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.