Rolex Scales Back Output Yet Extends Its Lead
According to the 2025 Swiss watch industry report issued by Vontobel, Rolex has further consolidated its position at the upper end of the market despite reducing production volumes over the past two years.
The bank’s analysis indicates that Rolex increased its share, by value, of watches priced above CHF 3,000 from 57 per cent in 2023 to 61 per cent in 2025. These figures underline the brand’s continued strength even as the wider industry records a broad based decline in sales volumes.
A Challenging Environment for Swiss Watchmaking
The contraction in volumes is not limited to Rolex. The Swiss watch sector as a whole has experienced falling sales, pressured by a persistently strong Swiss franc and a sharp rise in gold prices. In such conditions, even major brands have faced increasing pressure.
Only a limited number of leading maisons have managed to increase or maintain their sales. Among them are Cartier, Audemars Piguet, Patek Philippe and Richard Mille.
The Top Ten by Revenue
Vontobel’s traditional ranking of the ten largest Swiss watch brands by annual sales once again places Rolex at the top, with estimated revenues of CHF 10.5 billion.
Second position is held by Cartier, generating CHF 3.4 billion in annual sales, up one place in the ranking over the past six years.
Audemars Piguet secures third place with CHF 2.4 billion in revenue. Since 2019, the Le Brassus manufacture has risen three positions, overtaking both Patek Philippe and Omega.
Patek Philippe follows closely in fourth position, with annual sales of CHF 2.35 billion. Omega completes the top five at CHF 1.677 billion. By comparison, Omega ranked second in 2019, when it reported CHF 2.28 billion in sales.
Certified Pre-Owned Gains Momentum
The report also highlights the rapid expansion of the Rolex Certified Pre-Owned programme. Launched at the end of 2022, the initiative is now estimated to generate approximately CHF 500 million in annual sales.
Growth has been sufficiently strong that, were the programme treated as a standalone brand, it would already rank among the industry’s top ten by turnover. Key retail partners for Rolex CPO include Bucherer and Tourneau, both owned by Rolex, as well as Watches of Switzerland and The 1916 Company.
Gold Prices and Retail Dynamics
Another point emphasised in the Vontobel report is the sharp rise in gold prices. Over the past year, the precious metal has increased in value by 67 per cent. By contrast, retail prices for watches crafted from precious metals have risen more moderately, up 9 per cent in 2025 and 8 per cent the year before.
This contrast highlights the difference between the rise in gold prices and the more moderate increase in retail prices for precious metal watches.
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