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29 February 2024, 01:49 PM | #1 |
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Patek Philippe 2023 year end results
An impressive 2023 for PP
2 billion CHF in sales 70,000 units sold 5.6% market share of Swiss watch market 39,990 CHF average retail selling price per watch Source: LuxeConsult and Morgan Stanley Annual Research report via Revolution Watch |
29 February 2024, 02:08 PM | #2 |
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Very nice
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29 February 2024, 03:22 PM | #3 |
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29 February 2024, 04:43 PM | #4 |
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imagine the total $ amount of forced jewelry / diamond sales the scumbag AD's have made in the last few years, holding the high demand pieces hostage.
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29 February 2024, 05:19 PM | #5 |
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the average retail selling price is low, so that means they sell a lot of ladies watches
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29 February 2024, 05:21 PM | #6 |
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in fact, a friend of mine and myself just got put on a null-diet by a european AD since we have refused diamond/nautilus packages.
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29 February 2024, 06:44 PM | #7 |
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29 February 2024, 06:50 PM | #8 |
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Their overall success helps explain why they seemingly don’t care about the customers that have been discarded through the AD closure scheme.
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29 February 2024, 08:32 PM | #9 |
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29 February 2024, 08:59 PM | #10 |
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I wonder how this compares to previous years.
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1 March 2024, 12:46 AM | #11 |
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70,000 units sold…. New factory ramps up production. Is this indicative of more automated production?
http://www.scottishwatches.co.uk/202...ref-6007a-001/ “Moving on to the dial, this is my favourite thing about the watch. It’s what Patek have called an ‘embossed carbon-pattern’. What they’re essentially saying is that what you may have fairly thought to be a wonderful hand-crafted, guilloche dial is, in fact, stamped. Some people have voiced their displeasure at this but for me this isn’t a huge deal. I get it, I do. For the price of $28k, and being a limited edition, you would probably expect to get a real engine-turned dial, but alas you don’t. “ |
1 March 2024, 02:40 AM | #12 |
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1 March 2024, 02:52 AM | #13 |
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pretty sure it's their revenue of sales to ADs. I saw some graphic on IG where they show direct sales and AP had a pretty high percentage and Patek direct very low. That also explains the higher revenue figures of AP vs patek even though they sell less watches. Unfortunately can't remember exact figures.
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1 March 2024, 02:57 AM | #14 |
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Interesting to compare these numbers to the Rolex numbers posted in another thread …
10.1 Billion CHF and about 1.2 million watches. I think I’d rather be Patek. |
1 March 2024, 03:20 AM | #15 |
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I think Patek is in a different league - unless they ramp up production too much and lose their rarity value and hand made USP..
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1 March 2024, 03:24 AM | #16 |
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1 March 2024, 03:40 AM | #17 |
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Yup... and even worse is for those poor souls who spent significant money over years just to see those ADs lose their license in the past year
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1 March 2024, 04:49 AM | #18 | |
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I feel much like a horse that came up limping that they took out back and shot, then got taken to the glue works only to find they didn’t need any more inputs, finally left to rot on the side of the road. |
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1 March 2024, 07:49 AM | #19 | |
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it turns out that TS tries to enforce a quota of local clients, something like 80%. but even that is hopeless. in the end the ADs do what they want and turn where the money is. |
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1 March 2024, 07:51 AM | #20 |
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1 March 2024, 07:52 AM | #21 | |
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Quote:
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1 March 2024, 07:53 AM | #22 |
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I feel sorry for my now former AD, not for myself. Life goes on and better times in terms of availability should be ahead of us.
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1 March 2024, 08:10 AM | #23 |
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Hasn't Patek increased their production recently. Seems like they were mid 50K in units for quite a while.
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2 March 2024, 07:18 AM | #24 | |
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Not sure how it compares but as far as I understand it matters when looking at the sales figures, no? AP has a way higher sales price that they actually collect and hence higher revenues vs Patek who mainly sells thru ADs and hence the sales are lower (relatively speaking). One mainly sells directly to the end consumer and the other has a middle man. Sent from my iPhone using Tapatalk |
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2 March 2024, 07:42 AM | #25 | |
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So basically the difference being AP is recognizing retail sales dollars, but Patek is recognizing wholesale sales dollars as they wholesale them to the AD. I think that's what you are saying right? That makes sense.
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2 March 2024, 11:29 AM | #26 | |
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Yup exactly but that’s only an assumption not 100% sure Sent from my iPhone using Tapatalk |
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3 March 2024, 10:41 AM | #27 |
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3 March 2024, 11:37 AM | #28 |
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Great
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3 March 2024, 10:55 PM | #29 |
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After being loyal to my ad and buying a timepiece every year and keeping them - they shut the door on him. His last year I purchased a 5711 R and a month later I was offered a 5990 which I purchased and still have both . I have since sent requests to AD’s and also Patek with no help period ! I want a 5740 and am willing to pay cash immediately and no one even cares . Very sad :-( .
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3 March 2024, 11:06 PM | #30 |
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So basically that is like 200 Pateks per AD every year, if the allocations are level—which they likely are not. A little over 15 per month.
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