Patek Philippe will soon introduce a new model line for the first time in about a quarter of a century, an offering that the head of the family-owned Swiss watch maker expects could one day compete with its most desirable timepieces.
President Thierry Stern said the new model line is expected to be unveiled later this year, or next year, once all the final elements are in place.
“The design is done, and the prototype is ready and really, I like it,” he said at the Geneva Watches and Wonders fair.
A new offering from Patek would herald a significant event for the storied brand founded in 1839 and controlled by Mr Stern and his family for generations.
Patek last introduced a new line in 1999 with its “Twenty~4" women’s collection.
“To create a new line of products — that’s really the challenge,” said Mr Stern, 52, who in addition to his chairman duties, oversees the design of new watches at Patek.
Mr Stern did not say whether the new line would consist of sports models such as Patek’s most sought-after Nautilus — originally designed by Gerald Genta — or dress watches such as the Ellipse or its Complications and Grand Complications lines.
Patek has been dealing with a surge in popularity and demand for the Nautilus collection in recent years.
Prices soared to unprecedented levels on the secondary market during the pandemic before pulling back sharply over the past year, while still selling well above retail prices.
The company responded to the hype by ending production of the blue dial steel 5711, the definitive sports watch that was its most popular model.
The brand later introduced a similar watch, the 5811, housed in a white gold, slightly larger case and at a higher price of about $70,000, compared with about $35,000 for a steel Nautilus.
Mr Stern said more modestly priced watches still remain a key component of the luxury brand’s portfolio.
“You should not only do a million-dollar watch; we don’t have only very, very rich people” as customers, he said.
“We have people who are passionate about watches and who can spend a maximum of $30,000 or $40,000 on a watch — which is already a lot of money.”
Overwhelming demand for Patek’s watches has played a role in the company’s decision to cut its retail distribution network by about 30 per cent.
The company makes 70,000 watches a year and simply does not have the capacity to produce more while maintaining quality, Mr Stern said.
“As I couldn’t increase the production, my only other choice was to reduce the point of sales so that everybody could get a little bit more watches,” he said.
Patek has no plans to follow Rolex and authenticate its watches for resale on the secondary market through authorised dealers, Mr Stern said.
“I’m a watch maker, I’m selling new watches,” he said. “That’s what I’m good at.”
You should not only do a million-dollar watch; we don’t have only very, very rich people
Thierry Stern,
president, Patek Philippe
Mr Stern said his two sons, aged 20 and 21, had both decided to join the family-owned company and would begin learning all aspects of the business next year.
It could take as long as a decade before either might be ready to begin taking on significant decision-making duties, he said.
In the meantime, long-time executive Laurent Bernasconi is taking over as Patek’s general manager after about two decades with the company as part of its succession planning process.
The shift has been in the works for some time, with the move announced internally to Patek employees in 2021.
Although Patek Philippe is one of the last and most coveted independent Swiss watch-making brands and would have no shortage of potential suitors, Mr Stern said there were no plans to sell the business, which his family has controlled since 1932.
A sale to a larger luxury conglomerate such as LVMH or Richemont would almost certainly herald the beginning of the end for the Patek brand and diminish the value of its watches owned by collectors, he said.
“If I’m selling Patek Philippe to a group, for sure I am going to be the winner. I can sell it for billions,” he said.
“But then, I’m going to kill Patek Philippe in less than five years. You can be sure you will only see Nautilus, because that’s what the group would do. This is not what I want to do.”
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
RESULT
Manchester United 1 Brighton and Hove Albion 0
Man United: Dunk (66' og)
Man of the Match: Shane Duffy (Brighton)
Results:
5pm: Baynunah Conditions (UAE bred) Dh80,000 1,400m.
Winner: Al Tiryaq, Dane O’Neill (jockey), Abdullah Al Hammadi (trainer).
5.30pm: Al Zahra Handicap (rated 0-45) Dh 80,000 1,400m:
Winner: Fahadd, Richard Mullen, Ahmed Al Mehairbi.
6pm: Al Ras Al Akhdar Maiden Dh80,000 1,600m.
Winner: Jaahiz, Jesus Rosales, Eric Lemartinel.
6.30pm: Al Reem Island Handicap Dh90,000 1,600m.
Winner: AF Al Jahed, Antonio Fresu, Ernst Oertel.
7pm: Al Khubairah Handicap (TB) 100,000 2,200m.
Winner: Empoli, Pat Dobbs, Doug Watson.
7.30pm: Wathba Stallions Cup Handicap Dh80,000 2,200m.
Winner: Shivan OA, Patrick Cosgrave, Helal Al Alawi.
