Patek Philippe 2023 year end results

[d11n]

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

[TunaTuna]

Very nice

[uniqueMR]

[smallcollector]

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.

[pam66]

Originally Posted by d11n

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

the average retail selling price is low, so that means they sell a lot of ladies watches

[pam66]

Originally Posted by smallcollector

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.

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.

[Russell996]

Originally Posted by smallcollector

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.

You need a new AD.

[Ubiquitous1984]

Their overall success helps explain why they seemingly don’t care about the customers that have been discarded through the AD closure scheme.

[Chelsea1986]

Originally Posted by pam66

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.

Do you buy all your watches in Europe. I thought they had to sell to local customers only

[AHall42631]

Originally Posted by d11n

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

I wonder how this compares to previous years.

[Partekular]

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. “

[thanyasr]

Originally Posted by pam66

the average retail selling price is low, so that means they sell a lot of ladies watches

Not sure if sales numbers are retail sales or sales of patek to AD

[dauster]

Originally Posted by thanyasr

Not sure if sales numbers are retail sales or sales of patek to AD

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.

[brandrea]

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.

[Partekular]

Originally Posted by brandrea

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.

I think Patek is in a different league - unless they ramp up production too much and lose their rarity value and hand made USP..

[brandrea]

Originally Posted by Partekular

I think Patek is in a different league - unless they ramp up production too much and lose their rarity value and hand made USP..

Totally agreed they aren’t competitors, I juts thought it was an interesting comparison


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[johnsonsxusfrt]

Originally Posted by smallcollector

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.

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

[codecow]

Originally Posted by Ubiquitous1984

Their overall success helps explain why they seemingly don’t care about the customers that have been discarded through the AD closure scheme.

Indeed.

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.

[pam66]

Originally Posted by Chelsea1986

Do you buy all your watches in Europe. I thought they had to sell to local customers only

haha good one. the same AD that cut me off replied to my request for a 5930P: sorry, that watch is for our arab clients, because of green.......
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.

[pam66]

Originally Posted by thanyasr

Not sure if sales numbers are retail sales or sales of patek to AD

good point

[pam66]

Originally Posted by dauster

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.

AP mainly 'sells' to and through their own boutiques. i don't know how that compares to PP selling to independent ADs.

[ts3]

Originally Posted by Ubiquitous1984

Their overall success helps explain why they seemingly don’t care about the customers that have been discarded through the AD closure scheme.

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.

[Calatrava r]

Hasn't Patek increased their production recently. Seems like they were mid 50K in units for quite a while.

[dauster]

Originally Posted by pam66

AP mainly 'sells' to and through their own boutiques. i don't know how that compares to PP selling to independent ADs.

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.


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[mickyd329]

Originally Posted by dauster

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.


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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.

[dauster]

Originally Posted by mickyd329

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.

Yup exactly but that’s only an assumption not 100% sure


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[bob101]

Originally Posted by Calatrava r

Hasn't Patek increased their production recently. Seems like they were mid 50K in units for quite a while.

Pre-Covid around 60k I think.

2020 - 53,000
2021 - 68,000
2022 - 68,000
2023 - 70,000

[Dusty_Kid]

[Humble michael]

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 :-( .

[Bmats]

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.