Morgan Stanley/LuxeConsult: Watch Report 2025 – Four manufacturers dominate the Swiss watch industry

Morgan Stanley’s annual report on the state of the Swiss watch industry, which is compiled with the support of the Geneva-based consulting firm LuxeConsult and is based on sales estimates for 50 Swiss watch brands, is eagerly awaited each year and receives a great deal of attention within the industry.

Morgan Stanley/LuxeConsult has now published its report on the state of the Swiss watch industry for 2025, which shows a decline in export figures for the second time (-1.7 percent compared to 2024).

“2025 was a year of uncertainty – and required agility, discipline, and strategic clarity from CEOs across the Swiss watch industry,” summarizes Oliver Müller, industry expert and owner of LuxeConsult, on his LinkedIn account, listing ten insights from the latest report.

• Structural polarization continues to increase: Switzerland's four largest private watch brands – Rolex, Patek Philippe, Audemars Piguet, and Richard Mille – increased their combined market share by 2.2 percentage points and now hold 49.1 percent of the market. This means that these four manufacturers now dominate half of the Swiss watch industry.
• The dynamics in the luxury segment are changing the rankings: Omega fell two places to fifth, overtaken by Audemars Piguet (third) and Patek Philippe (fourth). This underscores the continued strength of the ultra-luxury segment.
• The "billionaire club" now has only six brands: Longines has dropped out, as its sales fell by 18 percent compared to the previous year to CHF 920 million.
• Rolex: The undisputed market leader: Rolex exceeded CHF 11 billion in wholesale sales and gained 100 basis points of market share, consolidating its structural dominance despite economic challenges.
• Cartier – outstanding among publicly traded companies: Cartier consolidated its position as number two with a market share of 8.7 percent (+70 basis points) compared to 5.7 percent in 2019 – a remarkable growth of 300 basis points.
• Richemont – Portfolio divergences: The Specialist Watchmakers business segment recorded a decline of 56 basis points compared to the previous year (currently -273 basis points compared to 2019). IWC, on the other hand, achieved growth of 5% compared to the previous year. At the group level, including Cartier, Van Cleef & Arpels, and Montblanc, market share remained virtually unchanged at 17.6%. This trend was driven primarily by the high-growth jewelry segment (Cartier +10%, VCA +13%).
• Swatch Group – structural pressure continues: Swatch Group was once again the largest market share contributor in the industry (-216 basis points to 16.1%). Since 2019, the cumulative market share loss has been around 1,029 basis points. Omega (-8% year-on-year) continued to lose market share (-60 basis points), particularly to Rolex.
• Premiumization continues to accelerate: watches priced above CHF 50,000 now account for 37.3 percent of export value and contributed 89 percent of total growth in 2025, even though they represent only 1.4 percent of sales volume. Value creation is increasingly concentrated in the high-end segment.
• Independent brands continue their success: As in previous years, Rolex, Patek Philippe, Audemars Piguet, and Richard Mille once again recorded the largest gains in market share.
• LVMH – limited size in the Swiss watch industry: LVMH remains the sixth-largest Swiss watch group with a market share of 5.25 percent (-16 basis points). The pure watch brands all recorded declines: TAG Heuer (-2%), Hublot (-7%), and Zenith (-15%).