Rolex becomes Formula 1’s worldwide partner and official timepiece in a $350m deal
In a move to prevent rival Omega from surpassing its leader position Rolex signs $350 million deal become Formula 1’s worldwide partner and official timepiece for 10 years. In April, Digital Luxury Group (DLG) released a report confirming that the gap between luxury watch makers Rolex and Omega had been getting smaller every year. The difference went from 8.4 percent in 2009 to a mere 2 percent in 2012.
In Brazil, one of the world’s most important emerging economies and the biggest market for F1 fans globally, the four most-searched-for timepieces are motorsport watches, with the Rolex Daytona coming in third and Omega’s Sea Master securing the fifth position according to the World Watch Report. Brazil’s importance is magnified by the fact that it is hosting 2014 World Cup and the 2016 Olympics. Omega has been a global Olympic games partner and in 2016, it will retain that position by being the official timekeeper at the Rio games.