London Jewelers opens Rolex boutique in East Hampton's Odd Fellows Hall

Amid a challenged luxury goods market, Manhasset-based London Jewelers has opened a new Rolex boutique aimed at luxury shoppers at the site of historic Odd Fellows Hall in East Hampton, the jeweler announced.

The new shop, in the two-story, 4,800-square-foot shingle style building at 28 Newtown Lane, will serve as “an elegant and intimate setting” to showcase Rolex’s high-end line of timepieces. The cottage space was previously occupied by French luxury brand Chanel, according to East Hampton Village property records. 

The property was built in 1897 for approximately $5,000, according to records from the state's Historic Preservation Office. 

“It is truly our greatest honor to be part of the Rolex family with the opening of this unique boutique in one of the most prestigious communities in the world,” Mark and Candy Udell, CEO and president, respectively, of London Jewelers, said in a joint statement announcing the opening.

“This moment marks a true milestone for us,” the husband and wife said.

Officials with both London Jewelers and Rolex could not be reached for additional comment on the boutique's opening. 

The market for luxury goods saw a major boom in the years immediately following the pandemic, but the demand for high-end goods this year has slowed, according to an analysis from McKinsey & Company, a Manhattan-based global management consulting firm.

From 2019 to 2023, unprecedented demand for luxury goods like clothing, leather goods, watches and jewelry led to an annual growth rate of 5%, according to McKinsey & Company. Over that period of time, profits for major luxury brands nearly tripled, though roughly 80% of that growth was due to price increases.

The industry is expected for the first time since 2016 to create less value this year than it did in the previous year, according to McKinsey.

"Growth in the overall luxury market has slowed," Neil Saunders, managing director of GlobalData, a retail analysis firm based in Manhattan, said in an email. 

"This is mostly because middle income consumers are cutting back because of higher prices and budget constraints," Saunders said. "That said, luxury jewelry has held up better than the wide segment."

"Many consumers see jewelry as an investment, so they are more willing to spend big on it as it’s a purchase they get a lot of use from over many years," he said.