, and Bain estimates that watch sales in China’s personal luxury market fell 14% to 17%. Rolex is an exception, with estimated global sales up 4% in 2025.
Who are Rolex’s main competitors in China?
Omega, Cartier, Patek Philippe and Audemars Piguet among Swiss brands. Chinese brands are also gaining ground, as we explain in our article on Chinese luxury watch brands.
Rolex and Daxue Consulting
Daxue Consulting has followed Rolex and the luxury watch market in China since 2019, in our analyses of luxury watches in China, Audemars Piguet and investment-driven luxury. For brands that want to understand how Chinese buyers choose, resell and value their products, our team runs consumer research, retail audits and social listening across China.
Learn more on the official Rolex China website or contact our team.
Author: Daxue Consulting
