A central feature of the report is its top 50 brand ranking, a closely watched barometer of performance. This year, it reveals an extreme polarisation with just four privately-owned companies — Rolex, Audemars Piguet, Patek Philippe and Richard Mille — commanding half of the entire Swiss watch market. Count Cartier and Omega in and that is 65% of the pie occupied.
Horological heavyweights are firing back at a popular industry report, questioning its methodology and speculative findings
In collaboration with luxury watch consultancy LuxeConsult, investment banking firm Morgan Stanley recently released its ninth annual Swiss Watcher report, providing insights into the state of the horological industry. The 2025 data presents a widening gap in the sector as a handful of elite brands continue to dominate and money concentrates at the top, while the majority of competitors struggle with shrinking margins driven by unfavourable currency shifts, soaring raw material costs and cooling global demand.
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