ROLEX’s global sales exceeded US$10 billion for the first time as it gained increasingly wider market share. Based on a Morgan Stanley report, this Swiss luxury watch brand, which dominates the market, will produce 1.24 million watches in 2023 with sales reaching US$11.6 billion or the equivalent of IDR180.78 trillion.

Analysts at Morgan Stanley said this figure is an increase of 11% from the achievement in 2022. Meanwhile, one of the reasons is because Rolex’s current market share level is “unprecedented.”

The maker of the Daytona, Submariner and Datejust models increased its retail market share to more than 30% as wealthy buyers continued to demand watches made by the Geneva-based entity. Meanwhile, its competitor, the lower-priced watch brand Tudor, recorded sales of around 545 million francs or US$615.70 million in 2023.

“No other luxury brand can claim such a dominant position in its respective sector,” wrote Morgan Stanley analysts Edouard Aubin and Oliver Müller, reported by Fortune.

Rolex remains the No. 1 brand Unrivaled No. 1 in the luxury watch industry with sales greater than five other luxury brands combined, Cartier, Omega, Audemars Piguet, Patek Philippe and Richard Mille.

The report also shows that sales of Swiss luxury watches continue to be dominated by a handful of brands with annual sales of more than 1 billion francs.

Vacheron Constantin, a historic brand controlled by Richemont, joined the elite club of sales of 1 billion francs for the first time in 2023. On the other hand, the Swatch Group AG brand sold more than 2 million MoonSwatches in 2023 and a total of around 5.8 million watches with average price 141 francs.

Thanks to the success of MoonSwatch, a collaboration with Omega, Swatch became the fastest growing watch brand for two years in a row. For your information, the Morgan Stanley and LuxeConsult figures are only estimates, as Swiss watch brands including Rolex do not disclose their respective annual sales. [sources/photo special]