Rolex ranked No. 1 in Morgan Stanley and LuxeConsult’s 2023 estimate of Swiss watch-company sales. The ranking is an industry estimate, not audited brand-level financial reporting. It shows an intensely polarized market: a handful of luxury names capture most of the value, while Swatch Group dominates accessible and mid-priced volume.
What the Morgan Stanley ranking measures
Swiss watch brands rarely publish complete, comparable sales figures. Morgan Stanley and LuxeConsult therefore estimate brand turnover, retail-market share and, in some cases, unit sales. These figures should not be read as audited accounts or as official disclosures from the companies.
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Swiss watch exports reached a record CHF 26.7 billion in 2023, covering 16.9 million watches. The estimated sales of the 50 largest brands were about CHF 36 billion, versus an estimated total retail-market value of roughly CHF 50 billion. Export value and retail sales are different measures, so they should not be added together.
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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →The ranking reproduced in 2024 coverage by Tatler Asia presents the first 20 brands. The publicly available text does not reproduce every row through No. 50, so the table below is the published top 20 rather than a fabricated transcription of all 50 positions.
#1 Best Overall
- Case Size: 40.00 mm, Band Width: 12, Case Thickness: 10.93 mm
- Automatic movement, 316L stainless steel case, Index dial type, Date
- Stainless steel strap/bracelet, interchangeable quick release bracelet,butterfly clasp with push-buttons closure
- Water-resistant up to a pressure of 10 bar (100 m / 330 ft)
- 2 Year International Warranty
The published top 20 Swiss watch companies
| Rank | Company or brand |
|---|---|
| 1 | Rolex |
| 2 | Cartier |
| 3 | Omega |
| 4 | Audemars Piguet |
| 5 | Patek Philippe |
| 6 | Richard Mille |
| 7 | Longines |
| 8 | Vacheron Constantin |
| 9 | Breitling |
| 10 | Tissot |
| 11 | IWC Schaffhausen |
| 12 | Hublot |
| 13 | Swatch |
| 14 | Jaeger-LeCoultre |
| 15 | TAG Heuer |
| 16 | Hermès |
| 17 | Tudor |
| 18 | Officine Panerai |
| 19 | Bulgari |
| 20 | Chopard |
Rolex and the concentration of value
Rolex was estimated at CHF 10.1 billion in 2023 retail sales, making it the first Swiss watch brand placed above the CHF 10 billion threshold. Its estimated 30.3% retail-market share is unusually dominant for a luxury brand in any category.
The four privately owned brands known as the Big Four—Rolex, Patek Philippe, Audemars Piguet and Richard Mille—were estimated to hold 43.9% of the market. A different four-brand grouping—Rolex, Cartier, Omega and Patek Philippe—accounted for 50.2% of Swiss watch sales. Thirteen brands represented 75% of sales, and 25 brands represented 90%.
Rank #2
- COSC Certified Chronometer
- Case Size: 39.00 mm, Band Width: 20 mm, Case Thickness: 10.98 mm
- Automatic movement, 316L solid stainless steel bracelet, Roman dial type, Date
- Water-resistant up to a pressure of 10 bar (100 m / 330 ft): suitable for short periods of recreational swimming and showering, but no diving or snorkeling.
This concentration helps explain why rank does not simply track production volume. High-priced watches generate a disproportionate share of industry value, while large-volume brands can rank lower despite selling many more pieces.
Notable estimates inside the top 20
- Vacheron Constantin: estimated sales of CHF 1.097 billion, up 18%, making it the eighth brand valued above CHF 1 billion.
- Tissot: estimated sales of CHF 825 million, with the PRX collection central to its recovery.
- Swatch: estimated sales of CHF 660 million, up 63% year over year.
The year-over-year changes are estimates for the brand, not reported consolidated results for the parent group.
