Rolex sales topped $10 billion for the first time as the top Swiss watch brand gained market share, reported Bloomberg on Wednesday.

Quoting data from a report by Morgan Stanley, Bloomberg added that the brand produced 1.24 million watches in 2023 with sales totaling $11.5 billion – a gain of 11% from 2022.

Analysts at Morgan Stanley and Swiss firm LuxeConsult cited the current level of Rolex’s market share as “unprecedented”, according to Bloomberg.

The Rolex brand “remains the unchallenged No. 1 within the luxury watches industry with greater sales than that of the five following brands – Cartier, Omega, Audemars Piguet, Patek Philippe and Richard Mille – combined,” it added.

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The maker of the highly-coveted Daytona, Submariner and Datejust models grew its retail market share to just over 30%.

“No other luxury brand can claim such a dominant position in its respective sector,” added Bloomberg, quoting analysts led by Morgan Stanley.

In comparison, Louis Vuitton, had about a 19% share of the luxury handbag market last year, added the report.

Swiss luxury watch sales continued to be dominated by a handful of brands. For example, Vacheron Constantin, the historic brand controlled by the luxury conglomerate Richemont, joined the elite 1 billion franc sales club for the first time in 2023.

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Swatch was cited as the fastest growing watch brand for the second year in a row.