The corporation is dissatisfied with the dubious methodology and the lack of a reliable database at Morgan Stanley.
Swatch Group has expressed dissatisfaction with the figures published in Morgan Stanley's latest industry report. In an open letter addressed to the management of the investment bank, some data presented in the recent report was called "erroneous and questionable."
Recall that according to the data from Morgan Stanley's February report, amid declining sales, most Swatch Group brands lost market share, and Omega, which has always been in the top 3, fell to 5th place.
The letter from Swatch Group states that the data for all the corporation's brands do not correspond to reality. They are either overestimated or underestimated, with discrepancies between the report's figures and the actual figures being quite significant: from +/-20% to more than 40%.
The situation with Omega is as follows. According to Morgan Stanley's estimates, the brand's annual turnover is CHF 2.2 billion, with an estimated sales volume of 460,000 units. Hence its 5th place ranking behind Rolex, Cartier, Audemars Piguet, and Patek Philippe. A decline in Omega's sales was also noted by the Swiss bank Vontobel, which also placed the company in 5th place. According to Vontobel, Omega's sales fell to CHF 1.7 billion (~ -3%), and the company has currently ceded its market share to Rolex.
In the letter, Swatch Group did not disclose specific financial data for Omega. However, the document refuted the claim that Longines, the group's second-largest brand, suffered losses in 2025. A direct quote from the letter: "In fact, Longines reports a profit of 16.6% of net revenue for 2025."
Swatch Group also noted that Tissot increased sales by 3% (according to Morgan Stanley -5%). Morgan Stanley estimated Hamilton's revenue at CHF 125 million with a sales volume of 95,000 units. Here, Swatch Group points out that Hamilton's sales volume is three times higher than stated. The discrepancy is due to the average retail price of the watches: CHF 741, as indicated in the report, instead of the actual CHF 2,014.
Swiss analyst Olivier Müller compiles the forecasts for Morgan Stanley's annual ranking. He has so far declined to comment on the situation, as Swatch Group's letter is under review by Morgan Stanley's legal department.