Montres TUDOR SA, the sister brand of Rolex, has joined Swatch Group in questioning the accuracy of a report by Morgan Stanley and LuxeConsult on the Swiss watch industry, which compiles annual estimates of watch brand sales and production volumes.
A Tudor spokesperson said the gap between the bank’s estimates and the brand’s actual performance raises doubts about the study’s methodology. “The difference between the assumptions in the Morgan Stanley study on watchmaking and the reality of Tudor’s business performance is such, year after year, that we question the relevance of the methodology and the seriousness of the authors of this report,” the spokesperson said. The Swiss daily Le Temps first reported the comment.
Among the inconsistencies cited by Tudor is the report’s estimate of the brand’s revenue growth between 2024 and 2025, which it said does not correspond to the percentage increase reported in the same study. The spokesperson also pointed to confusion about Tudor’s distribution model. Morgan Stanley’s reports often attribute about 70% of Tudor’s sales to wholesale channels, even though the brand has relied exclusively on wholesale distribution since its founding a century ago, the spokesperson said.
Rolex had no comment on the report, which claimed the company’s sales topped 11 billion Swiss francs while it reduced production, or allocations to retailers, by about 2%.