Zenith, which belongs to French luxury conglomerate LVMH, said that the door of its boutique on Geneva's upscale Rue du Rhone was thought to have been rammed by a car shortly after 5am.
The thieves abandoned the car used to penetrate the store, a Renault Mégane stolen in Geneva, the Tribune de Genève reported.
Zenith spokeswoman Maud Tiberti told AFP that the thieves made off with 30 watches, but could not immediately provide a value for the haul.
The loss of the watches, coupled with the damage to the store, totalled one million francs ($1.1 million), she said.
Zenith opened the boutique in the chic shopping area in December 2011.