Why Patek Philippe will never open a museum outside Geneva – and why the trade war is no big deal if you’re a luxury watchmaker
In the latest instalment in our series with luxury CEOs and presidents, we sat down with Patek Philippe president Thierry Stern at the Patek Philippe Watch Art Grand Exhibition in Singapore – and discovered why a watchmaker president seldom wears a prototype
Last year’s Patek Philippe Watch Art Grand Exhibition in Singapore marked the first time that large numbers of archival pieces from the watchmaker’s Geneva museum made their way to the country. At the event, Thierry Stern, president and fourth-generation member of the Stern family, custodians of the Patek Philippe legacy, explains why he is taking his watches on the road, and reveals the perks he enjoys.
With the trade war and Brexit brewing, how is Patek Philippe affected?
We are collapsing – I don’t know how I’m going to pay the bill for my room! No, the fact is, for now, to be frank, it does not affect us. And I do not believe it’s going to affect us. I think that bigger, much bigger businesses will be impacted, but not really Patek. It’s not something I’ve seen and I hope it stays that way.
What was Patek’s aim in hosting a watch art exhibition of this scale, and for choosing Singapore?
The target is always the same. There are two [targets], in fact. We have to present to new customers who we are, and what’s a better way to do so? They know the name, but they don’t know who we are. Not everyone can come to Geneva, so we decided to go to Singapore. This is important, not only because new clients will come, not only in terms [of growing] future buying, but I will see some kids coming … we want to show and teach them about watchmaking.
Secondly, it’s because this market is very strong. There are a lot of collectors in Singapore and they really enjoy such an event. It’s important for us to say thank you for all their years of [supporting] Patek Philippe.
How important is it to engage customers on a personal level?
It’s important to present your pieces – you need to be on the field. Just staying in Geneva and making the pieces is not enough. You also need to go to your customers. I think that’s very important. We have the museum, we have history, we have the technical knowledge – everything is there, and the handicraft is beautiful. All these build the credibility of the brand.
Where will the next Grand Exhibition be hosted? Will you consider bringing it to Hong Kong or mainland China?
I think that China is a fantastic market, but I have a small company. I have [an annual production capacity of] 62,000 pieces so I have to take it step by step. If you do something like this in China, you have to be ready with products. It’s still a bit too early for me. And that’s a difficult market because everybody loves Patek Philippe, but we don’t have enough pieces. I’m going to postpone this.