(IDEX Online) - Rolex is to open three temporary factories by 2025 to cope with unprecedented demand for its luxury watches.The company, privately owned by the Hans Wilsdorf Foundation, currently produces just over 1m watches a year, but demand always outstrips supply. Last November it announced plans to build a new $1.1bn production site at Bulle, about 60 miles from its Geneva base, which will create 2,00o0 But that's not expected to open until 2029. In the meantime Rolex says it will open three facilities all in Fribourg, one of 26 cantons that make up Switzerland. Construction will begin later this year.Rolex had a turnover of almost $8 billion in 2021, according to Morgan Stanley.