GLOBAL WATCH INDUSTRY RECOVERS TO PRE-PANDEMIC LEVELS

The global watch industry has recovered to pre-pandemic levels, with Rolex cementing its inherent dominance which accounts for a 28.8% market share (up from 24.9% in 2020).  This legendary brand is said to produce just over 1 million watches by 2021, with estimated retail sales of $13 billion.

Global Watch Industry recovers to pre-pandemic levels / ph: Rolex

Audemars Piguet has surpassed Patek Philippe in sales over the past year, according to an annual report published by investment bank Morgan Stanley and Genevan consulting firm LuxeConsult. The report estimates that Audemars Piguet has grossed $1.7 billion in 2021, higher than Patek Philippe's $1.65 billion sales. 

Customers spend more on Patek Philippe ($2.19 billion versus Audemars Piguet’s $1.91 billion), however this is because Audemars Piguet retails most of its products directly to customers, whereas Patek Philippe must share revenue with its retail partners because of this watch brand's wholesale approach.

Overall, the report shows that the global watch industry has recovered to pre-pandemic levels, with Rolex cementing its inherent dominance which accounts for a 28.8% market share (up from 24.9% in 2020).  This legendary brand is said to produce just over 1 million watches by 2021, with estimated retail sales of $13 billion.

Cartier overtook Omega to take second place, with net sales of $2.57 billion.  Cartier increased production by 22% from 490,000 units in 2020 to above 600,000 units last year, while Omega increased by just 14% from 500,000 units to 570,000 units produced.

Elsewhere in the rankings, Hermes and Chopard, which are launching stainless steel watch models, entered the top 20.

According to the report, one of the biggest success stories of 2021 is high-end jewelry brand Van Cleef and Arpels, whose watch business jumped from 21st place to 17th place with revenue more than doubling from $164.8 million to $435 million.

The top 20 brands listed in the report are: Rolex, Cartier, Omega, Audemars Piguet, Longines, Patek Philippe, Richard Mille, Tissot, IWC, TAG Heuer, Breitling, Hublot, Vacheron Constantin, Jaeger-LeCoultre,  Tudor, Panerai, Van Cleef & Arpels, Chopard, Hermes and Bulgari.