Rolex Sales Reach $10 Billion for the First Time: Report

Demetrius Simms

28 February 2024 at 6:00 pm·2-min read

Last year’s sales marked a new milestone for the leading Swiss watchmaker.

On Wednesday, Morgan Stanley published a report that shows Rolex raked in 10.1 billion Swiss francs ($11.5 billion) for the first time in 2023. It achieved the historic amount as its retail market share grew by just over 30 percent due to ongoing demand from well-heeled clients. The billion-dollar total represents an 11 percent gain from 2022, according to the bank analysts and Swiss firm LuxeConsult calling Rolex’s current market share “unprecedented.”

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The watch industry heavyweight reportedly produced 1.24 million watches last year, many of which included popular references like its Daytona, Submariner, and Datejust models. It also achieved greater sales than Cartier, Audemars Piguet, Omega, Richard Mille, and Patek Philippe combined. “No other luxury brand can claim such a dominant position in its respective sector,” analysts led by Morgan Stanley Edouard Aubin and LuxeConsult Olivier Müller say in the report.

Cartier, which is getting hotter and hotter, placed second in 2023’s top five watchmaker lineup, achieving 3.1 billion CHF ($3.5 billion) in sales. Omega trailed behind in third with a total of CHF 2.6 billion ($2.9 billion), while Audemars Piguet and Patek Philippe took fourth and fifth places with CHF 2.4 billion ($2.7 billion) and CHF 2.1 billion ($2.3 billion), respectively. Popular Cartier references include the Cartier Tank and Santos De Cartier, while Omega’s Seamaster and Speedmaster examples have remained a celebrity favorite on and off the red carpet.

Vacheron Constantin also joined the billion-franc sales club for the first time in 2023, under the direction of CEO Louis Ferla who is well regarding by Richemont’s top brass. According to Revolution Watch, the brand made CHF 1.097 billion with an 18 percent increase. Vacheron is one of the world’s oldest watchmakers with over 260 years worth of innovation to its credit. Founded in 1755, the brand is renowned for both its simplicity and extraordinary detailing. Its recent launch from its Les Cabinotiers collection is just one example of its many unique offerings. The brand is also catching wind on the secondary market as well with dealers citing its neo-vintage models as increasingly desirable.

Rolex, however, proves the Crown still reigns supreme.

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