Swiss Watch Market Analysed: Rolex and Cartier Setting the Trend, Says Morgan Stanley's Report

The Swiss watch industry, a benchmark for luxury and precision, experienced notable finetuning in 2025. Brands including Rolex, Cartier, Audemars Piguet, and Patek Philippe emerged as market champions, flourishing despite the prevalent challenges. Their triumphs surfaced in the wake of increasing retail prices, fickle customers, and higher costs. This narrative was encapsulated in the ninth annual ‘Swiss Watcher’ report by Morgan Stanley and LuxeConsult.

The study delves into the estimated sales and production volumes of Swiss watch brands. The data depicts a sector where supremacy is concentrated to a handful of brands, seizing share from a mass of competitors. These underperformers are yielding to the war pressures of rising Swiss franc value, skyrocketing gold prices, and demand inconsistencies.

The report shed a positive light on Cartier’s Swiss watchmaking division and independent brands like Patek Philippe and Audemars Piguet. These brands successfully drove sales, leveraging brand equity, pricing power, and supply control. Furthermore, the luxury branch, Richard Mille, maintained its figurehead status with an estimated CHF 1.75 billion in sales of approximately 6,000 watches.

The strength of these privately owned Swiss brands culminated in a swelling market share, reaching a collective 49%. These brands’ share has grown significantly from 37% in 2019 to half the market in 2025.

Supplanting Patek and Richard Mille with Cartier and Omega reveals a significant market portrait. This quartet, Rolex, Cartier, Audemars Piguet, and Omega, account for around 55% of industry sales. Interestingly, Cartier is a unique situation within a publicly-listed luxury group, impressively balancing accessibility and price.