Home » Rolex breaks the 10 billion mark in revenues. Market share over 30%

Rolex breaks the 10 billion mark in revenues. Market share over 30%

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Rolex breaks the 10 billion mark in revenues.  Market share over 30%

Rolex crosses the milestone of ten billion in revenues, thanks to a further increase in its market shares. This is confirmed by the estimates of Morgan Stanley e LuxeConsult in the annual report on the ‘Swiss Watch Industry’, now updated to 2023 data. Rolex produced 1.24 million watches last year, with a turnover of 10.1 billion Swiss francs (around 10.5 billion euros). This is, Morgan Stanley highlights, an “11% increase compared to 2022”. Rolex’s current market share, known primarily for its models Daytona, Submariner e Datejust, is “unprecedented – the analysts continue – with an increase in its retail market share to just over 30%, thanks to the fact that high spending buyers have requested the watches produced by the Geneva company. No other luxury brand can boast such a dominant position.” The other Rolex brand, Tudor recorded a turnover of approximately 545 million Swiss francs in 2023.

Rolex’s success should be seen in a positive phase for the performance of the Swiss watch industry: according to data from the Federation of the Swiss Watch Industry (FH), in 2023, foreign sales of Swiss hands showed an increase of 7.6% to 26.7 billion Swiss francs. Of these, 25.5 billion refer exclusively to wristwatches (+7.7%), of which 16.9 million units were sold. In the full year, the ten main markets reported a plus sign: United States at +7%, China at +7%, Hong Kong at +23%, Japan at +7%, United Kingdom at +7%, Singapore at + 2%, Germany at +5%, France at +8%, United Arab Emirates at +12%, Italy at +9 percent. However, report Bloombergthe slowdown in the sector’s performance between the first and second half of the year must be kept in mind: in the second half of the year the jump in sales was 3.6%, compared to +11.8% in the previous six months.

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Returning to the 2023 ranking of Morgan Stanley and LuxeConsult, behind Rolex we find Cartierthe group’s flagship maison Richemontwith revenues of 3.1 billion francs (2.57 billion in 2022), while in third place is OmegaOf Swatch Group, with its 2.6 billion (2.47 billion in 2022). They then follow Audemars Piguet to 2.35 billion (2.01 billion in 2022), Patek Philippe to 2 billion (1.8 billion in 2022) e Richard Mille to 1.5 billion (1.3 billion in the previous year).

Finally, as regards market shares, Morgan Stanley always explains, the so-called “big four” dominate the segment: Rolex, Patek Philippe, Audemars Piguet and Richard Mille. Together, these houses have a combined market share of 43.9%, having reached 50.2% of total sales.

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