Rolex’s global sales exceeded US $ 10 billion for the first time as it gained a wider market share. Based on a Morgan Stanley report, the Swiss luxury watch brand that dominates this market will produce 1.24 million watches in 2023 with sales reaching US$11.6 billion or equivalent to Rp180.78 trillion. Analysts at Morgan Stanley said the figure was an increase of 11% from the achievement in 2022. One reason for this is that Rolex’s current level of market share is “unprecedented.”
The maker of the Daytona, Submariner and Datejust models increased its retail market share to more than 30% as wealthy buyers continued to demand watches made by the Geneva-based entity. Meanwhile, its competitor, the lower-priced Tudor Watch brand, recorded sales of around 545 million francs or us$615.70 million in 2023.
” No other luxury brand can claim a dominant position in its respective sector, ” Morgan Stanley analysts Edouard Aubin and Oliver Müller wrote. Read also Hans Wilsdorf, the man behind the Rolex watch Crown Rolex remains the brand’s No. 1 in the luxury watch industry with more sales than the other five luxury brands combined, Cartier, Omega, Audemars Piguet, Patek Philippe and Richard Mille. The report also shows that sales of Swiss luxury watches continue to be dominated by a handful of brands with annual sales of more than 1 billion francs.
Vacheron Constantin, the historic brand controlled by Richemont, joins the elite club of 1 billion franc sales for the first time in 2023. On the other hand, the Swatch Group AG brand sold more than 2 million Moonwatches in 2023 and a total of around 5.8 million Watches at an average price of 141 francs. Thanks to the success of Moonwatch, the result of a collaboration with Omega, Swatch became the fastest growing watch brand for two years in a row. Morgan Stanley and LuxeConsult’s figures are only estimates, as Swiss watch brands including Rolex do not disclose their respective annual sales.