Rolex, Cartier among Swiss Watch Leaders; Defying the Industry's Rising Costs and Fickle Consumer Behaviour

In a report compiled by Morgan Stanley and Swiss firm LuxeConsult, it was evidenced that despite a troubled economic climate for the watch industry, renowned watch brands such as Rolex, Cartier, Audemars Piguet, and Patek Philippe have made significant gains. 2025 saw the watch industry grappling with exemplary challenges including rising costs, fluctuating retail prices, and unpredictable customer behaviour.

The annual ‘Swiss Watcher’ report demonstrated a watch sector that is increasingly led by a handful of prominent brands. Gaining from the struggles of their competition, these leaders see rising sales while many others face decreasing revenue and squeezed profit margins due to the uptick in the value of the Swiss franc and record gold prices.

Simultaneously, other Swiss watchmaking champions like Cartier, as part of Richemont-owned jewelry, and family-owned brands like Patek Philippe and Audemars Piguet, also saw sizeable sales increments. These phenomenal privately owned brands contributed to nearly half of the overall market share.

Omega, alongside Rolex, Cartier, and Audemars Piguet, accounted for 55% of the industry’s sales in 2025, indicating a significant consolidation in the market. The Swiss watch industry volume has halved since 2011, marking a 51% decrease since the industry reached its volume peak.

The outlined trends and outstanding performances unravel the complexities of the luxury watch industry amidst financial fluctuations and shifting consumer interests.