Vontobel Bank Report for 2025.
Vontobel Bank has published its annual report on the Swiss watch industry. According to the report, over the past 2 years, Rolex has strengthened its position in the watch market despite reducing production volumes. Rolex's share in the sales of watches priced above CHF 3,000 in financial terms increased from 57% in 2023 to 61% in 2025.
The decline in sales volumes in the Swiss watch industry is widespread. With constantly rising gold prices and a strong Swiss franc, even major brands face difficulties. Only a few, including Cartier, Audemars Piguet, Patek Philippe, and Richard Mille, have increased or maintained current sales volumes.
As for the traditional ranking of the top 10 watch brands by sales volumes, it currently looks as follows. Rolex leads the list with CHF 10.5 billion. Cartier holds second place with an annual sales volume of CHF 3.4 billion, moving up 1 position over the past 6 years. Audemars Piguet completes the top three with CHF 2.4 billion, having risen 3 positions since 2019, displacing Patek Philippe and Omega.
Patek Philippe, holding the 4th spot in the Vontobel ranking, slightly trails Audemars Piguet with an annual sales volume of CHF 2.35 billion. Omega holds fifth place with a result of CHF 1.677 billion. For comparison, in 2019, the company was in 2nd place with CHF 2.28 billion.
The report also notes the rapid growth of the Rolex Certified Pre-Owned program, which the bank estimates currently has a sales volume of about CHF 500 million. Since its launch at the end of 2022, the program has grown so rapidly that if it were a standalone brand, it would rank among the top 10. Leading players for Rolex CPO include Bucherer and Tourneau (both owned by Rolex), Watches of Switzerland (parent company of Hodinkee), and The 1916 Company.
The report specifically highlights the rapid rise in gold prices. Last year, the precious metal's price jumped by 67%. Meanwhile, prices of watches made from precious metals are rising less quickly: +9% in 2025 and +8% the previous year.