In recent times, many watch brands have taken the decision to reduce the number of their authorized dealers. The Maison Patek Philippe is no exception to the rule by embarking on this path. It is even particularly noticeable since it has announced a deletion of 30% of its retailers, a relatively large percentage you will agree.
Patek Philippe reduces its network of authorized dealers and withdraws from stores
Patek Philippe SA confirmed a few days ago that it wanted to carry out a global restructuring of its retail distribution network. Restructuring which, once carried out, will have left out nearly 30% of the brand’s retailers. The press release sent by the company remains relatively vague as to the exact locations and quantities of retailers concerned. We know, however, that the process will affect, among others, Ireland and the United Kingdom.
We will cite in particular Boodles, the prestigious London high-end jewelery brand which had to remove Patek Philippe creations from its windows on New Bond Street. However, five other of its brands continue to appear in the list of retailers on the site. According to Boodles, Patek Philippe has reduced the number of its dealerships from 40 to 25 branches in the UK over the past year.
“Boodles has lost two of its six agencies. We are confident that there are no further reduction plans for the foreseeable future,” the company states. Also in the United Kingdom, the Wempe jewelry store has definitively closed its multi-brand showroom in which it also resold many Patek Philippe watches. However, it still has seven stores in Germany that still offer pieces from the brand.
What does Patek Philippe say?
So far, not much. Details are hard to find. It would seem that the official site of the House has not yet been updated and there are still 37 retailers in the United Kingdom.
The latest accounts released by the brand show an 80.2% rise in sales in the UK, with a total of £187m reached in the year to January 2022.
There has also been a very strong increase in sales from the watchmaker’s only in-house boutique, located on Bond Street in London, and operating under the trade name of Patek Philippe Salon Limited. It has indeed recorded an increase of 185% to reach 69 million pounds sterling, thanks to the return of buyers to the capital. That same store contributed £13.4m to the brand’s gross profit, having broken even in the previous financial year.
To see in the coming months how things will evolve and which resellers will stay.