The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
Various Artists
Habibi Funk: An Eclectic Selection Of Music From The Arab World (Habibi Funk)
Wydad 2 Urawa 3
Wydad Nahiri 21’, Hajhouj 90'
Urawa Antonio 18’, 60’, Kashiwagi 26’
Honeymoonish
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Elie%20El%20Samaan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3ENour%20Al%20Ghandour%2C%20Mahmoud%20Boushahri%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
South Africa squad
: Faf du Plessis (captain), Hashim Amla, Temba Bavuma, Quinton de Kock (wkt), Theunis de Bruyn, AB de Villiers, Dean Elgar, Heinrich Klaasen (wkt), Keshav Maharaj, Aiden Markram, Morne Morkel, Chris Morris, Wiaan Mulder, Lungi Ngidi, Duanne Olivier, Vernon Philander and Kagiso Rabada.
England's lowest Test innings
- 45 v Australia in Sydney, January 28, 1887
- 46 v West Indies in Port of Spain, March 25, 1994
- 51 v West Indies in Kingston, February 4, 2009
- 52 v Australia at The Oval, August 14, 1948
- 53 v Australia at Lord's, July 16, 1888
- 58 v New Zealand in Auckland, March 22, 2018
The biog
Name: James Mullan
Nationality: Irish
Family: Wife, Pom; and daughters Kate, 18, and Ciara, 13, who attend Jumeirah English Speaking School (JESS)
Favourite book or author: “That’s a really difficult question. I’m a big fan of Donna Tartt, The Secret History. I’d recommend that, go and have a read of that.”
Dream: “It would be to continue to have fun and to work with really interesting people, which I have been very fortunate to do for a lot of my life. I just enjoy working with very smart, fun people.”
The story in numbers
18
This is how many recognised sects Lebanon is home to, along with about four million citizens
450,000
More than this many Palestinian refugees are registered with UNRWA in Lebanon, with about 45 per cent of them living in the country’s 12 refugee camps
1.5 million
There are just under 1 million Syrian refugees registered with the UN, although the government puts the figure upwards of 1.5m
73
The percentage of stateless people in Lebanon, who are not of Palestinian origin, born to a Lebanese mother, according to a 2012-2013 study by human rights organisation Frontiers Ruwad Association
18,000
The number of marriages recorded between Lebanese women and foreigners between the years 1995 and 2008, according to a 2009 study backed by the UN Development Programme
77,400
The number of people believed to be affected by the current nationality law, according to the 2009 UN study
4,926
This is how many Lebanese-Palestinian households there were in Lebanon in 2016, according to a census by the Lebanese-Palestinian dialogue committee
MATCH INFO
Europa League semi-final, second leg
Atletico Madrid (1) v Arsenal (1)
Where: Wanda Metropolitano
When: Thursday, May 3
Live: On BeIN Sports HD
MATCH INFO
Europa League final
Who: Marseille v Atletico Madrid
Where: Parc OL, Lyon, France
When: Wednesday, 10.45pm kick off (UAE)
TV: BeIN Sports
From Conquest to Deportation
Jeronim Perovic, Hurst
Try out the test yourself
Q1 Suppose you had $100 in a savings account and the interest rate was 2 per cent per year. After five years, how much do you think you would have in the account if you left the money to grow?
a) More than $102
b) Exactly $102
c) Less than $102
d) Do not know
e) Refuse to answer
Q2 Imagine that the interest rate on your savings account was 1 per cent per year and inflation was 2 per cent per year. After one year, how much would you be able to buy with the money in this account?
a) More than today
b) Exactly the same as today
c) Less than today
d) Do not know
e) Refuse to answer
Q4 Do you think that the following statement is true or false? “Buying a single company stock usually provides a safer return than a stock mutual fund.”
a) True
b) False
d) Do not know
e) Refuse to answer
The “Big Three” financial literacy questions were created by Professors Annamaria Lusardi of the George Washington School of Business and Olivia Mitchell, of the Wharton School of the University of Pennsylvania.
Answers: Q1 More than $102 (compound interest). Q2 Less than today (inflation). Q3 False (diversification).
Tightening the screw on rogue recruiters
The UAE overhauled the procedure to recruit housemaids and domestic workers with a law in 2017 to protect low-income labour from being exploited.
Only recruitment companies authorised by the government are permitted as part of Tadbeer, a network of labour ministry-regulated centres.
A contract must be drawn up for domestic workers, the wages and job offer clearly stating the nature of work.
The contract stating the wages, work entailed and accommodation must be sent to the employee in their home country before they depart for the UAE.
The contract will be signed by the employer and employee when the domestic worker arrives in the UAE.
Only recruitment agencies registered with the ministry can undertake recruitment and employment applications for domestic workers.
Penalties for illegal recruitment in the UAE include fines of up to Dh100,000 and imprisonment
But agents not authorised by the government sidestep the law by illegally getting women into the country on visit visas.
Ticket prices
General admission Dh295 (under-three free)
Buy a four-person Family & Friends ticket and pay for only three tickets, so the fourth family member is free
Buy tickets at: wbworldabudhabi.com/en/tickets
Company%20profile
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The%20end%20of%20Summer
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Company%20profile
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