China demand ‘still rising’ says Patek Philippe despite industry fears of potential slowdown
Thierry Stern, president of the Swiss luxury brand, says it ‘did well in all of its markets’ after a report shows Swiss watch exports fell 7 per cent in September
Swiss watchmaker Patek Philippe is seeing good demand across the world, Thierry Stern, its president, said on Thursday – playing down industry concerns about a potential slowdown in China, the top luxury goods buyer.
Data revealed earlier in the day showed Swiss watch exports fell 7 per cent in September, their first decline since April last year, which added to jitters that have hit luxury goods stocks.
However, Patek Philippe, which has been making watches in Geneva since 1839, remains upbeat.
“All of our markets did well this year, we’re quite satisfied,” Stern said.
“An exhibition we organised in the United States boosted the brand there, Europe is also still doing well.
“Domestic Chinese demand is rising steadily, we sell more watches every month.
“Not the very complicated pieces because taxes remain high, but the core collections.”
Stern said Chinese consumers were likely to be buying more products at home because of worries about issues such as stricter border controls.
His confidence was underlined by a new 550 million Swiss franc (US$554 million) building currently under construction on Patek Philippe’s Geneva premises, which will house production, service and training activities from next year.