Story Highlight
– Raynald Aeschlimann aims to surpass Rolex at Omega.
– Omega sales rose to CHF 2.6 billion in 2023.
– China market struggles impact Omega’s performance.
– Rolex sales nearly tripled since 2017, reaching CHF 11 billion.
– Omega slipped to fifth-largest Swiss watchmaker in 2025.
Full Story
Raynald Aeschlimann stepped into the role of CEO at Omega in 2016, succeeding Stephen Urquhart, with a wealth of experience spanning two decades within the brand. His immediate ambition was to challenge Rolex’s dominance in the Swiss watch market.
In an interview with Hodinkee shortly after his appointment, Aeschlimann articulated his vision: “The goal is always the same, but the point is to have the biggest following, not the highest number of sales. Of course, that means being number one, but doing so with our own DNA. We have the ability to do that, definitely. I’m ambitious, we are ambitious and I will not deny that the goal remains the same.”
At the time, overtaking Rolex appeared to be an achievable objective. Industry estimates from LuxeConsult and Morgan Stanley indicated that in 2017, Omega’s global sales reached CHF 2.23 billion, while Rolex led with CHF 3.9 billion.
Both brands boast iconic timepieces, with Omega’s Speedmaster famed for its role in the 1969 moon landing and Rolex’s Daytona linked to the world of motorsport. Their collections span three primary categories: land, sea, and sky.
Under Aeschlimann’s leadership, Omega increased its investments in mainland China, resulting in a revenue rise to CHF 2.26 billion by 2019. However, the COVID-19 pandemic severely impacted the brand’s operations in China. Following the lifting of restrictions, Omega rebounded to achieve sales of CHF 2.6 billion in 2023.
Western markets contributed to this recovery, and 2024 and 2025 were described as record years for Omega’s president in the United States, which has emerged as the largest market for Swiss watches over the last five years. However, sluggish sales in China and Hong Kong have posed challenges for Omega.
In January 2026, Omega operated 214 sales locations in Mainland China, compared to 119 in the United States. Should the Chinese market recover as predicted by Swatch Group CEO Nick Hayek, Omega could see a boost. Nonetheless, a shift in consumer behaviour towards more budget-conscious purchasing may drive shoppers towards the secondary market, where watches like the Speedmaster and Seamaster are available at discounts exceeding 30%.
In contrast, Rolex’s trajectory during Aeschlimann’s timeframe has been significantly more impressive. Jean-Frédéric Dufour, having taken the reins at Rolex in 2014, has led a transformation that has seen the brand’s sales nearly triple from CHF 3.9 billion in 2017 to over CHF 11 billion in 2025, according to the latest Morgan Stanley and LuxeConsult report.
Conversely, Omega’s sales are projected to have fallen to CHF 2.2 billion by 2025. It is noteworthy that while Hayek dismisses the annual Morgan Stanley report, the Swatch Group’s total sales of CHF 6.3 billion lend credence to Omega’s share being approximately one-third.
The Swiss watch sector as a whole observed stable sales, totalling CHF 35.7 billion in 2025, a slight decrease from CHF 36.1 billion in 2023. During this period, Omega dropped from third to fifth place among manufacturers by revenue, overtaken by both Audemars Piguet and Patek Philippe.
The challenging landscape in 2025 affected nearly all Swiss watch brands, with Rolex marginally gaining from CHF 10.6 billion to CHF 11 billion, and Cartier also posting growth from CHF 3.2 billion to CHF 3.5 billion. Audemars Piguet’s revenue increased from CHF 2.4 billion to CHF 2.6 billion, while Patek Philippe’s rose from CHF 2.3 billion to CHF 2.5 billion.
Oliver Müller, founder of LuxeConsult, has shared insights on platforms like LinkedIn that illustrate the growth trajectories of these brands since 2017. While Rolex has consistently led the pack, it has stretched its advantage as group-owned brands, including Omega, Longines, and Tissot, falter in comparison to privately-held entities such as Audemars Piguet and Patek Philippe. The past decade has seen only Cartier and Vacheron Constantin—both under Richemont—rise within the ranks of publicly traded ownership.
Further analysis on the annual Morgan Stanley and LuxeConsult report is expected from industry observers in the coming days.
