Thierry Stern Interview in Esquire UK

[Mini2]

Why anyone would want for 10billion goes over my head. If they need money they could easily just borrow against and still be 100% in control. Personally i think its got more to do with marketing patter than it is to drum up a sale

[Passionata]

Originally Posted by SMD

This interview was in the summer. It reads like they have no intention of selling, but it has no real bearing on the recent rumors that arose well after this interview was in the can.

Why do u think it was done last year?

[SMD]

Originally Posted by Passionata

Why do u think it was done last year?

Because in the text it said it was summer.

“It is a Thursday afternoon at the beginning of summer, and Patek’s HQ in Geneva has a last-days-of-school feel to it, lots of smiles and bonhomie in the canteen at lunch, endless “bonjours!” in the corridors by the milling machines.”

[Passionata]

Originally Posted by SMD

Because in the text it said it was summer.



“It is a Thursday afternoon at the beginning of summer, and Patek’s HQ in Geneva has a last-days-of-school feel to it, lots of smiles and bonhomie in the canteen at lunch, endless “bonjours!” in the corridors by the milling machines.”

Thanks ,just read too quick

[ts3]

Originally Posted by SMD

This interview was in the summer. It reads like they have no intention of selling, but it has no real bearing on the recent rumors that arose well after this interview was in the can.

Good catch but weird that they would let it sit for 8 or 9 months before putting it out...

[77T]

Originally Posted by ts3

Good catch but weird that they would let it sit for 8 or 9 months before putting it out...

Who is “they”? IMHO, Patek didn’t sit on anything.

It looks to me like Esquire finally published a softball profile of Stern and it has happened as the rumors of a sale swirl.


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[Snow-Dweller]

An interesting read. Thanks for posting.

[ts3]

Originally Posted by 77T

Who is “they”? IMHO, Patek didn’t sit on anything.

It looks to me like Esquire finally published a softball profile of Stern and it has happened as the rumors of a sale swirl.


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Exactly - I was referring to the magazine sitting on the interview for 8 or 9 months before publishing it...

[77T]

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[1688]

Amazing he signed off on 2028 designs for Patek watches and working on 2029...I wonder what the 2026 line will hold for the 50th anniversary of the Nautilus! Already determined and just waiting for production...

[uniqueMR]

Great article. Thanks for sharing.

[Ichiran]

[tom2517]

Often times private business do go around and gauge interest of how much people are willing to pay for it. So just because this supposedly rumored Patek for sale didn’t happen, it doesn’t mean the Stern family never asked around.

Having 10B in cash in the bank is not a bad idea, it sets you up for generations to come. Sure Patek is profitable now, but who knows in 20-30 years will mechanical watches still be popular? We hope so but you never know.

[BobDyl]

Originally Posted by tom2517

Often times private business do go around and gauge interest of how much people are willing to pay for it. So just because this supposedly rumored Patek for sale didn’t happen, it doesn’t mean the Stern family never asked around.

Having 10B in cash in the bank is not a bad idea, it sets you up for generations to come. Sure Patek is profitable now, but who knows in 20-30 years will mechanical watches still be popular? We hope so but you never know.

Stern has a lever next to his desk marked "cash spigot.” It is rumored to control Nautilus production output.

[martinr]

Originally Posted by samdingis

Thierry and Sandrine are divorcing, this was confirmed at a recent retailers dinner. Sandrine had even talked about her new boy friend

What retailers dinner was that. What’s her boyfriends name. Were you at the dinner. And why was she at a retailers dinner. You don’t also go by the name DLindsay do you?

[1688]

Originally Posted by samdingis

Thierry and Sandrine are divorcing, this was confirmed at a recent retailers dinner. Sandrine had even talked about her new boy friend

With only 11 posts...I’d rather take your “news” with a gain of salt and probably more like that buy-out news report by Bloomberg on Patek.

[AK797]

Originally Posted by samdingis

Thierry and Sandrine are divorcing, this was confirmed at a recent retailers dinner. Sandrine had even talked about her new boy friend

A rumour's not a rumour that doesn't die...

Any more details?

[GB-man]

Originally Posted by samdingis

I do go by the name of DLindsay if baglady goes by the name of Karl

[GB-man]

the Patek section is a show these days

[tom2517]

Originally Posted by BobDyl

Stern has a lever next to his desk marked "cash spigot.” It is rumored to control Nautilus production output.

Except that would be short sighted and exactly what TS doesn’t want to do.

[BobDyl]

Originally Posted by tom2517

Except that would be short sighted and exactly what TS doesn’t want to do.

Agreed. And things are good now. But when times get tough... Also, despite TS's numerous public comments about not becoming Nautilus, Inc., Patek currently offers 30(!) Nautilus variants. Add Aquanaut, and the number goes to 46. I think TS knows exactly what is driving the success of his company.

[tom2517]

Originally Posted by BobDyl

Agreed. And things are good now. But when times get tough... Also, despite TS's numerous public comments about not becoming Nautilus, Inc., Patek currently offers 30(!) Nautilus variants. Add Aquanaut, and the number goes to 46. I think TS knows exactly what is driving the success of his company.

Yeah, sometimes the tide is just too strong to overcome, hope TS can hold on, I am with TS here, I think Patek is and should always be a classic watch company.

[BobDyl]

Originally Posted by tom2517

Yeah, sometimes the tide is just too strong to overcome, hope TS can hold on, I am with TS here, I think Patek is and should always be a classic watch company.

I feel the same way. It appears that the market for dress/complicated pieces (outside of the hybrid complicated/sports watch and the odd ss dress piece) is in long term decline. I don't see this changing unfortunately.

[tom2517]

Originally Posted by BobDyl

I feel the same way. It appears that the market for dress/complicated pieces (outside of the hybrid complicated/sports watch and the odd ss dress piece) is in long term decline. I don't see this changing unfortunately.

Neither do I, if you ever read my posts before, I am pessimistic as well.

[Calatrava r]

I personally hope there is nothing to the rumor. Mr. and Mrs. Stern make a lovely couple and there are several children as well. Rumors take on a life of their own based upon nothing, unfortunately.

[Calatrava r]

https://www.nytimes.com/2016/03/18/f...-philippe.html



From 2016 but gives an idea of the company's dynamic.

[Fat_ninja]

Originally Posted by Calatrava r

I personally hope there is nothing to the rumor. Mr. and Mrs. Stern make a lovely couple and there are several children as well. Rumors take on a life of their own based upon nothing, unfortunately.

Arnt they divorce now?

[Pim]

Most important thing I took from the interview is that Stern realizes that being a privately owned is essential for the company to survive in the future. I suspect that if the couple were to divorce or the kids would not be inclined to step into the family business that the Stern family would walk the 'Rolex' route. My guess would be that they pour the shares into a foundation and keep it out of the hands of investors

I could live with the idea of Patek being a foundation, I could not live with the idea that Patek would be a sub of Richemond or Swatch

[martinr]

Originally Posted by Fat_ninja

Arnt they divorce now?

No.

[martinr]

Originally Posted by GB-man

the Patek section is a show these days

It sure is. I logging out.