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Old 24 November 2020, 11:30 AM   #1
Etschell
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Patek Production from the Horse's Mouth

Thierry Stern has provided us the answer: Patek Philippe production is down 30 per cent, due to COVID-19.

Thierry Stern explains, “For Patek, we have a lot of reserve cash, and when we had to shut down for a month and a half … it was OK. I knew I had to decrease the quantity [of watches produced] for the year. The target was about 60,000 to 65,000 pieces. I couldn’t do it losing that time, but I am still OK. The business is decreased about 30 per cent, but I am still OK with that.”

Stern explains, “My dad always told me that you have to be ready for a crisis at any time. He faced a few of them in the past, and so that is something I have always had in mind, so when the crisis came, I felt prepared.”
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Old 24 November 2020, 12:46 PM   #2
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I wouldn't be surprised if they produced double what they say. Still it's not a lot compared to Rolex I guess.
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Old 24 November 2020, 01:38 PM   #3
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Still not sure I believe my AD.....
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Old 24 November 2020, 01:44 PM   #4
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Seems reasonable number of 30%
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Old 24 November 2020, 02:11 PM   #5
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I will forgive him if he bumps production to 130% next year. The market is hungry and so am I.
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Old 24 November 2020, 02:14 PM   #6
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I will forgive him if he bumps production to 130% next year. The market is hungry and so am I.
Likewise!

Happy to add double the number of pieces I normally would've added next year.

This year is one I'd like to forget.
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Old 24 November 2020, 06:30 PM   #7
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Thierry Stern has provided us the answer: Patek Philippe production is down 30 per cent, due to COVID-19.

Thierry Stern explains, “For Patek, we have a lot of reserve cash, and when we had to shut down for a month and a half … it was OK. I knew I had to decrease the quantity [of watches produced] for the year. The target was about 60,000 to 65,000 pieces. I couldn’t do it losing that time, but I am still OK. The business is decreased about 30 per cent, but I am still OK with that.”

Stern explains, “My dad always told me that you have to be ready for a crisis at any time. He faced a few of them in the past, and so that is something I have always had in mind, so when the crisis came, I felt prepared.”
Could you share your source on this? Thanks!
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Old 24 November 2020, 08:17 PM   #8
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Great info, thanks for posting. The article is from Forbes. Thierry goes on to say “I hope that for next year it will improve, but in my mind, I think that until next summer, it will not be better, so I will have to revise the plan.”
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Old 24 November 2020, 09:04 PM   #9
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I will forgive him if he bumps production to 130% next year. The market is hungry and so am I.
They won’t need that many next year. The market won’t stay hungry. I hope you stay hungry though. I’m hungry.
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Old 24 November 2020, 09:35 PM   #10
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Great info, thanks for posting. The article is from Forbes. Thierry goes on to say “I hope that for next year it will improve, but in my mind, I think that until next summer, it will not be better, so I will have to revise the plan.”
The drop in quantity appears to be correlated to the factory shut down due to Covid, not due to a drop in demand. I did not read the article but that's the impression I got. Patek does not make many watches and their clientèle are more than enough to prop up the purchase, Covid or not.
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Old 24 November 2020, 09:38 PM   #11
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The drop in quantity appears to be correlated to the factory shut down due to Covid, not due to a drop in demand. I did not read the article but that's the impression I got. Patek does not make many watches and their clientèle are more than enough to prop up the purchase, Covid or not.
Correct. No mention has been made of a drop in demand.
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Old 24 November 2020, 09:40 PM   #12
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I am starving! However I am very lucky to have received my 5164A earlier this year.
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Old 24 November 2020, 09:43 PM   #13
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Great info, thanks for posting. The article is from Forbes. Thierry goes on to say “I hope that for next year it will improve, but in my mind, I think that until next summer, it will not be better, so I will have to revise the plan.”
Can you provide a link here?
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Old 24 November 2020, 09:56 PM   #14
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Can you provide a link here?
Here you go https://www.forbes.com/sites/roberta...t-worried/amp/
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Old 24 November 2020, 10:03 PM   #15
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EDIT: Forget about Covid ... that 6301P sounds like a beauty
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Old 24 November 2020, 10:38 PM   #16
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The drop in quantity appears to be correlated to the factory shut down due to Covid, not due to a drop in demand.
i'd say quality went downhill when the unqualified kid took charge. Can someone post his qualifications, college degrees, etc when they let him take the lead for being in charge of PP (besides nepotism)?

Since the kid took over there have been longer service times, the PP company falling back on the (seemingly laziness) of countless 'limited editions' to spur sales instead of true innovation R&D. PP released a 'limited edition' model with a relatively recent, yet basic, outdated movement, case backs saying the year earlier for no real reason imho, etc.

These games were never part of the equation when 'dad' was in charge as best i can recall. PP has indeed changed over the recent years, and not for the better imho.
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Old 24 November 2020, 10:44 PM   #17
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Could you share your source on this? Thanks!
https://timeandtidewatches.com/patek...ction-is-down/

And Forbes
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Old 25 November 2020, 12:38 AM   #18
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I will forgive him if he bumps production to 130% next year. The market is hungry and so am I.
steady on Michael , I am still waiting for a 5712 or 5164 whichever comes first

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Old 25 November 2020, 12:58 AM   #19
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steady on Michael , I am still waiting for a 5712 or 5164 whichever comes first

man wish i had the patience like you to wait instead of going to preowned market
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Old 25 November 2020, 01:02 AM   #20
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steady on Michael , I am still waiting for a 5712 or 5164 whichever comes first

Good luck and good wishes John. Hope to see your incoming soon
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Old 25 November 2020, 01:02 AM   #21
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"I was ok" "I'm still ok" "I'm still ok" Makes you wonder, is he trying to convince the market or himself.

