{"id":2484,"date":"2024-04-12T07:28:45","date_gmt":"2024-04-12T07:28:45","guid":{"rendered":"https:\/\/internationalpulse.net\/?p=2484"},"modified":"2024-04-12T07:28:45","modified_gmt":"2024-04-12T07:28:45","slug":"patek-philippe-chief-not-worried-for-top-end-swiss-watches","status":"publish","type":"post","link":"https:\/\/internationalpulse.net\/?p=2484","title":{"rendered":"Patek Philippe chief not worried for top-end Swiss watches"},"content":{"rendered":"

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Patek Philippe has been owned by the Stern family since 1932 – Copyright AFP Daniel ROLAND<\/small><\/em><\/p>\n

Nathalie OLOF-ORS<\/em><\/p>\n

Patek Philippe\u2019s chief says he is not anxious about the prospects for top-end timepieces, despite Swiss watch exports slowing overall after three years of spectacular growth.<\/p>\n

Thierry Stern told AFP he was \u201cnot worried about the high end\u201d of the market during the Geneva watch fair, which brings together 54 major brands at Swiss watchmaking\u2019s landmark annual event.<\/p>\n

For lower- and mid-range brands, \u201cI think it must be tougher\u201d, especially as there is \u201cmore competition\u201d at those levels, Stern said at the Watches and Wonders salon, which opened on Tuesday and runs until Monday.<\/p>\n

\u201cBut for Patek Philippe, I am not worried,\u201d said the president of the brand which ranks among the most prestigious in Swiss watchmaking.<\/p>\n

\u201cRight now, I can\u2019t think of a market in trouble \u2014 not at the top end, in any case,\u201d Stern said.<\/p>\n

The United States for example, which accounts for 38 percent of Patek Philippe sales, remains a \u201ccollectors\u2019 market\u201d for the brand, he said.<\/p>\n

\u201cEurope is doing very well too,\u201d he added, and if \u201cAsia was a little tougher for a while\u201d, then \u201ctoday it\u2019s back up again\u201d.<\/p>\n

Known for its complex timepieces, Patek Philippe is presenting a new version of its World Time model at the salon. It comes in white gold with an opaline blue-grey dial, and a price tag of 65,000 Swiss francs ($71,400).<\/p>\n

\u2013 \u2018A little calmer\u2019 \u2013\u00a0<\/p>\n

Swiss watchmaking had a brutal shock in 2020 as the Covid-19 pandemic hammered sales.<\/p>\n

But the sector quickly rebounded, and broke records three years in a row, with exports reaching 26.7 billion Swiss francs ($29.5 billion) in 2023.<\/p>\n

However, exports saw their first significant year-on-year decline in February \u2014 down 3.8 percent compared with February 2023.<\/p>\n

That said, not all brands are feeling the effects.<\/p>\n

Globally, across the luxury goods sector, the top two percent of customers account for about 40 percent of sales, according to the US management consultants Bain &amp; Company.<\/p>\n

The most high-end brands, like Patek Philippe, rely on a very wealthy clientele that is not particularly exposed to the vagaries of the economy \u2014 meaning those brands are well placed to withstand slower phases across the industry.<\/p>\n

For Stern, the fourth generation of his family at the helm of Patek Philippe, the recent slowdown is perhaps a sign of \u201ca return to reality\u201d after three years in which watch sector sales \u201cexploded\u201d.<\/p>\n

\u201cWe can\u2019t say it\u2019s a crisis,\u201d it\u2019s just \u201ca little calmer\u201d, he said.<\/p>\n

This year, he intends to keep production at the same \u201crecord\u201d level of 72,000 timepieces reached last year.<\/p>\n

Established in 1839 and owned by the Stern family since 1932, the private company never reveals its turnover.<\/p>\n

According to an estimate by the US bank Morgan Stanley and the consulting firm LuxeConsult, the company\u2019s sales reached around 2.05 billion Swiss francs last year, up 14 percent on the previous year.<\/p>\n<\/p><\/div>\n

Patek Philippe chief not worried for top-end Swiss watches
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#Patek #Philippe #chief #worried #topend #Swiss #watches<\/p>\n","protected":false},"excerpt":{"rendered":"

Patek Philippe has been owned by the Stern family since 1932 – Copyright AFP Daniel…<\/p>\n","protected":false},"author":1,"featured_media":2485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[7],"tags":[585,1556,1557,1560,1559,1561,1558],"yoast_head":"\nPatek Philippe chief not worried for top-end Swiss watches - International Pulse<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/internationalpulse.net\/?p=2484\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Patek Philippe chief not worried for top-end Swiss watches - International Pulse\" \/>\n<meta property=\"og:description\" content=\"Patek Philippe has been owned by the Stern family since 1932 – Copyright AFP Daniel...\" \/>\n<meta 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