Shark Tank judge Sabri Suby reveals ‘ridiculous' part of his worldwide search for a coveted Rolex watch
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 7NEWS.com.au.
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 7NEWS.com.au.
'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.
7NEWS.com.au 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.
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