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Rolex sales have topped $10 billion for the first time, Morgan Stanley reports. The dominant Swiss luxury watch brand produced 1.24 million watches in 2023, with sales of 10.1 billion Swiss francs ($11.5 billion).

That's an 11% increase over 2022, analysts at Morgan Stanley and Swiss firm LuxeConsult said, adding that Rolex's current level of market share is "unprecedented."

The maker of the Daytona, Submariner, and Datejust models has increased its retail market share to just over 30%. “No other luxury brand can claim such a dominant position in its sector,” the report said.

Louis Vuitton had about a 19% share of the luxury handbag market last year, according to analysts.

The Rolex brand "remains the undisputed number 1 in the luxury watch industry with higher sales than Cartier, Omega, Audemars Piguet, Patek Philippe and Richard Mille combined," they said.

Sales of Swiss luxury watches are still controlled by a handful of brands, with annual sales of more than 1 billion francs. Vacheron Constantin, controlled by Richemont, has joined the elite club of 1 billion francs in sales for the first time in 2023.

At the other end of the spectrum is Swatch Group AG's eponymous brand, which sold more than 2 million MoonSwatch models and about 5.8 million watches in total in 2023 at an average price of 141 francs, analysts say. Largely due to the success of the MoonSwatch, created in collaboration with Omega, Swatch became the fastest growing watch brand for the second year in a row.

But the Morgan Stanley and LuxeConsult's figures are estimates because Swiss watch brands, including Rolex, do not disclose their individual annual sales.

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