The Swiss watch industry experienced a turbulent 2024, with luxury giants like Rolex, Cartier, Audemars Piguet, and Patek Philippe continuing to attract strong demand while most large-scale manufacturers reported double-digit sales declines. The post-pandemic market cool-down impacted the entire sector, but independent watchmakers demonstrated surprising resilience, according to a new industry report.
Independent Watchmakers Show Optimism Amid Challenges
A study by The Fourth Wheel , a watch industry Substack by British journalist Chris Hall, reveals that two-thirds of independent brands saw sales growth in 2024. Nearly 90% of these smaller players anticipate stable or increased sales in 2025, with almost 40% struggling to meet demand due to production constraints.
Survey Highlights Strengths and Vulnerabilities
The Independent Watchmaking Report 2025 , based on responses from 81 brands, examines production volumes, technical capabilities, and business strategies. While half of the surveyed brands are Swiss-based, the rest span 13 other countries. Most produce fewer than 1,000 watches annually, including legacy names that shaped the indie watch scene in the 1990s and 2000s.
Niche Strategies Help Indies Compete
Independent brands thrive by leveraging agility, lower overheads, and direct consumer engagement. Media coverage (76%) slightly outweighs social media (69%) in their marketing priorities. Despite mid-market demand declines affecting larger manufacturers, many indies remain confident, buoyed by strong waiting lists and loyal followings.
Supply Chain Woes Threaten Growth
Chris Hall warns that rising costs and supplier instability pose risks. “Many suppliers are struggling as mainstream brands cut orders, creating ripple effects for smaller watchmakers,” he explains. Over a third of indies report component shortages, skilled labor gaps, and escalating operational costs, tempering their otherwise optimistic outlook.
“While independents are resilient, these challenges could test their long-term sustainability,” Hall concludes.
