Chris Waller, Founder and CIO at Plural Investing, joins the podcast for the second time to discuss his thesis on The Watches of Switzerland Group (WOSG.LN), an international retailer of world leading luxury watch brands with a growing complement of luxury jewelry brands.

For more information about Plural Invest, please visit: https://www.pluralinvesting.com/

Plural Investing write up on $WOSG: https://www.pluralinvesting.com/research

Chapters:

[0:00] Introduction + Episode sponsor: Tegus

[2:26] What is The Watches of Switzerland Group and why is it so interesting?

[5:52] What is Chris seeing that the market is missing about $WOSG opportunity?

[8:25] Why is current valuation compelling? Retailer valuations

[12:05] Rolex relationship

[19:54] Margin and Rolex business model / other examples of symbiotic supplier-retailer relations where the retailer makes so much of the profit

[28:29] Multi-brand stores, Rolex dictates where their brand is located in the store

[31:57] Final thoughts on Rolex relationship

[35:06] Why doesn't Rolex sell online

[38:08] Concerns about Rolex brands because of greater production / does Rolex resonate with new generations, brand lasticity

[43:28] How is Rolex advertised these days

[45:28] How does Chris think about the growth algorithm for the company / bridging the gap between $WOSG opening new stores and most Rolex watches bought at mom-and-pops that are shutting down

[50:14] Why shouldn't this be owned by PE

[54:00] Capital allocation

[57:15] Any additional risks / misconception about Chinese tourism with Rolex

Episode sponsor: Tegus

If you’ve been reading my newsletters, you know how often I rely on Tegus for my research. It’s truly revolutionized how I get up to speed on new industries and companies. Tegus has the largest transcript library in the world, with over 75% of private market transcripts. Whether you’re curious about AI, biotech, or any niche market, Tegus has the insights you need.

What sets Tegus apart is its all-in-one platform. It’s packed with expert call transcripts, management checks, panel calls, and in-depth financial data. No more jumping between different services or piecing together fragmented data. With Tegus, everything is right at your fingertips.

The best part? The insights you get are from the very people shaping the industries you’re interested in. You’ll find perspectives from insiders and executives that you simply can’t get anywhere else.

To see Tegus in action and understand why it’s my go-to resource, visit Tegus.com/value – that’s T-E-G-U-S dot com slash value. Trust me, once you try Tegus, you’ll never look back.

Plural Investing's Chris Waller on $WOSG.LN Rolex relationship and secondary luxury watch market

Yet Another Value Podcast