(MENAFN) In a remarkable milestone for the renowned Swiss watchmaker, Rolex, sales surged to an unprecedented USD11 billion for the first time, according to a report released by Morgan Stanley. The esteemed luxury brand witnessed a notable increase in market share, solidifying its position as a dominant player in the global watch industry landscape.
Bloomberg News reported that Rolex, synonymous with luxury and precision craftsmanship, manufactured 1.24 million watches in 2023, generating sales totaling 10.1 billion Swiss francs (USD11.5 billion). Analysts from Morgan Stanley and Swiss firm Lux Consult highlighted in a recent report the substantial growth trajectory witnessed by Rolex, with an impressive 11 percent increase in sales compared to the preceding year. This surge in sales has propelled Rolex's market share to unprecedented levels, marking a significant achievement for the prestigious Swiss watchmaker.
Renowned for iconic timepieces such as the Daytona, Submariner, and Datejust models, Rolex has expanded its foothold in the retail market, capturing approximately 30 percent of market share. Wealthy clientele, drawn to the allure of Rolex's exquisite craftsmanship and timeless elegance, have contributed to the brand's stellar performance in recent years. Notably, Rolex traces its origins back to 1908 when it was co-founded by Hans Wilsdorf, with the company now controlled by a charitable foundation bearing his name.
In addition to its flagship Rolex brand, the corporation also oversees the low-priced Tudor watch brand, which achieved sales totaling approximately 545 million francs in 2023, according to estimates provided by Morgan Stanley. The remarkable success of both Rolex and Tudor underscores the enduring appeal and global resonance of Swiss watchmaking craftsmanship, reaffirming the industry's resilience and ability to thrive in an ever-evolving luxury market landscape.
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