It's that time of the year again—just before Watches and Wonders in Geneva, the spotlight turns to the annual luxury watch industry report published by Morgan Stanley and LuxeConsult. This year's analysis offers keen insights into the top Swiss watch brands, highlighting their craftsmanship, innovation, and contributions to the luxury market.

Morgan Stanley, a titan in global financial services, has once again provided a deep dive into the world of Swiss watchmaking with its latest report, spotlighting the top Swiss brands that have set the benchmark in luxury, craftsmanship, and innovation. This year's report not only sheds light on the brands that have excelled in the marketplace but also reflects on their pivotal role in bolstering Switzerland's economy and the broader luxury sector.

In this blog post, I'll unpack Morgan Stanley's findings to showcase the top 10 Swiss watch brands of 2023.

So, what are the top Swiss watch brands 2023? The prestigious list includes industry titans and notable movers, with Rolex, Cartier Watches, Omega, Audemars Piguet, and Patek Philippe leading the charge. Richard Mille, Longines, Vacheron Constantin, Breitling, and Tissot also earn their spots in the top ten.

If you want to compare the data with the analysis from 2022, you are more than welcome.

Rolex has set a new industry standard by being the first Swiss watch brand to exceed CHF 10 billion in sales, as highlighted in a report by Morgan Stanley.

In 2023, Rolex not only hit this milestone with sales reaching 10.1 billion Swiss francs (about $11.5 billion), reflecting an 11% increase from the previous year, but also solidified its market leadership by capturing over 30% of the retail market share.

This achievement is underscored by the production of 1.24 million watches, showcasing the brand's unparalleled dominance in the luxury watch sector.

The Geneva-based company, known for its iconic models like the Daytona, Submariner, and Datejust, continues to attract luxury watch buyers, reinforcing its position as the top player in the industry, a status further cemented by its unprecedented market share. 

According to analysts Edouard Aubin from Morgan Stanley and Oliver Müller from LuxeConsult, Rolex's market presence is unmatched, with sales surpassing the combined totals of the next five competitors—Cartier, Omega, Audemars Piguet, Patek Philippe, and Richard Mille. 

Vacheron Constantin has reached a significant milestone, joining the elite billionaires' club as the 8th watch brand to surpass CHF 1 billion in sales, with their turnover soaring from CHF 825 million in 2022 to an impressive CHF 1.097 billion—an 18% increase. 

Along with this financial success, their market share experienced a boost, increasing by 24 basis points, though they still hold a 2.7% share in the retail market, trailing behind Patek Philippe's 5.6%. Additionally, Vacheron Constantin witnessed a notable rise in sales volume, selling 3,000 more units than the previous year.

Big congrats!

In a surprising twist within the luxury watch sector, IWC Schaffhausen has dropped out of the top 10, paving the way for Tissot, part of the Swatch Group, to climb into this prestigious group. IWC, celebrated for its exquisite timepieces made in Schaffhausen, Switzerland, faced a significant drop in turnover from CHF 908 million to CHF 726 million, a key factor in its slide down the rankings.

This setback was mirrored in its production, with IWC seeing a 9% decrease in the number of units produced, from 150,000 to 137,000. This decline underscores the brand's struggle to keep pace in the fiercely competitive luxury watch market.

Contrastingly, Tissot has showcased impressive growth, claiming the 10th position with a turnover of CHF 825 million. This progress is a testament to Tissot's increasing stature and success, reflecting the brand's ability to adapt and innovate in a market that values both. Tissot's rise to the top 10 is not just a win for the brand but also highlights the ever-evolving dynamics of the luxury watch industry, where change and innovation drive the rankings of the world's most prestigious watchmakers.

In a striking contrast to the traditional luxury watch segment, Swatch Group AG's flagship brand experienced phenomenal success with its MoonSwatch series in 2023. 

The brand sold an impressive 2 million MoonSwatches, contributing to a total of about 5.8 million watches sold across its entire range. With an average selling price of 141 francs per watch, Swatch demonstrated that high volume and accessible pricing could also define success in the watch industry.

The MoonSwatch, born from an innovative collaboration with Omega, has been a pivotal factor in Swatch's rapid growth, cementing its position as the fastest-growing watch brand for the second consecutive year. This collection, merging Omega's prestigious design with Swatch's accessible pricing and widespread appeal, has not only captivated a broad audience but also reshaped the conversation around what constitutes a desirable watch in the modern market. 

The success of the MoonSwatch underscores a shifting landscape in the watch industry, where collaborations between high-end and mainstream brands can result in products that resonate with consumers on a global scale.