Chrono24 Report: Impact of 'Pepsi' Discontinuation on Rolex. April ChronoPulse Watch Index Dips 0.4% as Brand Divergence Widens

Chrono24, the world's leading online marketplace for luxury watches (HQ: Karlsruhe, Germany; CEO: Jose Gastel), has released its April data via its watch price index tool, ChronoPulse.

Following six consecutive months of growth, the index recorded 1,430 in April, a month-on-month decrease of 0.4%. This slight decline was primarily concentrated in brands that saw significant gains in Q1, such as Cartier (-5.8%), Vacheron Constantin (-5.4%), and Panerai (-6.4%). However, the long-term outlook remains positive, with the index up 4.8% over the last six months and 2.1% year-over-year.

In contrast, Tag Heuer (+3.2%) and Omega (+2.8%) defied the general trend with positive monthly movement. Rolex remained flat. Over a six-month horizon, Tag Heuer recorded the strongest performance at +9.0%. Among the 'Big Four' brands, Patek Philippe led with +7.0%, followed by Rolex (+5.5%) and Cartier (+3.9%).

Meanwhile, Audemars Piguet showed a different trajectory, being the only brand among the Big Four to record a negative six-month trend (-1.4%), with slight declines in both monthly (-0.8%) and annual (-0.1%) figures.

### Featured Brands in April

- **Tag Heuer (+3.2% MoM, +9.0% 6-month)**: Recorded the best performance across both monthly and six-month periods. This strength is driven by increased demand across the entire lineup rather than specific models. The rise of Tag Heuer, which offers watches at more accessible price points, signals that market activity is expanding beyond the highest price tiers. - **Omega (+2.8% MoM, +3.5% 6-month)**: One of only two brands in positive territory for April. Consistent demand is reflected in the nearly identical six-month and year-over-year growth figures. - **Patek Philippe (-0.7% MoM, +7.0% 6-month)**: While cooling from its double-digit pace in March, it remains the market cornerstone. All 11 references in the ChronoPulse index recorded gains over the last six months. Notably, the Aquanaut Ref. 5167A-001 is up 21% YoY, and the Nautilus Ref. 5712/1A-001 gained 12.2% in the last six months alone.

### Brands Recording Declines

- **Panerai (-6.4% MoM, -4.7% 6-month)**: The worst performer in both monthly and six-month periods. Within the luxury sports watch category, brands other than Rolex and Audemars Piguet continue to face downward pressure. - **Cartier (-5.8% MoM, +3.9% 6-month)**: Retreated after a strong Q1. However, demand remains varied by model; for instance, the Santos Ref. WSSA0039 surged 19.2% over the last six months. - **Hublot (-3.2% MoM, -3.6% 6-month)**: Recorded losses in both monthly and six-month metrics, indicating continued low demand.

### Impact of the 'Pepsi' Discontinuation on Rolex Price Index

The most significant market driver in April was the Rolex GMT-Master II 'Pepsi' (Ref. 126710BLRO). Chrono24 observed two major waves of activity. The first was triggered by discontinuation rumors in early March, with purchase inquiries jumping 500% over the 2025 weekly average while listings dropped 25%. The second wave occurred in mid-April when Rolex officially announced the discontinuation at Watches and Wonders, again driving inquiries over 500% above average. The official announcement cemented the demand spike, with significant changes also noted in the white gold model (Ref. 126719BLRO).