Rank #3
- Swiss Made Watch
- Movement: Automatic MIDO caliber with Day/Date calendar - Power reserve 80 hours
- Case Type: 41mm Diver-style stainless steel case with silver rotating bezel - Capable of withstanding pressures of up to 20 bar (200 m/660 ft), and equipped with a screw-down crown, this watch offers optimal protection against water. Case Thickness: 11.7mm
- Dial: Blue with grained finish, polished nickelled indexes coated with white Super-LumiNova, day and date at 3 o’clock. Sand-blasted flange with minute indication. Crystal: Sapphire crystal with double sided anti-reflection treatment Crystal: Sapphire crystal with double sided anti-reflection treatmentCrystal: Sapphire crystal with double sided anti-reflection treatment.
- Band Type: Satin-finished stainless steel bracelet with polished central link. Folding clasp with diving extension and engraved MIDO logo. MIDO quick-change system.
Why Swatch rose in 2023
MoonSwatch created unusual scale
The Omega x Swatch MoonSwatch collaboration was estimated to have sold more than two million units. That volume helped the Swatch brand reach its estimated CHF 660 million in sales and made the collaboration the clearest product-level explanation for Swatch’s jump in the ranking. Availability varied by market, and buyers should verify authenticity and current availability when purchasing.
Tissot benefited from a different recovery
Tissot’s estimated CHF 825 million came after a PRX-led recovery. Unlike MoonSwatch, this was a broad brand-performance story tied to a core collection rather than a single cross-brand launch.
Rank #4
- Case Size: 40.00 mm, Band Width: 20 mm, Case Thickness: 10.23 mm
- Automatic movement, leather strap, Index dial type, Date
- Water-resistant up to a pressure of 5 bar (50 m / 165 ft): suitable for short periods of recreational swimming and showering, but no diving or snorkeling.
Premiumization explains the revenue gap
Watches priced above CHF 25,000 generated an estimated 69% of industry growth and 44% of Swiss export value, while accounting for only 2.5% of unit volume. In other words, a small number of high-ticket watches drove much more revenue than their unit count would suggest.
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At the accessible and mid-market end, Swatch Group was estimated to control 72% of volume. The result is a two-speed industry: haute horlogerie and top luxury brands dominate value, while Swatch Group supplies much of the physical volume.
Best Value
- COSC Certified Chronometer
- Case Size: 39.00 mm, Band Width: 20 mm, Case Thickness: 10.98 mm
- Automatic movement, 316L solid stainless steel bracelet, Roman dial type, Date
- Water-resistant up to a pressure of 10 bar (100 m / 330 ft): suitable for short periods of recreational swimming and showering, but no diving or snorkeling.
Independent brands entering the top 50
The ranking also recorded a breakthrough for independent watchmaking. F.P. Journe, H. Moser & Cie. and Greubel Forsey appeared in the top 50 for the first time in this ranking series.
| Rank | Brand | Estimated 2023 sales |
|---|---|---|
| 37 | F.P. Journe | CHF 98 million |
| 38 | H. Moser & Cie. | CHF 93 million |
| 49 | Greubel Forsey | CHF 50 million |
Those figures remain tiny beside the leaders: the aggregate sales of roughly 40 independent brands were estimated at under 2% of industry turnover. Their presence nevertheless indicates that scarcity, distinctive design and collector demand can produce meaningful scale without conglomerate ownership.
How to read the list
- Rank means estimated sales value, not watch count. A haute horlogerie maker can outrank a much higher-volume brand.
- Ownership matters. Private luxury houses, conglomerate brands and independent makers operate with different disclosure practices and distribution models.
- Growth and size are separate signals. Swatch’s 63% estimated increase shows momentum, but Rolex’s scale remains in another category.
- The market was still demand-led at the top. Contemporary coverage of the report described desirability as near an all-time high, with waiting lists lengthening further.
The most defensible conclusion is that 2023 was not a level playing field across Swiss watches. A few private luxury brands captured most of the money, premiumization amplified the value of expensive pieces, and Swatch Group retained the broadest volume reach.
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