Author Topic: Patek Philippe news in England Financial Times  (Read 3921 times)

Offline Cocas

  • Hero Member
  • *****
  • Posts: 2922
Patek Philippe news in England Financial Times
« on: July 06, 2019, 06:05:30 AM »
Now I know why PP price  suddenly shoots up!



https://www.ft.com/content/3a05b34a-9639-11e2-b8dd-00144feabdc0

his is an extract of an interview made by the Financial Times to Thierry Stern

"The world is getting smaller for our business and we want to keep it that way,"

"We will continue to make 50,000 pieces a year, even though demand is 10 times that because I won't compromise the quality or exclusivity of our product. We keep customers' accounts limited and make it very difficult for dealers to up their annual orders, even by a single watch per year it's all part of playing a long-term game."

Mr. Stern is walking the talk. Since 2008, Patek Philippe has reduced its outlets from 750 to 450 and refused to bow to the pressures of sky-high Chinese demand by maintaining just two boutiques in the country, choosing to err on the side of caution when it comes to an over-reliance on emerging markets and uneducated tourist spending.

"Of course, I appreciate that the traveling customer is fast becoming the lifeblood of the luxury industry and that the Chinese see shopping as a primary holiday activity. But many aren't interested in doing research beforehand they'll just buy whatever is available and that lack of appreciation is not valuable to us," says Mr. Stern, adding that travelers are often left empty-handed as he orders dealers to reserve a percentage of inventory for local clientele.

"Ultimately, the traveler will not always come back, so we make dealers prove that they won't lose the local customer who we view as the more important relationship. The gentleman who buys a Patek each year he is our real target."
« Last Edit: July 06, 2019, 06:08:20 AM by Cocas »