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2 February 2022, 01:16 AM | #61 | |
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https://usa.watchpro.com/exclusive-r...s-in-2020/?amp https://www.rolexforums.com/showthread.php?p=10160209 I remember reading that Richemont was competing in the pre-owned market with Govberg/Watchbox and it was a strategic move/decision. |
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2 February 2022, 01:21 AM | #62 | |
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But fact is, you can still buy a Cartier, ALS, JLC, and IWC in a store without jumping through a ton of hoops or dropping piles of cash on ancillary purchases. So I don't think they have the same image issue that Govberg does...which really leave a bad taste |
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2 February 2022, 02:17 AM | #63 | |
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As for closing their Ardmore location for Patek, I am sure it wasn't doing a lot of Patek business and consolidating Patek sales to one location made more sense rather than transporting inventory back and forth. |
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2 February 2022, 02:36 AM | #64 | |
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I think where the mixed feelings come from is that this board is full of enthusiasts and consumers and from those perspectives, this business direction and the experience can be frustration (speaking personally as someone who is starting over from square 1 after re-location). |
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2 February 2022, 04:23 AM | #65 | |
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2 February 2022, 04:37 AM | #66 |
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ya if Cd Peacock in fact lost theirs - Patek may mean business, going after all the shady players - which is the correct move
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2 February 2022, 04:47 AM | #67 | |
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The small mom and pop Patek and Rolex dealers are usually the ones caught selling through the backdoor and lose their AD license. |
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2 February 2022, 05:22 AM | #68 |
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Jon Jon - that is a very Interesting point.
Cant PP still trace the serial numbers if new buyers register the warranty? |
2 February 2022, 05:37 AM | #69 |
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For the record - I am not saying that Govberg/Watchbox does anything illegal or fraudulent. I dont think they're taking new stock and selling it at secondary market prices.
My gripe is only from a consumer experience perspective - its just shitty be told you cant buy something at the sticker price, not be given a clear path or timeline to acquire at sticker price, but then be offered a used one at 2x the MSRP in the same convo. Govberg/Watchbox will be do just fine from a business perspective, and I will likely never be offered the watch I want from them. That being said, if I am offered the watch from them, I will recant my rant and will be wind up using them for the other half a dozen watches that I want. |
2 February 2022, 06:43 AM | #70 | |
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TRF forum members are a smaller group of watch enthusiasts that keep all their watch boxes, certificates of course, sales receipts and even Patek memorabilia. The rest of the watch world is not like the typical TRF forum member. I would bet a lot of people do not register their watches for a number of reasons. Many do not keep boxes and they often misplace the certificates. I have visited a number of smaller ADs who also have a smaller selection of pre-owned watches for sale. The story is always 'No we don't have that in stock brand new, but we have it pre-owned for a few thousand $/Ł/€ more". The state of the watch industry is what it is today. Each and every AD will do what it needs to do to stay in business and pay the bills and make a living. I don't know exactly how many ADs sell through the backdoor for a profit. I am sure Patek and Rolex knows what is going on and gives many ADs leniency a lot of the times. But if it is excessive, my assumption is they will get the hatchet. My understanding is that an AD like Govberg has a better chance of thriving when their business is not solely on new watches, but also pre-owned watches. In a slightly different industry, car dealerships make a decent profit on pre-owned vehicles and on vehicle trades-ins. They also do quite well on vehicle servicing. ADs like Govberg sell new, pre-owned and also have a number of watchmakers who service watches. It seems like a diversified watch business IMHO. |
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2 February 2022, 07:37 AM | #71 | |
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I heard from a reliable source they Govberg is intentionally consolidating its new watch business to focus on Watchbox, where it sees much more growth potential and by now I assume is a much larger profit-generator than being an AD. With that said, I think Govberg will always keep Patek and Rolex. And it makes sense to consolidate to one store as the cost of building out two spaces for each of those brands prob doesn’t make sense given how close they are geographically. Sent from my iPhone using Tapatalk Pro |
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2 February 2022, 10:11 AM | #72 | |
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Im sure they are legit, but what I am saying is that if they start selling BNIB grey market watches vs legit pre-owned they are going to have problems with Rolex and PP. All Rolex/PP dealers sell pre-owned watches, but they don't sell BNIB watches on the secondary market. |
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2 February 2022, 10:39 AM | #73 | |
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2 February 2022, 01:50 PM | #74 | |
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2 February 2022, 02:36 PM | #75 |
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Was Tourneau Vegas pulling shenanigans too? How did they lose it?
