New Morgan Stanley research reveals Rolex's unrivaled popularity as sales exceed $100 billion

A new Morgan Stanley study on the Swiss watch industry in 2023 has been released, confirming what we already know: Rolex will remain the undisputed leader among luxury watch brands, with sales of over $10 billion and a third of the total market share. Here's how the other top 50 brands fared.

Eight Swiss watch brands will achieve sales of over $1 billion in 2023

　For watch enthusiasts, research into the watch industry is always fascinating, like setting a pendulum clock: who is at the top, how many watches are produced each year, how much are sold, and so on.

　Of course, these figures are just predictions, but they are calculated by experts and are therefore credible.

　On February 28, 2023, a new report from Morgan Stanley announced that eight Swiss watch brands (seven in 2021) recorded sales of over $1 billion. Rolex led the pack, selling approximately 124 million watches and generating sales of over $10 billion.

　This represents a market share of approximately 30% and essentially one-third of all luxury watch sales. As renowned watch enthusiast Fabrice Luchini put it, it's "huge." No one is surprised by Rolex's status as a top brand, bearing the crown.

　Cartier follows, with annual sales of approximately 66 units and revenue of approximately $31 billion, and in 2021 had already overtaken Omega (annual sales of approximately 57 units and revenue of approximately $26 billion).

　Omega had long held the number two spot behind Rolex, but Cartier's departure from the number two spot in 2021 sent shockwaves through Switzerland. Cartier solidified its position with the success of a number of iconic models, including the Tank, Santos, and Panthère.

　Audemars Piguet remains in fourth place (annual sales of approximately 51,000 units, revenue of approximately $26 billion), and in 2021 it had already surpassed Patek Philippe (annual sales of approximately 70,000 units, revenue of approximately $2 billion) and Richard Mille (sixth place, annual sales of approximately 5600 units, revenue of approximately $15 billion). Audemars Piguet has achieved higher sales figures with approximately 51,000 units sold, fewer than Patek Philippe's approximately 70,000 units.

　It's important to remember that many of the flagship models from these three brands are no longer available in their own boutiques, and although prices on the grey market are declining, they still fetch high prices on the secondary market.

　Longines fell to seventh place, with annual sales of approximately 1.6 million watches and revenue of approximately $11 billion. The brand significantly increased its prices and maintained its position as the "driving engine" of the Swatch Group, but reduced its annual production by 200,000 watches compared to 2021.

　The final brand to surpass the billion mark is, of course, Vacheron Constantin, which maintains consistently high demand, selling around 35,000 watches per year and generating revenue of around $1.09 billion.

　Another standout in the report is Breitling's impressive growth, moving it from 11th to 9th place with annual sales of approximately 178,000 watches and revenue of approximately $870 million, displacing the Swatch Group's other "powerhouse," Tissot (annual sales of approximately 3.1 million watches and revenue of approximately $825 million).

　Breitling's performance is a testament to the excellent work of Georges Kern and his team. Breitling also recently acquired Universal Genève and was reportedly looking for another big name in the entry-level segment, priced lower than Breitling.

　IWC dropped two places to 11th (annual sales of approximately 137,000 units, revenue of approximately $726 million), placing it 3rd in the Richemont Group's sales rankings. Hublot is in 12th place (annual sales of approximately 52,000 units, revenue of approximately $670 million), maintaining its position and becoming the top-ranked brand within the LVMH Group, ahead of TAG Heuer, which is in 15th place (annual sales of approximately 390,000 units, revenue of approximately $615 million), having been 10th in 2021.

　Jaeger-LeCoultre maintained its 14th place position with annual sales of approximately 97,000 units and revenue of approximately 641 million yen. Hermès showed impressive growth in the watch category, climbing to 16th place (19th in 2021). Tudor is in 17th place, down two points compared to 2021. Panerai is also in the same position, dropping to 18th place.

　Bulgari and Chopard (excluding jewelry) come in at 19th and 20th respectively. These two brands have produced some excellent pieces in recent years, such as the Octo Finissimo and Alpine Eagle, and are well-deserving of a place in the top 20.

　Coming in at 21st place is Van Cleef & Arpels, down one point compared to 2021 and dropping out of the top 20. Chanel (22nd) is ahead of Blancpain (23rd), while Breguet, one of the big names in the Swatch Group, unfortunately drops six points compared to 2021 to 26th place.

　Piaget and A. Lange & Söhne are in 24th and 25th place respectively, while Franck Muller, which has made a comeback in the French market, is in 26th place, up two points from 2021. Montblanc (29th) has maintained a good position, staying far ahead of Hamilton (30th) and Mido (31st), and continues to offer products with good value for money.

　Zenith is ranked 34th with sales of approximately 35,000 watches, but lags far behind Louis Vuitton and Jacob & Co. (33rd, approximately 2750 watches), which continue to produce exceptional timepieces. FP Journe is also noteworthy for its remarkable growth from 50th to 37th in 2021, with sales of approximately $98 million.

　Girard-Perregaux, a subsidiary of Sowind, is ranked 40th, and Ulysse Nardin is ranked 41st, with estimated annual production of approximately 9500 and 7000 bottles, respectively.

　Independent watch brand Oris has dropped to 43rd place, below Baume & Mercier (42nd). Parmigiani Fleurier has made impressive progress, climbing to 46th, a great achievement for the team in recent years.

　Unsurprisingly, Bell & Ross also makes it into the top 50 at 49th place (down two points at approximately 13,600 units), with Greubel Forsey coming in at 50th place with approximately 255 units.