British financial transparency rules give glimpse at Patek Philippe accounts

Patek Philippe saw sales in the United Kingdom increase by 9.1% to £155.2 million ($205m) in the financial year ending January 31, 2018.

The UK is blessed with a central repository where all companies over a certain size have to publish their accounts, which gives the industry a rare glimpse into the finances of the privately owned Patek Philippe.

The UK accounted for 6.5% of the value of Swiss watch exports in 2017, while the United States accounted for 10.3% of the global market.

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Swiss investment bank Vontobel calculates Patek Philippe’s world-wide turnover as CHF 1.35 billion ($1.37bn) in 2017. If Patek Philippe’s market share in the United States is the same as its share of all Swiss watch exports, the company’s US turnover in 2017 would have been $141 million at wholesale prices, or around $235 million at retail.

If Patek Philippe retailers want to benchmark their performance against UK peers, they can compare growth over the past eight years with Rhone Products UK Ltd, the name used by Patek Philippe for its UK subsidiary.

 

 

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