Rolex Achieves Historic Milestone with Sales Surpassing $10 Billion
According to Morgan Stanley, Rolex has achieved a groundbreaking milestone by surpassing $10 billion in sales for the first time. The renowned Swiss luxury watchmaker boasted production figures of 1.24 million timepieces in 2023, generating sales totaling 10.1 billion Swiss francs ($11.5 billion).
This remarkable achievement marks an impressive 11% increase from the previous year, as highlighted by analysts from Morgan Stanley and LuxeConsult. They emphasized that Rolex’s current market share level is unparalleled in the industry, reaching an unprecedented 30% in the retail sector.
Renowned for iconic models like the Daytona, Submariner, and Datejust, Rolex has solidified its position as the undisputed leader in the luxury watch market. The brand’s dominance is evident, with its sales surpassing those of esteemed competitors such as Cartier, Omega, Audemars Piguet, Patek Philippe, and Richard Mille combined.
In comparison, Louis Vuitton, a heavyweight in the luxury handbag segment, held approximately 19% of the market share last year, according to analysts.
The Swiss luxury watch industry remains largely controlled by a select few brands with annual sales exceeding 1 billion francs. Vacheron Constantin, under the umbrella of Richemont, joined this prestigious club in 2023, achieving 1 billion francs in sales for the first time.
Conversely, Swatch Group AG’s eponymous brand experienced notable success with its MoonSwatch models, selling over 2 million units in 2023. The collaboration with Omega propelled Swatch to become the fastest-growing watch brand for the second consecutive year, with a total of approximately 5.8 million watches sold at an average price of 141 francs.
While the figures provided by Morgan Stanley and LuxeConsult are estimates, the resounding success of Rolex and other Swiss watch brands underscores the enduring appeal and resilience of the luxury timepiece market.
