Swiss ‘watch King’ For Sale?

According to an analysis of industry discussions cited by Bloomberg, Patek Philippe, a Swiss family-owned company and a manufacturer of Calatrava watches with an average selling price of more than $ 10,000, may be sold.

   Analysts led by ZuzannaPusz said the 180-year-old Swiss watchmaker could change hands for between 7 billion and 9 billion euros. For nearly a century, Patek Philippe has been owned by the Stern family. Since 2009, Terry Stern has become the company’s president.

   ‘During the watchmaking salon in Geneva, hearing the news that high-end watchmaking brand Patek Philippe may be sold, it was very interesting.’ Analysts wrote, but also pointed out that this may be only a rumor.

   A female Patek Philippe spokeswoman declined to comment, saying that it was normal for rumors of mergers and acquisitions to occur during the annual Swiss watch event, including the Geneva Watch Salon. If Patek Philippe changed hands, it would be an earthquake for the watchmaking industry and it would also trigger a bidding frenzy, because it is one of the only independent watchmakers in Switzerland that has not been acquired by a large luxury brand. Omega has been incurred by the Swatch Group, and Richemont, which owns Cartier, produces more than half of the entire Swiss watch industry.

   Bloomberg estimates that Patek Philippe currently has annual sales of about 1.5 billion Swiss francs. On the official website, Patek Philippe announced that the company will ‘go all out to adhere to an independent business model.’

   Two years ago, the family-run Breitling was sold to private equity and investment consulting firm CVCCapitalPartners for more than 800 million euros.

   In 2014, Teri Stein told the Swiss newspaper LeTemps that if the tax burden is not reduced, the company may eventually leave Geneva or put itself on the shelf. But a few months later, the company announced plans to invest 450 million Swiss francs in a new building.

   Terry Stein’s wife, Sandrine, works in Patek Philippe’s design department, and their children are only in their teens. Terry Stern once said that he would not force children if they did not intend to take over. (Photo / text watch home Xu Chaoyang)

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