Swiss watch exports stabilized at SFr12.2bn ($15.1bn) in the first half of 2026, down just 0.6% year-on-year, but the headline masks deep polarization. According to Luxe Consult founder Oliver Müller, 75% of value growth came from watches representing only 1.3% of volumes. "Growth of ultra-luxury was spectacular," he says. Meanwhile, watches priced SFr25,000–SFr50,000 fell 8.3%, while "accessible luxury" (SFr7,500–SFr12,500) rose 0.5%, aided by steel models from Rolex, Omega, and Cartier. Export volumes rose 2.3%, driven by Swatch Group brands Longines, Tissot, Hamilton, and Swatch. Annual exports dropped from 17mn units in 2023 to 14.6mn in 2025, prompting brands to use Switzerland's RHT short-work scheme.

Despite the downturn, new brands are launching. House of Brands CEO Georges Kern revived Gallet (priced £2,220–£5,300) after relaunching Universal Genève. Former Audemars Piguet CEO François-Henri Bennahmias announced N3W5 under his The Honourable Merchants Group, and ex-Girard-Perregaux executive Leopoldo Celi resurrected Niton. Bennahmias argues consumers are "tired of the same things," not out of money. Kern agrees: "There's fatigue with existing brands."