An unstinting vision to produce only the most intricate timepieces
Patek Philippe is the last remaining family-owned independent watch manufacturer in Switzerland – a fact that company president Thierry Stern is extremely proud of. Just like in luxury fashion, independent timepiece manufacturers are fast becoming a rarity as large conglomerates snap up private brands. But selling out is the last thing on Stern’s mind. As the fourth-generation family member to lead the business, he is fully aware of the legacy he has inherited. “Being a family-owned watch company means being totally independent financially and this is what gives us the freedom to continue to create exceptional timepieces,” he says.
Since the brand was founded in 1839, the name Patek Philippe has been synonymous with some of the most exquisite timepieces the world has seen. Take, for instance, the Calibre 89, which was launched to commemorate the brand’s 150th anniversary in 1989. With 33 complications, it still holds the record as the world’s most complicated portable timepiece. Just last year, for Patek Philippe’s 175th anniversary, the brand once again surpassed all expectations with its Grandmaster Chime timepiece, a super complicated wristwatch with a double face case.
To achieve this level of technical expertise and to constantly create groundbreaking horological marvels do not come without effort, of course. The company is known for investing in research and development, whether it’s in new materials or production methods, and keeping a close eye on the industry’s quality control standards. Focusing on quality over quantity is an essential tenet of the company’s mission. Stern says, “We do not make short-term decisions to please shareholders and this is key to our partners in retail and of course, our clients.”
In a digital era where time seems to move too quickly and where watches can sometimes seem like an antiquated affectation, taking things slow can indeed be risky business. Stern observes: “The quality and complexity of our timepieces limit our production growth and, in some cases, ability to answer demand in existing markets. It also limits the possibility of moving faster in new markets or even opening in new potential markets.”
But keeping up with the Joneses is not what the company is interested in, especially since it aims to make watches that will transcend time itself. After all, what Patek Philippe customers want are heirloom pieces that will withstand fickle trends and fads.
Says Stern: “Our customers are looking for timepieces that reflect their passion for watchmaking, which are a combination of traditional skills, the latest technical features and precision, all presented in a timeless design – the last is a key element for a watch that should last for generations.”
It may take some effort and patience for one to procure a Patek Philippe watch, but as they say, good things are well worth waiting for.
