The Rolex Forums   The Rolex Watch

ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX

Old 24 November 2020, 11:30 AM   #1
Etschell
"TRF" Member
 
Etschell's Avatar
 
Join Date: Dec 2013
Real Name: E40
Location: FL
Watch: 114060, 25600tb
Posts: 14,642
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.”
__________________
If you wind it, they will run.

Would you like to take part in Meet a Rolex Forums Member? Please PM me. The series began with tkerrmd. And continued with DavidSW, GerardoG, Jocke, TheVTCGuy, Rolex Addict, Art1, SearChart
Etschell is offline   Reply With Quote
Old 24 November 2020, 12:46 PM   #2
SBC1986
"TRF" Member
 
Join Date: Apr 2017
Location: Los Angeles
Posts: 84
I wouldn't be surprised if they produced double what they say. Still it's not a lot compared to Rolex I guess.
SBC1986 is offline   Reply With Quote
Old 24 November 2020, 01:38 PM   #3
ap1
"TRF" Member
 
Join Date: Mar 2013
Location: usa
Posts: 15,559
Still not sure I believe my AD.....
ap1 is offline   Reply With Quote
Old 24 November 2020, 01:44 PM   #4
jumpingjackflash
2021 Pledge Member
 
jumpingjackflash's Avatar
 
Join Date: Aug 2010
Location: Texas
Posts: 17
Seems reasonable number of 30%
jumpingjackflash is offline   Reply With Quote
Old 24 November 2020, 02:11 PM   #5
Ichiran
"TRF" Member
 
Ichiran's Avatar
 
Join Date: Jan 2018
Real Name: Michael
Location: Ramen queue
Watch: Mostly blue dials
Posts: 3,479
I will forgive him if he bumps production to 130% next year. The market is hungry and so am I.
Ichiran is online now   Reply With Quote
Old 24 November 2020, 02:14 PM   #6
GreenLantern
2021 Pledge Member
 
Join Date: Oct 2016
Location: USA
Posts: 1,957
Quote:
Originally Posted by Ichiran View Post
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.
GreenLantern is offline   Reply With Quote
Old 24 November 2020, 06:30 PM   #7
PurpleDial
"TRF" Member
 
Join Date: May 2019
Location: Europe
Watch: @gerwatchfamily
Posts: 47
Quote:
Originally Posted by Etschell View Post
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!
PurpleDial is offline   Reply With Quote
Old 24 November 2020, 08:17 PM   #8
RussW
"TRF" Member
 
RussW's Avatar
 
Join Date: Apr 2012
Location: England
Watch: 5990
Posts: 3,310
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.”
RussW is offline   Reply With Quote
Old 24 November 2020, 09:04 PM   #9
Patton250
2021 Pledge Member
 
Patton250's Avatar
 
Join Date: Oct 2015
Real Name: Brett
Location: Florida
Watch: 5205R
Posts: 4,462
Quote:
Originally Posted by Ichiran View Post
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.
__________________
Morality does not derive from consensus. It only comes from one place.

Pride goes before destruction, and haughtiness before a fall.

Often times unbelief is disguised as wisdom

Instagram - patton250
Patton250 is offline   Reply With Quote
Old 24 November 2020, 09:35 PM   #10
Ichiran
"TRF" Member
 
Ichiran's Avatar
 
Join Date: Jan 2018
Real Name: Michael
Location: Ramen queue
Watch: Mostly blue dials
Posts: 3,479
Quote:
Originally Posted by RussW View Post
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.
Ichiran is online now   Reply With Quote
Old 24 November 2020, 09:38 PM   #11
RussW
"TRF" Member
 
RussW's Avatar
 
Join Date: Apr 2012
Location: England
Watch: 5990
Posts: 3,310
Quote:
Originally Posted by Ichiran View Post
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.
RussW is offline   Reply With Quote
Old 24 November 2020, 09:40 PM   #12
guanxi
"TRF" Member
 
guanxi's Avatar
 
Join Date: Aug 2019
Location: Hong Kong
Posts: 438
I am starving! However I am very lucky to have received my 5164A earlier this year.
guanxi is offline   Reply With Quote
Old 24 November 2020, 09:43 PM   #13
brandrea
2021 Pledge Member
 
brandrea's Avatar
 
Join Date: Jul 2013
Real Name: Brian (TBone)
Location: canada
Watch: es make me smile
Posts: 48,007
Quote:
Originally Posted by RussW View Post
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?
__________________
Instagram ~ brandrea3
brandrea is offline   Reply With Quote
Old 24 November 2020, 09:56 PM   #14
RussW
"TRF" Member
 
RussW's Avatar
 
Join Date: Apr 2012
Location: England
Watch: 5990
Posts: 3,310
Quote:
Originally Posted by brandrea View Post
Can you provide a link here?
Here you go https://www.forbes.com/sites/roberta...t-worried/amp/
RussW is offline   Reply With Quote
Old 24 November 2020, 10:03 PM   #15
brandrea
2021 Pledge Member
 
brandrea's Avatar
 
Join Date: Jul 2013
Real Name: Brian (TBone)
Location: canada
Watch: es make me smile
Posts: 48,007
Quote:
Originally Posted by RussW View Post


