Millennials are turning away from status symbol watches says Mr Porter managing director

Rolex may not need to panic, yet, but its dominance may be dented in the coming years as millennials take a different approach to watch buying than their parents. This is the view of Mr Porter managing director Toby Bateman, who overseas one of the world’s biggest ecommerce sites for men’s fashion and accessories. Mr Porter is part of Yoox Net-A-Porter Group, which is now owned by Richemont. Story continues below Advertisement Rolex and Patek Philippe are the biggest watch brands in the world that do not yet allow their authorised dealers to sell online This approach has clearly done the brands no harm in the UK (Rolex sales were up by 28% in the first quarter of 2018 and Patek Philippe sales rose by more than 9% in 2017 to £155 million — wholesale — in the UK last year), but younger customers may not be as loyal in the future. “Just because the . Source