Patek Philippe not for sale it's official 3/20/19

[np2016]

https://www.bloomberg.com/news/artic...s-not-for-sale

Patek Philippe Chairman Says Swiss Watchmaker Is Not for Sale

The 180-year-old Swiss watchmaker Patek Philippe SA is not for sale, according to the company’s chairman.

The maker of $10,000-plus Calatrava timepieces is staying in hands of the Stern family, which has owned it for four generations, Chairman Thierry Stern said in an interview. He said he hopes his children, who are still teenagers, will someday inherit the company.

“If it’s not my children, then there’ll be a new CEO, but for sure it’s not in our plan to sell Patek,” Stern said at the Baselworld watch fair.

Speculation about a possible sale of one of the last big independent watchmakers arose in January when Berenberg analysts pointed to chatter at the Geneva watch salon that a sale could be approaching. They said a deal could fetch 7 billion to 9 billion euros ($8 billion to $10 billion).

Many of the brand’s rivals have been snapped up in recent years by luxury companies Richemont, Swatch Group AG and Kering SA. Patek Philippe says on its website that the company’s “intention is to independently pursue the path that led to its success.”

[Fat_ninja]

Are you trying to distract me from all the new amazing wonderful fabulous new references from the Basel release?

[GB-man]

Good to hear but everything is for sale if the price is right and where there is smoke there is fire. Here’s to hoping the sterns don’t sell even if I sometimes question Thierry’s leadership.

[BT1985]

Well I do hope that’s the case. He seems sincere. If he really was looking to sell he would have tripled nautilus production to juice the valuation.


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[GreenLantern]

I never believed the original Bloomberg report that it was, to be honest.

[GeraldGentaFan]

The potential divorce gave it some credibility, but great to hear a strong denial.

[Ichiran]

Theirry called fake news on the rumours surrounding the sale of his company in the latest Patek magazine.
IMG_04112019_205725_(1000_x_850_pixel).jpg

[Fat_ninja]

Originally Posted by Ichiran

Theirry called fake news on the rumours surrounding the sale of his company in the latest Patek magazine.
Attachment 1084061

We’ve moved past this... we are onto LV stamped Pateks now

[locutus49]

the operative phrase is Not Planning to Sell. Yes, he is not Planning to sell but if the right offer comes along, who knows.

Originally Posted by GB-man

Good to hear but everything is for sale if the price is right and where there is smoke there is fire. Here’s to hoping the sterns don’t sell even if I sometimes question Thierry’s leadership.

[enjoythemusic]

Perhaps LVMH wasn't willing to pay an overly high price for the on-decline Patek company? More and more of my friends have moved on to other brands that offer higher quality and creativity than modern Patek.

Anyone know the price Patek wants?