Morgan Stanley's ranking of the top 20 Swiss watch companies for 2024 has just been released. The secrecy of the Swiss watch industry is something that will likely never change, and because of this, companies like Morgan Stanley come up with estimates to give us insight into market share, unit sales, revenue, and more.

This fiscal year 2023 chart is part of an in-depth report on the Swiss watch industry, co-authored by Oliver R. Muller of LuxeConsult and published annually by Morgan Stanley.

Credits: Morgan Stanley & LuxeConsult

The ranking of the best 20 Swiss watch companiesi by Morgan Stanley provides a good picture of what is happening at the top of the Swiss watch industry. It is a score for the best-selling watch brands in terms of revenue and units. Perhaps most importantly, it gives consumers, retailers and industry executives a general idea of ​​where major Swiss watch brands stand on an annual basis.


Rolex has reached a historic milestone by surpassing 10 billion Swiss francs in sales. This success is attributed to the brand's increased market share, highlighting Rolex's strong performance and dominance in the luxury watch industry.

In 2023, Rolex recorded a notable production of 1,24 million watches, generating sales amounting to 10,1 billion Swiss francs ($11,5 billion). This represents a 11% increase compared to the previous year, highlighting the significant growth and financial success of the brand.

Cartier is doing well and has seen a notable increase in revenue, significantly widening the gap between itself and Omega, which occupies the third position, despite Omega's hypothetical increase in sales thanks to the MoonSwatch.

Vacheron Constantin, the historic brand under the control of Richemont, has achieved a significant milestone by entering the prestigious 1 billion franc sales club for the first time.


The top 5, Rolex, Cartier, Omega, Audemars Piguet and Patek Philippe, remained in place, although number 2, Cartier, saw a huge increase in revenue, putting significantly more space between number 3 Omega, number 4 Audemars Piguet and number 5 Patek Philippe.

TAG Heuer, IWC, Hublot, Bulgari and Panerai all saw a decrease of one or two positions. Hermes moved up one position. And Blancpain, which was in 19th place last year, has dropped out of the top 20, replaced by none other than its entry-level brand Swatch, which ironically made a cheap plastic version of the Fifty Fathoms this year.

Rolex continues to be the market leader, with an estimated total market share of over 30%. Despite Omega's alleged increase in sales thanks to the MoonSwatch, the brand continues to hold the third position, after being ousted from the number 2 position by Cartier in 2020. Chopard continues to remain in 20th place.

In recent years, we've seen more product extensions than true innovation, coupled with massive price increases, which suggests companies are focusing on moving fewer products at higher prices, but that could slow sales of brands that have increased prices are too high compared to demand.

Source: LuxeConsult, Morgan Stanley Research.