Rolex Dominates And Omega Drops As Morgan Stanley Announce Top Swiss Watch Brand Rankings This Year

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While there may be dark forces at play on the global and socio-economic sphere combined with a continual cost of living crisis in the UK, it appears this hasn’t bothered Rolex nor its timekeeping juggernaut, making them the top brand on Morgan Stanley’s Swiss watch brand report.

In Brief

With Watches and Wonders 2026 upon us, starting April 14th, Morgan Stanley has wasted no time in unleashing their top 50 annual Swiss watch brand ranking report.
This table is based on units sold and overall revenue (DISCLAIMER: Estimates only with no concrete info forthcoming from any luxury brand).
It appears Rolex are top of the horological pops yet again, despite overall volumes decreasing by 2% to just over 1 million watches.
Registering around 11 billion Swiss Francs in sales from 2025, the brand that Hans Wilsdorf built is up more than 10% from the previous twelve months with a 33% market share.
Among the hard hitters in the top 5, we see Omega drop to 5th, while Audemars Piguet, Patek Philippe and Cartier maintain their positions, according to Morgan Stanley.
Ranked 15th in 2025 (down three positions from 2024) on the top Swiss watch brands report, Swatch consolidated their top 20 status, largely down to the popularity of the Moonswatch.

Partnering with Swiss consultancy firm LuxeConsult, offering key insights into the current state of the Swiss watch industry, Rolex has once again delivered record breaking sales, producing around 1.1 million watches, with a 33% total share of the retail sector.

Their 2025 retail value is still literally off the charts with an estimated value of CHF 16 billion.

Cartier’s 9% share of the market pales into insignificance despite their 2nd position ranking since 2020. So how did the others fare? Were there any major shocks or was it just a storm in a horological teacup?

It’s time to find out who ranked where and which top Swiss watch brands were the cream of Morgan Stanley’s high performing crop.

The Future Is Unpredictable At Times…Except For Rolex

Eyes down for a second.

It’s the moment you have been waiting for. No thought not. We don’t need a dramatic pause to announce the best Swiss watch brand in this report…do we?

Take back that drumroll and put it back in the cabinet as Rolex has risen to the top one more time in this look at the Morgan Stanley hot 50 list of the top Swiss watch brands 2025.

As Chandler Bing from Friends would have stoically proclaimed…Could there have been anyone else?

Morgan Stanley HQ - New York, Source: Michael M. Santiago | Getty Images

And to the tune of more than 11 billion dollars, or $17 billion in retail sales.

That’s more than a 10% increase from 2022 as seen on the top Swiss watch brands of 2025, based on the latest report from Morgan Stanley and LuxeConsult.

The Wilsdorf brand’s exclusivity, exquisite materials and constant desirability make their watches as popular as a VIP ticket to a Taylor Swift concert. Their position as top dogs is as legendary as the Daytona itself.

Yes, that hot.

So what if sold units in 2025 declined to nearly 1.1 million units. This timekeeping juggernaut shows no signs of slowing down, nor does its sales or value retention. Besides, as tennis ledge and 8 time Wimbledon champ Roger Federer proclaimed;

“I don't wear a Rolex to tell the time. I wear a Rolex because it's the best watch in the world."

And who could argue?

This is especially true on the secondary market where many timepieces like the sought after Daytona and Submariner constantly trend above retail prices, due of course to the old adage..little supply and overwhelming demand.

This is precisely the reason why Chrono Hunter is the essential platform to buy a Rolex quickly from our exclusive network of the best luxury retailers without all the hassle or stress of never ending waitlists.

With a 33% market share, Rolex is quite simply a cut above the rest when it comes to any premium goods sector. In collaboration with Oliver R. Muller of LuxeConsult, who made it onto the Top 10 Swiss watch brands in 2025?

The wait is over.

So who hasn’t cut the mustard?

Who missed out this year and won’t be making the Oscar winning award speech? And who has slipped down the rankings quicker than a Zenith El Primero movement?

Although IWC was already out of the Top 10 Swiss watch brands of 2024 with a ranking of 14th, they have crept back into 12th position.

With a sharp fall of 100,000 plus sales in the last twelve month period, this is in stark contrast to their improving performance from 2020-2022, rising from 10th to 8th spot. Has their stalwart the Portugieser lost its pzazz?

