Tom La Vecchia

You got the Swats version.

Are we diluting the luxury?

Yeah, so that's a great point.

And again, in traditional kind of marketing, if you will, that would resonate.

And you and I would be correct if that's our assertion.

It couldn't be more wrong in the current environment.

I'll tell you why.

In terms of segmentation, and I'll give you a little bit of a hot take, and you're a watch collector, so get ready to throw your shoe at me.

In my opinion, at this point, Rolex is a premium watch.

I don't think anybody would disagree.

However, AP is a luxury watch.

The difference between a Maybach and an S-Class, a Ferrari and a Maserati.

So in terms of positioning, as you know, this Rolex is a beautiful watch.

I have a yacht master.

I love it.

They kind of got it to the game.

A little bit of respect, a little bit of the Panerai, a little bit of Breitling.

But Rolex 25 years ago was, I'm not saying APs didn't exist then, but that was more the proxy.

I agree with where you're going with where Rolex sits today.

I want to go one step further real quick as to my opinion that why the hype proved the strategy worked.