Rolex, the watchmaker owned by a foundation

Hans Wilsdorf, a German-born businessman, founded a watch company in London in 1905 with his brother-in-law, Alfred Davis. They bought Swiss movements and put them in cases for sale in Britain. In 1908 Wilsdorf registered the name Rolex, chosen because it was short and easy to say in any language.

After World War I, the company moved to Geneva.

The Oyster

In 1926 Rolex introduced the Oyster, one of the first waterproof wristwatch cases. To prove it, Wilsdorf gave one to Mercedes Gleitze, a British swimmer who attempted to swim the English Channel in 1927. The watch came through in working order, and Rolex ran a front-page advertisement about it.

Later models such as the Submariner, Datejust, GMT-Master and Daytona became icons.

Owned by a foundation

Wilsdorf, who had no children, put his shares into the Hans Wilsdorf Foundation, a charitable trust. Since his death in 1960, the foundation has owned Rolex. The company does not publish results and pays no dividends to outside shareholders.

Supply and demand

Rolex makes around a million watches a year, but demand for popular steel sports models far exceeds supply. Waiting lists and high secondhand prices are part of the brand’s story. In 2023 Rolex bought Bucherer, one of its largest retailers.