Morgan Stanley Bank, in partnership with consultancy firm LuxeConsult, unveils the list of the 50 most powerful brands in the industry.
Par Arthur Frydman
© ©Rolex/Alain Costa
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Ln April 2 in Geneva, the Watches & Wonders fair, the world’s largest watch fair, closed its doors. In total, nearly 50 influential houses and manufacturers unveiled their latest novelties there, to the delight of the press, retailers and also the public, a first. This high mass of watchmaking once once more proves the vitality of a booming industry with almost insolent growth. It was in the shelter of the hushed stands of the event that the latest report from the Morgan Stanley bank was unveiled, jointly drawn up with the meticulous assistance of Olivier R. Müller, watchmaking expert and founder of the consultancy firm LuxeConsult.
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A dreaded but referential report
A study that is still eagerly awaited but often criticized by the luxury watch sector, which cultivates discretion and absolute secrecy. However, the analysis of these figures, which in the past remained the preserve of the Zurich bank Vontobel, is now a reference in the eyes of many investors.
In practice, and with the help of export statistics from the Swiss Watch Federation, public information from listed companies and interviews with industry players, the survey provides information on the market shares of each manufacturer by scrutinizing with a magnifying glass the turnover, the number of pieces exported or even the average price per watch.
Top trio: Rolex, Cartier and Omega
With regard to exports of Swiss Made watches, these once more broke records in 2022 with a total of 23.7 billion Swiss francs, i.e. an unprecedented growth of 11.6% compared to the year 2021 and 15.5% compared to the years marked by the pandemic.
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Within the very closed club of billionaires, the first four places do not move. Unsurprisingly, Rolex holds the upper hand and consolidates its supremacy as the largest luxury watch brand in the world with growth in value estimated at 21% of its turnover. According to the report, for the brand at the crown, “ the next threshold will be the magic turnover of 10 billion Swiss francs, which will put the brand on the level of luxury überbrands such as Gucci ».
Cartier, Omega and Audemars Piguet follow. The latter, which celebrated the 50th anniversary of its emblematic Royal Oak in 2022, achieved growth of 72% by crossing the threshold of 2 billion Swiss francs for the first time in its history. Note the misstep of the house of the Swatch Group Tissot. It lost 12% of its sales and left the Top 10 manufacturers whose turnover exceeds one billion Swiss francs. This, in part, because of its reliance on the weak Chinese market. For the same reason, Longines also lost two places in the ranking. Finally, Breitling and Vacheron Constantin are the newcomers. The former is posting uninterrupted growth of +25% while the latter – the third Richemont group brand to be in the Top ten following IWC and Cartier – has been able to ride the wave of demand for luxury sports watches, its Overseas becoming a highly sought-following watch.