Now most of us within this profound community are fully aware that sales figures by these top luxury brands are as secretive as the MI5 (and perhaps the MI6!)

But despite keeping their cards much closer to their chest, (or wrist), this joint report between LuxeConsult and Morgan Stanley reveals some startling figures…even though they are mere estimates.

Considered the Billboard chart of luxury watches, this leading industry report takes into account a host of factors, incorporating sales, revenue, units sold and market share.

Covering 2025 in its entirety, it’s the moment where every nerd holds their breath to find out which watch brands are the movers and shakers.

It gives us ordinary time lords a fascinating insight into how the industry is behaving amid socio-political factors that are set to rumble on throughout 2025.

And with 47th US President Donald J. Trump alluding to Russia “holding the cards” in the Ukraine conflict, every second counts.

Going Against The Horological Grain

With more than 17 million watches exported and 25.9 billion CHF of sales, this is certainly a Trumpism view of the industry, counteracting the cost of living crisis, war in Ukraine and plateauing of the retail market, driven by ongoing socio-economic issues.

A look back at the market share from 2022

There is no fake news here.

In fact, timepiece sales were still dominated by the “Big 4” companies, namely Pharell William’s favourite, Richard Mille, Rolex as well as Holy Trinity players Audemars Piguet and Patek Philippe.

On the other hand, while Audemars Piguet may not have felt the full brunt, Jacob & Co are the fastest growing Swiss watch brand in 2025. With record revenues of $180 million they are becoming more infamous than Jake Paul’s watch collection.

By the way, he owns a Bugatti Chiron Tourbillon from the brand. In fact, they sold more than 3,970 watches with a near 25% growth. Ranked 27th for turnover in 2025, they will no doubt turn up the heat in the next 12 months.

Sure, the high flyers are riding the crest of a wave. But other brands within the Top 50 have suffered a decline in turnover by as much as 15% in 2025. This includes;

Swatch
Hamilton
Blancpain
Breguet
Longines
Panerai
Roger Dubuis
Girard-Perregaux
Franck Muller

Unsurprisingly, many of these brands belong to the grand daddies of companies such as LVMH and The Richemont Group. The horological landscape has changed with bigger disparity and stiffer competition.

Plus, it’s reported that so-called waitlists just seem to keep on growing for these particular luxury brands as interest remains off the charts.

Want to uncover everything you need to know about one such coveted model from the number 1 rated brand on the Morgan Stanley 2025 watch report? Check out our must read guide to the Rolex Sky-Dweller Waitlist

Amounting to a 43.9% share of the market, it seems COVID is but a distant memory according to Morgan Stanley and LuxeConsult’s industry report.

And Rolex has outdone them all by staking claim to exceeding $11 billion in sales which is the first ever occurrence. Oh, and a 33% retail market share for good measure.

Do we have a minute to crack open the champagne and scoff some smoked salmon canapes? One thing is for certain. We know they won’t be resting on their laurels anytime soon with Watches and Wonders 2026 on the horizon...

Moonswatch Madness

Swatch Make Surprising Appearance In Top 20 Swiss Watch Brands

Although their market share has been reduced in this particular report, ranked 15th in the 2025 Morgan Stanley and LuxeConsult report, is none other than the Swatch Group. Sales may have dwindled but they are holding on…for now.

The original OG Mission To Moonshine Gold launched in March 2023. Source: Swatch Group

Down three positions, ranked 15th, where would they be without the Moonswatch? Estimates put the number of units sold in 2023 at a whopping 2 million plus.

And we no doubt attribute the brand with increasing sales of folding tents, gas stoves and coffee flasks, with so many avid collectors queuing outside stores for hours on end.

The brand managed to shift overall sales of 5.8 million units in 2023, but this has sadly taken a turn for the worse in 2024 with a downward turn of 4.9 million sales.

The Swatch Group reported 2025 net sales of CHF 6.28 billion, a 1.3% decrease at constant exchange rates compared to twelve months previous.

Has the bubble finally burst?

If you want to discover some of the most popular Moonswatch releases of all time, how about reading the following features below;

Contributing to nearly three quarters of the brands total sales (73% to be exact!) Swatch has increased year on year sales by more than 60%.

