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In 2009, Jacques Séguéla, a prominent figure in French advertising, stated in a television interview that not owning a Rolex by the age of 50 signifies failure. This bold statement solidified Rolex’s reputation as a symbol of success in the capitalist world. However, what many don’t realize is that purchasing a Rolex means contributing to various charitable endeavors around the globe.
Before his death in 1960, Hans Wilsdorf, the childless founder of Rolex, transferred full ownership of the company to the foundation he had established 15 years earlier after his wife passed away. This foundation, under Swiss law, is classified as a charitable trust with no obligation to disclose its financials. However, it is required to operate as a non-profit organization and allocate funds to beneficial causes.
This unique structure allows Rolex SA, the parent company, to maintain an opaque nature, leading to ongoing speculation about its annual production (estimated to be over 1 million watches) and yearly turnover (estimated to exceed $9 billion in 2022). Nevertheless, it is evident that a significant portion of Rolex’s income is dedicated to philanthropic initiatives, making it one of the luxury goods industry’s most active contributors to charitable causes.
While other luxury groups like Richemont and LVMH have established foundations to support various causes, Rolex surpasses them in terms of the range and diversity of its charitable contributions. From funding rapid malaria testing in Africa to supporting scientific research on the Indian Ocean’s coral reefs, Rolex’s philanthropy spans across different corners of the world.
One of Rolex’s notable initiatives is the Awards for Enterprise program, introduced in 1976 to commemorate the 50th anniversary of the waterproof Oyster watch case. In addition, Rolex established the Perpetual Arts initiative, which aims to nurture talent in visual arts, music, architecture, cinema, and theater. This led to the creation of the Rolex Mentor and Protégé arts program in 2002, providing emerging artists with the opportunity to connect with established mentors in their respective fields.
Every two years, Rolex assembles an advisory board to select potential mentors and work on creating profiles for the desired protégés. Nominating panels for each discipline identify suitable candidates, and a shortlist is created. The mentors then choose their protégés for the following year. During the mentoring period, mentors interact with their protégés for a minimum of six weeks. Mentors receive around SFr100,000 for their participation and have the privilege of selecting a Rolex watch, while protégés receive approximately SFr40,000 along with additional funding for travel and materials.
The success of the Rolex Mentor and Protégé program was celebrated at a festival held in Athens, marking its 20th anniversary. The event brought together past protégés and mentors from seven different art forms. Performances and screenings showcased the talent and transformative impact of the program.
Rolex’s commitment to supporting artists and nurturing creative endeavors makes it a stand-out player in philanthropy within the luxury goods industry. As it enters the next 20 years, the Mentor and Protégé program is expected to evolve, adapting to the needs of the modern age while keeping in line with Rolex’s legacy of gradual progress.
In a similar vein, Louis Vuitton also made its mark in Athens with the launch of its fifth high jewelry collection, Deep Time. Inspired by the geological history of the planet, the collection was unveiled at the Odeon of Herodes Atticus, an ancient open-air theater near the Acropolis. The presentation was a mesmerizing display of the jewelry, with dancers and the audience occupying the centuries-old seats carved into the rock.
These events in Athens exemplify the influence of cultural cachet in the luxury industry. Brands like Rolex and Louis Vuitton go beyond creating exquisite products; they actively contribute to the realm of art and philanthropy, elevating their status and leaving a lasting impact on society.
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