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 Stanley 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.
