- According to a report by the Swiss bank Vontobel, Rolex has dropped production in recent years, while simultaneously growing its market share.
- Rolex has long been the largest Swiss watchmaker by sales, but in 2025 it grew to represent 61% of sales by value for watches priced above CHF3,000 (~AU$5,500).
- In addition to the retail success of Rolex, its Certified Pre-Owned program has grown to the point that it’s almost a top 10 Swiss watch brand by itself.
In what’s unlikely to be a surprise to anyone who keeps an eye on the watch industry, it turns out scarcity isn’t just a marketing line, it’s an important part of the actual business model. According to Swiss investment bank Vontobel’s latest industry report (first reported by Hodinkee), Rolex quietly made fewer watches in 2025 (despite committing to a trio of new production facilities), while also becoming even more dominant.
For the second year running, production dropped, yet the Big Crown tightened its grip on the luxury market, now accounting for roughly 61% of global sales by value for watches over CHF 3,000 (~AU$5,500) and up from 57% in 2023. In other words, the pie shrank and Rolex got an even bigger piece on its plate.
According to Vontobel analysts, the drop in Rolex production is “most likely by design, as the brand prioritises scarcity and pricing power over incremental unit growth.”
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Rising gold prices and a relentlessly strong Swiss franc mean the watchmaking industry at large is feeling the pressure, with the last two years seeing a decline in export volume by about 220,000 watches priced over CHF3,000 (a 10% drop).
But even the strategy of selling lower volumes at higher prices isn’t working across the board, with only a select group of brands such as Cartier, Audemars Piguet, Patek Philippe, and Richard Mille holding steady.
Rolex, though, operates on another scale and in 2025, it is estimated that sales sit near CHF10.5 billion (~AU$19.3 billion), locking it in as being larger than its next five competitors combined. Cartier has climbed to second, but still sits a long way back at around CHF3.4 billion (~AU$6.2 billion).
Perhaps the most remarkable detail from Vontobel’s report, however, is the fact that the Rolex Certified Pre-Owned (CPO) program is almost a top ten Swiss watch brand by itself, estimated to be worth close to CHF500 million annually (~AU$920 million).
Strengthened by Rolex’s ownership of important retailers such as Bucherer and Tourneau, it’s a remarkable fact that demonstrates just how dominant Rolex is in the world of luxury watchmaking.
