Rolex and Cartier: A Deep Dive on the Pains and Gains in Morgan Stanley's "Swiss Watcher" Report
The Morgan Stanley and LuxeConsult "Swiss Watcher" report reveals that major Swiss watch brands, including Rolex and Cartier, experienced sales and market share gains in 2025 despite challenges such as rising costs and changing consumer behavior. Rolex achieved a 4% increase in sales, surpassing CHF 11 billion for the first time, while also reducing production for the second consecutive year. The report highlights the dominance of a few leading brands, which collectively captured nearly half of the market share, as the luxury watch industry increasingly shifts towards premiumization. Independent brands like Patek Philippe and Audemars Piguet also performed strongly, with Richard Mille maintaining its position among high-end brands. However, the overall volume of Swiss watch sales has halved since 2011, indicating a trend where fewer luxury watches are produced at higher prices. Brands such as Tudor and IWC posted modest growth, while newcomers like Christopher Ward and Raymond Weil gained attention for providing strong value at more approachable price points. Additionally, Jacob & Co. emerged as the fastest-growing brand with significant sales increases, showcasing the evolving landscape of the luxury watch market.
