In their annual report published on February 28, Morgan Stanley and LuxeConsult revealed some impressive news for Rolex in 2023. For the first time, the iconic Swiss watch brand has exceeded $10 billion in sales.
In an annual report published on Wednesday February 28, US bank Morgan Stanley and luxury watch industry consultancy LuxeConsult reveal that Rolex achieved a historic milestone in 2023.
The study, entitled “Swiss watch industry’s top 50 companies for 2023”, reports that the iconic Swiss watch brand exceeded $10 billion in sales for the first time in 2023, reaching 10.1 billion Swiss francs (10.5 billion euros).
This represents an 11% increase over 2022, analysts from Morgan Stanley and LuxeConsult noted, adding that Rolex’s current level of market share is “unprecedented”.
The Rolex brand “remains the undisputed number one in the luxury watch industry, with sales exceeding those of the next five brands, Cartier, Omega, Audemars Piguet, Patek Philippe and Richard Mille, combined”, they add.
This remarkable performance positions Rolex as the dominant brand in the luxury watch sector, with a market share in excess of 30%.
The rest of the ranking
Other Swiss watch brands also recorded strong performances. Eight Swiss watch brands are billionaires in sales, up from seven in 2021.
Cartier took second place, just after Rolex, with sales of 3.1 billion Swiss francs (3.2 billion euros). In third place came Omega with just over 2.6 billion Swiss francs (2.7 billion euros). Audemars Piguet, maintained in fourth place, achieved sales of 2.6 billion Swiss francs (2.7 billion euros), while Longines slipped to seventh place in the ranking, with sales of 1.1 billion Swiss francs (1.14 billion euros).
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Featured photo : © Rolex
