The Apple Watch is 10. What's next for the world's No.1 wearable?
It might be called a watch, but 'device' is a better description given that time-telling is a mere fraction of the multiple indications, measurements, connections, alerts and broader information that Apple brings to the forearm, in many cases for the first time. About 329 million units have been sold to date (per CCS Insight), and it's outperformed the entire Swiss industry on an annual basis, a feat that's earned it some $US20 billion ($30.7 billion) since it launched in 2015.
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7NEWS
2 days ago
- 7NEWS
Shark Tank judge Sabri Suby reveals ‘ridiculous' part of his worldwide search for a coveted Rolex watch
A multimillionaire entrepreneur with his heart set on a Rolex watch says the luxury brand has made it impossible for him to actually buy what he wants, and claims their shopfronts have little to nothing to actually sell. Shark Tank judge Sabri Suby travelled the world to secure the smoked ombre Day-Date, only to come up empty-handed and back exactly where he started — in Australia on a waiting list. 'It got to a point where it was so ridiculous that I'd literally walk into a boutique and say, 'do you have any watches for sale in here?' They'd be like, 'no, we don't have any',' he told Suby's year-long, globe-trotting treasure hunt for the Day-Date took him to stores in Australia, the UK, the US and Asia, and even saw him dive deep into the underground Rolex market. The watch he is chasing, a surprise release in 2024 featuring an everose gold case, retails for about $80,000. 'I'm going in there with a Rolex on my wrist, making sure that it's visible, making sure they understand that I am in a position to definitely buy a Rolex and genuinely going in there to buy,' Suby said. 'I thought that somewhere along my travels that somebody would be like, 'hey, I've got one in the back'. 'That never came.' Despite the Swiss brand pumping out more than one million watches every year, the story was always the same — Suby would leave every boutique without the Day-Date around his wrist. 'Everyone plays the same game. There was no boutique in any country that treat you differently,' said Suby, the founder of marketing agency King Kong. 'It's the same textbook play: 'Do you have a profile with us? What would you like to drink? Let me show you this. What piece are you looking for? No, we don't have that. Everything's on the wait list. Let me try my best to try and source that for you.'' Suby, from NSW, claimed his journey helped him uncover the 'psychological tricks' that have made Rolex a desired, status-symbol juggernaut that turns over more than $10 billion in sales every year, and a brand that dominates the luxury watch market with a share of more than 30 per cent. Off-catalogue or hidden-menu items you can only view as a VIP client, open-ended waitlists that drive anticipation and create desire, celebrity endorsements, and product ladders that turn first-time entry-level buyers into lifelong customers Rolex can pitch new products to each season are among the tactics deployed, he said. Suby said another powerful strategy was 'story-selling'. The Rolex Day-Date for example is often referred to as 'The President' because of its association with powerful figures. It is positioned as a watch for people that make important decisions. Suby said Rolex's sales exploded when they switched to 'selling the waitlist, instead of selling watches', with customers ushered into a long-term partnership when told 'no, we don't have any (watches for sale)'. 'That's when they sell you the waitlist. And it's just putting somebody on the waitlist and then telling them, in a month or six months or a year, 'hey, we've got your watch',' Suby said. 'It changes the dynamics of that relationship... there's more desire for it.' 'Hundreds and hundreds of Rolexes' With his traditional in-store hunt for a watch unsuccessful, Suby turned to unofficial sellers. The 'grey market' features authentic watches offloaded by dealers who are not part of Rolex's official distribution chain. 'You roll into these places and there are safes of hundreds and hundreds of Rolexes,' Suby said. 'And that's when you realise that these (watches) aren't scarce. They are everywhere.' Of course, the grey market means there is a mark-up. Watch dealer Calum Best, who left an electrical apprenticeship to co-launch business Eminere three years ago, said the market for timepieces exploded during COVID, with some trading up to five times what they had retailed for. He has sold a smoked ombre Day-Date previously, and said they are almost impossible to get through authorised Rolex dealers unless you are a VIP client or have a big spend history. 'If I had the time I could get one, but I'd have to sell above retail,' Best, who has a following of more than 80,000 on Instagram, told 'Rolex have marketed them so well, and they've created a scarcity (within the authorised dealer network). 'Supply is definitely lower than demand.' Suby, who turned his experience into a YouTube video that has so far attracted more than 400,000 views, said Rolex pulled their range of tactical levers because they work. 'They are, without a doubt, the biggest luxury watch company on planet Earth,' he said. 'There is no shortage of people that make watches. There's people that make much nicer watches than them or much more expensive watches, but they are not as big as Rolex. 'And so the difference isn't in the mechanics of the watch, it's in the way that they sell those watches, and it's using all these strategies.' 'I am going full rogue' Suby said the reaction to his video had swayed from bewilderment that 'stupid rich people would play these games' to others who found his breakdown of strategies entertaining and applicable to their own businesses. reached out to Rolex about Suby's video and thoughts, but they declined to comment. Suby said Rolex had told him via email they were working to provide him the chance to buy his desired watch. But if they do not deliver, he is willing to take things into his own hands. 'I cannot keep waiting. If they do not find me the smoked ombre ... I am going full rogue — grey market, bags of cash, the whole enchilada,' he said.