As a result, this represented the most significant augmentation among every participating member of the top 50 Swiss watch brands.

With a no show appearance in the top 20 for the best part of six years, they have risen like a horological Phoenix from the Ashes to much acclaim with this highest selling collection of watches.

Furthermore, we haven’t covered the impact of market share that Blancpain has made to Swatch Group’s ranking. We hasten to add though their 2024 sales units dropped by more than 20,000.

Net profits fell sharply to CHF 25 million from CHF 219 million in 2024. This is thanks to factors such as high production costs and inventory management.

Continuing the runaway gravy train that was the Moonswatch, September 9th 2023 marked another resounding success when they introduced the Bioceramic Scuba Fifty Fathoms.

A nod to the original Fifty Fathoms from 1953 while trailblazing dive watches as we know them today, this all encompassing plastic filled timepiece boosted sales to the detriment of Blancpain.

Why is this the case? A quick glance at the top 20 Swiss watch brands that we shall review, unequivocally shows their disappearance from their previous ranking of 19th in 2022.

Whether this relates to the underperforming Chinese sector or not, they may need to go back to the drawing or design board, moving ahead.

Swatch Takes Swipe At 2025 Morgan Stanley Swiss Watch Brand Report

Seems like Hayek and the gang have dropped their ball.

All is not well with the Swatch Group who have hit back at the 2025 Morgan Stanley Watch Report with an open letter, outlining their horological grievances.

Not only have they argued about the rankings but disputed many other areas such as research ethics into the latest findings.

According to Outlook Luxe, “Swatch Group claims that across its brands turnover deviations average 24 percent with discrepancies ranging from minus 53 percent to plus 46 percent”

And in the situation of Hamilton? Out by nearly 200% in terms of unit sales. Report or not, like a well-oiled calibre, the Swatch Group feel they are not being treated with the highest precision. As far as the rest is concerned, their open letter to Morgan Stanley also stated

“The figures and statements in the research are based on unsuitable and not transparent data sources…As far as our brands are concerned, the figures in the research are highly inaccurate.”

For now, read the official Swatch Group open letter to Morgan Stanley in all its juicy details covering everything from unreliable data basis to, and I quote, “ the research even produces defamatory and potentially damaging statements.”

Time will only tell what happens next year…

Runners & Riders: Top 20 Swiss Watch Brands 2025 Ranked By Morgan Stanley & LuxeConsult

If you want the full list in all its timekeeping glory, we unfurl below the definitive list of the top 20 Swiss watch brands by ranking with positions of the last two years since 2024.

It makes for fascinating reading.

9 Key Points From The 2025 Morgan Stanley And LuxeConsult Report

If we take a further deep dive (that’s right, deeper than the Rolex Deepsea Challenge!) into what’s outlined in this report. It’s time to reveal other key highlights and points of interest.

The Richemont Group delivered a mixed bag of results with Van Cleef & Arpels, A. Lange & Söhne and Vacheron Constantin seeing differing market shares. The latter is ranked 8th for the fourth consecutive year.
Tissot is another surprise in this hitlist, remaining in 10th position in the latest Morgan Stanley Swiss watch brand report 2025. This was largely in part down to the continual success of the PRX.
Jaeger-LeCoultre moves up two places from 15th to 13th position.
Tudor moves back up into the top 20 Swiss watch brands. Previously holding 17th position in 2023 they moved back to the same place in 2025. Although sales declined to 160,000 units in 2024, more than a 40% decrease compared to 255,000 sales in 2023.
It’s not all doom and gloom concerning pretenders to the Rolex crown..or should that be coronet? With major revenue increases last year of 8%, Cartier (ranked second) has put more headspace between themselves and Omega, AP and Patek Philippe.
13 brands are responsible for three quarters of market share. On top of this, 25 out of 350 watch brands accumulated for a mindblowing 90% of total Swiss watch sales

Renowned luxury stalwart Hermès dipped one position from 13th in 2024. Ranked 14th in the latest Top 50 Swiss watch brands report, their timekeeping division is fast becoming one of the sector’s most undervalued brands.
Omega’s market share has taken a dent in the last twelve months. In 2024, their sales went down by more than half a million units. Perhaps the Omega Speedmaster white dial, previously flexed by Daniel Craig or 2025 Seamaster Diver 300M in bronze gold prove a hit? Currently ranked 5th, increased competitor sales shows no sign of abating.
Longines (nor the Richemont Group) have not fared well either with total sales taking a tumble. This may be in part due to an over-reliant Chinese market which has still not recovered from post-pandemic effects. In 2024, Longines achieved 950,000 sales, a staggering 40% decrease.

