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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchRolex’s estimated sales rose sharply in 2023, but the available figures do not verify the claim that it represents 25% of the Swiss watch industry. Morgan Stanley and LuxeConsult estimated Rolex’s 2023 sales at CHF 10.1 billion and its retail-market share at just over 30%. Those are analyst estimates, not company disclosures, and retail share is not the same measure as a share of Swiss watch exports.
What the 25% claim gets wrong—or leaves unclear
The figure “25%” cannot be confirmed from the cited reporting because its reference year, geography and denominator are not established. It should not be presented as Rolex’s verified current share of the Swiss watch industry.
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The more recent brand-level figure in the reporting is an estimated retail-market share of just over 30% in 2023. Morgan Stanley and LuxeConsult produced the estimate; Rolex does not publish its individual annual sales, and SWI swissinfo.ch reported that the company declined to comment on the estimates. The retail figure therefore needs both its year and attribution whenever it is used.
What the estimates say about Rolex’s growth
Morgan Stanley and LuxeConsult estimated that Rolex produced 1.24 million watches and generated CHF 10.1 billion in sales in 2023, an 11% increase in sales from 2022. Bloomberg and SWI swissinfo.ch reported the estimates in 2024. They indicate substantial growth, but they are not audited Rolex disclosures.
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The analysts described Rolex’s position this way: “No other luxury brand can claim such a dominant position in its respective sector.” That assessment, reported by SWI swissinfo.ch on March 14, 2024, refers to the analysts’ view—not a statement by Rolex.
Why brand retail share and Swiss export totals cannot be combined
There are two different measures at issue. The Rolex figures are analyst estimates of brand sales and retail-market share. The Federation of the Swiss Watch Industry (FH) publishes official export statistics based on values declared by exporters. FH explicitly distinguishes exports from sales to end consumers and says its statistics cannot establish the business trend of a particular company or group.
That means it would be misleading to divide Rolex’s estimated retail share or sales by the FH export total and call the result Rolex’s share of Swiss watch exports. The measures have different bases, and the sources do not provide a common method for calculating such a share.
How the Swiss watch export picture changed
FH reported total Swiss watch exports of CHF 26.7 billion in 2023, up 7.6% from 2022. In its 2024 results, FH reported total exports of CHF 26.0 billion, down 2.8%; watches alone accounted for CHF 24.8 billion that year. These are export figures, not retail sales.
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| Year | FH-reported figure | What it measures |
|---|---|---|
| 2023 | CHF 26.7 billion, up 7.6% year over year | Total Swiss watch exports |
| 2024 | CHF 26.0 billion, down 2.8% year over year | Total exports; watches alone accounted for CHF 24.8 billion |
The two-year comparison shows that export values rose in 2023 and fell in 2024. It does not establish how Rolex performed in either year: FH says its export statistics cannot show the trend of an individual company. For 2024, FH cited weak demand, particularly in China and Hong Kong, and noted marked differences between companies.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What can—and cannot—be said about the pandemic
The figures support saying that Rolex grew strongly by 2023 and that Swiss watch exports rose during the pandemic-era recovery. FH reported that 2023 exports increased 7.6% year over year and that exports to the United States had grown by an average of 27.1% in 2021 and 2022. Those industry-level facts do not show that Rolex grew at the same rate, or that pandemic conditions alone caused the brand’s growth.
A careful summary is that the available estimates show Rolex sales rising 11% in 2023 versus 2022, while the broader Swiss export sector rose in 2023 and contracted in 2024. The sources do not establish a causal explanation for Rolex’s performance or a verified 25% share of the Swiss watch industry.
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