Ben Clymer

They were present in the conversation with Rolex.

They pulled back on marketing when people stopped buying after 2008, when Lehman collapsed.

Rolex did not.

Rolex put the pedal down.

And it was really 2008, 2009, 2010, which really elevated Rolex in the United States to a level that it is now.

If you speak to them directly, they'll credit with that period as kind of the turning point for them in the U.S.,

And I want to be completely clear, and I'm sure Rolex will listen to this, so I want to be clear for them and for the audience, is that they don't communicate anything.

So this is all speculative.

The information that I'll provide and that I'm sure you've read is completely speculative.

We have a good idea of what they might produce and what the revenue might be.

The assumption is that Rolex is making just north of around a million watches per year with an average wholesale price of around $7,000.

So you can do the math there to kind of give you an idea of size and revenue.

And a million watches per year is a lot, but it's not the biggest by quantity.

Apple, of course, would be bigger than that.

Arguably, if you included Apple, they would be an even bigger watch brand than Rolex, but different thing, obviously.

But if you were to combine, for example, the entire Swatch group, which ranges from Swatch to Breguet, including Omega, it would be a larger business than Rolex in theory.

But again...

But Swatch is a publicly traded company.

You can see exactly what their revenue is, whereas Rolex is, as I think you've alluded to, Rolex is quite the opposite.

Rolex is, in fact, run by something called the Hans Wilsdorf Foundation, which was founded in 1945 when the founder, Hans Wilsdorf, set it up to basically be