EDIT: Forget about Covid ... that 6301P sounds like a beauty
__________________
Instagram ~ brandrea3
brandrea is offline   Reply With Quote
Old 24 November 2020, 10:38 PM   #16
enjoythemusic
2021 Pledge Member
 
enjoythemusic's Avatar
 
Join Date: Nov 2012
Real Name: Steven
Location: USA
Posts: 7,630
Quote:
Originally Posted by Ichiran View Post
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.
__________________
----------------------
Enjoy Your Time,

-- Steven
enjoythemusic is online now   Reply With Quote
Old 24 November 2020, 10:44 PM   #17
Etschell
"TRF" Member
 
Etschell's Avatar
 
Join Date: Dec 2013
Real Name: E40
Location: FL
Watch: 114060, 25600tb
Posts: 14,642
Quote:
Originally Posted by PurpleDial View Post
Could you share your source on this? Thanks!
https://timeandtidewatches.com/patek...ction-is-down/

And Forbes
__________________
If you wind it, they will run.

Would you like to take part in Meet a Rolex Forums Member? Please PM me. The series began with tkerrmd. And continued with DavidSW, GerardoG, Jocke, TheVTCGuy, Rolex Addict, Art1, SearChart
Etschell is offline   Reply With Quote
Old 25 November 2020, 12:38 AM   #18
irish john
"TRF" Member
 
Join Date: Jun 2014
Real Name: john
Location: ireland
Watch: Rolex ,PP
Posts: 685
Quote:
Originally Posted by Ichiran View Post
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

irish john is offline   Reply With Quote
Old 25 November 2020, 12:58 AM   #19
Mr. Miami
"TRF" Member
 
Join Date: Dec 2019
Location: United States
Posts: 881
Quote:
Originally Posted by irish john View Post
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
__________________
Time is Money.
Mr. Miami is offline   Reply With Quote
Old 25 November 2020, 01:02 AM   #20
Ichiran
"TRF" Member
 
Ichiran's Avatar
 
Join Date: Jan 2018
Real Name: Michael
Location: Ramen queue
Watch: Mostly blue dials
Posts: 3,479
Quote:
Originally Posted by irish john View Post
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
Ichiran is online now   Reply With Quote
Old 25 November 2020, 01:02 AM   #21
Bro Watch
"TRF" Member
 
Bro Watch's Avatar
 
Join Date: May 2017
Location: US
Posts: 154
"I was ok" "I'm still ok" "I'm still ok" Makes you wonder, is he trying to convince the market or himself.

Sent from my SM-G973U1 using Tapatalk
Bro Watch is online now   Reply With Quote
Old 25 November 2020, 01:03 AM   #22
DoctorA
"TRF" Member
 
DoctorA's Avatar
 
Join Date: Oct 2017
Location: USA
Posts: 6,027
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!
__________________
Wear the watch you like, not the one they tell you to wear!
DoctorA is offline   Reply With Quote
Old 25 November 2020, 01:57 AM   #23
mongrelnomoad
2021 Pledge Member
 
Join Date: Jan 2019
Location: Here and there...
Posts: 1,058
Quote:
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.
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...
mongrelnomoad is offline   Reply With Quote
Old 25 November 2020, 02:19 AM   #24
Billfav
"TRF" Member
 
Join Date: Apr 2014
Location: Southeast
Posts: 268
I have to take exception on service times...

Quote:
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.
Billfav is offline   Reply With Quote
Old 25 November 2020, 04:04 AM   #25
PurpleDial
"TRF" Member
 
Join Date: May 2019
Location: Europe
Watch: @gerwatchfamily
Posts: 47
Quote:
Originally Posted by DoctorA View Post
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.
PurpleDial is offline   Reply With Quote
Old 25 November 2020, 06:46 AM   #26
mcch2233
"TRF" Member
 
Join Date: Oct 2020
Location: East Coast USA
Posts: 50
Quote:
Originally Posted by Mr. Miami View Post
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
mcch2233 is offline   Reply With Quote
Old 25 November 2020, 01:14 PM   #27
jamestucker
"TRF" Member
 
Join Date: Apr 2020
Location: England
Posts: 357
Quote:
Originally Posted by DoctorA View Post
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"
jamestucker is offline   Reply With Quote
Old 28 November 2020, 07:54 AM   #28
Burlington
"TRF" Member
 
Burlington's Avatar
 
Join Date: Nov 2017
Location: Europe
Posts: 5,269
Quote:
Originally Posted by jamestucker View Post
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.
__________________
“My tastes are simple; I am easily satisfied with the best.”

― Winston S. Churchill
Burlington is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


*Banners Of The Month*
This space is provided to horological resources.





Copyright ©2004-2020, The Rolex Forums. All Rights Reserved.

ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX

Rolex is a registered trademark of ROLEX USA. The Rolex Forums is not affiliated with ROLEX USA in any way.