Patek Philippe, the renowned Swiss luxury watchmaker, has defied expectations by reporting a consistent growth in demand worldwide, despite concerns surrounding a potential slowdown in the Chinese market – a key player in the luxury goods industry. This positive news comes in the wake of a 7 percent decrease in Swiss watch exports in September, marking the first decline since April of the previous year.
Thierry Stern, the president of Patek Philippe, remains buoyant about the brand’s performance, citing strong sales in the United States, Europe, and China. Notably, domestic Chinese demand has been on the rise, especially for core collections as consumers opt to make purchases within the country to bypass stringent border controls and high taxes on intricate pieces.
The brand’s optimistic outlook is reflected in the construction of a new state-of-the-art building at their Geneva headquarters, representing an investment of 550 million Swiss francs. This cutting-edge facility, scheduled to be operational next year, will cater to production, servicing, and training needs.
Despite evolving market trends such as the growth of online sales and mono-brand stores, Patek Philippe is staying true to its traditional distribution channels. With flagship models commanding around 35,000 Swiss francs and complex timepieces fetching even higher prices, the brand intends to maintain its partnership with established retailers.
Patek Philippe’s unwavering commitment to quality and exclusivity is underscored by its cautious approach to production expansion. The company plans to incrementally increase the number of timepieces by 1-3 percent annually from the 60,000 units projected for 2018, ensuring that its reputation for excellence remains untarnished.
In discussing industry events, Stern emphasized the significance of the Baselworld watch fair as a vital platform for engagement with retailers and journalists. However, he stressed the importance of aligning the dates of this fair with the Geneva watch fair to optimize its impact and relevance in the industry.
As one of the last independent Swiss watch brands amidst a sea of conglomerates, Patek Philippe continues to prioritize craftsmanship and heritage, blending tradition with technological advancements. With a strong global presence and an unwavering commitment to delivering exceptional timepieces, Patek Philippe is poised for sustained success in the luxury watch market.
To explore Patek Philippe’s exquisite timepieces and learn more about the brand, visit their official website here. For the latest updates and insights on the luxury watch industry, follow reputable sources such as Hodinkee here.
