1.0Market Snapshot
- 780
- Watch, clock, movement and component manufacturers in 2024 (BFS STATENT, NOGA 26.52.01–05). The large majority are in Western Switzerland and the canton of Bern.
- 59,090
- Employees in watch, movement and component manufacturing in 2024 (BFS STATENT), 55,734 full-time equivalents, 71 per firm. The industry's own census counted 64,807 employees at the end of September 2025 (Convention patronale).
- +15.4%
- Change in employees from 2020 (51,208) to 2024 (59,090), BFS STATENT. The industry census shows the first decline since the pandemic in 2025: −1.3% (835 jobs) in nine months to September.
According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 780 watchmaking & luxury components companies — Watch, clock, movement and component manufacturers in 2024 (BFS STATENT, NOGA 26.52.01–05). The large majority are in Western Switzerland and the canton of Bern..
2.0Industry Overview
Swiss watchmaking turns micromechanics into one of the country's largest export industries. In 2024 BFS counted 780 watch, movement and component makers with 59,090 employees (STATENT), up 15.4% from 2020; at 71 employees per firm, it is far more concentrated than most Swiss industries. Watch exports reached CHF 25.6 billion in 2025, down 1.7% (BAZG and FH). The United States, now the largest market, was roughly stable over the year despite the tariff shock, while exports to China have fallen by more than a third in two years.
3.0Industry Health Check (SWOT)
- Global leadership and the "Swiss made" label
- Dependence on a few export markets
- Recovery in the second half of 2025 (Swatch +4.7% at constant rates)
- Weak demand in China (exports down more than a third in two years)
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Watchmaking & Luxury Components business valuation in Switzerland
- Statutory Multiple (EBITDA)
- 5.0 - 7.0×
- Deal Multiple (EBITDA)
- 6.5 - 10.0×
- Market Trend
- Stable
Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.
8.0Regional Clusters
Neuchâtel
246 watch and component makers with 12,544 employees in 2024 (BFS STATENT, NOGA 26.52), the most of any canton; Swatch Group (Neuchâtel), Sellita (La Chaux-de-Fonds) and Nivarox-FAR (Le Locle) are registered here.
Geneva
117 firms with 11,395 employees; Rolex, Patek Philippe and Richemont (Bellevue) are registered here.
Jura
107 firms with 4,310 employees, mostly small suppliers.
Bern
91 firms with 8,614 employees, including the Bernese Jura and Biel.
Vaud
79 firms with 5,396 employees; Audemars Piguet is registered in Le Chenit.
Fribourg
8 firms with 8,786 employees, the highest average size of any canton.
Solothurn
17 firms with 4,768 employees.
Ticino
36 firms with 2,285 employees.
Sources
9.0Frequently Asked Questions
▶How much is a watch or component company worth in Switzerland?
ValIndex's multiples table puts Swiss watchmaking and luxury components at 6.5–10.0× EBITDA in transactions and 5.0–7.0× EBITDA on statutory valuations. Suppliers with unique know-how, several brand customers and certified production sit at the upper end; firms dependent on one brand or on the owner sit lower.
▶What drives the value of a Swiss watch supplier?
Buyers price: (1) unique technical know-how; (2) the number and stability of brand customers; (3) skilled watchmakers and toolmakers; (4) machinery and certifications; (5) exposure to short-time work and order swings; (6) dependence on the owner.
▶How big is the Swiss watch industry?
In 2024 BFS counted 780 watch, movement and component makers with 59,090 employees. The industry's own census counted 64,807 employees at the end of September 2025. Watch exports were CHF 25.6 billion in 2025.
▶Who are the main Swiss watch companies?
Swatch Group (Neuchâtel), Rolex and Patek Philippe (Geneva), Richemont (Bellevue) and Audemars Piguet (Le Chenit) are the largest brands; Sellita (La Chaux-de-Fonds) and Nivarox-FAR (Le Locle) are major movement and component makers.
▶What are the key trends in Swiss watchmaking?
Five trends: (1) exports down 1.7% in 2025; (2) the US tariff cut from 39% to 15%; (3) the first employment decline since the pandemic; (4) squeezed margins; (5) ownership changes such as Rolex–Bucherer and Baume & Mercier.
▶What are the main risks when buying a Swiss watch supplier?
The main risks are: (1) dependence on one or two brands; (2) falling orders and short-time work; (3) loss of key watchmakers; (4) currency and gold-price effects; (5) dependence on the owner. Due diligence should check customer concentration, order books, staff, machinery and margins.
▶How did US tariffs affect Swiss watchmaking?
The US imposed a 39% additional tariff on Swiss goods from 1 August 2025, later capped at 15% retroactive to 14 November 2025. Over the full year, exports to the US were roughly stable, while total exports fell 1.7%.
▶Where is the Swiss watch industry located?
Using BFS figures for 2024: Neuchâtel has the most firms (246, with 12,544 employees), followed by Geneva (117; 11,395), Jura (107; 4,310), Bern (91; 8,614), Vaud (79; 5,396), Ticino (36; 2,285), Solothurn (17; 4,768) and Fribourg (8; 8,786).