Richard Mille Production Numbers: How Many Watches Are Made?
Last updated: February 2026
Richard Mille produces approximately 5,300 watches per year, according to Forbes (2023) — a fraction of Rolex's estimated 1.1 million or Patek Philippe's 65,000. That output makes Richard Mille one of the lowest-volume major luxury watch brands in the world, sitting closer to independent watchmakers like F.P. Journe than to the Swiss industry's largest houses.
Production scarcity is central to the Richard Mille business model. With roughly 250 employees and three manufacturing facilities in Les Breuleux, Switzerland, the brand operates at a scale that prioritizes exclusivity over volume. This article breaks down the available production data, compares RM output to competitors, and examines how limited supply shapes both retail availability and secondary market pricing. For a full overview of the brand's pricing, models, and history, see our complete Richard Mille guide.
The exhibition caseback reveals the level of hand-finishing possible only at low production volumes
Table of Contents
How Many Richard Mille Watches Are Made Per Year?
Richard Mille does not publish official production numbers. Every figure available is an industry estimate drawn from analyst reports, auction house research, and financial journalism. That caveat is important: the data below represents the best available consensus, not confirmed disclosures from the brand.
The most widely cited current figure is approximately 5,300 watches per year, reported by Forbes in 2023. Morgan Stanley's annual Swiss watch industry report, produced with LuxConsult, forecast output of roughly 5,900 pieces for 2024. Christie's auction house has referenced a general estimate of around 5,000 pieces annually in its watch department publications.
Production has scaled gradually since the brand's founding in 2001. Output sat near 2,500 watches per year in the early 2010s. By 2018, that number had grown to approximately 4,800 pieces, according to Wikipedia's compiled industry sources. The trajectory from 2,500 to a projected 5,900 over roughly a decade reflects controlled growth, not the kind of rapid expansion seen at brands chasing market share.
| Year | Estimated Annual Production | Source |
|---|---|---|
| Early 2010s | ~2,500 | Industry estimates |
| 2018 | ~4,800 | Wikipedia (compiled sources) |
| 2023 | ~5,300 | Forbes |
| 2024 (forecast) | ~5,900 | Morgan Stanley / LuxConsult |
Revenue tells an equally striking story. Morgan Stanley/LuxConsult estimated Richard Mille's 2024 revenue at CHF 1.55 billion, a 0.6% increase over the prior year. That places the brand sixth globally among watch manufacturers by revenue — despite producing fewer watches than nearly every competitor above it. Revenue per piece sits at approximately CHF 260,000, the highest in the Morgan Stanley/LuxConsult rankings. For context on what drives that figure, see our breakdown of why Richard Mille watches are so expensive.
EMEA sales reached CHF 404 million in 2024, up 6.7% over 2023, suggesting growing European and Middle Eastern demand.
Richard Mille vs Other Luxury Brands: Production Comparison
Raw production numbers reveal where Richard Mille sits in the luxury watch hierarchy. The table below compares annual output across six brands, from the industry's largest producer to one of its smallest.
| Brand | Est. Annual Production | Avg. Retail Price | Revenue per Unit |
|---|---|---|---|
| Rolex | ~1,100,000 | ~$10,000 - $15,000 | — |
| Patek Philippe | ~65,000 - 70,000 | ~$50,000 - $80,000 | — |
| Audemars Piguet | ~45,000 | ~$40,000 - $60,000 | — |
| Richard Mille | ~5,300 | ~$252,000 (WatchCharts) | ~CHF 260,000 |
| A. Lange & Söhne | ~5,000 | — | — |
| F.P. Journe | ~900 | — | — |
The RM 67-02 in red Quartz TPT: each piece requires layering hundreds of ultra-thin composite sheets
The gap is dramatic. Rolex produces roughly 200 times more watches than Richard Mille each year. Patek Philippe, often considered the benchmark for exclusive watchmaking, makes over 12 times as many. Even Audemars Piguet, frequently grouped with RM as a competitor, outproduces the brand by nearly 9 to 1.
Only A. Lange & Söhne and F.P. Journe operate at similar volumes. Lange produces around 5,000 pieces annually from its Glashütte workshops, while F.P. Journe's Geneva atelier turns out approximately 900. The difference is revenue concentration: Richard Mille generates CHF 1.55 billion from roughly 5,300 watches, a revenue density that neither Lange nor Journe approaches.
Richard Mille competes on revenue and brand positioning with houses producing ten to fifty times more product. That imbalance between output and market impact is deliberate, and it directly shapes the buying experience for anyone trying to acquire one at retail.
Why Richard Mille Limits Production
Low production is both a manufacturing constraint and a business strategy. The two reinforce each other.
