Morgan Stanley and LuxeConsult release an annual report on the state of the Swiss watch industry, ranking the top 50 Swiss watch companies each year. Rolex once again emerges as a big winner, with a revenue growth of 9%, making it the first company to surpass 10 billion francs in revenue, far ahead of the second-placed Cartier, which has over 3 billion francs in revenue. Rolex’s share of the global retail market reaches as high as 30%, highlighting the increasing polarization in the luxury watch market, more pronounced than ever. Thirteen brands account for 75% of Swiss-made watches’ total sales, while 25 brands dominate 90%.
Rolex’s 30% market share is even greater than the combined total of the next five largest brands: Cartier (8%), Omega (7%), Patek Philippe (6%), Audemars Piguet (5%), and Richard Mille (3%). However, in terms of growth rate, the largest increase in 2023 was seen by Swatch. Since the launch of the MoonSwatch in 2022, it has been the fastest-growing Swiss brand for two consecutive years. Swatch’s revenue surged by 63% last year, reaching 660 million francs. Sales have more than doubled since 2021, when annual sales were only 214 million francs.
