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How severe is the Swiss watch downturn?
The pressure is real at the export level, although those figures are not a measure of what shoppers bought at retail. The Federation of the Swiss Watch Industry (FH) reported that Swiss watch exports fell 1.7% year over year to CHF 25.6 billion in 2025, the second annual decline in a row. Export volume dropped 4.8% to 14.6 million watches. In the first half of 2026, exports totaled CHF 12.8 billion, down 0.7% from the same period in 2025. The FH described the year as likely to be relatively stable compared with 2025, while uncertainty remained high.
Price bands tell a more nuanced story. In 2025, exports in the CHF 500–3,000 export-price segment were stable; exports below CHF 500 fell 4.5%, and those above CHF 3,000 fell 1.9%. In the first half of 2026, the CHF 500–3,000 export-price segment declined 5.7%. These export-price categories are not equivalent to retail prices, so they cannot be directly matched to Raymond Weil’s stated retail range.
The FH cautions that export statistics differ from end-consumer sales and cannot establish the results of an individual Swiss watch company. They show a difficult industry backdrop, not that Raymond Weil outperformed competitors.
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What is Raymond Weil’s strategy?
Stay in the price tier the brand can credibly own
In an October 2, 2026 interview with Luc Wiesman for DMARGE, Bernheim put Raymond Weil’s market at US$1,000–4,000, with its business concentrated in the US$1,500–3,000 range. He said watches above US$5,000 are “out of our galaxy.” His argument is that the company did not push prices upward during the boom and then reposition downward when conditions deteriorated: “We did not go up when the economy was booming, and then suddenly change direction to something more affordable because things were negative.”
That is a positioning claim, not a guarantee that a watch at any point in the range is affordable to every buyer. It also should not be blended into a single global price list with Le Temps’ 2024 description of the brand in a CHF 1,000–5,000 segment: the currencies, dates and pricing bases differ.
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Broaden the collection beyond a single flagship
Bernheim says the pandemic prompted him to rethink collection development and the company’s dependence on a narrow set of markets. The Millésime was the first watch to emerge from that reset, conceived to appeal to watch enthusiasts. In a 2025 interview, he described the Freelancer as the long-standing flagship and the Millésime as a complement aimed at a different consumer profile.
The strategic role of the Raymond Weil Millésime is therefore diversification: it gives the brand another collection and audience rather than replacing the Freelancer. The collection’s existence is evidence of a product choice, not evidence by itself that the business is growing.
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Reduce dependence on a few countries
Bernheim says the United States and United Kingdom together once accounted for half of turnover, and that the company sought to become a more worldwide brand. He also says China represented less than 1% of turnover, limiting Raymond Weil’s direct exposure when that market fell. In his account, Japan opened up after the launch of a 35mm Millésime, while Southeast Asia improved.
A 2025 profile reported growth in France, Italy, Japan, Korea and Taiwan, as well as Bernheim’s claim that the company grew in each year from 2021 through 2024. Those market and growth statements are attributed company claims; no independently audited geographic sales breakdown is available in the cited coverage.
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Emphasize value and selective retail distribution
Bernheim says retailers looking for a strong entry-level brand have shown more interest as customers put greater weight on value. This builds on a strategy he described earlier: a 2021 Hodinkee interview covered plans for more selective distribution and more sophisticated watches while preserving accessible pricing. A 2026 Hodinkee feature likewise places the brand’s value position against a market trend toward higher prices.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Is Raymond Weil actually growing?
Bernheim’s headline claim is direct: “Big names are in trouble or difficulties, and we are growing.” He also says the company is profitable and that its profitability helps it remain independent. These are the CEO’s statements in the DMARGE interview, not results verified by published audited accounts.
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Bilanz reported an estimated CHF 65 million in revenue, attributing the estimate to Morgan Stanley and LuxeConsult, and said the Freelancer accounted for 40% of sales. Neither number is company-disclosed audited financial data. The figures offer context, but they are not a substitute for a full set of company accounts or a like-for-like comparison with larger brands.
Bernheim’s explanation is plausible as a description of the choices the company says it made: hold its price position, add a collection, pursue more markets and limit exposure to China. The public evidence cited here does not establish that those choices caused growth, or quantify Raymond Weil’s performance against its peers.
What the strategy does—and does not—show
- It shows a stated positioning: Bernheim says Raymond Weil maintained its accessible price tier rather than moving upscale and retreating later.
- It shows a product response: the Millésime was introduced to complement the Freelancer and reach another buyer profile.
- It identifies a claimed exposure advantage: Bernheim says China was less than 1% of turnover, but public audited regional figures are not available to verify that share.
- It does not prove relative outperformance: FH exports measure industry shipments, while the company’s growth and profitability statements remain management claims.
“We are who we are,” Bernheim told DMARGE, adding, “I do not pretend to be who I’m not.” The clearest reading of his strategy is not that Raymond Weil has found a way to escape the downturn, but that it has chosen not to compete by changing its identity whenever the market shifts. Whether that approach delivers durable growth remains unproven by the public figures discussed here.
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