In the second Vogue Business Watch Index, signs of a slowdown are emerging across the industry. 2024’s mixed financial performance saw estimated growth at Rolex, Cartier and Patek Philippe, alongside declines at most other brands. But growth halted in 2025. According to the Federation of the Swiss Watch Industry, global Swiss watch exports fell 0.1% in the first half of the year, led by declines across Asia-Pacific and offset by growth in the US. However, recent gains in the US may be short-lived as new tariffs take effect. In August, the month after 39% tariffs were imposed on the Swiss market , exports to the US fell by a fifth. Brands that invested heavily in the region could be at risk. DOWNLOAD THE WATCH INDEX PDF

Despite this slowdown, the 20 brands ranked in the Vogue Busine

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