Story Highlight
– Rolex’s total sales reached $26.4 billion in 2025.
– Secondary market sales contribute significantly to Rolex’s revenue.
– Rolex maintains strong demand, despite some discounted models.
– Other brands face varying challenges with secondary market sales.
– Richard Mille limits secondary market impact with controlled sales.
Full Story
Rolex’s sales figures have reached remarkable heights, with estimates from Morgan Stanley and LuxeConsult suggesting annual revenues of CHF 11 billion (£9.5 billion) or an implied retail turnover of CHF 16.1 billion (£13.5 billion). Additionally, global sales through secondary market retailers and auction houses are projected at $5.7 billion (£4.7 billion) for 2025, indicating that total sales across new and used watches could surpass an astonishing $26.4 billion (£21.9 billion).
This figure puts Rolex in a league of its own, as it exceeds the combined sales of the next seven leading watch brands, including Patek Philippe, Cartier, Audemars Piguet, Omega, Richard Mille, Longines, and Vacheron Constantin.
The influence of Rolex in the watch market is not just confined to its headquarters in Switzerland. Revenue estimates show that Rolex’s performance outstrips its nearest competitors: Cartier, Audemars Piguet, Patek Philippe, and Omega.
The disparity between Rolex’s reported headquarters turnover and its retail performance can be attributed to two main factors. Firstly, Rolex employs a wholesale distribution model, meaning it retains a smaller share of retail sales compared to direct-to-consumer brands such as Audemars Piguet and Richard Mille. Secondly, Rolex’s immense success in the secondary market significantly contributes to its overall sales, with around 20% of the combined sales of new and used watches coming from this sector.
This situation raises concerns regarding whether the secondary market is negatively affecting new watch sales for authorized dealers. However, evidence suggests that demand remains robust, as many models still feature waiting lists at authorized dealers, while the secondary market continues to see collectible pieces fetch premium prices.
Despite some opportunity for discounts, such as 22.8% off for Rolex Sea-Dwellers and 12% off for Explorers in the secondary market, the value of maintaining a relationship with an authorized dealer often outweighs the temptation to purchase grey market watches for passionate collectors.
In comparison, brands like Audemars Piguet and Patek Philippe face different dynamics. While they too offer exceptional customer experiences, a more aggressive secondary market exists for their products, where potential buyers may find discounted prices without the lengthy wait associated with obtaining new pieces.
According to Morgan Stanley and WatchCharts, purchasing popular models such as the Royal Oak still incurs a 25% premium from secondary sellers, while models like the Royal Oak Offshore and CODE 11.59 see larger discounts, up to 36.5%. Patek Philippe’s secondary market prices exhibit a mix of high premiums for certain models, while others, such as Complications and Calatravas, offer discounts that might lead customers to seek pre-owned options instead of official channels.
Richard Mille stands out due to its stringent control over its certified pre-owned sales, limiting the influence of the secondary market to high-profile auction items that typically enhance brand desirability rather than detract from it.
For brands beyond the top four, the threat from the secondary market remains relatively minor, as their overall sales volumes are insufficient to significantly disrupt demand in the primary market.
