Cartier did it again. The watch house has outranked Omega in Morgan Stanley’s annual Swiss watch report, second to Rolex. Cartier dethroned Omega in watch revenue just a few years ago, a feat that might not surprise some as Cartier has been among the top three watch brands for many years. Still, it has fascinated the watch-collecting community because the brands are so different from one another. What factors have led to the repositioning of sales in the Cartier vs. Omega battle? There is much to unpack in the epic battle for #2 among the influential watchhouses, so let’s get into it.
Read More About the 2023 Morgan Stanley Report:
Rolex Sales at All-Time High in 2023 as Tudor Sales Decline: Report
A Quick Overview of How Cartier and Omega Performed in 2023
It isn’t likely that Cartier or Omega will ever top Rolex, a brand that just surpassed the CHF 10 billion mark and that accounted for over 30% of the entire market value in 2023. For comparison, Rolex sold an estimated 1,240,000 watches in 2023, followed by Cartier with 660,000 and Omega with 570,000. Estimated sales for 2023 included Cartier with CHF 3.1 billion and Omega with CHF 2.6 billion.
| Brand | 2023 Revenue (Est.) | Watches Sold in 2023 (Est.) |
| Rolex | $11.25 billion | 1,240,000 |
| Cartier | $3.45 billion | 660,000 |
| Omega | $2.9 billion | 570,000 |
The MoonSwatch Effect
But what about the massively successful MoonSwatch? The collection took the industry by storm in 2022, pairing the much-beloved Moonwatch aesthetic with the more approachable Swatch price point. The result was a very affordable and somewhat quirky iteration of the Speedy. Affordable prices and exclusively selling the watch at brick-and-mortar Swatch stores only added to the craze.
More on the MoonSwatch Craze: The Omega Snoopy MoonSwatch
The MoonSwatch sold over 2 million units last year, doubling the number sold in 2022 and netting Swatch Group an astonishing $660 million Swiss francs in 2023. The watches retail for less than USD 300, which doesn’t even come close to the average retail price of Cartier ($5,712) and Omega ($6,573) in this year’s Morgan Stanley Swiss watch report. Still, the publicity has helped boost interest and generate more sales for the Omega Speedmaster, according to Swatch Group. Despite the Speedmaster and MoonSwatch hype, Cartier still beat Omega for the #2 spot in 2023.
More on Omega:
Entry-Level Omega Watch Models – The Best of the Bunch
The Omega Snoopy: A Collector’s Guide
How to Sell an Omega Watch
What is the Price of an Omega Speedmaster?
A Guide to Omega Dive Watches
The Great Cartier Buy-Back Initiative
A few months ago, I detailed how Cartier set up a solid foundation to take the #2 spot. To give you a quick overview, the brand bought back approximately $500 million of stagnant inventory from retailers between 2016 and 2018 to prevent steep aftermarket discounts and preserve Cartier’s brand value.
Read More on the Cartier Turnaround: How Cartier Changed its Fate and Rose to the Top
Fast-forward a few years to 2021 and 2022, shelves were clear of unsold stock, and the luxury market was flourishing following pandemic lockdowns. Sales were strong in China, a major importer of Swiss luxury goods. As a result, Cartier reported a 30% increase in sales and has been among the top two Swiss luxury watch brands ever since.
Cartier vs. Omega: Different Markets?
Cartier has been a key player in men’s luxury watches for over a century, but could women’s watch sales be a factor contributing to last year’s results? The numbers reported by Morgan Stanley don’t distinguish between men’s and women’s watches. Still, that does seem to be a valid theory as more and more women buy luxury watches.
Omega: Popular with Male Enthusiasts
Omega’s current-production catalog largely caters to men. The Speedmaster and Seamaster lines are consistently popular, and Omega is one of the most-discussed brands among watch enthusiasts online. Omega has some perfectly high-quality women’s offerings, but none of them are particularly iconic in their own right. They’re just subsets of the Deville, Constellation, or Aqua Terra lineups.
The 34mm Aqua Terra Shades models got some attention, but Omega has never really made a gotta-have-it ladies’ watch. Nothing in their ladies’ catalog has ever come close to capturing the magic of the Speedmaster Professional.
Cartier: Style Icon
Cartier has several distinctive models that accommodate the smaller size of a woman’s wrist, such as the très chic Panthère de Cartier with its elegant lines and silky, multi-link bracelet and ready-for-anything Tank Française. Moreover, Cartier is well-known for its jewelry, which interestingly outperformed Cartier’s watch sales last year by 2%. The brand’s influence in the jewelry industry doubtlessly drives sales from clientele beyond the typical watch crowd.
Cartier’s catalog also has a distinctive aesthetic that is different from Omega’s and will align more with women’s fashion, including uniquely shaped cases and bold designs. Sales for men’s Cartier watches are no slouch, though–the Cartier Santos in partricular has enjoyed a surge of popularity in recent years.
Another trend on the rise is men wearing smaller watches, and the influence is far-reaching, with everyone getting in on the trend, including A-list actors, famous athletes, and rappers. The brand at the center of it all is Cartier. In fact, it’s nearly guaranteed that you’ll see at least one celebrity sporting a small Cartier watch on their wrist at any red-carpet event.
The big question is, how will the Cartier vs. Omega battle look in 2024? Meet us back here next year to find out.
More on Cartier:
Who Owns Cartier?
The Best Entry-Level Cartier Watches
A History of the Cartier Tank
Do Cartier Watches Hold Value?
