Patek Philippe Bucks Cooling Watch Demand With Price Increases

Patek Philippe SA, the family-owned Swiss model coveted by high-end watch collectors, raised costs throughout its mannequin strains, bucking an trade pattern towards slowing the speed of will increase.

The Geneva-based firm, recognized for its Grand Issues, Calatrava costume watch and Nautilus sports activities fashions, elevated costs by a mean of about 7 p.c on Feb. 1, in line with info on its web site. The value of the 5236 perpetual calendar mannequin in platinum, for instance, climbed to £121,100 ($152,803) from £113,330.

The Patek worth will increase present the corporate expects it has enough model and pricing energy to offset rising enter prices and a robust Swiss franc with out hurting demand for its timepieces.

A Patek Philippe spokesperson confirmed the February hikes and stated they have been efficient throughout all mannequin strains and areas, declining to provide additional info.

Swiss watchmakers elevated costs aggressively amid an unprecedented increase throughout and popping out of the pandemic, however the trade is now going through a slowdown in demand as well-heeled shoppers pull again. Johann Rupert, the chairman and controlling shareholder of Richemont, proprietor of the Cartier and Vacheron Constantin manufacturers, stated in November that luxurious items makers could not have the ability to elevate costs for 2 years.

Swatch Group AG, the maker of Omega and Breguet, stated final month its worth will increase in 2023 weren’t sufficient to offset the power of the Swiss franc.

The Patek worth hike follows a transfer by trade big Rolex in January to boost costs on some fashions within the UK by about 4 p.c whereas leaving US costs unchanged.

Rolex produces greater than 1 million watches a yr whereas Patek makes about 70,000.

Patek additionally discontinued a number of fashions in its lineup, together with the favored Aquanaut Journey Time in stainless-steel, in line with watch fanatic web site Hodinkee.

By Andy Hoffman

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