The Elite Eight-Time Titans Take Over Swiss Watch Industry

Time is falling into fewer hands as an elite group winds up with more watchmaking profits. Despite the industry’s overall production halving since 2011, the exclusive club of ten-figure timepiece titans has ticked from five to eight members — a move experts liken to bigger brands and pricier watches.

• Following a 2017 boom, Switzerland’s 2024 watch exports plummeted by 9.4% — and insiders don’t expect the industry to “ever recuperate” as it grapples with rising costs, fragile consumer sentiment, and China’s economic woes.
• Despite the slowdown, Rolex, Audemars Piguet, Patek Philippe, and Richard Mille now command a 47% market share — the former controlling 32.1% as analysts “see very few brands capable of scaling” moving forward.

Winners take all strategy: An industry consultant notes that “brands aiming for scaling … are left with a premiumization strategy” — dramatically increasing prices without chasing volume. Meanwhile, Rolex cut the middleman with its Bucherer acquisition, the retailer accounting for 8% of its sales, per Morgan StanleyMS

research. Otherwise, certified pre-owned programs transform old timepieces into fresh revenue, while Audemars’ jewel-adorned women’s watch push has boosted average prices. The smartest clockmakers aren’t just making watches — they’re making moves.