“Not a big difference, whether 20 or 30 billion”
The Geneva watch brand Patek Philippe is on the road to success with virtues such as tradition and continuity. Maintaining the independence of the watch manufacturer is the most important thing for Patek President Thierry Stern.
in one Interview with the French-speaking Swiss daily newspaper “Le Temps” (behind the payment barrier), Thierry Stern, the owner of the watch manufacturer, promises that Patek Philippe will “create another 200 jobs”. In the past three years, the company has already hired around 300 new employees. Finding specialists, however, is difficult, says the Patek boss on the expansion plans.
When asked whether the traditional company can be sold for 20 billion francs or, due to inflation, even for 30 billion francs, Stern says: “It doesn’t make a big difference whether it’s 20 or 30 billion. Preserving and maintaining our independence is my priority.”
“War is much greater danger”
Patek watches are popular above all because of their outstanding quality and, among other things, are also suitable as an investment. In recent years, Patek has mainly increased the average price, but hardly the production, explains the company owner.
In recent years, the watch business has been negatively impacted primarily by the corona pandemic, and now the Ukraine war is having a negative impact on the industry. But Covid is no longer really an obstacle, Stern says, adding: “War is a much greater danger.” Patek has to learn to live with it and concentrate on what it is good at: “beautiful watches”.
Looking forward to the Geneva watch fair
Patron Stern is particularly looking forward to the “Watches & Wonders Geneva” watch fair, which will take place in Geneva from March 30th to April 5th. The main players in the watchmaking industry will be there. For Stern, the fair brings back “memories of his youth”. When he enters the hall, he will have the look of a small child.