Richard Mille Pricing Power

Richard Mill made his first watch in 2001. Rolex had been making watches since 1905. Rolex was legendary with scarcity, waiting lists and prestige. Richard Mill was not well known, yet he priced his watches higher than Rolex. A steel Richard Mill cost $50,000. A gold Rolex cost $15,000. No movement was better. No finishing more prestigious, but Richard Miller did something brilliant. He made watches for a different customer, not people who wanted a watch, people who wanted to signal they didn't care about status hierarchy. A Rolex says, "I have arrived." A Richard Millie says, "I'm beyond proving myself." It's anti-status status. He positioned himself as the watch for billionaires, top athletes and artists, people who don't read watch magazines, people who don't follow tradition.