During what turned out to be the final press event before 2020’s first lock down, Watches of Switzerland presented a slide showing over half its turnover coming from Rolex sales.

Since then, the group no longer talks about Rolex in isolation, but groups it within what is described as “supply-constrained brands”, meaning there is a bit of Audemars Piguet and a bit of Patek Philippe in there.

But, be under no illusion, Watches of Switzerland Group’s future remains heavily dependent on a predictable and generous supply of watches from Rolex and, while there is no suggestion that allocations will not be maintained, there is a question mark over whether they will increase at the pace required to double group sales to £3 billion in 2028.

That may explain why there is considerable energy going into diversifying and de-risking the group’s exposure to Rolex while at the same time giving itself the best possible chance of securing more stock.

If you pick through the details of its newly-released five year plan, you discover that a lot of energy is going into underdeveloped parts of its business.

Luxury branded jewellery, for example, is described as “currently underdeveloped”, and is targeted with long-term double-digit growth.

The group’s rapid and continuing roll-out of monobrand watch boutiques is also identified as a part of the business that could benefit from “productivity enhancements”.

Its biggest opportunity is likely to be in pre-owned watches, a category almost entirely ignored until 2018, when it started working with Analog:Shift, and subsequently bought the company in 2019.

By 2028, second hand Rolex watch sales are expected to be equal to 20% of new Rolex sales in the US and 10% in the UK, the company states.

In addition to Rolex CPO, Analog:Shift will run the used watch trading business for all other brands on both sides of the Atlantic, and is expected to deliver growth in the category of more than 35% and 25% in US and UK respectively over five years.

Watches of Switzerland Group remains, at heart, a multibrand luxury watch showroom business, and its showrooms perform best when Rolex is the anchor brand.

It is interesting to see the group experimenting with a new jewellery-only Mappin & Webb showroom and an AP House opening in Manchester, but the locomotive that will drive the greatest growth will be dark green with Rolex emblazoned on its side.