Morgan Stanley's latest report on the Swiss watch industry highlights Rolex's continued dominance, with its turnover surpassing the next four top brands combined. Omega experienced a decline, dropping from third to fifth place with units sold falling from 505,000 in 2024 to 460,000 in 2025. The analysis also notes shifts in average retail prices and sales volumes across major brands, prompting criticism from Swatch Group over data accuracy.
Morgan Stanley's 2025 report on the top 50 Swiss watch brands reveals key trends in the industry. Rolex maintained its leading position, achieving a turnover that exceeded the combined figures of the next four brands. Cartier secured second place, with increases in both units sold and average retail price. Audemars Piguet and Patek Philippe advanced in rankings, boosting their average sale prices and unit sales.
The average retail price across the top 50 brands rose from 3,595.98 CHF in 2024 to 3,946.18 CHF in 2025, a 9.8% increase that outpaced the global inflation rate of 4.2%. Tudor saw a significant 26% jump in average sale price, from 3,259 CHF to 4,109 CHF, alongside unit sales growing from 160,000 to 180,000. In contrast, Longines experienced a minimal price increase to 1,923 CHF from 1,922 CHF, but unit sales dropped sharply from 950,000 to 780,000.
Swatch Group brands generally showed declines, with Omega's unit sales decreasing to 460,000. Blancpain sold 18,500 units, and Breguet 5,800 units. Overall, the top 50 brands sold 12,286,286 units in 2025, down from 13,366,560 in 2024, yet turnover increased slightly to 35,711,000,000 CHF from 35,258,000,000 CHF.
A new entrant, Christopher Ward, entered the top 50, selling 39,141 units at an average price of 1,311 CHF. Swatch Group issued an open letter criticizing the report, claiming average deviations of 24% in turnover and 35% in units sold. Examples include Certina's turnover reported 53% lower and Rado's 46% higher than actual figures. Swatch Group suggested presenting data as estimates rather than definitive numbers and reported its own net profit of 25,000,000 CHF in 2025, down from 219,000,000 CHF in 2024.