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]