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2 February 2022, 03:31 PM | #76 |
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I'm surprised there isn't a Patek salon in the US, especially in NYC or even in Los Angeles.
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2 February 2022, 11:49 PM | #77 |
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a slightly different line on inquiry on this thread:
- does being an AD cost the store money outright? Do they have a guaranteed minimum of sales they need to hit? - are these 'loss of AD status' initiated by PP or by the AD themselves? I grew up in CT and there was a decent chain up (maybe 3-4 stores between CT and MA) and they are no longer authorized dealers...curious as to why they would voluntarily give them up if most places stock flies out the window. I would imagine that means they would meet their quota too Last edited by classicalthunder; 2 February 2022 at 11:50 PM.. Reason: complete thought |
3 February 2022, 12:55 AM | #78 | |
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ADs receive watches that are popular as well as those that are not popular. Depending on the location and client base, some watches may sit unsold for a long time. The AD has to pay for the watches upfront and so unsold pieces can be an issue for many ADs. That is why I assume many watches get some through the backdoor (both popular and unpopular watches) to improve cashflow for the AD. Some ADs will voluntarily give up AD status if they can't sell the allocated watches. But most of the AD cuts are made by th watch company and not the AD. |
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3 February 2022, 05:06 AM | #79 |
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Gearys on Rodeo Drive is/was the first boutique in the US for Patek. At least that is what they told me a few years back. They had some really nice pieces. Hooked me up with a difficult to find one at the time.
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3 February 2022, 05:16 AM | #80 |
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When I travel and have extra free time, I often will visit high end watch stores around the globe.
Many of the stores in the US have been a let down for a selection of Patek watches. They may be ADs but their selections were not very good. Having only a handful men's watches and often ladies watches is not what I would consider a strong AD. There were a bunch of them in many cities. I think it is good that Patek consolidates as long as it means more in stock selections to purchase or to order after you make the trek there. With that said, they closed with little warning a good AD here. They had many Pateks and they sold quite a few. Now there are no ADs in Pittsburgh. I do question that decision as I always though very highly of the AD and their apparent sales volume and good sales ethics. I no longer have a decade long relationship with an AD and that leaves me out on the street for any future deals on any new watches. So much for it being a partnership to buy a Patek. |
3 February 2022, 06:11 AM | #81 |
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The Geary's boutique is like the others now, barely any desirable pieces. But I feel like Patek could use a full blown Salon in the US. Obviously in Beverly Hills this would likely cannibalize Geary's on Rodeo.
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3 February 2022, 06:20 AM | #82 |
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Patek should emulate the maison store model that they have in China. Have a Maison in NYC as the first one since it is after all the first city visited when Antoine Patek came to the US.
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3 February 2022, 06:27 AM | #83 |
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Tiffany NYC is almost like the Maison they have in China, although they call it something else. It is located on a separate floor from the jewelry division and it has a different feel (more exclusive and privacy) from a regular Patek AD.
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3 February 2022, 06:49 AM | #84 |
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Not anymore…5th Ave is under renovation and there is no longer a dedicated floor for Patek. Not sure if the new space will have that anymore as well…
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3 February 2022, 07:37 AM | #85 |
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4 February 2022, 12:30 AM | #86 |
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With Tiffany now under the LVMH umbrella, I imagine the relationship between Patek and Tiffany will not be the same. I can see LVMH spending more resources on higher margins Tiffany products (i.e. jewelry) than Patek watches. Dedicating an entire floor to Patek at the NYC location may be a thing of the past. Maybe the new Patek section will be as small as the Tiffany SF location.
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4 February 2022, 01:09 AM | #87 | ||
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1. Isn't watchfinder more of a marketplace? 2. Richemont is already into retail (Net-a-Porter group; Yoox) so it's not a huge stretch. Quote:
Depends. Particularly if those BNIB "used" watches have other ADs' warranty cards, shouldn't be an issue. If it's people trading back watches purchased there, then that looks shady... |
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4 February 2022, 02:05 AM | #88 |
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In this moment they are 369.
Last week 376.... |
10 February 2022, 12:12 AM | #89 |
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In states down to 61 :)
Patek and Rolex closed many ADs in 2021.
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10 February 2022, 03:17 AM | #90 |
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