Crime Surge: The Fear of “Rolex Rippers” Sparks a 40% Drop in Secondhand Watch Values
A wave of luxury watch muggings in London is instilling fear among wealthy owners, with the Bloomberg Subdial Watch Index reporting a staggering 40% decline in the value of secondhand watches since April 2022.
Major retailers like Watches of Switzerland witness a 53% share price drop, signaling collapsing demand for high-end timepieces.
Crime-Fueled Sell-Off: Wealthy Owners Ditching Watches Amidst London’s Luxury Watch Mugging Epidemic
Rolex Rippers Strike Fear: Crime Surge Contributes to Revenue Drop for Watches of Switzerland and Richemont
As London grapples with a surge in luxury watch muggings, dealers and experts acknowledge the impact on the market.
Watches of Switzerland sees a significant revenue downturn, and Richemont, owner of Cartier, reports a 17% decline in half-year sales.
The fear of becoming victims of “Rolex Rippers” is prompting owners to sell their prized watches, affecting the overall demand for high-end timepieces.
Undercover Operations Yield Arrests: Met Police Targets “Rolex Rippers” in London’s West End
Sting Operations: Metropolitan Police Crack Down on Watch Muggings, Resulting in Arrests and Convictions
Metropolitan Police take decisive action against the rising trend of luxury watch muggings. Undercover officers, posing as potential victims, conduct sting operations in London’s West End.
Two operations lead to 27 arrests and 21 convictions, with a notable decrease in incidents. Despite these efforts, concerns persist as muggings, especially targeting well-heeled victims, continue to rise.
Tourist Deterrence: Luxury Watch Muggings Triple in West End, Posing Threat to London’s Reputation
Crime Surge Threatens Tourism: Muggings Triple in London’s West End, Reflecting on Business and Community
The West End experiences a threefold increase in muggings, including luxury watch thefts, over the past two years.
The Heart of London Business Alliance reports a surge in thefts from a person, making up 60% of crimes in the area.
Rising crime rates not only threaten businesses but also impact the overall reputation of London, potentially deterring wealthy tourists.
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