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Patek Philippe, the ultra-luxury watch brand, has not introduced a new watch model since 1999. But that could all change, according to Bloomberg.
At the Watches and wonders fair in Geneva, Switzerland, last week, Patek Philippe & Co. president Thierry Stern said a new watch is in the works. It will be revealed later this year.
“The design is done and the prototype is done and I really like it,” he said.
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Patek Philippe is a Swiss watchmaker founded in 1839. The family-owned luxury watches can cost upwards of $40,000 to begin with. According to Bloomberg, Patek Philippe is also known as “one of the last and most coveted independent Swiss watch brands” in the world.
Despite no new model line being released in nearly 25 years (and global economic uncertainty), demand for Patek Philippe timepieces has skyrocketed, according to to the evening standard.
Patek Philippe makes 70,000 watches a year. And Stern said the company can’t produce more while maintaining quality – perhaps why there hasn’t been a new release in nearly a quarter of a century.
“Because I couldn’t increase production, my only other choice was to shrink the point of sale so everyone could get a little more watches,” he told Bloomberg.
“I’m a watchmaker, I sell new watches,” he added. “That’s what I’m good at.”