Here We Are With The 2023 Performances of Rolex and the Other 50 Largest Swiss Watch Brands

In 2023, the Swiss watch industry hit record highs despite global economic challenges, with Rolex leading the pack, surpassing CHF 10 billion in revenue. According to Morgan Stanley and LuxeConsult's report, the Swiss watch industry saw exports rise by 7.6%, reaching CHF 26.7 billion for 16.9 million watches.

Swiss watch brands: Morgan Stanley’s estimates of the top 50 brands’ turnover and retail/wholesale values in 2023 – Source: LuxeConsult, Morgan Stanley Research estimates. This chart cannot be reproduced without Morgan Stanley’s express authorization

The top 50 Swiss watch brands amassed an estimated CHF 36 billion in sales, rebounding from the 2020 downturn, with a total market retail value of approximately CHF 50 billion. Notably, the 'Big 4'—Rolex, Patek Philippe, Audemars Piguet, and Richard Mille—maintained strong performance, with Rolex leading with a 30.3% retail market share.

Rolex's revenue exceeded CHF 10 billion, making it the first Swiss watch brand to cross this milestone. Despite challenges, Rolex increased its output of popular models like the Submariner, reducing waiting lists moderately. However, its sister brand Tudor faced slower sales.

Ranking of the Top 20 Swiss watch brands by sales since 2017 – Source: LuxeConsult, Morgan Stanley research. This chart cannot be reproduced without Morgan Stanley’s express authorization

Estimated market share by brand in 2023 (retail value) – Source: LuxeConsult, Morgan Stanley Research estimates. This chart cannot be reproduced without Morgan Stanley’s express authorization

Other insights from the report include Vacheron Constantin joining the billion Swiss francs club and maintaining its position as the 8th Swiss watch brand. Within the Richemont Group, brands like A. Lange & Söhne and Van Cleef saw growth, while others like IWC and Panerai faced declines.

Estimated retail market share by group in 2023 – Source: LuxeConsult, Morgan Stanley Research estimates. This chart cannot be reproduced without Morgan Stanley’s express authorization

Overall, the Swiss watch industry's polarization continued in 2023, with larger brands gaining market share. Despite challenges, the industry demonstrated resilience and adaptability, showcasing steady growth and innovation across various segments.