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Old 25 November 2020, 01:03 AM   #22
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How does shutting down for 1.5 month drop production by 30%???
My math tells me that 1.5 month is 12.5% of the year! Unless they reopened with reduced capacity!!

I’m thinking it’s another marketing technique!
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Old 25 November 2020, 01:57 AM   #23
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i'd say quality went downhill when the unqualified kid took charge. Can someone post his qualifications, college degrees, etc when they let him take the lead for being in charge of PP (besides nepotism)?

Since the kid took over there have been longer service times, the PP company falling back on the (seemingly laziness) of countless 'limited editions' to spur sales instead of true innovation R&D. PP released a 'limited edition' model with a relatively recent, yet basic, outdated movement, case backs saying the year earlier for no real reason imho, etc.

These games were never part of the equation when 'dad' was in charge as best i can recall. PP has indeed changed over the recent years, and not for the better imho.
Must agree. It’s been absolutely forever since Patek released something that required a double-take. VC, Lange, they’ve been taking them to the cleaners. Even AP took a risk with the Code. Patek? A few cynical steel LEs, and (an admittedly awesome, though far too large) Sonnerie...
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Old 25 November 2020, 02:19 AM   #24
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I have to take exception on service times...

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Originally Posted by enjoythemusic View Post
i'd say quality went downhill when the unqualified kid took charge. Can someone post his qualifications, college degrees, etc when they let him take the lead for being in charge of PP (besides nepotism)?

Since the kid took over there have been longer service times, the PP company falling back on the (seemingly laziness) of countless 'limited editions' to spur sales instead of true innovation R&D. PP released a 'limited edition' model with a relatively recent, yet basic, outdated movement, case backs saying the year earlier for no real reason imho, etc.

These games were never part of the equation when 'dad' was in charge as best i can recall. PP has indeed changed over the recent years, and not for the better imho.
I have been reading horror stories about PP service time. As noted in other posts my perpetual calendar had a full service and was back in a little over 3 months this year.

As far as quality - I have vintage and modern references and can not discern a difference. Well maybe the design of my new love ref 3940 stands out.
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Old 25 November 2020, 04:04 AM   #25
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How does shutting down for 1.5 month drop production by 30%???
My math tells me that 1.5 month is 12.5% of the year! Unless they reopened with reduced capacity!!

I’m thinking it’s another marketing technique!
The article refers to shut down of production as well as new difficulties due to ie 1.5m distance between the workers.

After they reopened I can only image they could not proceed to business as usual, which affected production figures accordingly.
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Old 25 November 2020, 06:46 AM   #26
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man wish i had the patience like you to wait instead of going to preowned market
For me personally, it's more that I'd like to be able to get one for retail, and definitely don't feel that I need one at all... especially for resale prices.

If it happens it happens, if it doesn't it doesn't
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Old 25 November 2020, 01:14 PM   #27
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How does shutting down for 1.5 month drop production by 30%???
My math tells me that 1.5 month is 12.5% of the year! Unless they reopened with reduced capacity!!

I’m thinking it’s another marketing technique!
The article states

"Also necessitated during the pandemic – in its early stages – was a shutdown of all Swiss watch manufactures for about a month. That shutdown, along with subsequent safety measures that limited the number of watchmakers and other technicians who can work in the manufacture at once, led to production loss of about 30 percent"
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Old 28 November 2020, 07:54 AM   #28
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The article states

"Also necessitated during the pandemic – in its early stages – was a shutdown of all Swiss watch manufactures for about a month. That shutdown, along with subsequent safety measures that limited the number of watchmakers and other technicians who can work in the manufacture at once, led to production loss of about 30 percent"

Yes exactly - they would need social distancing in workshops, screening etc.

A whole host of measures that can limit production efficiency.

An consequence of having their watches made by people and not machines.
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Old 20 April 2021, 01:18 AM   #29
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Must agree. It’s been absolutely forever since Patek released something that required a double-take. VC, Lange, they’ve been taking them to the cleaners. Even AP took a risk with the Code. Patek? A few cynical steel LEs, and (an admittedly awesome, though far too large) Sonnerie...
After this W&W I hope people will see that Patek does things Patek way, which btw still makes it no. 1 in the industry. AP Code is lazy design with no new complications or a set of complications.

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I have been reading horror stories about PP service time. As noted in other posts my perpetual calendar had a full service and was back in a little over 3 months this year.
Same thing, Nautilus was back from full service after 2 months ; had to replace the rotor in the Aquanaut, took 6 weeks.
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Old 20 April 2021, 01:46 AM   #30
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After this W&W I hope people will see that Patek does things Patek way, which btw still makes it no. 1 in the industry. AP Code is lazy design with no new complications or a set of complications.



Same thing, Nautilus was back from full service after 2 months ; had to replace the rotor in the Aquanaut, took 6 weeks.
I once had a PVD Panerai which took over 12 months as it was sent back to Italy for a new coating. So 3 months is not so bad. By the time it was back, I almost forgot that I have that watch anymore.

Even my recent Daytona service was 8+ weeks from Rolex SC. Probably due to social distancing at the service center?
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