GENEVA – Patek Philippe’s 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. Thierry Stern told AFP he was “not worried about the high end” of the market during the Geneva watch fair, which brings together 54 major brands at Swiss watchmaking’s landmark annual event.
For lower- and mid-range brands, “I think it must be tougher”, especially as there is “more competition” at those levels, Stern said at the Watches and Wonders salon, which opened on Tuesday and runs until Monday.
“But for Patek Philippe, I am not worried,” said the president of the brand which ranks among the most prestigious in Swiss watchmaking. “Right now, I can’t think of a market in trouble — not at the top end, in any case,” Stern said.
The United States for example, which accounts for 38 percent of Patek Philippe sales, remains a “collectors’ market” for the brand, he said.
“Europe is doing very well too,” he added, and if “Asia was a little tougher for a while”, then “today it’s back up again”. Known for its complex time pieces, 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).
‘A LITTLE CALMER’
Swiss watchmaking had a brutal shock in 2020 as the Covid-19 pandemic hammered sales. 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. However, exports saw their first significant year-on-year decline in February — down 3.8 percent compared with February 2023.
