In this episode of Business Breakdowns, Patrick O'Shaughnessy interviews Ben Clymer, founder of Hodinkee, to dissect the luxury watch brand Rolex. Clymer shares his favorite Rolex watch, the Daytona, and discusses the history and evolution of Rolex, from its founding by Hans Wilsdorf in 1905 to its current status as a leading luxury brand. They explore the unique aspects of Rolex's business, including its non-profit structure under the Hans Wilsdorf Foundation, its commitment to quality and vertical integration, and its marketing and distribution strategies. Clymer highlights Rolex's focus on precision, waterproofness, and self-winding mechanisms, as well as its long-term partnerships with top athletes and cultural figures. The conversation also touches on the challenges facing the watch industry, such as the quartz crisis and competition from smartwatches, and the importance of maintaining brand integrity and customer relationships.
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