(Bloomberg) -- Rolex, the biggest luxury Swiss watch brand, joined peers Swatch Group and Richemont in halting exports to Russia.

The only Rolex watches currently being sold in Russia are by independent and privately owned local retailers with inventory that was delivered before Russia’s invasion of Ukraine, a company spokeswoman said by email.

With 8 billion Swiss francs ($8.6 billion) in annual sales, according to Morgan Stanley, closely held Rolex dominates the Swiss luxury watch sector with a total market share of about 29%.

Rolex does not own any companies or properties in Russia, the spokeswoman said.


©2022 Bloomberg L.P.