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24 November 2020, 11:30 AM | #1 |
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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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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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24 November 2020, 01:38 PM | #3 |
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Still not sure I believe my AD.....
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24 November 2020, 01:44 PM | #4 |
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Seems reasonable number of 30%
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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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24 November 2020, 02:14 PM | #6 |
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24 November 2020, 06:30 PM | #7 | |
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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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24 November 2020, 09:04 PM | #9 |
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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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24 November 2020, 09:35 PM | #10 |
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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.
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24 November 2020, 09:38 PM | #11 | |
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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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24 November 2020, 09:43 PM | #13 |
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24 November 2020, 09:56 PM | #14 |
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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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24 November 2020, 10:38 PM | #16 | |
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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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__________________ “Life should not be a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside in a cloud of smoke, thoroughly used up, totally worn out, and loudly proclaiming 'Wow! What a Ride!'” -- Hunter S. Thompson Sent from my Etch A Sketch using String Theory. |
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24 November 2020, 10:44 PM | #17 |
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If you wind it, they will run. 25 or 6 to 4. |
25 November 2020, 12:38 AM | #18 |
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25 November 2020, 12:58 AM | #19 |
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man wish i had the patience like you to wait instead of going to preowned market
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25 November 2020, 01:02 AM | #20 |
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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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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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25 November 2020, 01:57 AM | #23 | |
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25 November 2020, 02:19 AM | #24 | |
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I have to take exception on service times...
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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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25 November 2020, 04:04 AM | #25 | |
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After they reopened I can only image they could not proceed to business as usual, which affected production figures accordingly. |
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25 November 2020, 06:46 AM | #26 | |
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If it happens it happens, if it doesn't it doesn't |
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25 November 2020, 01:14 PM | #27 | |
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"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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28 November 2020, 07:54 AM | #28 | |
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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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20 April 2021, 01:18 AM | #29 | |
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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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20 April 2021, 01:46 AM | #30 | |
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Even my recent Daytona service was 8+ weeks from Rolex SC. Probably due to social distancing at the service center? |
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