Sydney Morning Herald
2 days ago
- Sydney Morning Herald
The conman, the jet and the Australian developer who helped bring him down
Ahsan Ali Syed had all the trappings of wealth: a private jet, a luxury Swiss apartment overlooking Lake Lucerne, an opulent office in Bahrain and a top-tier Spanish football team, Racing Santander. But after a decade on the run, the jet-setting fraudster is behind bars in Switzerland, largely due to the efforts of Sydney property developer Keith Johnson and New Zealander Mark Van Leewarden, a former undercover cop turned barrister who specialises in international fraud investigations. From September 2010 to May 2011, Syed scammed close to $50 million from Australian and New Zealand businesspeople who had trouble getting finance in the wake of the 2007-2008 Global Financial Crisis. 'He used an opulent office in Bahrain to lure the victims,' said Van Leewarden, who has spent years in pursuit of Syed. From all accounts, Syed looked the part sitting at his polished desk, wearing a silk cravat, bejewelled fingers and surrounded by busts of horse heads. His company, Western Gulf Advisory (WGA), boasted that 'Mr Ali is a trusted adviser of royal individuals and families, high-profile luminaries and people of public importance'. He also claimed to have a family fortune of $8 billion to invest. The truth was far different. Syed was wanted in India over an immigration racket and, having moved to London, he fled from there in 2005 owing £7800 ($12,520) in rent, along with a string of unpaid bills. Three years later he set up WGA and began his scam, offering loans of up to $US200 million. However, borrowers had to stump up an establishment fee worth 1.6 per cent of the loan. The promised loans to his 23 victims never eventuated.
The Age
2 days ago
- The Age
The conman, the jet and the Australian developer who helped bring him down
Ahsan Ali Syed had all the trappings of wealth: a private jet, a luxury Swiss apartment overlooking Lake Lucerne, an opulent office in Bahrain and a top-tier Spanish football team, Racing Santander. But after a decade on the run, the jet-setting fraudster is behind bars in Switzerland, largely due to the efforts of Sydney property developer Keith Johnson and New Zealander Mark Van Leewarden, a former undercover cop turned barrister who specialises in international fraud investigations. From September 2010 to May 2011, Syed scammed close to $50 million from Australian and New Zealand businesspeople who had trouble getting finance in the wake of the 2007-2008 Global Financial Crisis. 'He used an opulent office in Bahrain to lure the victims,' said Van Leewarden, who has spent years in pursuit of Syed. From all accounts, Syed looked the part sitting at his polished desk, wearing a silk cravat, bejewelled fingers and surrounded by busts of horse heads. His company, Western Gulf Advisory (WGA), boasted that 'Mr Ali is a trusted adviser of royal individuals and families, high-profile luminaries and people of public importance'. He also claimed to have a family fortune of $8 billion to invest. The truth was far different. Syed was wanted in India over an immigration racket and, having moved to London, he fled from there in 2005 owing £7800 ($12,520) in rent, along with a string of unpaid bills. Three years later he set up WGA and began his scam, offering loans of up to $US200 million. However, borrowers had to stump up an establishment fee worth 1.6 per cent of the loan. The promised loans to his 23 victims never eventuated.