On the manufacturing side, Richard Mille's workforce is small. Approximately 250 employees handle design, production, quality control, and assembly across three entities in Les Breuleux, Switzerland. GMV manages final assembly and quality control. ProArt SA produces cases and components. ProArt II, a 2,500-square-meter expansion completed in 2018, houses R&D operations. That infrastructure supports careful, hand-intensive work, not high-volume throughput.
Carbon TPT cases like this RM 65-01 require hand-finishing after machining: no two pieces show identical patterns
Materials add complexity. Carbon TPT is a labor-intensive composite requiring specialized autoclave equipment and hand-finishing after machining: no two pieces show identical patterns. Sapphire crystal cases demand months of machining from solid blocks. These processes do not scale easily, which directly limits how quickly production can grow.
On the strategic side, scarcity protects brand equity. The approach mirrors Ferrari's long-standing production cap: manufacturing fewer units than the market demands keeps waitlists long and secondary market premiums high. Richard Mille reinforced this independence by rejecting Kering's 2013 bid for a 51% stake. The brand remains privately held, free to set its own production pace without pressure from conglomerate shareholders to chase volume targets.
The result is a brand that sells through 35+ boutiques worldwide, maintains waitlists on popular references, and ranks first in revenue per unit among major Swiss watch manufacturers according to Morgan Stanley/LuxConsult. For a detailed look at the engineering and material costs behind RM pricing, see our analysis of why Richard Mille watches command their prices.
How Production Numbers Affect Value
Low production creates a tight secondary market. With only around 5,300 watches entering circulation each year, spread across dozens of references, individual model availability is extremely limited. Popular references may see fewer than a few hundred units produced annually, and limited editions compress supply further.
Model-specific rarity drives the sharpest premiums. The RM 27-04, limited to 50 pieces at approximately $2,520,000, rarely appears for resale. The RM 27-05, capped at 80 pieces, carries secondary market prices above $3,100,000. These ultra-limited tourbillon references rarely change hands on the secondary market.
Movement hand-finishing at this level is only possible with small-batch production, a key driver of secondary market premiums
Even regular-production models benefit from the supply constraint. The RM 055 Bubba Watson originally retailed near $100,000 when it launched. On today's secondary market, examples trade between $440,000 and $500,000 or higher. That four-to-five-times appreciation reflects a combination of limited overall brand output, the Bubba Watson association, and Carbon TPT secondary market premiums.
Retail allocation is the only way to buy at list price. Retail allocation through authorized boutiques is the only way to purchase at list price, and waitlists for desirable references can stretch for years. Anyone who misses the retail window faces secondary market markups that often exceed 50% to 100% above MSRP. For a deeper look at resale performance across specific models, see our Richard Mille investment analysis.
Broader production trends suggest this dynamic will persist. Even at the projected 5,900 units for 2024, Richard Mille's entire annual output would fill less than two days of Rolex production. As long as demand outpaces supply by a wide margin, production scarcity will continue to anchor both primary and secondary pricing. For a look at which models attract the strongest demand, see our ranking of the most popular Richard Mille models.
Production figures are industry estimates compiled from Forbes, Christie's, Morgan Stanley/LuxConsult, and published reports. Richard Mille does not disclose official production volumes. Revenue and employee figures are based on published brand data and industry reporting as of early 2026.
Frequently Asked Questions
How many Richard Mille watches are made each year?
Approximately 5,300 per year according to Forbes (2023), with Morgan Stanley/LuxConsult forecasting around 5,900 for 2024. Richard Mille does not publish official figures. Output has roughly doubled from ~2,500 in the early 2010s.
Is Richard Mille rarer than Patek Philippe?
By total output, yes. Richard Mille produces ~5,300 watches per year versus Patek's estimated 65,000-70,000, roughly one-twelfth. However, Patek spreads production across more references, so certain individual Patek models may be comparably scarce.
How many employees does Richard Mille have?
Approximately 250 people across three entities in Les Breuleux, Switzerland. GMV handles assembly and quality control, ProArt SA produces cases and components, and ProArt II (opened 2018) houses R&D.
Where are Richard Mille watches made?
Les Breuleux, Switzerland. All design, component manufacturing, assembly, and quality control happen in-house across three facilities. The brand does not outsource production.
Does Richard Mille publish production numbers?
No. All widely cited figures, including the ~5,300 from Forbes and ~5,900 from Morgan Stanley/LuxConsult, are industry estimates based on analyst research and financial reporting, not confirmed brand disclosures.
Will Richard Mille increase production?
Output has grown gradually: from ~2,500 in the early 2010s to a projected ~5,900 in 2024. The pace is measured. Richard Mille rejected Kering's 2013 bid for majority ownership, keeping the brand free to grow on its own terms without shareholder pressure to scale.