2024-03-01 07:56:31
According to an estimate by Analysteb, the watch manufacturer Rolex exceeded the $10 billion mark in sales for the first time last year. In the luxury watch segment, no one can hold a candle to the Geneva-based company.
Rolex remains undefeated and can continue to expand its market share in the luxury watch segment. This is the conclusion of a study by Morgan Stanley on the high-priced timepiece segment.
Analysts estimate that Rolex’s sales exceeded $10 billion in 2023 for the first time, according to the news agency, among others «Bloomberg» (article subject to payment) reported.
Sales increase of 11 percent
The industry is very cautious when it comes to publishing figures. So does Rolex. The US bank’s analysts agreed with the Swiss company in their estimate Luxeconsult worked together. Rolex is assuming 1.24 million watches produced and sales of 10.1 billion francs. This is an increase of 11 percent compared to the previous year.
Rolex has thus further cemented its dominant position in its traditional market segment. Rolex’s current market share is “unprecedented” at around 30 percent.
Dominante Position
“No other luxury brand can claim such a dominant position in their respective sector,” says the market analysis. The Rolex brand “remains the undisputed No. 1 in the luxury watch industry with higher sales than the five following brands Cartier, Omega, Audemars Piguet, Patek Philippe and Richard Mille combined,” the study continued.
In the Swiss luxury watch segment, there are only a handful of brands that achieve annual sales of more than 1 billion francs. Last year, the Richemont brand Vacheron Constantin is said to have entered this area for the first time.
To the stars with “Moonswatch”.
The study also contains estimates for the mass market. Sales by the Swiss watch manufacturer Swatch are estimated at 5.8 million units. Two million of these went to the “Moonswatch”, which was launched in cooperation with the Omega group brand. This made Swatch the fastest growing brand last year.
(Bild: Swatch)
Swatch published key figures at the end of January. In 2023, sales rose by 5.2 percent to 7.9 billion francs and net profit increased by 8.1 percent to 890 million francs. However, the Swiss fell short of market expectations, which led some analysts to downgrade their price targets for the group’s shares. The already tense relationship between Swatch and market observers has not improved.
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