Swatch Group vs Morgan Stanley: Impact of Dissatisfaction with Annual Swiss Watch Market Data
In a recently published open letter, Swatch Group AG criticized Morgan Stanley’s “Swiss Watcher” industry report. The company said some of the data in the report was wrong and doubtful. The letter, addressed to Morgan Stanley Investment Management, stated that the brand rankings and estimates of sales and production of 50 Swiss watch brands for 2025 in the report were based on questionable assumptions, thereby potentially misleading the market. What happened between Swatch Group and Morgan Stanley? Check out the complete information below!
Criticism of Morgan Stanley
For many years, the annual Morgan Stanley Most of this report is the result of research and analysis compiled by Oliver Müller, an analyst and consultant.
However, this time, the Swatch Group, which oversees 16 well-known watch brands, is opposing the findings in the ‘Ninth Annual Swiss Watcher 2025’ report. According to them, the data displayed cannot be verified and is incorrect.
Swatch Group challenged the findings and methodology of the Ninth Annual Swiss Watcher Report, citing unreliable and unverifiable data, as well as erroneous and careless findings.

Swatch X Omega Bioceramic Moonswatch 1965 SO33M106 Chronometer
It’s no surprise that Swatch Group disputes some of the findings in the Morgan Stanley report. The reason is, the report mentions brands End dropped from third to fifth place on the overall watch brands list.
Apart from that, the report also states that Longines will experience losses in 2025. In fact, according to the Swatch Group, Longine In fact, it recorded a profit margin of 16.6% of net sales that year.

Omega Seamaster Aqua Terra 220.10.41.21.03.004 Coaxial Master Chronometer
Regarding the methodology used, the letter states: “The methodology appears to be designed to hide a bad data situation. This includes a large amount of data that is not supported by evidence, obvious inaccuracies such as the use of point values instead of ranges to create a false impression of precision, and plausibility checks that sometimes produce absurd results.” wrote the Swatch Group in its open letter, reported by various global watch media sources.
Potential Legal Steps

MIDO Multifort 8 M047.507.17.041.00
This dissatisfaction even sparked talk of possible legal action. Swatch Group is reportedly considering the option of suing Morgan Stanley if corrections to the report are not made.
According to the Swatch Group, reports that are considered inaccurate could affect investors’ and the public’s perception of the Swiss watch industry. Therefore, the company requested that Morgan Stanley improve the methodology and data sources used in their analysis.
Impact on the Swiss Watch Industry

Longines Conquest L3.835.4.72.6 Automatic Chronograph
For information, public companies such as the Swatch Group are required to publish financial reports containing total sales and profits. However, they are not required to disclose the performance of each brand separately. For this reason, Morgan Stanley and other banks such as Vontobel usually prepare watch industry reports based on annual sales estimates, production volumes and average selling prices (average selling price/ASP).
The debate also highlights how industry research reports can influence the reputation and market perception of a watch brand. Morgan Stanley itself is known to regularly release reports on the Swiss watch industry which are often used as references by investors.

Hamilton American Classic H38446730
On the other hand, Swatch Group is one of the largest players in the industry with a wide portfolio of brands, segment-wise beginner level until upper classlike Swatch, Tissot, mid, Hamilton, Longineuntil End. This kind of tension between companies and research institutions is actually nothing new in the watch industry, considering that many market reports rely on estimates because most manufacturers do not publish detailed sales data.
That is information related to the criticism conveyed by the Swatch Group regarding the annual report released by Morgan Stanley. Apart from the existing controversy, you can find various collections of sought-after Swatch Group brands by visiting the application or website JAMTANGAN.COM!
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