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Audemars Piguet Tops Patek Philippe in Revenue, Report Says

  • Morgan Stanley report shows shift in demand to high-end
  • Swiss watch sales coalesce around a few premium brands
A Millenary Minute Repeater luxury wristwatch, manufactured by Audemars Piguet. 

A Millenary Minute Repeater luxury wristwatch, manufactured by Audemars Piguet. 

Photographer: Gianluca Colla/Bloomberg

Audemars Piguet overtook rival Swiss watchmaker Patek Philippe by revenue for the first time while industry giant Rolex SA racked up its best year ever, according to a report on the Swiss watch industry.

The report, published by Morgan Stanley, underscores how demand is shifting toward a select few high-end brands including Richemont’s Cartier. It also shows a loss of market share for lower-priced labels from Swatch Group.