Now selling at Sears: A $33,000 Rolex

The downtrodden retailer is trying to liven up its image with luxury goods. It's the latest sign of desperation from a company that has lost $4 billion in 2 years.

By Kim Peterson Jul 22, 2013 1:58PM
Rolex watches for sale on Sears website (© Sears Brands)Sears Holdings (SHLD) has a new strategy for getting out of its financial trouble: Selling $33,000 Rolex watches and other luxury goods.

It's a bizarre move for the retailer, one that is being championed by chairman and CEO Edward Lampert, The Wall Street Journal reports.

The items, which also include a $4,400 Chanel handbag and $445 Balenciaga sunglasses, can be found only on Sears' website -- normally a place you'd go to check out hydrostatic yard tractors, French-door refrigerators and gas ranges.

Why on earth would Sears add $600 boots to the mix? Because the company is desperate for a new, hip image. It's also a relatively easy move, since the items are sold by third-party vendors and are not in Sears' actual inventory. Sears gets a commission of up to 20% on anything sold, as well as a $40 monthly fee from the vendors, the Journal reports.

The $33,000 Rolex has the words "Yacht-Master II" engraved on it and is made of 18-karat white gold. It has a 10-minute regatta timer and is water resistant to 100 meters. It's being sold on Sears' site by a company called Bob's Watches.

Another Rolex, a $31,000 women's watch, is pre-owned and made of 18-karat rose gold.

But some shoppers are confused, the Journal reports. Some people are wondering whether the goods are fake, since Sears is not a place you'd normally go for Jimmy Choos.

Sears has lost more than $4 billion in the past two years. Now it's at the point where it's throwing anything it can at the wall to see what sticks.

More on moneyNOW



123Comments
Jul 22, 2013 2:50PM
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if you have that kind of money, you don't even know what Sears is.
Jul 22, 2013 4:59PM
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Buying a Rolex from Sears is almost as funny as buying a Rolex from a company called "Bob's Watches."
Jul 22, 2013 3:19PM
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So thankful that I do not own any stock in this company. 
Jul 22, 2013 2:53PM
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Growing up with this company, and honestly, at this point, I don't understand what they are doing as a company.  Although I have worked in retail a little bit, I am convinced I could do a better job of steering the company out of the sinkhole it keeps digging for itself.  So many people can see how dingy and dull the stores are when you look around.  This is not rocket science.  The shelves are disorganized, and very unappealing.  I guess we'll all just be watching this thing ultimately sink into history, and it will have no one to blame except a CEO that thinks thirty thousand dollar Rolex watches are the fix.   It is so terribly believable in this day and age.
Jul 22, 2013 3:03PM
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Now the CEO can slip a $33,000 watch in his pocket.
Jul 22, 2013 3:06PM
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Sears died years ago as a result of one thing: poor, poor, poor customer service.  Sears was already cutting labor 20 years ago.  Even at that point, it was a totally different store from what it had been 10 years before that.  And current Sears employees are the most miserable on the planet.  It has now gone the way of (at least two) US automakers.  Failure to recognize and correct this fundamental shortcoming lead to its death.  30 years later: here we are.  It may be a slow death, but death nonetheless. 
Jul 22, 2013 5:01PM
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Signs of a company without an identity.  This is why they have no customer base.  When was the last time you said, "I need to go to Sears"?
Jul 22, 2013 4:32PM
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Maybe $4.99 for vacuum cleaner bags, but I would NOT make that type of purchase from Sears in person, let alone online.  I recently needed a part for my old Kenmore gas dryer.  Spoke to their online people, gave them their own part number, and was sent a picture of a drive belt for a washing machine, which was not bad enough, then I asked for a nearby store (Las Vegas and gave them my zip code) to go to and check the part, was given an address of the nearest part store in Philadelphia.   If Sears want to improve their image, how about improving customer service, competency and treating customers like they are valued instead of treating us like we are bothering them......
Jul 22, 2013 4:55PM
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By the way. When a person buys a Rolex, they do NOT want to go to a party and someone say, "Oh what a beautiful Rolex." and they reply, "Oh yeah, I got it at Sears."
Jul 22, 2013 3:25PM
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How stupid does someone have to be to spend 30 grand for a watch?
Jul 22, 2013 3:02PM
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Better check it real good & make sure "Rolex" is spelled right & it is not a knock off.  I for one only buy their Craftsman tools and lately the quality of that is getting worse.  If I will buy a $33,000 Rolex it surely will not be at Sears as their jewelry department looks like the goods came out of a .25 cent gumball machine and the salesperson is probably dumber than $hit.
Jul 22, 2013 4:09PM
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my daughter spent days trying to buy a washer/dryer from sears. it took 3 trips and 11 phone calls to get it done. mr lampert must have a substance abuse issue, because sears is unable to function normally
Jul 22, 2013 3:56PM
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sounds like a pawn shop....   
Another Rolex, a $31,000 , is pre-owned and made of 18-karat rose gold.

Jul 22, 2013 2:36PM
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Sears isn't WORTH $33,000. Worst retailer in America.
Jul 22, 2013 4:03PM
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People buy them because they can! Sears should have learned from VW, and their success with the Phantom! People spending on high end items, want all of the " Du Jour that goes with it "

Sorry, Sears you just aren't part of it!

Jul 22, 2013 3:54PM
Jul 22, 2013 3:54PM
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Isnt Sears aimed at the (very few left) middle class? Where an Earth is the disappearing monetary back bone of this country suppose to come up with the cash for this?
Jul 22, 2013 4:42PM
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And I was just on my way out the door to buy a $33,500 Rolex at my local jeweler. Now I can stay home, have a beer and web-surf. And saved $500 to-boot! Thx, Sears!!!!!!
Jul 22, 2013 3:34PM
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Don't believe this is the missing link!
Jul 22, 2013 5:46PM
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I miss the Sears of old. I LOVED their catalog shopping. I looked forward to filling out my Christmas wish list from the "WISH BOOK" . Their problem is that they did not grow and adapt to changing markets. People want to go to a store that is well lit and is merchandised to have some appeal. They lost track of this. All of their stores in my area are dingy and poorly stocked and displayed. Maybe it is time for Sears to go.
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