Rolex remains king but Hublot closes in on TAG Heuer in mixed year of sales for LVMH watch brands


TAG Heuer sales dropped by 8% from CHF 870 million to CHF 810 million between 2017 and 2018, according to estimates from Vontobel Equity Research. 

Investment bank Vontobel produces a widely respected annual report on estimated turnover from Swiss watchmakers, and shared its highlights with WatchPro today.

Vontobel Equity Research’s 2018 report was not all bad news for LVMH’s biggest watch brands. The research estimates that sales at Hublot rose by 14% from CHF 550 million to 625 million, which nudged the brand into the top 10 Swiss watchmakers for the first time.


It is worth noting the rival investment bank Morgan Stanley estimates TAG Heuer’s 2018 sales at CHF 985 million, considerably higher than the estimate from Vontobel.


2018 Rank Brand 2017 2018 Growth Change in Rank
1 Rolex CHF 5,000 CHF 5,400 8%
2 Omega CHF 2,080 CHF 2,260 9%
3 Cartier Watches CHF 1,575 CHF 1,690 7%
4 Longines CHF 1,470 CHF 1,670 14%
5 Patek Philippe CHF 1,350 CHF 1,450 7%
6 Audemars Piguet CHF 950 CHF 1,050 11% +1
7 Tissot CHF 1,010 CHF 1,020 1% -1
8 TAG Heuer CHF 870 CHF 810 -7%
9 IWC CHF 800 CHF 810 1%
10 Hublot CHF 550 CHF 625 14% +1
Source: Vontobel Equity Research Estimates

The top five brands remained the same from 2017 to 2018, with all of them notching significant increases in turnover.

Rolex added sales of CHF 400 million (+8%) to its annual tally in 2018 to reach CHF 5,400, Vontobel says.

Rolex sales are equal to the combined turnover of Omega, Cartier and Patek Philippe.



Rolex sales were worth $11.6 billion to retailers around the world in 2018



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