Have The Indie Brands Time Finally Arrived?

The wheels on the bus may go round and round. But diversification is what makes the watch world tick.

And independent brands are certainly making an impression in terms of market share, sales and brand awareness.

Take FP Journe for example, rocked by many high profile clientele including movie icon Robert De Niro and John Mayer. You might say they are jolly Goodfellas to own such a prestigious outfit. And so say all of us.

This may be music to your ears, but the brand is still controlled by Chanel, owning a 20% stake in the business. But 2025 is most definitely once again, the year of the indies. Presently, four so-called independents have made a name for themselves on the Top 50 Swiss watch brands;

FP Journe (36th)
H.Moser & Cie (37th)
MB&F (47th)
Christopher Ward (50th) **New Entry**

Collectors are always on the lookout for the latest new brand, the go to timepiece or a brand with enough history and heritage to make their silicon hairsprings stand on end.

It’s about the story, the craftsmanship and the lineage behind a company that makes them part with their hard earned moolah.

Forget about your best men’s watches under £5,000.

We are talking bigger bucks, Jordan Belfort type bonuses, somewhere in the region of more than £40,000-£50,000.

Those who are after a timepiece for their potential "one and done” collection. Or consumers or collectors searching for the ultimate “made it” or grail watch.

What’s Our View?

Strategic strokes of genius by Hermes and Louis Vuitton, especially with the latter moving towards more manufactured calibres within their watches, might be a kick up the backside for some brands.

Nonetheless, this report demonstrates the rich are getting somewhat richer as per the market share results from not just Rolex but Cartier, Richard Mille, Audemars Piguet and Patek Philippe.

Mind you, interest will be sky high to buy a Patek Philiipe, what with the most recent round of discontinued watches from Thierry Stern’s stable.

According to the 2025 Morgan Stanley document, the Submariner may have increased production and waitlists have softened ever so slightly.

You could have fooled us. However, this does not necessarily mean others will be riding the coattails to success.

Far from it. Faster growth equals more margin, added market share, resulting in greater profitability levels and sales.

Like the Premier League’s top 4 by revenue, featuring Manchester City and Liverpool, whose players know a thing or two about rocking the finest watches here, they call these top watch brands the “Big 4” for a reason.

Yes, the sector may be undergoing somewhat of a plateau after the out of this world pre-pandemic prices.

Despite that, exports of Swiss timepieces have taken somewhat of a tumble while average prices to buy a watch are significantly higher. Nevertheless, there’s one brand that still rides on the crest of a horological wave.

Rolex.

For now, they truly are in a league of their own.

Conclusion

With not much movement in the 2025 rankings between Swiss outfits like Panerai, TAG Heuer and Hublot, there is very much a bigger gulf arising between the big boys and the somewhat smaller players.

While Chopard clings on in 20th position, it is Swatch that has surprised all the odds.

Part of the conglomerate that’s also home to Longines, Tissot, Breguet and of course Omega, we wouldn’t be surprised if the marketing boffins over there are cooking up the next follow up to the Moonswatch.

Could there be a Swatch Legend Diver or Seamaster Swatch on the horizon? One thing is for sure. No matter how much PR spin they put on their next release, they will never outperform the G-dfather of watches, Rolex. But what are we saying for 2026…a 34% market share or above?

As far as we are concerned, it doesn’t matter if Rolex volumes have taken a tumble, not once but twice in as many years. A rarity indeed.

Yet one thing is for certain.

Market polarisation and the fact that the Big Four watch brands represent 55% of the sales in 2025 is no skin off the crown’s nose.

And if you want to avoid the potential pitfalls of overbearing waitlists, there’s only one platform out there.

Revolutionising the market where you can buy a Rolex quickly at the most exceptional prices, Chrono Hunter will save you both time and money on your purchase or sale.

Gentlemen, it’s time for our own big reveal…

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