Ben Clymer

But Rolex is obviously fine.

It has changed.

And this is not an Apple Watch segment, but I'll just mention it briefly.

It has changed how people buy luxury watches.

A luxury watch, pre-Apple Watch, I would consider $1,000 and above, maybe even $500 and above.

It has decimated that market.

So the market between $500 and sub $5,000 has just been destroyed.

The brands like Shinola and Fossil.

Fossil was a multi, multi-billion dollar company.

just enormous.

I

Their share price in 2013, 14, pre Apple watch was $80 a share.

But last time I checked, it was eight, probably even lower than that.

Now they've lost 90% of their market cap.

Apple Watch has in some ways helped the Rolexes and the Omegas of the world because Rolex and Omega and Tag Heuer, like they are luxury to most people.

They're clearly expensive.

They start around 5,000 bucks instead of around one, like some of the other folks do.

That's like the baseline now.

Now you want a Rolex or Omega Tag Heuer or above or nothing.

You don't want the Shinola anymore.