Patek Philippe open in Shanghai largest flagship store in China

Privately owned luxury Swiss watch maker Patek  Philippe last week opened its second store in China, a  13,000-square-foot retail outlet and parlor in Shanghai in the former residence  of the British consulate. The new Patek Philippe Maison in Shanghai will feature the company’s range of watches from $16,000 to $240,000. In addition, the company rolled out a local service center so wealthy watch  buyers can maintain their pricey pieces without having to send them  overseas.

[subs]The brand sells about 55,000 watches globally each year, with Chinese sales  accounting for 40% of this figure, though most sales are made outside of China  owing to the country’s high luxury tax. According to a report by the Wall Street Journal, Patek Philippe is hoping that  China’s demand for luxury watches will continue, despite concerns that the  market is slowing.

Watches have taken a significant hit. Swiss watch exports fell for the first  time in three years to 1.73 billion Swiss francs ($1.86 billion) in September,  down 2.7% from the year-earlier month, according to the Federation of the Swiss  Watch Industry. China accounted for the biggest decline, as sales of Swiss watches plummeted  28%, according to the data. Hong Kong sales fell 20%.[/subs]

Patek Philippe, Shanghai