Advertisement
Advertisement
Advertisement

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

Thierry Stern, president of Patek Philippe, says holding an exhibition is an important way of engaging customers on a personal level. Photo: Handouts

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 is Luxury Escapes CEO Cameron Holland’s favourite holiday spot?

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.

Patek Philippe Watch Art Grand Exhibition Singapore 2019

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.

Which watches would you buy if Patek Philippe gave you an unlimited budget?

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.

The Rare Handcraft room at the Patek Philippe Watch Art Grand Exhibition Singapore 2019

The Patek Philippe Museum holds an important horological archive. Are there plans to create a second permanent space outside Geneva?

No, because first and foremost, I don’t see why and where we should do it. There are not enough pieces. We are taking some of those pieces to events like this one, but we will not do another museum.

Patek Philippe 5303 Minute Repeater Tourbillon Singapore 2019 Special Edition

What watch do you wear day to day?

I’m wearing a prototype of the 5740 [Nautilus Perpetual Calendar]. I like it. I’ve always enjoyed the perpetual calendar [function]. I also have the 5320. But this one is convenient because of the bracelet. If I had to choose between the two, it would be the 5320 because for me, it’s more classic.

STYLE Edit: Which Patek Philippe watch is the most desired?

Is it a tradition for the president to wear a prototype?

No, it’s the first time. We’ve never done it. It’s one of the first things my dad told me: you cannot wear a new model, you have to wait three years. But I always knew the Nautilus I wanted would be one with a perpetual calendar. It didn’t exist at the time, so when we made it, I said: this is the one prototype I’ll try because it’s the watch I’ve been dreaming of having.

Job Experience

2008-present: president of Patek Philippe

2006-2008: vice-president of Patek Philippe

Want more stories like this? Sign up here. Follow STYLE on Facebook, Instagram, YouTube and Twitter .

Luxury CEOs

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