Founded in 2001, the Richard Mille watch brand started making waves right from day one. The RM 001 was launched at an unexpected price point, higher than many established watchmakers would dare to charge for their products. Starting with such a high price tag was a daring move that shook the industry and catapulted Richard Mille to the front page of horological conversations.
For a long time, many people wondered why Richard Mille watches are so pricey and whether or not the watchmaker would be able to sustain its huge momentum. Over 20 years later, Richard Mille is now one of the top six watchmakers in the world by sales. The brand has become Hollywood's favorite watch, gracing celebrities' wrists while maintaining a strong hold on the world of sports. The Richard Mille brand became synonymous with high prices and exclusive designs. With this combination, the RM watches inevitably became status symbols for the rich and famous.
Despite proving itself over and over again with out-of-the-box designs and horological masterpieces, some people still wonder how long the Richard Mille brand will keep up its success. Some even theorize that the hype is fading, and the Richard Mille bubble has finally burst. In this article, we will answer whether or not Richard Miille still makes the hottest timepieces in the market.
Let’s begin with some data to see how well the Richard Mille brand performs. In just over a decade, the watchmaker has emerged out of nowhere to crack the top six of the most successful watch brands in the world by sales. It’s a remarkable achievement, considering the other watchmakers on the list have been around for over a century.
According to a Morgan Stanley report, Richard Mille made a revenue of 1.3 billion Swiss Francs ($1.5 billion) in 2022, representing an increase of 15% over the previous year. Even more impressive is that the watchmaker achieved this feat while selling a significantly smaller number of individual timepieces.
For instance, Audemars Piguet, founded in 1975, sells about 50,000 watches yearly and has a revenue of about $2.27 billion in 2022. On the other hand, Richard Mille achieved a $1.5 billion sales figure while selling about 5,000 watches.
A more recent report from Morgan Stanley and Luxconsult confirms Richard Mille’s sustained momentum in 2023. The watchmaker has maintained its sixth position with an even higher revenue of over 1.5 billion Swiss Francs, selling each piece at an average price of 275 Swiss Francs (the highest in the entire industry).
Richard Mille has also made significant strides by capturing difficult demographics for other watchmakers to capture. For instance, while the horological industry has been historically dominated by men’s watches, Richard Mille’s currently sells about 28% of its watches to women. This remarkable feat is attributed to the watchmaker's ability to merge cutting-edge technology with horological elegance.
These figures show just how successful the Richard Mille brand has been over the years. Going by the data, it’s safe to say that RM timepieces are still some of the hottest watches in the market, with models that appeal to both men and women.
Richard Mille’s continued success and market dominance are further demonstrated by the brand’s expanding workforce and growing global presence. The watchmaker's main manufacturing facility in the Swiss Jura employs over 200 people.
These highly skilled professionals play an important role in the growth of the Richard Mille brand as they meticulously craft each timepiece to perfection with utmost precision. Richard Mille currently produces 60% of its calibers in-house, a remarkable feat for a company that only began operation in 2001. Such a level of control over quality is only achievable due to its solid workforce. Richard Mille also has its headquarters in Paris, where a dedicated team of over 30 professionals handles client services, marketing, and communication.
The Richard Mille brand doesn’t appear to be slowing down in its global reach. In fact, quite the contrary, Richard Mille has been growing its global network steadily over the years and currently has 40 boutiques in various cities worldwide. This worldwide distribution indicates the brand’s steady growth and continued access to important markets.
Richard Mille watches have become hot commodities in the pre-owned market, mainly because of their scarcity in retail. As mentioned earlier, Richard Mille still makes less than 6,000 watches annually. While this isn’t exactly a small figure, it is still significantly smaller than the production volume of other watchmakers.
The retail scarcity of Richard Mille watches helps the brand maintain exclusivity. The demand currently exceeds supply, which is why people are still craving for more. Apart from the brand's decision to intentionally maintain exclusivity through scarcity, much work goes into making each Richard Mille timepiece.
Many models in the watchmaker’s catalog are made from innovative materials that have never been used before in the world of horology. It takes years to learn how to machine these materials to perfection and assemble the internal components of these complex watches by hand.
With all of these factors in play, the rollout of Richard Mille watches will remain measured. Consequently, buyers have no choice but to shop at the pre-owned market. A look at the stats of individual RM watches in the pre-owned market paints a positive picture of their market value and confirms the theory that RM watches are still as hot as ever.
For instance, the Richard Mille RM35-01, a Baby Nadal timepiece that has always enjoyed a decent amount of popularity, initially traded for less than its retail price. However, everything changed around 2017 as Richard Mille watches gained astronomical value.
In 2017, the RM 35-01 sold for about $100,000. Just a year later, this watch was selling for about $135,000. This growth doesn’t appear to be slowing down, as the watch currently sells for over $300,000 in the retail market.
Richard Mille is also a specialist at creating limited-edition timepieces. The watchmaker frequently collaborates with F1 drivers, athletes in various sports, and other brands. This has led to the creation of several limited-edition watches over the years, some of which bear the names of the collaborators who helped create them. This further amplifies the hype and scarcity of Richard Mille watches. Strong prices of Richard Mille watches on the secondary market show that the brand’s value is nowhere near a declining level.
The growth of the Richard Mille brand is beyond marketing hype. The players in the luxury watch community are no fools. Collectors and watch enthusiasts can identify outstanding timepieces from afar, and the sustained growth of the Richard Mille brand can only be achieved because the brand makes quality watches.
Richard Mille is famous for creating durable watches with real-world utility. Many models are created specifically for the world of athletics, which means they can take a beating without getting damaged.
Richard Mille also focuses on functionality. Since the very beginning, the brand has maintained a close relationship with the world of motorsports and car racing. This has led to the creation of sophisticated timepieces inspired by some of the most remarkable racing machines. These watches are reliable, robust, and offer superior performance, which is why they stand out from the lot.
The Richard Mille influence spans beyond the world of racing into other sports as well. Richard Mille has created timepieces that can be worn on the tennis court, on the golf course, in polo and other high-impact sports. These watches are as robust as any timepiece can get, with star power that further justifies their price.
Are Richard Mille watches still the hottest in the market? The answer to that question is an emphatic yes. The watchmaker continues to enjoy rising sales numbers, a growing global presence, and undeniable popularity in the secondary market. Richard Mille watches have continued to captivate collectors and watch enthusiasts with their remarkable designs and cutting-edge features. Beyond the statistics, the Richard Mille brand has continued to show unwavering dedication to innovation and exceptional craftsmanship. These attributes help to set the brand apart from competitors, preserving the hype of its timepieces despite market fluctuations.