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Every March, Morgan Stanley and the Swiss consulting firm LuxeConsult publish the annual report on the Swiss watch industry for the previous year. However, according to the latest news from foreign media, in the past two or three years, Morgan Stanley and LuxeConsult have faced significant pressure from the brand side. The CEOs of several brands have questioned the accuracy of the sales figures and the average sales price in the report. Therefore, it is uncertain how long such a report will continue to be released.

A few days ago, the 2022 annual report on the watch industry was released. We have made a simple summary and translation and compared some of the data with previous years. Over the past year, the watch industry has become more divided. Rolex, Audemars Piguet, Patek Philippe, and RM together account for 41.7% of the global market share. In 2019, before the pandemic, this figure was 36.7%. Additionally, last year, all independent watchmaker brands together accounted for less than 1% of the market.

The dominance of the Rolex Group is becoming increasingly clear. Last year, the sales of Rolex + TUDOR reached 73.963 billion yuan. All Richemont watch brands combined totaled 53.367 billion. SWATCH GROUP‘S 52.625 billion and LVMH‘S 16.141 billion. Other independent brands amounted to 55.922 billion.

Over the past few years, Rolex‘s sales have grown by an average of 21% per year. In the next two or three years, it is very likely to exceed 10 billion Swiss francs, which is about 75 billion yuan.