68 Billion! Patek Philippe Brand May Sell

According to Bloomberg, Patek Philippe may be sold. The annual output of Patek Philippe is 58,000 pieces. According to Bloomberg estimates, its annual sales will reach 1.5 billion Swiss francs, which is about 10.2 billion yuan. If it is successfully sold, it will get 8 billion to 10 billion US dollars, which is about 54.56 billion 68.1 billion yuan. In 2014, Patek Philippe’s president Thierry Stern told the Swiss newspaper Le Temps that if the tax burden was not reduced, the company might eventually need to leave Geneva or sell itself. A few months later, the company announced an investment plan of 450 million francs ($ 451 million) in the state. Thierry’s wife Sandrine Sandrine works in design at Patek Philippe. Their children are in their teens, and Stern has stated that if the children do not want to join, he will not let them enter the watch industry. Patek Philippe’s former president Philippe and current president Thierry Patek Philippe were founded on May 1, 1839, but the family that controls Patek Philippe is not the Patek and Philippe family who founded Patek Philippe, but the Stern Stern family, which has nothing to do with the brand name. Around 1900, Henry Stern of the Stern family took his brother on the path of dial maker. With his outstanding workmanship, the Patek Philippe brand at the time also became an ordering customer. And the HenryStern brothers were not limited to cooperating with Patek Philippe at that time. The rapidly growing dial factory was able to provide nearly 1,000 different styles of dials to more than 80 brand watchmakers including Patek Philippe, Vacheron Constantin, Rolex, and Omega. On October 24, 1929, the price of the New York stock market fell by 12.8% in one day, and the Great Crisis began. It was followed by bank failures, production declines, factory failures, and unemployment. The Great Crisis quickly spread from the United States to Europe as a whole and to the world except the Soviet Union. It is by far the largest, longest-lasting and most profound economic crisis that human society has encountered. Patek Philippe, which only produces high-end watches, has suffered a huge impact in this world economic crisis, and expensive watches have no market. Conditions were extremely difficult at that time. Every week, Patek Philippe decided to melt a gold case to pay the watchmaker’s salary. Patek Philippe was in a difficult position. At that time, the Stern Stern brothers, who were the suppliers of the dials of Patek Philippe, stood up to help Patek Philippe weather the difficult times. In 1932, the Stern brothers bought a stake in Patek Philippe, which was completely acquired in 33 years. Since then, control of Patek Philippe has passed into the hands of the Stern family and continues to this day. The news that Patek Philippe was about to sell was actually available a year and a half ago, but the news was really overwhelming. At that time, it could only be written in secret. ‘The secret that cannot be said, pp is going to be sold.’ A Patek Philippe spokesman declined to comment on the matter. Want to witness history? —END —

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