Morgan Stanley’s Top 20 Swiss Watch Company Ranking for 2025 has just been released.

Compared to last year’s Morgan Stanley Top 20 Swiss Watch Company Ranking, in this year, the top 10 companies remained the same:

#1 Rolex
#2 Cartier
#3 Omega
#4 Audemars Piguet
#5 Patek Philippe
#6 Richard Mille
#7 Longines
#8 Vacheron Constantin
#9 Breitling
#10 Tissot

However, for rankings 11-20, most of these companies have changed:

#11 TAG Heuer moved up from #15 in 2023
#12 Swatch moved up from #13 in 2023
#13 Hermes moved up from #16 in 2023
#14 IWC moved down from #11 in 2023
#15 Jaeger-LeCoultre moved down from #14 in 2023
#16 Hublot moved down from #12 in 2023
#17 Bulgari moved up from #19 in 2023
#18 Officine Panerai stayed the same
#19 Chopard moved up from #20 in 2023
#20 Chanel was not in the top 20 in 2023

Notably, Tudor, #17 in 2023, moved out of the top 20 in 2024.

 

Source: LuxeConsult, Morgan Stanley Research.

Editor’s note: All rankings are based on estimated sales revenue, not numbers directly reported by watch brands.