Who started Rolex? - Fox Business

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Rolex's history began in the early 1900s thanks to a man named Hans Wilsdorf.

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Wilsdorf was only 24 years old when he began a luxury watch empire that would later become known throughout the world. To date, his watches boast prices anywhere from a few thousand to tens of millions of dollars due to the rarity of the material the company uses, and in some cases, previous famed owners.

The Rolex GMT Master II Ice is dubbed as the most expensive model range starting out at $485,350, according to Luxe Digital, which listed the top 17 most expensive Rolex watches as of 2020. However, the most expensive Rolex ever sold was Paul Newman's Daytona, notching $17.8 million at an auction in October 2017, according to the outlet.

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Wilsdorf was born in Bavaria in 1881. However, during his childhood, watches were originally designed to be carried inside a pocket or pinned to a garment. At the time, some makers were dabbling in creating watches for consumers to wear on their wrists, but it was mostly seen as women's jewelry, Rolex said.

Wilsdorf set out to change that. Not only did he see a future in men's wristwatches but he believed that watches could be both elegant and reliable, the company said.

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In order to do so, he worked with a watch manufacturer in the Swiss town of Bienne. The manufacturer was producing "unusually compact watch movements" which he later brought to London to be fitted into cases, according to Rolex. By 1905, he had created his own company.

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However, it wasn't until 1908 that he had finally landed on the name Rolex. The entrepreneur envisioned that his watches would bare a short name that was easy to say and remember in any language. Furthermore, it had to look good on the timepiece, Rolex said.

Wilsdorf recalled riding on a horse-drawn omnibus in London when a "genie" whispered a short five letter word into his ear: "Rolex," according to the company.

Shortly thereafter, he registered the trademark.

By 1919, the company, equipped with craftsmen and engineers in Swiss watchmaking, permanently set up shop in Geneva. A little more than a decade later, the legendary crown symbol was introduced.

He was described as a "brilliant leader" who wanted to go beyond what was currently available on the market, according to Rolex.

“Rolex must continuously strive to think and act differently from the rest. Therein lies my greatest strength,” he previously said.

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July 07, 2020 at 12:41AM
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Who started Rolex? - Fox Business

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